TPG RE Finance Trust Q3 distributable earnings fall on realized loan loss
TRTX•TPG RE Finance Trust reported Q3 net income of $5.8 million, or $0.08 per share. It repurchased 1.2 million shares and approved a new $50 million buyback program, while book value per share fell to $10.85 from $10.95 in the prior quarter.
1. Quarterly results
TPG RE Finance Trust reported Q3 net income of $5.8 million and earnings per share of $0.08. Book value per share declined to $10.85 from $10.95 in the prior quarter.
2. Loans and buybacks
The company originated eight first mortgage loans and acquired one, totaling $773 million in commitments. It repurchased 1.2 million shares, which increased book value per share by $0.04, and approved a new $50 million buyback program. Its allowance for credit losses decreased by $4.5 million to $76.1 million.
