TRTX Q2 2023 GAAP loss of $0.94 per share; negative distributable earnings

TPG RE Finance Trust, Inc.

Q2 2023 GAAP net loss attributable to common stockholders of $72.7M, or ($0.94) per diluted share.
Distributable earnings per diluted share of ($0.18); common dividend declared $0.24 per share (coverage ratio -0.75x).
CECL reserve rose $55.9M QoQ to $278.3M, driven by office sector deterioration and five individually assessed loans.
Book value per share fell from $14.31 (3/31/23) to $13.10 (6/30/23) on net loss and dividends.
Liquidity of $542.9M; debt-to-equity ratio 2.8x; 71.7% of financing is non-mark-to-market.

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