TRTX reports 3Q23 GAAP loss of $0.83/shr, negative distributable earnings of $1.33/shr

TPG RE Finance Trust, Inc.

2023-Q3 EPS reported -$1.72

GAAP net loss attributable to common stockholders of $64.6M, or $0.83 per diluted share.
Distributable earnings per diluted share of -$1.33; common dividend of $0.24/shr declared, coverage ratio -5.54x.
Credit loss expense of $75.8M; total CECL reserve $236.6M, down $41.7M from prior quarter.
Book value per share fell to $12.04 from $13.10 at June 30, 2023.
Portfolio office exposure reduced 61% since 1Q21; liquidity $570.6M, debt-to-equity 2.6x.

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