TPG RE Finance Trust Approves Up to $50 Million Share Buyback

TPG RE Finance Trust, Inc. approved up to $50 million in common-stock repurchases on Monday, Oct. 26, doubling its prior authorization as it posted $772.7 million in loan commitments for the quarter ended Sept. 30.

The U.S.-focused commercial real estate lender makes, buys and oversees loans, most of them first mortgages backed by institutional properties.

The quarter’s commitments covered eight originated first-mortgage loans and one acquired first-mortgage loan. Net earning assets increased by $600 million during the quarter.

Separately from the new authorization, TPG RE Finance Trust repurchased 1,163,018 shares during the quarter at a weighted-average price of $8 per share. The purchases totaled $9.3 million, including commissions and fees.

Common shareholders’ GAAP earnings were $5.8 million, or $0.08 a diluted share. Distributable earnings were $5.1 million, or $0.07 per diluted share. A reconciliation of net income listed a $13.006 million realized loss on loan write-offs related to real estate owned (REO) conversions.

TPG RE Finance Trust also closed its $1 billion managed FL8 commercial real estate collateralized loan obligation on Oct. 2. It placed about $820 million in investment-grade securities with institutional investors. The CLO’s reinvestment window lasts 30 months and allows some loan proceeds to be reinvested in qualifying collateral.

The company’s release date had been set for Oct. 26 in an Oct. 25 earnings preview.