TPG RE Finance Trust Q2 adjusted EPS misses analyst estimates

Overview

• US commercial real estate lender's Q2 adjusted EPS missed analyst expectations

• Company repurchased 1.3 mln shares, increasing book value per share

• TRTX closed $400 mln term loan and $100 mln revolver, enhancing liquidity

Outlook

• Company did not provide specific guidance for the current qtr or full yr

Result Drivers

• LOAN ORIGINATION AND REPAYMENTS - Co originated $466 mln in new loans and received $274 mln in repayments during the qtr

• LIABILITY STRUCTURE CHANGES - Closed $400 mln Term Loan B and $100 mln revolver, increasing durable, non-mark-to-market liquidity

• CREDIT LOSS ALLOWANCE - Allowance for credit losses increased by $3.5 mln to $80.7 mln, with portfolio risk rating unchanged

Company press release: ID:nBw3sQj0Da

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for TPG RE Finance Trust Inc is $10.00, about 17.1% above its July 28 closing price of $8.54

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago

Reuters Recommended Reads

• July 28 - Redwood Trust Q2 net loss narrows sequentially, mortgage banking production doubles y/y

• July 28 - Franklin Street Properties Q2 revenue dips, net loss widens amid strategic review

• July 27 - Canada's First Capital REIT Q2 net income plunges on impairment, credit losses

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)