TPG RE Finance Trust, Inc. reported its financial results for the second quarter of 2025, revealing a net income attributable to common stockholders of $16.9 million, a decrease from $21.0 million in the same period last year. The company generated net interest income of $25.1 million, down from $27.5 million year-over-year, primarily due to a decline in interest income, which fell to $70.7 million from $78.1 million. Interest expense also decreased to $45.5 million from $50.6 million, contributing to a net interest income that was slightly higher than the previous quarter. The company declared a cash dividend of $0.24 per share, consistent with the previous quarter.
In terms of operational changes, TPG RE Finance Trust originated seven first mortgage loans during the quarter, with total loan commitments of $695.6 million and an initial unpaid principal balance of $670.5 million. This activity reflects a strategic focus on expanding its loan portfolio despite challenging market conditions, including rising interest rates and economic uncertainties. The company also reported total loan repayments of $172.3 million during the quarter, which included three full loan repayments totaling $147.4 million.
The company’s total assets increased to $4.16 billion as of June 30, 2025, compared to $3.73 billion at the end of 2024. This growth was driven by an increase in loans held for investment, which rose to $3.77 billion from $3.28 billion. The allowance for credit losses also increased to $66.96 million, reflecting ongoing concerns about the macroeconomic environment and its potential impact on the company's loan portfolio. The weighted average risk rating of the loan portfolio remained stable at 3.0, indicating a consistent assessment of credit risk.
TPG RE Finance Trust's financing strategy includes a mix of collateralized loan obligations and secured credit agreements, with total borrowings amounting to $3.04 billion as of June 30, 2025. The company has maintained a strong liquidity position, with $165.9 million in cash and cash equivalents, and undrawn capacity of $66.1 million under secured credit agreements. Looking ahead, the company remains cautious about the economic landscape, particularly regarding interest rates and market volatility, which may influence its investment activities and financial performance in the coming quarters.
About TPG RE Finance Trust, Inc.
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