TPG RE Finance Trust Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Schedule IV – Mortgage Loans on Real Estate S-1
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2023
(Dollars in Thousands)
| Type ofLoan/Borrower(1) · Description / Location · Interest Payment Rates · ExtendedMaturityDate(2) · PeriodicPaymentTerms(3) · PriorLiens(4) · UnpaidPrincipalBalance · CarryingAmount ofLoans(5) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Senior Loans in excess of 3% of the carrying amount of total loans | ||||||||
| Borrower A | Senior Loan / San Jose | S+3.4% | 2027 | I/O | — | 245,000 | 245,000 | |
| Borrower B | Senior Loan / New York | S+3.0% | 2026 | I/O | — | 227,107 | 227,107 | |
| Borrower C | Senior Loan / Daly City | S+4.0% | 2026 | I/O | — | 200,412 | 200,159 | |
| Borrower D | Senior Loan / Various | S+3.5% | 2026 | I/O | — | 142,025 | 142,025 | |
| Borrower E | Senior Loan / New York | S+4.1% | 2024 | I/O | — | 163,000 | 163,000 | |
| Borrower F | Senior Loan / Towson | S+3.0% | 2026 | I/O | — | 121,133 | 121,133 | |
| Senior Loans less than 3% of the carrying amount of total loans | ||||||||
| Senior loan | Multifamily / Diversified | Floating S+2.9% - 4.0% | 2024 - 2028 | I/O | — | 1,226,476 | 1,223,865 | |
| Senior loan | Office / Diversified | Floating S+2.6% - 5.3% | 2024 - 2027 | I/O | — | 295,850 | 295,089 | |
| Senior loan | Hotel / Diversified | Floating S+3.2% - 5.1% | 2024 - 2028 | I/O | — | 376,705 | 373,980 | |
| Senior loan | Mixed-Use / Diversified | Floating S+3.7% - 4.1% | 2025 - 2026 | I/O | — | 108,959 | 108,906 | |
| Senior loan | Life Science / Diversified | Floating S+3.2% - 5.6% | 2026 | I/O | — | 172,449 | 172,166 | |
| Senior loan | Industrial / Diversified | Floating S+3.3% - 3.5% | 2027 - 2028 | I/O | — | 99,496 | 99,197 | |
| Senior loan | Self Storage / Diversified | Floating S+4.2% | 2027 | I/O | — | 67,000 | 66,818 | |
| Senior loan | Other / NC | Floating S+8.5% | 2024 | I/O | — | 38,440 | 38,331 | |
| Total senior loans | — | 3,484,052 | 3,476,776 | |||||
| Total loans | — | 3,484,052 | 3,476,776 | |||||
| CECL reserve(6) | (67,092) | |||||||
| Total loans, net | $3,409,684 | |||||||
(1)Includes senior mortgage loans, contiguous subordinate loans, andpari passu participations in senior mortgage loans.
(2)Extended maturity date assumes all extension options are exercised.
(3)I/O = interest only, P/I = principal and interest.
(4)Represents only third-party liens and is expressed as the total loan commitment senior to our subordinated loan interest as of December 31, 2023.
(5)The aggregate tax basis of the loans is $3.5 billion as of December 31, 2023.
(6)As of December 31, 2023, the Company has a total CECL reserve of $67.1 million on its loans held for investment. Refer to Note 3 for additional information on the Company's CECL reserve.
- Reconciliation of Mortgage Loans on Real Estate:
The following table reconciles the Company’s mortgage loans on real estate activity for the years ended (dollars in thousands):
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Balance at January 1, | $4,781,402 | $4,867,203 | $4,456,460 |
| Additions during period: | |||
| Loans originated and acquired | 194,706 | 1,519,406 | 1,623,585 |
| Additional fundings | 140,547 | 145,199 | 146,032 |
| Amortization of origination fees and discounts | 11,955 | 11,085 | 7,203 |
| Deductions during period: | |||
| Collection of principal | (890,566) | (1,506,870) | (1,236,032) |
| Collection of accrued PIK interest | (542) | (1,314) | — |
| Collection of interest applied to reduce principal under the cost-recovery method | (15,894) | — | — |
| Realized loss on loan write-offs, loan sales, and REO conversions | (334,727) | (4,400) | — |
| Loan sales | (343,637) | — | (147,986) |
| Loan extinguishment on conversion to REO | (263,740) | (89,234) | — |
| Decrease (increase) of allowance for credit losses | 130,180 | (159,673) | 17,941 |
| Balance at December 31, | $3,409,684 | $4,781,402 | $4,867,203 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.