TPG RE Finance Trust Inc
For the period ended Dec 31, 2024. Filed Feb 18, 2025.
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FY2024 · Filed Feb 18, 2025
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Schedule IV – Mortgage Loans on Real Estate S-1
Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2024
(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+3.6% | 2027 | I/O | — | 253,110 | 253,110 | |
| 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 | — | 205,557 | 205,491 | |
| Borrower D | Senior Loan / Various | S+3.5% | 2026 | I/O | — | 106,017 | 106,017 | |
| Borrower E | Senior Loan / New York | S+4.1% | 2025 | I/O | — | 150,500 | 150,500 | |
| Borrower F | Senior Loan / Towson | S+3.5% | 2026 | I/O | — | 113,025 | 113,025 | |
| Borrower G | Senior Loan / Hayward | S+3.2% | 2026 | I/O | — | 102,573 | 102,573 | |
| Borrower H | Senior Loan / Various | S+3.3% | 2029 | I/O | — | 109,700 | 108,943 | |
| Borrower I | Senior Loan / Various | S+3.4% | 2030 | I/O | — | 115,500 | 114,211 | |
| Senior Loans less than 3% of the carrying amount of total loans | ||||||||
| Senior loan | Multifamily / Diversified | Floating S+2.9% - 4.0% | 2026 - 2029 | I/O | — | 1,139,628 | 1,137,291 | |
| Senior loan | Office / Diversified | Floating S+3.5% - 5.3% | 2025 - 2027 | I/O | — | 204,651 | 204,390 | |
| Senior loan | Hotel / Diversified | Floating S+3.5% - 5.1% | 2025 - 2029 | I/O | — | 334,290 | 333,443 | |
| Senior loan | Mixed-Use / CA | Floating S+4.1% | 2025 | I/O | — | 75,327 | 75,327 | |
| Senior loan | Life Science / CA | Floating S+4.2% | 2026 | I/O | — | 46,425 | 46,337 | |
| Senior loan | Industrial / TX | Floating S+3.5% | 2028 | I/O | — | 34,100 | 33,892 | |
| Senior loan | Self Storage / Diversified | Floating S+4.2% | 2027 | I/O | — | 67,000 | 66,931 | |
| Total senior loans | — | 3,284,510 | 3,278,588 | |||||
| Total loans | — | 3,284,510 | 3,278,588 | |||||
| CECL reserve(6) | (61,558) | |||||||
| Total loans, net | $3,217,030 | |||||||
(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, 2024.
(5)The aggregate tax basis of the loans is $2.8 billion as of December 31, 2024.
(6)As of December 31, 2024, the Company has a total CECL reserve of $61.6 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):
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Balance at January 1, | $3,409,684 | $4,781,402 | $4,867,203 |
| Additions during period: | |||
| Loans originated and acquired | 527,276 | 194,706 | 1,519,406 |
| Additional fundings | 40,697 | 140,547 | 145,199 |
| Accrued PIK interest | 360 | — | — |
| Amortization of origination fees and discounts | 6,075 | 11,955 | 11,085 |
| Deductions during period: | |||
| Collection of principal | (672,196) | (890,566) | (1,506,870) |
| Collection of accrued PIK interest | (1,172) | (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 | (9,729) | (334,727) | (4,400) |
| Loan sales | — | (343,637) | — |
| Loan extinguishment on conversion to REO | (89,499) | (263,740) | (89,234) |
| Decrease (increase) of allowance for credit losses | 5,534 | 130,180 | (159,673) |
| Balance at December 31, | $3,217,030 | $3,409,684 | $4,781,402 |
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