TPG RE Finance Trust, Inc. reported significant financial improvements in its third quarter of 2024 compared to the same period in 2023. For the three months ended September 30, 2024, the company achieved a net income of $22.2 million, a stark contrast to a net loss of $61.2 million in Q3 2023. This positive shift is reflected in earnings per share, which rose to $0.23 from a loss of $0.83 in the prior year. For the nine months ended September 30, 2024, net income reached $63.7 million, compared to a net loss of $123.0 million for the same period in 2023.
Revenue streams showed notable growth, with net interest income for Q3 2024 increasing to $29.3 million from $19.5 million in Q3 2023. The nine-month figures also reflected this trend, with net interest income rising to $83.6 million from $67.4 million year-over-year. Revenue from real estate owned operations surged to $7.7 million in Q3 2024, up from $2.0 million in Q3 2023, and for the nine months, it increased to $23.2 million from $3.6 million.
The company’s total assets decreased to $3.7 billion as of September 30, 2024, down from $4.2 billion at the end of 2023, primarily due to a reduction in loans held for investment, which fell to $3.2 billion from $3.4 billion. Total liabilities also decreased to $2.5 billion from $3.1 billion during the same period. The company’s stockholders' equity remained relatively stable at approximately $1.1 billion.
Strategically, TPG RE Finance Trust has focused on maintaining liquidity amid macroeconomic challenges, including high interest rates and inflation. As of September 30, 2024, the company had $226.3 million in cash and cash equivalents, an increase from $206.4 million at the end of 2023. The company also reported a decrease in its allowance for credit losses, which stood at $69.3 million, down from $69.8 million at the end of the previous quarter.
In terms of shareholder returns, TPG RE Finance Trust declared a cash dividend of $0.24 per share for Q3 2024, totaling $19.7 million, consistent with the previous quarter. The company has also initiated a share repurchase program, with $25 million authorized, of which $0.04 million has been utilized to repurchase shares.
Overall, TPG RE Finance Trust's performance in Q3 2024 reflects a significant recovery from the previous year, driven by increased revenues and improved profitability, while strategically managing its assets and liabilities in a challenging economic environment.
About TPG RE Finance Trust, Inc.
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