The damage to the agency mREITs resulting from the sudden extreme decline in interest rates is now over. All mREITs are trading at deep discounts to book value.
TPG RE Finance Trust (TRTX) delivered earnings and revenue surprises of 4.65% and 7.56%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
Image source: The Motley Fool. TPG RE Finance Trust, Inc. (NYSE: TRTX)Q1 2020 Earnings CallMay 12, 2020, 8:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGreetings, and welcome to the TPG RE Finance Trust first-quarter 2020 earnings conference call.
TPG is an established and successful manager but its mortgage REIT has struggled and is down ~66% YTD. At lows, it lost nearly 90% of its value.As we've recently done for Ares Capital and Blackstone Mortgage Trust, we occasionally share one of our marketplace…
TPG is an established and successful manager but its mortgage REIT has struggled and is down ~66% YTD. At lows, it lost nearly 90% of its value.As we've recently done for Ares Capital and Blackstone Mortgage Trust, we occasionally share one of our marketplace…
(Bloomberg) -- A Starwood Capital Group affiliate is in advanced talks to provide fresh financing to TPG RE Finance Trust Inc., the mortgage real estate investment trust that’s warned it may not have sufficient liquidity to meet obligations and sustain operations.Starwood’s proposal, details of which couldn’t immediately be learned, is currently favored by the TPG-managed REIT ahead of alternatives presented by firms including Oxford Properties Group Inc. and Neuberger Berman’s Almanac Realty Investors LLC, said people with knowledge of the matter. If a financing agreement is reached, it may be announced as soon as this month, said the people, who asked not to be identified because the talks are private.Representatives for Starwood and TPG declined to comment.In TPG RE’s going-concern warning, the Greta Guggenheim-led company said that, as a result of extreme short-term volatility and negative pressure in the financial markets, it was “forced to sell certain of our assets at an inopportune time” to meet margin calls. The REIT also signaled that the shutdown caused by the coronavirus pandemic could, for example, drive at least nine hotel loans into default.As of March 31, TPG RE’s loan investment portfolio was made up of 65 first mortgages and one mezzanine loan with total commitments of $5.8 billion, filings show.TPG RE’s stock has sunk roughly 70% this year to less than $6 a share, leaving the company with a market value of about $460 million. Analysts have reduced their 12-month price targets on the stock, with JPMorgan Chase & Co. recently slicing its projection to $7.50 from $20.50, data compiled by Bloomberg show.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) reported its operating results for the quarter ended March 31, 2020. For the first quarter of 2020, GAAP net loss attributable to common stockholders was $233.1 milli…
How do we determine whether TPG RE Finance Trust, Inc. (NYSE:TRTX) makes for a good investment at the moment? We analyze the sentiment of a select group of the very best investors in the world, who spend immense amounts of time and resources studying companies. They may not always be right (no one is), but […]
We’re now approaching the two-month mark in the COVID-19 shutdown. For years prior, industry participants had speculated as to what could cause the next downturn. The general consensus was that the impetus behind that downturn wouldn’t stem from the real esta…
TPG Real Estate Finance Trust allegedly stopped funding some loan advances about a month and a half ago due to financial pressure and liquidity issues brought on by the COVID-19 dilemma, according to a lawsuit filed against the mortgage REIT by one of its bor…
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. …
Hedge funds don't get the respect they used to get. Nowadays investors prefer passive funds over actively managed funds. One thing they don't realize is that 100% of the passive funds didn't see the coronavirus recession coming, but a lot of hedge funds did. …
NEW YORK, NY / ACCESSWIRE / February 19, 2020 / TPG RE Finance Trust, Inc. (NYSE:TRTX) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on February 19, 2020 ...
It's not a secret that every investor will make bad investments, from time to time. But it would be foolish to simply...
(Bloomberg Opinion) -- The rent is too high. And that’s causing consternation across Wall Street desks still traumatized by the 2008 financial crisis.As the days go by in an unprecedented shutdown of the U.S. economy to slow the coronavirus outbreak, any amount of rent looks increasingly difficult to cover for a wide swath of Americans, from recently fired service workers to local small-business owners. Unfortunately for those most affected, these payments can’t simply be wiped out — at least, not without dire repercussions. My Bloomberg Opinion colleague Noah Smith wrote a column this week arguing that people need a break on all sorts of debts. But when it comes to rent, there’s pretty much no way around people eventually paying what they owe, ideally with the help of the U.S. government, or else risk “turning a health crisis into a banking crisis.”This, more or less, is the catastrophic “domino effect” that real-estate investor Tom Barrack, chief executive officer of Colony Capital Inc., warned about this week. Simply put, if commercial tenants don’t pay rent because of a lack of cash, then property owners might be squeezed and default on their mortgage payments. The same goes for homeowners. That could bring the problem squarely onto the balance sheets of large U.S. banks, which will suffer steep losses on their loans.At first, it might have seemed as if Barrack was simply talking his book. But as more details emerged about the carnage across the $16 trillion U.S. mortgage market, it’s clear that the complex web of financial obligations tied to real estate could again be the flashpoint that leads to a financial crisis without some sort of intervention.Part of the reason that mortgages are again veering into crisis mode is because the modern market has so many moving parts. My Bloomberg Opinion colleague Matt Levine laid it out in a five-part list, which you can (and should) read here. Suffice it to say, if money is being lent twice-over in the repo market, the players are highly leveraged and vulnerable to an unexpected shock. The coronavirus outbreak certainly qualifies as such — some 47,000 U.S. chain stores temporary closed in the span of a week, Bloomberg News reported Tuesday. The median estimate for initial jobless claims on Thursday is 1.5 million, up from 281,000 previously.This mortgage-market meltdown is happening largely because everyone in the money chain is anxious and wants to cash out at the same time. But it also comes back to rent. It’s anyone’s guess when the American economy will be up and running again and what sort of assistance the federal government will provide to those companies forced to close and those individuals suddenly out of a job. It’s hard to blame banks for not wanting to wait around for answers and instead issue margin calls on mortgage real estate investment trusts.Those jitters caused emergency sales from the REITs, including relatively safe (and more liquid) agency debt. But that can’t last forever. On Tuesday, Invesco Mortgage Capital Inc. said it could longer fund margin calls, following in the footsteps of AG Mortgage Investment Trust Inc., which said it failed to meet some margin calls on Friday and doesn’t expect to meet them in the future, and TPG RE Finance Trust Inc., which is seeking flexibility from lenders. They’re almost certainly not the only ones.For now, there’s only so much the Federal Reserve can do to address these strains. It announced open-ended purchases of both U.S. Treasuries and agency mortgage-backed securities on Monday. The central bank is wasting no time flexing its muscle: It’s targeting $250 billion of agency MBS purchases this week after buying $67 billion last week. The previous record was $33 billion in March 2009, according to Morgan Stanley. Many observers are confident that the Fed’s “whatever it takes” model will restore order to the agency MBS market in no time.For non-agency securities, there’s not yet a dedicated lifeline. My Bloomberg Opinion colleague Marcus Ashworth suggests these assets may be the next order of business for the Fed. It’s hard to argue with that, given the central bank’s already unprecedented moves into the corporate and municipal markets.Before the Fed launches yet another emergency facility, though, central bankers should assess the fiscal stimulus package from Congress. If lawmakers provide enough relief for the most affected Americans to get through these next few months and cover their rent, lease and mortgage payments, it might be enough to prevent the first domino from falling in Barrack’s example.The coronavirus outbreak has suddenly halted cash flows of all kinds. Washington needs to keep the spigot open.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On April 2, 2020, TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") sold CRE debt securities with an aggregate face amount of approximately $572 million (the "Transaction"). These securities represented the entirety of the Company’s CRE debt securities portfolio, other than those bonds with a AAA rating. After satisfaction of approximately $429 million under the Company’s secured revolving repurchase facilities, the Company’s exposure to mark-to-market debt against its remaining CRE debt securities portfolio was approximately $166 million, which debt was secured by AAA rated CRE debt securities with an aggregate face amount of approximately $209 million. As of April 6, 2020, there are no outstanding and unpaid margin calls with respect to any of the Company’s secured revolving repurchase facilities.
Realty Income is arguably the most famous REIT and is known as the "Monthly Dividend Company."This REIT's strategy has been honed and refined over many decades and market cycles. Its historical returns are undoubtedly impressive.Track records matter but our s…
TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") announced that on March 17, 2020, the Company’s Board of Directors declared a cash dividend of $0.43 per share of common stock for the first quarter of 2020. The dividend is payable on April 24, 2020 to stockholders of record as of March 27, 2020.
TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") reported its operating results for the quarter ended March 31, 2020. For the first quarter of 2020, GAAP net loss attributable to common stockholders was $233.1 million, net loss per diluted common share was $(3.05), and book value per common share at March 31, 2020 was $16.06.
One thing we could say about the analysts on TPG RE Finance Trust, Inc. (NYSE:TRTX) - they aren't optimistic, having...
NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced it will release financial results for the first quarter 2020 and file its Form 10-Q after the market close on Monday, May 11, 2020. A webcast and conf…
TPG RE Finance Trust (TRTX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Among the most wrenching tragedies of COVID-19 has been its harm to the elderly and on the nation’s nursing homes. In the middle of last month, the scene in this asset class was described as ‘Death Pits’ in the pages of the New York Times when the death toll …
TPG RE Finance Trust (TRTX) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
These dividend dog 10%+Yield@$5-$15 prices are all sourced from YCharts which allows a dividend yield to persist for 365 days after the most recent report if a dividend is cut.Analyst Target net gain estimates for these top 10 bargain basement dogs 5/12/20 ra…
On April 24, 2020, TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") sold CRE debt securities, subject to customary settlement, with an aggregate face amount of $19.7 million (the "Transaction"). Upon completion of the Transaction, the Company will own no CRE debt securities and will not have any associated liabilities.
Hedge funds don't get the respect they used to get. Nowadays investors prefer passive funds over actively managed funds. One thing they don't realize is that 100% of the passive funds didn't see the coronavirus recession coming, but a lot of hedge funds did. …
Investors need to pay close attention to TPG RE Finance Trust (TRTX) stock based on the movements in the options market lately.
One thing we could say about the analysts on TPG RE Finance Trust, Inc. (NYSE:TRTX) - they aren't optimistic, having...
TPG RE Finance Trust, Inc. (NYSE: TRTX) ("TRTX" or the "Company") today announced it will release financial results for the first quarter 2020 and file its Form 10-Q after the market close on Monday, May 11, 2020. A webcast and conference call to review its financial results will be held at 8:30 a.m. ET on Tuesday, May 12, 2020 and will be hosted by Greta Guggenheim, Chief Executive Officer, and Bob Foley, Chief Financial and Risk Officer.
TPG RE Finance Trust (TRTX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Ready Capital Corp. showed top-broker estimated-net gains of 136.34%, including a 27.92% yield out of 69 U.S. real estate investment trust surveyed from YCharts May 11.Top 10 net-gainers STWD, GNL, LADR, ACRE, ABR, TRTX, SVC, PMT, CIM, and RC ranged 46.6%-136…