TPG RE Finance Trust’s Preferreds Shine Amid Rate Cut Prospects

TPG RE Finance Trust's Performance Overview
TPG RE Finance Trust (NYSE:TRTX) has experienced a notable 26% rally over the past year, bringing its shares to $8.50. This performance should be viewed in the context of a book value of $11.40 per share as of the end of its fiscal 2024 second quarter. The mortgage REIT primarily invests in debt collateralized by U.S. real estate, with a significant focus on multifamily properties. The company's total loan commitments were $3.3 billion at the end of the quarter, with 52.5% allocated to multifamily properties and 18.4% to office properties, which is its second-largest position.