Earnings PerformanceTRTX reported distributable earnings per share of $0.10, below expected $0.28 and consensus $0.27, driven by realized losses on new REO.
Foreclosure ConcernsA somewhat-sudden foreclosure on two previously 4-risk rated multifamily loans raises concerns.
Loan Value ErosionThere was a (9.4%) erosion in loan value and a (27.3%) erosion in overall property value from two foreclosed properties.