Wed, May 14, 3:23 PM (41 days ago)
**Goldman Sachs Real Estate Finance Trust Inc (GSREF) - Q1 2025 Financial Summary** **Ticker: GSREF** **Financial Health & Performance:** - **Revenue:** GSREF reported net interest income of $2.1 million and loan fee income of $0.7 million, totaling $2.8 million in net revenues for Q1 2025. - **Profit Margins:** Net income was $0.8 million, or $0.12 per share, driven by net interest income and unrealized gains on commercial real estate loan investments. - **Cash Flow:** Net cash provided by operating activities was $2.2 million, while investing activities used $202.1 million for loan originations and acquisitions. Financing activities provided $298.0 million, primarily from equity issuances. - **Earnings Changes:** GSREF commenced operations in January 2025, with Q1 2025 results not comparable to the prior year due to its recent formation. **Quarterly Performance Discussion:** - **Investments:** GSREF originated or acquired five commercial real estate loans with a fair value of $203.6 million, earning interest at a weighted average rate of 7.18%. - **Financing:** GSREF entered into two master repurchase facilities, borrowing $62.8 million at a weighted average rate of 6.03%. - **Distributions:** GSREF declared monthly net distributions totaling $3.4 million for Q1 2025. **Trends & Uncertainties:** - **Market Conditions:** GSREF navigated a competitive landscape with tightening spreads and increased market volatility due to tariff announcements. - **Future Operations:** GSREF plans to deploy capital selectively, focusing on defensive property types and markets with favorable growth trends. **Impact on Future Operations:** - **Liquidity:** GSREF has sufficient liquidity and capital resources for acquisitions, repayments, dividends, and share repurchases. - **REIT Qualification:** GSREF intends to qualify as a REIT for U.S. federal income tax purposes starting with the taxable year ending December 31, 2025. **Amendment Summary:** - **Amended and Restated Expense Support and Reimbursement Agreement:** Defines distributable earnings and confirms reimbursement limitations under the advisory agreement. **Note:** This summary is based on the provided Q1 2025 10-Q filing and does not include all details. Investors should review the full filing for comprehensive information.