Company Quick10K Filing
TPG Real Estate Finance Trust
Price20.34 EPS1
Shares74 P/E16
MCap1,508 P/FCF17
Net Debt-100 EBIT228
TEV1,408 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-04
10-K 2020-12-31 Filed 2021-02-24
10-Q 2020-09-30 Filed 2020-11-04
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-24
8-K 2020-11-04
8-K 2020-09-15
8-K 2020-07-29
8-K 2020-07-13
8-K 2020-06-30
8-K 2020-06-17
8-K 2020-06-03
8-K 2020-05-29
8-K 2020-05-11
8-K 2020-03-18
8-K 2020-02-18
8-K 2019-10-28
8-K 2019-07-29
8-K 2019-05-21
8-K 2019-04-29
8-K 2019-03-14
8-K 2019-03-07
8-K 2019-02-25
8-K 2018-11-29
8-K 2018-11-05
8-K 2018-08-07
8-K 2018-08-06
8-K 2018-06-15
8-K 2018-05-23
8-K 2018-05-07
8-K 2018-02-26
8-K 2018-02-14

TRTX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 trtx-ex311_6.htm
EX-31.2 trtx-ex312_9.htm
EX-32.1 trtx-ex321_8.htm
EX-32.2 trtx-ex322_7.htm

TPG Real Estate Finance Trust Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

trtx-10q_20210331.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended March 31, 2021  

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from       to       

Commission file number 001-38156

 

TPG RE Finance Trust, Inc.

(Exact name of registrant as specified in its charter)

 

 

Maryland

 

36-4796967

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

888 Seventh Avenue, 35th Floor

New York, New York 10106

(Address of principal executive offices)(Zip Code)

(212) 601-4700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

TRTX

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

 

Accelerated Filer

Non-accelerated Filer

 

Smaller Reporting Company

Emerging Growth Company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of April 30, 2021, there were 76,897,102 shares of the registrant’s common stock, $0.001 par value per share, outstanding.

 

 

 


 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs and projections will occur or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this Form 10-Q. Such risks, uncertainties and other important factors include, among others, the risks, uncertainties and factors set forth under the heading “Risk Factors” in this Form 10-Q and in our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2021, as such risk factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Such risks, uncertainties and other factors include, but are not limited to, the following:

 

the general political, economic and competitive conditions in the markets in which we invest;

 

the level and volatility of prevailing interest rates and credit spreads;

 

adverse changes in the real estate and real estate capital markets;

 

general volatility of the securities markets in which we participate;

 

changes in our business, investment strategies or target assets;

 

difficulty in obtaining financing or raising capital;

 

reductions in the yield on our investments and increases in the cost of our financing;

 

adverse legislative or regulatory developments, including with respect to tax laws;

 

acts of God such as hurricanes, floods, earthquakes, wildfires, mudslides, volcanic eruptions, and other natural disasters, acts of war and/or terrorism and other events that may cause unanticipated and uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments;

 

the ultimate geographic spread, severity and duration of pandemics such as the outbreak of novel coronavirus (“COVID-19”), actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and our financial condition and results of operations;

 

changes in the availability of attractive loan and other investment opportunities, whether they are due to competition, regulation or otherwise;

 

deterioration in the performance of properties securing our investments that may cause deterioration in the performance of our investments, adversely impact certain of our financing arrangements and our liquidity, and potentially expose us to principal losses on our investments;

 

defaults by borrowers in paying debt service on outstanding indebtedness;

 

the adequacy of collateral securing our investments and declines in the fair value of our investments;

 

adverse developments in the availability of desirable investment opportunities;

 


 

 

 

difficulty in successfully managing our growth, including integrating new assets into our existing systems;

 

the cost of operating our platform, including, but not limited to, the cost of operating a real estate investment platform and the cost of operating as a publicly traded company;

 

the availability of qualified personnel and our relationship with our Manager (as defined below);

 

the potential unavailability of the London Interbank Offered Rate (“LIBOR”) after December 31, 2021, or after June 30, 2023;

 

conflicts with TPG (as defined below) and its affiliates, including our Manager, the personnel of TPG providing services to us, including our officers, and certain funds managed by TPG;

 

our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and our ability to maintain our exemption or exclusion from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and

 

authoritative U.S. generally accepted accounting principles (or “GAAP”) or policy changes from such standard-setting bodies such as the Financial Accounting Standards Board, the SEC, the Internal Revenue Service, the New York Stock Exchange and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business.

There may be other risks, uncertainties or factors that may cause our actual results to differ materially from the forward-looking statements, including risks, uncertainties, and factors disclosed under the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q. You should evaluate all forward-looking statements made in this Form 10-Q in the context of these risks, uncertainties and other factors.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business in the way expected. All forward-looking statements in this Form 10-Q apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this Form 10-Q and in other filings we make with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

Except where the context requires otherwise, the terms “Company,” “we,” “us,” and “our” refer to TPG RE Finance Trust, Inc., a Maryland corporation, and its subsidiaries; the term “Manager” refers to our external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership; and the term “TPG” refers to TPG Global, LLC, a Delaware limited liability company, and its affiliates.

 


 

TABLE OF CONTENTS

 

Part I. Financial Information

1

 

 

 

Item 1.

Financial Statements

1

 

 

 

 

Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020

1

 

 

 

 

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited) for the Three Months ended March 31, 2021 and March 31, 2020

2

 

 

 

 

Consolidated Statements of Changes in Equity (unaudited) for the Three Months ended March 31, 2021 and March 31, 2020

3

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the Three Months ended March 31, 2021 and March 31, 2020

4

 

 

 

 

Notes to the Consolidated Financial Statements (unaudited)

5

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

40

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

64

 

 

 

Item 4. 

Controls and Procedures

67

 

 

 

Part II. Other Information

68

 

 

Item 1. 

Legal Proceedings

68

 

 

 

Item 1A. 

Risk Factors

68

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

69

 

 

 

Item 3. 

Defaults Upon Senior Securities

69

 

 

 

Item 4. 

Mine Safety Disclosures

69

 

 

 

Item 5. 

Other Information

69

 

 

 

Item 6. 

Exhibits

70

 

 

 

Signatures

71

 

 

 


 

 

Part I. Financial Information

Item 1. Financial Statements

TPG RE Finance Trust, Inc.

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

 

 

 

March 31, 2021

 

 

December 31, 2020

 

ASSETS(1)

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

301,607

 

 

$

319,669

 

Restricted Cash

 

 

813

 

 

 

 

Accounts Receivable

 

 

755

 

 

 

785

 

Collateralized Loan Obligation Proceeds Held at Trustee

 

 

310,070

 

 

 

174

 

Accounts Receivable from Servicer/Trustee

 

 

177

 

 

 

418

 

Accrued Interest and Fees Receivable

 

 

29,229

 

 

 

27,391

 

Loans Held for Investment

 

 

4,580,179

 

 

 

4,516,400

 

Allowance for Credit Losses

 

 

(56,641

)

 

 

(59,940

)

Loans Held for Investment, Net (includes $1,305,947 and $2,259,467, respectively,

   pledged as collateral under secured credit facilities)

 

 

4,523,538

 

 

 

4,456,460

 

Real Estate Owned

 

 

99,200

 

 

 

99,200

 

Other Assets

 

 

3,871

 

 

 

4,646

 

Total Assets

 

 

5,269,260

 

 

$

4,908,743

 

LIABILITIES AND EQUITY(1)

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accrued Interest Payable

 

$

2,379

 

 

$

2,630

 

Accrued Expenses and Other Liabilities

 

 

10,440

 

 

 

14,450

 

Secured Credit Agreements (net of

   deferred financing costs of $5,869 and $8,831, respectively)

 

 

854,998

 

 

 

1,514,028

 

Collateralized Loan Obligations (net of deferred financing costs of $16,338 and $9,192,

   respectively)

 

 

2,851,709

 

 

 

1,825,568

 

Mortgage Loan Payable (net of deferred financing costs of $783 and $853)

 

 

49,217

 

 

 

49,147

 

Payable to Affiliates

 

 

5,094

 

 

 

5,570

 

Deferred Revenue

 

 

1,682

 

 

 

1,418

 

Dividends Payable

 

 

15,510

 

 

 

29,481

 

Total Liabilities

 

 

3,791,029

 

 

 

3,442,292

 

Commitments and Contingencies—See Note 15

 

 

 

 

 

 

 

 

Temporary Equity

 

 

 

 

 

 

 

 

Series B Cumulative Redeemable Preferred Stock ($0.001 par value per share; 13,000,000

   and 13,000,000 shares authorized, respectively; 9,000,000 and 9,000,000 shares issued and outstanding, respectively)

 

 

201,003

 

 

 

199,551

 

Permanent Equity

 

 

 

 

 

 

 

 

Series A Preferred Stock ($0.001 par value per share; 100,000,000 shares authorized;

   125 and 125 shares issued and outstanding, respectively)

 

 

 

 

 

 

Common Stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized,

   respectively; 76,897,102 and 76,787,006 shares issued and outstanding, respectively)

 

 

77

 

 

 

77

 

Additional Paid-in-Capital

 

 

1,559,685

 

 

 

1,559,681

 

Accumulated Deficit

 

 

(282,534

)

 

 

(292,858

)

Total Stockholders' Equity

 

$

1,277,228

 

 

$

1,266,900

 

Total Permanent Equity

 

$

1,277,228

 

 

$

1,266,900

 

Total Liabilities and Equity

 

$

5,269,260

 

 

$

4,908,743

 

 

(1)

The Company’s consolidated Total Assets and Total Liabilities at March 31, 2021 include assets and liabilities of variable interest entities (“VIEs”) of $3.5 billion and $2.9 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2020 include assets and liabilities of VIEs of $2.3 billion and $1.8 billion, respectively. These assets can be used only to satisfy obligations of the VIEs, and creditors of the VIEs have recourse only to these assets, and not to TPG RE Finance Trust, Inc. See Note 6 to the Consolidated Financial Statements for details.

See accompanying notes to the Consolidated Financial Statements

1


 

TPG RE Finance Trust, Inc.

Consolidated Statements of Income (Loss)

and Comprehensive Income (Loss) (Unaudited)

(in thousands, except share and per share data)

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

INTEREST INCOME

 

 

 

 

 

 

 

 

Interest Income

 

$

58,148

 

 

$

81,749

 

Interest Expense

 

 

(20,290

)

 

 

(38,457

)

Net Interest Income

 

 

37,858

 

 

 

43,292

 

OTHER REVENUE

 

 

 

 

 

 

 

 

Other Income, net

 

 

96

 

 

 

328

 

Total Other Revenue

 

 

96

 

 

 

328

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

Professional Fees

 

 

1,198

 

 

 

1,819

 

General and Administrative

 

 

1,030

 

 

 

980

 

Stock Compensation Expense

 

 

1,456

 

 

 

1,401

 

Servicing and Asset Management Fees

 

 

328

 

 

 

276

 

Management Fee

 

 

5,094

 

 

 

5,000

 

Total Other Expenses

 

 

9,106

 

 

 

9,476

 

Securities Impairments

 

 

 

 

 

(203,493

)

Credit Loss Benefit (Expense)

 

 

4,038

 

 

 

(63,348

)

Income (Loss) Before Income Taxes

 

 

32,886

 

 

 

(232,697

)

Income Tax Expense, net

 

 

(931

)

 

 

(93

)

Net Income (Loss)

 

$

31,955

 

 

$

(232,790

)

Series A Preferred Stock Dividends

 

 

(4

)

 

 

(3

)

Series B Cumulative Redeemable Preferred Stock Dividends

 

 

(6,120

)

 

 

 

Net Income (Loss) Attributable to TPG RE Finance Trust, Inc.

 

$

25,831

 

 

$

(232,793

)

Earnings (Loss) per Common Share, Basic

 

$

0.32

 

 

$

(3.05

)

Earnings (Loss) per Common Share, Diluted

 

$

0.30

 

 

$

(3.05

)

Weighted Average Number of Common Shares Outstanding

 

 

 

 

 

 

 

 

Basic:

 

 

76,895,615

 

 

 

76,465,322

 

Diluted:

 

 

80,673,236

 

 

 

76,465,322

 

OTHER COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

31,955

 

 

$

(232,790

)

Unrealized Loss on Available-for-Sale Debt Securities

 

 

 

 

 

(974

)

Comprehensive Net Income (Loss)

 

$

31,955

 

 

$

(233,764

)

 

See accompanying notes to the Consolidated Financial Statements

 

 

2


 

 

TPG RE Finance Trust, Inc.

Consolidated Statements of

Changes in Equity (Unaudited)

(In thousands, except share and per share data)

 

 

 

Permanent Equity

 

 

Temporary

Equity

 

 

 

Series A Preferred Stock

 

 

Common Stock

 

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par

Value

 

 

Shares

 

 

Par

Value

 

 

Shares

 

 

Par

Value

 

 

Additional

Paid-

in-Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Stockholders'

Equity

 

 

Series B

Preferred

Stock

 

January 1, 2021

 

 

125

 

 

$

 

 

 

76,787,006

 

 

$

77

 

 

 

 

 

$

 

 

$

1,559,681

 

 

$

(292,858

)

 

$

 

 

$

1,266,900

 

 

$

199,551

 

Issuance of Common Stock

 

 

 

 

 

 

 

 

110,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of Share-Based Compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,456

 

 

 

 

 

 

 

 

 

1,456

 

 

 

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,955

 

 

 

 

 

 

31,955

 

 

 

 

Dividends on Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,124

)

 

 

 

 

 

(6,124

)

 

 

 

Accretion of Discount on Series B Cumulative Redeemable Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,452

)

 

 

 

 

 

 

 

 

(1,452

)

 

 

1,452

 

Dividends on Common Stock (Dividends Declared

   per Share of $0.20)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,507

)

 

 

 

 

 

(15,507

)

 

 

 

March 31, 2021

 

 

125

 

 

$

 

 

 

76,897,102

 

 

$

77

 

 

 

 

 

$

 

 

$

1,559,685

 

 

$

(282,534

)

 

$

 

 

$

1,277,228

 

 

$

201,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Permanent Equity

 

 

Temporary

Equity

 

 

 

Series A Preferred Stock

 

 

Common Stock

 

 

Class A Common Stock