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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, 2022

OR

 

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

For the transition period from to t

Commission file number 001-38156

 

img132087178_0.jpg 

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

 

 

 

 

 

6.25% Series C Cumulative Redeemable Preferred Stock, par value $0.001 per share

 

TRTX PRC

 

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. YesNo

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). YesNo

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 29, 2022, there were 77,185,845 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 (the “Securities Act”), 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 our Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2022, 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, regulatory, and competitive conditions in the markets in which we invest;
the level and volatility of prevailing interest rates and credit spreads, including as a result of the planned discontinuance of LIBOR and the transition to alternative reference rates such as term or compounded Secured Overnight Financing Rate ("SOFR");
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 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 or principal 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;

 


 

the potential unavailability of the London Interbank Offered Rate (“LIBOR”) after June 30, 2023;
conflicts with TPG 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 (“FASB”), the Securities and Exchange Commission (“SEC”), the Internal Revenue Service (“IRS”), the New York Stock Exchange (“NYSE”) 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.

In this quarterly report, except where the context requires otherwise:

“Company,” “we,” “us,” and “our” refer to TPG RE Finance Trust, Inc., a Maryland corporation and, where applicable, its subsidiaries.
“Manager” refers to our external manager, TPG RE Finance Trust Management, L.P., a Delaware limited partnership.
“TPG” refers to TPG, Inc., a Delaware corporation (previously TPG Global, LLC, a Delaware limited liability company), and its affiliates.
“TPG Fund” refers to any partnership or other pooled investment vehicle, separate account, fund-of-one or any similar arrangement or investment program sponsored, advised or managed (including on a subadvisory basis) by TPG, whether currently in existence or subsequently established (in each case, including any related alternative investment vehicle, parallel or feeder investment vehicle, co-investment vehicle and any entity formed in connection therewith, including any entity formed for investments by TPG and its affiliates in any such vehicle, whether invested as a limited partner or through general partner investments).

 


 

TABLE OF CONTENTS

 

Part I. Financial Information

1

 

 

 

Item 1.

Financial Statements

1

 

 

 

 

Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021

1

 

 

 

 

Consolidated Statements of Income and Comprehensive Income (unaudited) for the Three Months ended March 31, 2022 and March 31, 2021

2

 

 

 

 

Consolidated Statements of Changes in Equity (unaudited) for the Three Months ended March 31, 2022 and March 31, 2021

3

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the Three Months ended March 31, 2022 and March 31, 2021

4

 

 

 

 

Notes to the Consolidated Financial Statements (unaudited)

5

 

 

 

Item 2.

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

42

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

 

 

 

Item 4.

Controls and Procedures

70

 

 

 

Part II. Other Information

71

 

 

Item 1.

Legal Proceedings

71

 

 

 

Item 1A.

Risk Factors

71

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

 

 

 

Item 3.

Defaults Upon Senior Securities

71

 

 

 

Item 4.

Mine Safety Disclosures

71

 

 

 

Item 5.

Other Information

71

 

 

 

Item 6.

Exhibits

72

 

 

 

Signatures

74

 

 

 


 

Part I. Financial Information

Item 1. Financial Statements

TPG RE Finance Trust, Inc.

Consolidated Balance Sheets (Unaudited)

(dollars in thousands, except share data)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Assets(1)

 

 

 

 

 

 

Cash and cash equivalents

 

$

351,572

 

 

$

260,635

 

Restricted cash

 

 

847

 

 

 

404

 

Accounts receivable

 

 

127

 

 

 

12

 

Collateralized loan obligation proceeds held at trustee

 

 

260

 

 

 

204

 

Accounts receivable from servicer/trustee

 

 

745

 

 

 

176

 

Accrued interest and fees receivable

 

 

29,559

 

 

 

26,620

 

Loans held for investment

 

 

5,115,788

 

 

 

4,909,202

 

Allowance for credit losses

 

 

(46,307

)

 

 

(41,999

)

Loans held for investment, net (includes $1,633,812 and $1,697,481, respectively, pledged as collateral under secured financing agreements)

 

 

5,069,481

 

 

 

4,867,203

 

Real estate owned

 

 

60,622

 

 

 

60,622

 

Other assets

 

 

1,843

 

 

 

2,144

 

Total assets

 

$

5,515,056

 

 

$

5,218,020

 

Liabilities and stockholders’ equity(1)

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Accrued interest payable

 

$

3,269

 

 

$

2,723

 

Accrued expenses and other liabilities

 

 

13,659

 

 

 

11,563

 

Secured financing agreements (net of deferred financing costs of $5,097 and $4,005, respectively)

 

 

1,192,956

 

 

 

1,162,206

 

Collateralized loan obligations (net of deferred financing costs of $14,489 and $10,297, respectively)

 

 

2,810,626

 

 

 

2,545,691

 

Payable to affiliates

 

 

6,153

 

 

 

5,609

 

Deferred revenue

 

 

1,784

 

 

 

1,366

 

Dividends payable

 

 

18,701

 

 

 

24,156

 

Total liabilities

 

 

4,047,148

 

 

 

3,753,314

 

Commitments and contingencies - see Note 14

 

 

 

 

 

 

Temporary equity

 

 

 

 

 

 

Series B Preferred Stock ($0.001 par value per share; 13,000,000 and 13,000,000 shares authorized, respectively; 0 and 0 shares issued and outstanding, respectively)

 

 

 

 

 

 

Permanent equity

 

 

 

 

 

 

Series A preferred stock ($0.001 par value per share; 100,000,000 and 100,000,000 shares authorized; 125 and 125 shares issued and outstanding, respectively) ($125 aggregate liquidation preference)

 

 

 

 

 

 

Series C Preferred Stock ($0.001 par value per share; 8,050,000 shares authorized; 8,050,000 and 8,050,000 shares issued and outstanding, respectively) ($201,250 aggregate liquidation preference)

 

 

8

 

 

 

8

 

Common stock ($0.001 par value per share; 302,500,000 and 302,500,000 shares authorized, respectively; 77,185,845 and 77,183,892 shares issued and outstanding, respectively)

 

 

77

 

 

 

77

 

Additional paid-in-capital

 

 

1,713,152

 

 

 

1,711,886

 

Accumulated deficit

 

 

(245,329

)

 

 

(247,265

)

Total stockholders' equity

 

$

1,467,908

 

 

$

1,464,706

 

Total permanent equity

 

$

1,467,908

 

 

$

1,464,706

 

Total liabilities and stockholders' equity

 

$

5,515,056

 

 

$

5,218,020

 

 

(1)
The Company’s consolidated Total Assets and Total Liabilities as of March 31, 2022 include assets and liabilities of variable interest entities (“VIEs”) of $3.4 billion and $2.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities as of December 31, 2021 include assets and liabilities of VIEs of $3.2 billion and $2.6 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 5 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

and Comprehensive Income (Unaudited)

(dollars in thousands, except share and per share data)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Interest income and interest expense

 

 

 

 

 

 

Interest income

 

$

61,017

 

 

$

58,148

 

Interest expense

 

 

(22,501

)

 

 

(20,290

)

Net interest income

 

 

38,516

 

 

 

37,858

 

Other revenue

 

 

 

 

 

 

Other income, net

 

 

18

 

 

 

96

 

Total other revenue

 

 

18

 

 

 

96

 

Other expenses

 

 

 

 

 

 

Professional fees

 

 

1,146

 

 

 

1,198

 

General and administrative

 

 

1,169

 

 

 

1,030

 

Stock compensation expense

 

 

1,266

 

 

 

1,456

 

Servicing and asset management fees

 

 

494

 

 

 

328

 

Management fee

 

 

5,709

 

 

 

5,094

 

Total other expenses

 

 

9,784

 

 

 

9,106

 

Credit loss (expense) benefit, net

 

 

(4,884

)

 

 

4,038

 

Income before income taxes

 

 

23,866

 

 

 

32,886

 

Income tax expense, net

 

 

(85

)

 

 

(931

)

Net income

 

$

23,781

 

 

$

31,955

 

Preferred stock dividends and participating securities' share in earnings

 

 

(3,345

)

 

 

(6,270

)

Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs

 

 

 

 

 

(1,452

)

Net income attributable to common stockholders - see Note 11

 

$

20,436

 

 

$

24,233

 

Earnings per common share, basic

 

$

0.26

 

 

$

0.32

 

Earnings per common share, diluted

 

$

0.25

 

 

$

0.30

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

Basic:

 

 

77,183,957

 

 

 

76,895,615

 

Diluted:

 

 

81,788,723

 

 

 

80,673,236

 

Other comprehensive income

 

 

 

 

 

 

Net income

 

$

23,781

 

 

$

31,955

 

Comprehensive net income

 

$

23,781

 

 

$

31,955

 

 

See accompanying notes to the Consolidated Financial Statements

2


 

TPG RE Finance Trust, Inc.

Consolidated Statements of

Changes in Equity (Unaudited)

(dollars in thousands, except share and per share data)

 

 

 

Permanent equity

 

 

Temporary equity

 

 

 

Series A preferred stock

 

 

Series C Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Par value

 

 

Additional
paid-in-capital

 

 

Accumulated
deficit

 

 

Total
stockholders'
equity

 

 

Series B
Preferred Stock

 

January 1, 2022

 

 

125

 

 

$

 

 

 

8,050,000

 

 

$

8

 

 

 

77,183,892

 

 

$

77

 

 

$

1,711,886

 

 

$

(247,265

)

 

$

1,464,706

 

 

$

 

Issuance of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,953

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,266

 

 

 

 

 

 

1,266

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,781

 

 

 

23,781

 

 

 

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,148

)

 

 

(3,148

)

 

 

 

Dividends on common stock (dividends declared per share of $0.24)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,697

)

 

 

(18,697

)

 

 

 

March 31, 2022

 

 

125

 

 

$

 

 

 

8,050,000

 

 

$

8

 

 

 

77,185,845

 

 

$

77

 

 

$

1,713,152

 

 

$

(245,329

)

 

$

1,467,908

 

 

$

 

 

 

 

Permanent equity

 

 

Temporary equity

 

 

 

Series A preferred stock

 

 

Series C Preferred Stock

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Par value

 

 

Shares

 

 

Par value

 

 

Additional
paid-in-capital

 

 

Accumulated
deficit

 

 

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 stock compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,456

 

 

 

 

 

 

1,456

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,955

 

 

 

31,955

 

 

 

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,124

)

 

 

(6,124

)

 

 

 

Series B Preferred Stock accretion, including allocated Warrant fair value and transaction costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

See accompanying notes to the Consolidated Financial Statements

3


 

TPG RE Finance Trust, Inc.

Consolidated Statements of Cash Flows (Unaudited)

(dollars in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities: