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 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 2020-09-15 Regulation FD, Exhibits
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-07-13 Officers, Exhibits
8-K 2020-06-30 Shareholder Vote, Exhibits
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-10.11 trtx-ex1011_900.htm
EX-10.12 trtx-ex1012_899.htm
EX-31.1 trtx-ex311_9.htm
EX-31.2 trtx-ex312_10.htm
EX-32.1 trtx-ex321_6.htm
EX-32.2 trtx-ex322_8.htm

TPG Real Estate Finance Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

trtx-10q_20200630.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 June 30, 2020.

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 July 27, 2020, there were 76,756,317 shares of the registrant’s common stock, $0.001 par value per share, and 0 shares of the registrant’s Class A 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 , in our Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2020 and in our Form 10-K filed with the SEC on February 19, 2020, 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 recent 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;

 

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 June 30, 2020 (unaudited) and December 31, 2019

1

 

 

 

 

Consolidated Statements of Income and Comprehensive Income (unaudited) for the Three and Six Months ended June 30, 2020 and June 30, 2019

2

 

 

 

 

Consolidated Statements of Changes in Equity (unaudited) for the Six Months ended June 30, 2020 and June 30, 2019

3

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) for the Six Months ended June 30, 2020 and June 30, 2019

5

 

 

 

 

Notes to the Consolidated Financial Statements (unaudited)

6

 

 

 

Item 2. 

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

46

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

73

 

 

 

Item 4. 

Controls and Procedures

76

 

 

 

Part II. Other Information

77

 

 

Item 1. 

Legal Proceedings

77

 

 

 

Item 1A. 

Risk Factors

77

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

80

 

 

 

Item 3. 

Defaults Upon Senior Securities

80

 

 

 

Item 4. 

Mine Safety Disclosures

80

 

 

 

Item 5. 

Other Information

81

 

 

 

Item 6. 

Exhibits

82

 

 

 

Signatures

84

 

 


 

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)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

ASSETS(1)

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

$

196,237

 

 

$

79,182

 

Restricted Cash

 

 

180

 

 

 

484

 

Accounts Receivable

 

 

36

 

 

 

2,344

 

Accounts Receivable from Servicer/Trustee

 

 

80,219

 

 

 

13,741

 

Accrued Interest and Fees Receivable

 

 

29,962

 

 

 

28,107

 

Loans Held for Investment

 

 

5,042,125

 

 

 

4,980,389

 

Allowance for Credit Losses

 

 

(53,557

)

 

 

 

Loans Held for Investment, Net (includes $2,738,774 and $2,585,030, respectively,

   pledged as collateral under secured revolving repurchase and secured credit agreements)

 

 

4,988,568

 

 

 

4,980,389

 

Investment in Available-for-Sale CRE Debt Securities, net (includes $0 and $786,408,

   respectively, pledged as collateral under secured revolving repurchase agreements)

 

 

 

 

 

787,552

 

Other Assets, Net

 

 

1,102

 

 

 

1,071

 

Total Assets

 

$

5,296,304

 

 

$

5,892,870

 

LIABILITIES AND EQUITY(1)

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accrued Interest Payable

 

$

3,453

 

 

$

6,665

 

Accrued Expenses and Other Liabilities

 

 

18,679

 

 

 

8,176

 

Secured Revolving Repurchase, Senior Secured, and Secured Credit Agreements (net of

   deferred financing costs of $10,313 and $11,632, respectively)

 

 

1,845,926

 

 

 

2,448,422

 

Collateralized Loan Obligations (net of deferred financing costs of $11,305 and $13,632,

   respectively)

 

 

1,823,456

 

 

 

1,806,428

 

Asset-Specific Financings (net of deferred financing costs of $106 and $294, respectively)

 

 

76,894

 

 

 

76,706

 

Payable to Affiliates

 

 

11,025

 

 

 

9,520

 

Deferred Revenue

 

 

149

 

 

 

164

 

Dividends Payable

 

 

48,669

 

 

 

32,835

 

Total Liabilities

 

 

3,828,251

 

 

 

4,388,916

 

Commitments and Contingencies—See Note 14

 

 

 

 

 

 

 

 

Temporary Equity

 

 

 

 

 

 

 

 

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

   and 0 shares authorized, respectively; 9,000,000 and 0 shares issued and outstanding,

   respectively), Net

 

 

196,832

 

 

 

 

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 300,000,000 shares authorized,

   respectively; 76,792,432 and 74,886,113 shares issued and outstanding, respectively)

 

 

77

 

 

 

75

 

Class A Common Stock ($0.001 par value per share; 0 and 2,500,000 shares authorized,

   respectively; 0 and 1,136,665 shares issued and outstanding, respectively)

 

 

 

 

 

1

 

Additional Paid-in-Capital

 

 

1,559,684

 

 

 

1,530,935

 

Accumulated Deficit

 

 

(288,540

)

 

 

(28,108

)

Accumulated Other Comprehensive Income

 

 

 

 

 

1,051

 

Total Stockholders' Equity

 

 

1,271,221

 

 

 

1,503,954

 

Total Permanent Equity

 

 

1,271,221

 

 

 

1,503,954

 

Total Liabilities and Equity

 

$

5,296,304

 

 

$

5,892,870

 

 

(1)

The Company’s consolidated Total Assets and Total Liabilities at June 30, 2020 include assets and liabilities of variable interest entities (“VIEs”) of $2.3 billion and $1.8 billion, respectively. The Company’s consolidated Total Assets and Total Liabilities at December 31, 2019 include assets and liabilities of VIEs of $2.2 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 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)

(in thousands, except share and per share data)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

70,051

 

 

$

88,254

 

 

$

151,800

 

 

$

164,855

 

Interest Expense

 

 

(25,865

)

 

 

(46,426

)

 

 

(64,322

)

 

 

(85,793

)

Net Interest Income

 

 

44,186

 

 

 

41,828

 

 

 

87,478

 

 

 

79,062

 

OTHER REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Income, net

 

 

119

 

 

 

412

 

 

 

447

 

 

 

834

 

Total Other Revenue

 

 

119

 

 

 

412

 

 

 

447

 

 

 

834

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees

 

 

4,036

 

 

 

593

 

 

 

5,855

 

 

 

1,272

 

General and Administrative

 

 

860

 

 

 

1,041

 

 

 

1,840

 

 

 

1,485

 

Stock Compensation Expense

 

 

1,686

 

 

 

633

 

 

 

3,087

 

 

 

1,514

 

Servicing and Asset Management Fees

 

 

261

 

 

 

431

 

 

 

537

 

 

 

944

 

Management Fee

 

 

5,115

 

 

 

5,323

 

 

 

10,115

 

 

 

10,466

 

Incentive Management Fee

 

 

 

 

 

2,048

 

 

 

 

 

 

3,413

 

Total Other Expenses

 

 

11,958

 

 

 

10,069

 

 

 

21,434

 

 

 

19,094

 

Securities Gains (Impairments)

 

 

96

 

 

 

 

 

 

(203,397

)

 

 

 

Credit Loss Benefit (Expense)

 

 

10,546

 

 

 

 

 

 

(52,802

)

 

 

 

Income (Loss) Before Income Taxes

 

 

42,989

 

 

 

32,171

 

 

 

(189,708

)

 

 

60,802

 

Income Tax Expense, net

 

 

(61

)

 

 

(202

)

 

 

(154

)

 

 

(421

)

Net Income (Loss)

 

$

42,928

 

 

$

31,969

 

 

$

(189,862

)

 

$

60,381

 

Series A Preferred Stock Dividends

 

 

(5

)

 

 

(4

)

 

 

(8

)

 

 

(7

)

Series B Cumulative Redeemable Preferred Stock Dividends

 

 

(2,250

)

 

 

 

 

 

(2,250

)

 

 

 

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

 

$

40,673

 

 

$

31,965

 

 

$

(192,120

)

 

$

60,374

 

Basic Earnings (Loss) per Common Share

 

$

0.52

 

 

$

0.43

 

 

$

(2.53

)

 

$

0.85

 

Diluted Earnings (Loss) per Common Share

 

$

0.52

 

 

$

0.43

 

 

$

(2.53

)

 

$

0.85

 

Weighted Average Number of Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

76,644,038

 

 

 

73,963,337

 

 

 

76,554,680

 

 

 

71,144,696

 

Diluted:

 

 

76,644,038

 

 

 

73,963,337

 

 

 

76,554,680

 

 

 

71,144,696

 

OTHER COMPREHENSIVE INCOME (LOSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

42,928

 

 

$

31,969

 

 

$

(189,862

)

 

$

60,381

 

Unrealized Gain (Loss) on Available-for-Sale Debt Securities

 

 

(77

)

 

 

3,112

 

 

 

(1,051

)

 

 

3,218

 

Comprehensive Net Income (Loss)

 

$

42,851

 

 

$

35,081

 

 

$

(190,913

)

 

$

63,599

 

 

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)