TPG RE Finance Trust, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>TPG RE Finance Trust, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

TPG RE Finance Trust, Inc. (TRTX-PC) filed a Annual Report (10-K) with the SEC on February 20, 2024. TPG RE Finance Trust, Inc. filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is C/O TPG CAPITAL, L.P., 345 California Street, Suite 3300, San Francisco, CA 94104. The filing includes data for the fiscal years 2023, 2022, and 2021. The Standard Industrial Classification code is REAL ESTATE INVESTMENT TRUSTS [6798].

Why It Matters

For investors and stakeholders tracking TPG RE Finance Trust, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TPG RE Finance Trust's financial performance and operations for the fiscal year 2023, which is crucial for investors to assess the company's health and strategic direction. The detailed financial data and risk factors presented in the 10-K allow stakeholders to understand the company's asset portfolio, liabilities, and overall market position within the real estate investment trusts sector.

Risk Assessment

Risk Level: medium — TPG RE Finance Trust, Inc. shows moderate risk based on this filing. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and interest rate sensitivity, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand TPG RE Finance Trust's performance and potential challenges in the current market environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 0001630472 — Central Index Key (Company identifier)
• 6798 — Standard Industrial Classification (Industry classification)

Key Players & Entities

• TPG RE Finance Trust, Inc. (company) — Filer name
• TPG CAPITAL, L.P. (company) — Business and mailing address
• San Francisco (location) — Business and mailing address city
• CA (location) — Business and mailing address state
• 2024-02-20 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 0001630472 (company) — Central Index Key
• 6798 (industry) — Standard Industrial Classification

FAQ

Industry Context

TPG RE Finance Trust, Inc. operates within the real estate investment trusts (REITs) sector, focusing on commercial real estate debt investments.

Regulatory Implications

As a publicly traded company, TPG RE Finance Trust is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's asset portfolio and debt structure as presented in the filing.
3. Assess the risk factors outlined by TPG RE Finance Trust for potential investment implications.

Key Dates

• 2024-02-20: 10-K Filing — Annual report submission for fiscal year 2023
• 2023-12-31: Fiscal Year End — End date of the reporting period

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing year-end financial data and operational details.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share TRTX New York Stock Exchange
• $222 billion — founded in San Francisco in 1992, with $222 billion of assets under management (as of Decem
• $17.9 billion — vely, TPG Real Estate managed more than $17.9 billion in real estate and real estate-related
• $35.0 million — Unpaid principal balance greater than $35.0 million; As-is loan-to value ("LTV") of less t
• $3.7 billion — f 53 loans held for investment totaling $3.7 billion of commitments and an unpaid principal
• $3.5 b — ents and an unpaid principal balance of $3.5 billion, with a weighted average credit s
• $183.3 million — faction of certain borrower milestones, $183.3 million of unfunded loan commitments. We may h
• $199.8 million — rty with an aggregate carrying value of $199.8 million. 5 Table of Contents Loan Portfoli
• $1.2 million — ncipal balance includes PIK interest of $1.2 million as of December 31, 2023. (3) Unfunded

Filing Documents

• trtx-20231231.htm (10-K) — 4291KB
• trtx-20231231ex107b.htm (EX-10.7(B)) — 107KB
• trtx-20231231ex107e.htm (EX-10.7(E)) — 37KB
• trtx-20231231ex211.htm (EX-21.1) — 41KB
• trtx-20231231ex231.htm (EX-23.1) — 2KB
• trtx-20231231ex311.htm (EX-31.1) — 10KB
• trtx-20231231ex312.htm (EX-31.2) — 10KB
• trtx-20231231ex321.htm (EX-32.1) — 6KB
• trtx-20231231ex322.htm (EX-32.2) — 6KB
• trtx-20231231ex97.htm (EX-97) — 23KB
• trtx-20231231_g1.jpg (GRAPHIC) — 7KB
• trtx-20231231_g2.jpg (GRAPHIC) — 69KB
• trtx-20231231_g3.jpg (GRAPHIC) — 49KB
• trtx-20231231_g4.jpg (GRAPHIC) — 53KB
• trtx-20231231_g5.jpg (GRAPHIC) — 49KB
• trtx-20231231_g6.jpg (GRAPHIC) — 102KB
• trtx-20231231_g7.jpg (GRAPHIC) — 113KB
• 0001630472-24-000006.txt (&nbsp;) — 20031KB
• trtx-20231231.xsd (EX-101.SCH) — 129KB
• trtx-20231231_cal.xml (EX-101.CAL) — 100KB
• trtx-20231231_def.xml (EX-101.DEF) — 768KB
• trtx-20231231_lab.xml (EX-101.LAB) — 1208KB
• trtx-20231231_pre.xml (EX-101.PRE) — 909KB
• trtx-20231231_htm.xml (XML) — 3361KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 63

Cybersecurity

Item 1C. Cybersecurity 64 Item 2.

Properties

Properties 65 Item 3.

Legal Proceedings

Legal Proceedings 65 Item 4. Mine Safety Disclosures 65 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 66 Item 6. [Reserved] 66 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 100 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 102 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 102 Item 9A.

Controls and Procedures

Controls and Procedures 103 Item 9B. Other Information 103 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 103 PART III Item 10. Directors, Executive Officers and Corporate Governance 104 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions, and Director Independence 104 Item 14. Principal Accountant Fees and Services 104 PART IV Item 15. Exhibits and Financial Statement Schedules 105 Certain Terms In this annual 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, 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). 1 Table of Contents PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Form 10-K 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,"

Business

Item 1. Business. Company and Organization TPG RE Finance Trust, Inc. is a commercial real estate finance company externally managed by TPG RE Finance Trust Management, L.P., an affiliate of TPG. Our principal executive offices are located at 888 Seventh Avenue, 35 th Floor, New York, New York 10106. We are organized as a holding company and conduct our operations primarily through TPG RE Finance Trust Holdco, LLC ("Holdco"), a wholly owned Delaware limited liability company, and Holdco's direct and indirect subsidiaries. We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal income taxes on our REIT taxable income to the extent that we annually distribute all of our REIT taxable income to stockholders and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an exclusion or exemption from registration under the Investment Company Act. We operate our business as one segment. Our principal business activity is to directly originate and acquire a diversified portfolio of commercial real estate-related assets, consisting primarily of first mortgage loans and senior participation interests in first mortgage loans secured by institutional-quality properties in primary and select secondary markets in the United States. Manager We are externally managed by our Manager, TPG RE Finance Trust Management, L.P., an affiliate of TPG. TPG is a leading global, alternative asset management firm, founded in San Francisco in 1992, with $222 billion of assets under management (as of December 31, 2023) and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions. Our Manager manages our investments and our day-to-day business and affairs in conformity with our investment guidelines and other policies that are approved and monitored

View Full Filing

View this 10-K filing on SEC EDGAR