TPG RE Finance Trust Q2 2024 10-Q Filed

TL;DR

**TPG RE Finance Trust Q2 2024 10-Q is IN. Check financials for real estate investment performance.**

AI Summary

TPG RE Finance Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and condition, including details on its real estate investments and financing activities. Specific financial figures and operational highlights for the second quarter of 2024 are detailed within the report.

Why It Matters

This filing provides investors with a detailed look at TPG RE Finance Trust's financial health and operational performance for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate finance company, TPG RE Finance Trust is subject to market fluctuations, interest rate changes, and credit risks inherent in the real estate sector.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)

Key Players & Entities

• TPG RE Finance Trust, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240730 (date) — Date of filing
• San Francisco, CA (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share TRTX New York Stock Exchange

Filing Documents

• trtx-20240630.htm (10-Q) — 3165KB
• trtx-20240630ex311.htm (EX-31.1) — 10KB
• trtx-20240630ex312.htm (EX-31.2) — 10KB
• trtx-20240630ex321.htm (EX-32.1) — 6KB
• trtx-20240630ex322.htm (EX-32.2) — 6KB
• trtx-20240630_g1.jpg (GRAPHIC) — 7KB
• 0001630472-24-000025.txt ( ) — 15442KB
• trtx-20240630.xsd (EX-101.SCH) — 109KB
• trtx-20240630_cal.xml (EX-101.CAL) — 95KB
• trtx-20240630_def.xml (EX-101.DEF) — 603KB
• trtx-20240630_lab.xml (EX-101.LAB) — 942KB
• trtx-20240630_pre.xml (EX-101.PRE) — 739KB
• trtx-20240630_htm.xml (XML) — 2962KB

Financial Information

Part I. Financial Information 1 Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of June 3 0 , 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited) for the Three and Six Months ended June 30, 2024 and June 30, 2023 2 Consolidated Statements of Changes in Equity (unaudited) for the Three and Six Months ended June 30, 2024 and June 30, 2023 3 Consolidated Statements of Cash Flows (unaudited) for the Six Months ended June 30, 2024 and June 30, 2023 4 Notes to the Consolidated Financial Statements (unaudited) 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 4.

Controls and Procedures

Controls and Procedures 81

Other Information

Part II. Other Information 82 Item 1.

Legal Proceedings

Legal Proceedings 82 Item 1A.

Risk Factors

Risk Factors 82 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 82 Item 3. Defaults Upon Senior Securities 82 Item 4. Mine Safety Disclosures 82 Item 5. Other Information 82 Item 6. Exhibits 83

Signatures

Signatures 84 Table of Contents

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements TPG RE Finance Trust, Inc. Consolidated Balance Sheets (in thousands, except share data) June 30, 2024 December 31, 2023 (Unaudited) Assets (1) Cash and cash equivalents $ 259,236 $ 206,376 Restricted cash 500 642 Accounts receivable 10 40 Collateralized loan obligation proceeds held at trustee — 247,229 Accounts receivable from servicer/trustee 60,606 66,468 Accrued interest and fees receivable 27,815 32,195 Loans held for investment 3,201,203 3,476,776 Allowance for credit losses ( 66,848 ) ( 67,092 ) Loans held for investment, net (includes $ 835,325 and $ 1,070,629 , respectively, pledged as collateral under secured financing agreements) 3,134,355 3,409,684 Real estate owned 169,120 174,057 Other assets 44,759 77,621 Total assets $ 3,696,401 $ 4,214,312 Liabilities and stockholders' equity (1) Liabilities Accrued interest payable $ 7,135 $ 10,225 Accrued expenses and other liabilities (2) 15,392 14,587 Collateralized loan obligations, net 1,831,471 1,915,174 Secured financing agreements, net 529,699 820,824 Asset-specific financings, net 131,735 272,810 Mortgage loan payable, net 30,622 30,551 Payable to affiliates 5,044 4,913 Deferred revenue 1,333 1,281 Dividends payable 19,798 19,162 Total liabilities 2,572,229 3,089,527 Commitments and contingencies - see Note 14 Stockholders' 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; 80,928,525 and 77,868,565 shares issued and outstanding, respectively) 81 77 Additional paid-in-capit

View Full Filing

View this 10-Q filing on SEC EDGAR