TPG RE Finance Trust Files Q3 2024 10-Q

TL;DR

**TRTX Q3 10-Q filed. Shows collateral details & revenue. Check it.**

AI Summary

TPG RE Finance Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including assets pledged as collateral as of September 30, 2024, and December 31, 2023. It also references specific financial data points such as accrued interest and fees receivable and revenue from real estate owned operations.

Why It Matters

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

Risk Assessment

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

Key Numbers

• 2024-09-30 — Reporting Period End (Key date for financial data)
• 2023-12-31 — Prior Year End (Comparison date for financial data)

Key Players & Entities

• TPG RE Finance Trust, Inc. (company) — Filer
• September 30, 2024 (date) — Reporting period end date
• December 31, 2023 (date) — Prior year end date for comparison
• 345 California Street, Suite 3300 (address) — Company's business and mailing address
• San Francisco, CA 94104 (address) — Company's business and mailing city, state, and zip

FAQ

Key Financial Figures

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

Filing Documents

• trtx-20240930.htm (10-Q) — 3263KB
• trtx-20240930ex311.htm (EX-31.1) — 10KB
• trtx-20240930ex312.htm (EX-31.2) — 10KB
• trtx-20240930ex321.htm (EX-32.1) — 6KB
• trtx-20240930ex322.htm (EX-32.2) — 6KB
• trtx-20240930_g1.jpg (GRAPHIC) — 7KB
• 0001630472-24-000028.txt ( ) — 15597KB
• trtx-20240930.xsd (EX-101.SCH) — 109KB
• trtx-20240930_cal.xml (EX-101.CAL) — 96KB
• trtx-20240930_def.xml (EX-101.DEF) — 598KB
• trtx-20240930_lab.xml (EX-101.LAB) — 940KB
• trtx-20240930_pre.xml (EX-101.PRE) — 737KB
• trtx-20240930_htm.xml (XML) — 2982KB

Financial Information

Part I. Financial Information 1 Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited) for the Three and Nine Months ended September 30, 2024 and September 30, 2023 2 Consolidated Statements of Changes in Equity (unaudited) for the Three and Nine Months ended September 30, 2024 and September 30, 2023 3 Consolidated Statements of Cash Flows (unaudited) for the Nine Months ended September 30, 2024 and September 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) September 30, 2024 December 31, 2023 (Unaudited) Assets (1) Cash and cash equivalents $ 226,317 $ 206,376 Restricted cash 482 642 Accounts receivable 10 40 Collateralized loan obligation proceeds held at trustee — 247,229 Accounts receivable from servicer/trustee 387 66,468 Accrued interest and fees receivable 30,859 32,195 Loans held for investment 3,259,293 3,476,776 Allowance for credit losses ( 66,680 ) ( 67,092 ) Loans held for investment, net (includes $ 835,500 and $ 1,070,629 , respectively, pledged as collateral under secured financing agreements) 3,192,613 3,409,684 Real estate owned, net 168,873 174,057 Other assets 42,097 77,621 Total assets $ 3,661,638 $ 4,214,312 Liabilities and stockholders' equity (1) Liabilities Accrued interest payable $ 6,642 $ 10,225 Accrued expenses and other liabilities (2) 15,936 14,587 Collateralized loan obligations, net 1,726,331 1,915,174 Secured financing agreements, net 528,089 820,824 Asset-specific financings, net 203,369 272,810 Mortgage loan payable, net 30,658 30,551 Payable to affiliates 5,107 4,913 Deferred revenue 1,180 1,281 Dividends payable 19,727 19,162 Total liabilities 2,537,039 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; 80,927,733 and 77,868,565 shares issued and outstanding, respectively) 81 77 Additional paid-i

View Full Filing

View this 10-Q filing on SEC EDGAR