$TRTX
TPG RE Finance Trust, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019026625 Filed on July 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $88.67M $65.20M
YoY Change 36.0% 25.43%
Cost Of Revenue $8.400M $7.530M
YoY Change 11.55% 19.33%
Gross Profit $80.27M $57.67M
YoY Change 39.19% 26.28%
Gross Profit Margin 90.53% 88.45%
Selling, General & Admin $1.670M $1.090M
YoY Change 53.21% 51.39%
% of Gross Profit 2.08% 1.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.670M $1.090M
YoY Change 53.21% 51.39%
Operating Profit $78.60M $56.58M
YoY Change 38.92% 25.87%
Interest Expense $46.43M $30.15M
YoY Change 53.96% 53.57%
% of Operating Profit 59.07% 53.29%
Other Income/Expense, Net
YoY Change
Pretax Income $32.17M $26.43M
YoY Change 21.73% 4.42%
Income Tax $202.0K -$10.00K
% Of Pretax Income 0.63% -0.04%
Net Earnings $31.97M $26.44M
YoY Change 20.92% 4.37%
Net Earnings / Revenue 36.05% 40.55%
Basic Earnings Per Share $0.43 $0.44
Diluted Earnings Per Share $0.43 $0.44
COMMON SHARES
Basic Shares Outstanding 73.96M 60.18M
Diluted Shares Outstanding 73.96M 60.18M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.00M $42.50M
YoY Change 64.71% -78.82%
Cash & Equivalents $70.04M $43.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $213.5M $36.80M
Other Receivables $30.90M $18.10M
Total Short-Term Assets $314.4M $97.40M
YoY Change 222.79% -62.64%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $679.2M $218.1M
YoY Change 211.42% 68.29%
Other Assets $500.0K $800.0K
YoY Change -37.5% -27.27%
Total Long-Term Assets $5.510B $4.025B
YoY Change 36.89% 73.05%
TOTAL ASSETS
Total Short-Term Assets $314.4M $97.40M
Total Long-Term Assets $5.510B $4.025B
Total Assets $5.825B $4.123B
YoY Change 41.29% 59.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.600M $6.200M
YoY Change 22.58% -4.62%
Accrued Expenses $15.70M $11.40M
YoY Change 37.72% -18.57%
Deferred Revenue
YoY Change
Short-Term Debt $1.164B $1.573B
YoY Change -25.99% 38.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.219B $1.616B
YoY Change -24.56% 36.89%
LONG-TERM LIABILITIES
Long-Term Debt $3.140B $1.314B
YoY Change 138.97% 227.22%
Other Long-Term Liabilities $400.0K $500.0K
YoY Change -20.0% 25.0%
Total Long-Term Liabilities $3.141B $1.315B
YoY Change 138.91% 227.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.219B $1.616B
Total Long-Term Liabilities $3.141B $1.315B
Total Liabilities $4.360B $2.931B
YoY Change 48.77% 85.17%
SHAREHOLDERS EQUITY
Retained Earnings -$29.22M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.465B $1.192B
YoY Change
Total Liabilities & Shareholders Equity $5.825B $4.123B
YoY Change 41.29% 59.38%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $31.97M $26.44M
YoY Change 20.92% 4.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $27.00M $28.70M
YoY Change -5.92% 3.99%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$678.1M -$315.2M
YoY Change 115.13% -181.49%
Cash From Investing Activities -$678.1M -$315.2M
YoY Change 115.13% -181.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 665.9M 255.0M
YoY Change 161.14% -186.44%
NET CHANGE
Cash From Operating Activities 27.00M 28.70M
Cash From Investing Activities -678.1M -315.2M
Cash From Financing Activities 665.9M 255.0M
Net Change In Cash 14.80M -31.50M
YoY Change -146.98% -126.45%
FREE CASH FLOW
Cash From Operating Activities $27.00M $28.70M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the interim consolidated financial statements in conformity with GAAP requires estimates of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the interim consolidated financial statements include, but are not limited to: impairment; adequacy of provisions for loan losses; and valuation of financial instruments. </p>
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trtx Related Parties Termination Fee Description
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A termination fee will be payable to the Manager upon termination of the Management Agreement by the Company absent a cause event. The termination fee would also be payable to the Manager upon termination of the Management Agreement by the Manager if the Company materially breaches the Management Agreement. The termination fee is equal to three times the sum of (x) the average annual base management fee and (y) the average annual incentive compensation earned by the Manager, in each case during the 24-month period immediately preceding the most recently completed calendar quarter prior to the date of termination or, if such termination occurs prior to July 25, 2019, and such termination fee is payable, the base management fees and the incentive compensation will be annualized for the period from July 25, 2017 to July 25, 2019 based on such fees actually received by the Manager during such period
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Dividends
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Dividends
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CY2018Q4 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
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1.000

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