$TRTX
TPG RE Finance Trust, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019038159 Filed on October 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $92.52M $69.81M $65.20M
YoY Change 32.53% 47.28% 25.43%
Cost Of Revenue $9.990M $7.720M $7.530M
YoY Change 29.4% 19.5% 19.33%
Gross Profit $82.54M $62.09M $57.67M
YoY Change 32.94% 51.66% 26.28%
Gross Profit Margin 89.21% 88.94% 88.45%
Selling, General & Admin $1.530M $970.0K $1.090M
YoY Change 57.73% -3.0% 51.39%
% of Gross Profit 1.85% 1.56% 1.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.530M $960.0K $1.090M
YoY Change 59.37% -4.0% 51.39%
Operating Profit $81.01M $61.13M $56.58M
YoY Change 32.52% 53.05% 25.87%
Interest Expense $47.87M $34.30M $30.15M
YoY Change 39.59% 79.1% 53.57%
% of Operating Profit 59.1% 56.11% 53.29%
Other Income/Expense, Net $11.52M $8.684M
YoY Change 32.61% 16.38%
Pretax Income $33.13M $26.83M $26.43M
YoY Change 23.5% 29.03% 4.42%
Income Tax $107.0K $3.000K -$10.00K
% Of Pretax Income 0.32% 0.01% -0.04%
Net Earnings $33.03M $26.82M $26.44M
YoY Change 23.12% 29.02% 4.37%
Net Earnings / Revenue 35.69% 38.42% 40.55%
Basic Earnings Per Share $0.44 $0.42 $0.44
Diluted Earnings Per Share $0.44 $0.42 $0.44
COMMON SHARES
Basic Shares Outstanding 74.13M 64.30M 60.18M
Diluted Shares Outstanding 74.13M 64.30M 60.18M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.30M $46.20M $42.50M
YoY Change 114.94% -28.7% -78.82%
Cash & Equivalents $99.70M $46.20M $43.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $81.70M $2.600M $36.80M
Other Receivables $30.90M $19.30M $18.10M
Total Short-Term Assets $211.9M $68.10M $97.40M
YoY Change 211.16% -47.53% -62.64%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $631.8M $75.40M $218.1M
YoY Change 737.93% -12.53% 68.29%
Other Assets $400.0K $300.0K $800.0K
YoY Change 33.33% -40.0% -27.27%
Total Long-Term Assets $5.651B $4.234B $4.025B
YoY Change 33.47% 45.36% 73.05%
TOTAL ASSETS
Total Short-Term Assets $211.9M $68.10M $97.40M
Total Long-Term Assets $5.651B $4.234B $4.025B
Total Assets $5.863B $4.302B $4.123B
YoY Change 36.28% 41.39% 59.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.800M $6.900M $6.200M
YoY Change 13.04% -24.18% -4.62%
Accrued Expenses $17.70M $13.90M $11.40M
YoY Change 27.34% 17.8% -18.57%
Deferred Revenue
YoY Change
Short-Term Debt $808.7M $1.649B $1.573B
YoY Change -50.94% 7.65% 38.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $866.2M $1.698B $1.616B
YoY Change -48.99% 8.01% 36.89%
LONG-TERM LIABILITIES
Long-Term Debt $3.530B $1.275B $1.314B
YoY Change 176.9% 386.79% 227.22%
Other Long-Term Liabilities $300.0K $200.0K $500.0K
YoY Change 50.0% -66.67% 25.0%
Total Long-Term Liabilities $3.531B $1.275B $1.315B
YoY Change 176.88% 385.75% 227.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $866.2M $1.698B $1.616B
Total Long-Term Liabilities $3.531B $1.275B $1.315B
Total Liabilities $4.397B $2.973B $2.931B
YoY Change 47.87% 62.04% 85.17%
SHAREHOLDERS EQUITY
Retained Earnings -$25.07M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.466B $1.329B $1.192B
YoY Change
Total Liabilities & Shareholders Equity $5.863B $4.302B $4.123B
YoY Change 36.28% 41.39% 59.38%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $33.03M $26.82M $26.44M
YoY Change 23.12% 29.02% 4.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $34.90M $26.00M $28.70M
YoY Change 34.23% 78.08% 3.99%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $5.900M -$171.0M -$315.2M
YoY Change -103.45% -71.08% -181.49%
Cash From Investing Activities $5.900M -$171.0M -$315.2M
YoY Change -103.45% -71.07% -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 -11.60M 148.1M 255.0M
YoY Change -107.83% -66.34% -186.44%
NET CHANGE
Cash From Operating Activities 34.90M 26.00M 28.70M
Cash From Investing Activities 5.900M -171.0M -315.2M
Cash From Financing Activities -11.60M 148.1M 255.0M
Net Change In Cash 29.20M 3.100M -31.50M
YoY Change 841.94% -102.27% -126.45%
FREE CASH FLOW
Cash From Operating Activities $34.90M $26.00M $28.70M
Capital Expenditures $0.00
Free Cash Flow $26.00M
YoY Change 79.31%

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 Percentage Of Senior Mortgage Loan Transferred To Third Party
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trtx Loans Held For Investment Weighted Average Maturity Period
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us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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trtx Reimbursable Expenses Incurred
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trtx Reimbursable Expenses Incurred
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CY2018Q4 trtx Reimbursable Expenses Remained Outstanding
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trtx Related Parties Termination Fee Description
RelatedPartiesTerminationFeeDescription
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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CY2019Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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27000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2019Q3 us-gaap Undistributed Earnings
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us-gaap Undistributed Earnings
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us-gaap Undistributed Earnings
UndistributedEarnings
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CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.44
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.42
us-gaap Earnings Per Share Basic And Diluted
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us-gaap Earnings Per Share Basic And Diluted
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2019Q3 trtx Dividends Common Stock Paidinkind Shares
DividendsCommonStockPaidinkindShares
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CY2019Q3 trtx Unfunded Commitments Loans Held For Investment
UnfundedCommitmentsLoansHeldForInvestment
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CY2018Q4 trtx Unfunded Commitments Loans Held For Investment
UnfundedCommitmentsLoansHeldForInvestment
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LoansAndLeasesReceivableBeforeFeesGross
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LoansAndLeasesReceivableBeforeFeesGross
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LoansAndLeasesReceivableBeforeFeesGross
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LoansAndLeasesReceivableBeforeFeesGross
4313591000

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trtx-ex106_225.htm Edgar Link pending
trtx-ex107_224.htm Edgar Link pending
trtx-ex108_222.htm Edgar Link pending
trtx-ex109_223.htm Edgar Link pending
trtx-ex311_6.htm Edgar Link pending
trtx-ex312_9.htm Edgar Link pending
trtx-ex321_10.htm Edgar Link pending
trtx-ex322_7.htm Edgar Link pending