2023 Q2 Form 10-Q Financial Statement

#000163047223000012 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $103.2M $95.25M
YoY Change 54.84% 56.05%
Cost Of Revenue $7.811M $7.212M
YoY Change -38.41% -1.86%
Gross Profit $95.39M $88.03M
YoY Change 76.76% 63.98%
Gross Profit Margin 92.43% 92.43%
Selling, General & Admin $3.074M $2.700M
YoY Change 35.0% 10.88%
% of Gross Profit 3.22% 3.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $200.0K
YoY Change
% of Gross Profit 0.21%
Operating Expenses $4.922M $2.700M
YoY Change 116.16% 10.88%
Operating Profit $90.47M $85.33M
YoY Change 75.02% 66.5%
Interest Expense -$70.57M $69.99M
YoY Change -351.96% 211.05%
% of Operating Profit -78.0% 82.02%
Other Income/Expense, Net $12.73M $9.912M
YoY Change -14.88% 1.31%
Pretax Income -$69.17M $7.559M
YoY Change 1201.13% -68.33%
Income Tax $5.000K $184.0K
% Of Pretax Income 2.43%
Net Earnings -$72.72M $7.375M
YoY Change 1238.31% -68.99%
Net Earnings / Revenue -70.47% 7.74%
Basic Earnings Per Share -$0.94 $0.05
Diluted Earnings Per Share -$0.94 $0.05
COMMON SHARES
Basic Shares Outstanding 77.41M shares 77.41M shares
Diluted Shares Outstanding 77.42M shares 78.09M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $307.4M $161.5M
YoY Change -13.64% -54.06%
Cash & Equivalents $307.4M $161.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $83.50M $96.26M
Other Receivables $34.82M $36.58M
Total Short-Term Assets $425.8M $294.4M
YoY Change -33.95% -22.94%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $242.0K $642.0K
YoY Change -69.33% -24.2%
Total Long-Term Assets $4.558B $5.089B
YoY Change -4.05% -0.85%
TOTAL ASSETS
Total Short-Term Assets $425.8M $294.4M
Total Long-Term Assets $4.558B $5.089B
Total Assets $4.984B $5.384B
YoY Change -7.62% -2.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.949M $6.019M
YoY Change -46.11% -2.18%
Accrued Expenses $44.60M $37.50M
YoY Change 102.53% 121.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.52M $62.50M
YoY Change 34.24% 49.58%
LONG-TERM LIABILITIES
Long-Term Debt $3.693B $4.009B
YoY Change -5.31% 0.15%
Other Long-Term Liabilities $1.547M $2.736M
YoY Change 45.39% 53.36%
Total Long-Term Liabilities $3.695B $4.012B
YoY Change -5.3% 0.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.52M $62.50M
Total Long-Term Liabilities $3.695B $4.012B
Total Liabilities $3.764B $4.075B
YoY Change -4.78% 0.68%
SHAREHOLDERS EQUITY
Retained Earnings -$501.1M -$409.8M
YoY Change 83.78% 67.03%
Common Stock $77.00K $77.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.220B $1.309B
YoY Change
Total Liabilities & Shareholders Equity $4.984B $5.384B
YoY Change -7.62% -2.38%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$72.72M $7.375M
YoY Change 1238.31% -68.99%
Depreciation, Depletion And Amortization $200.0K
YoY Change
Cash From Operating Activities $7.313M $23.47M
YoY Change -77.47% -28.03%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $479.6M $61.60M
YoY Change 378.51% -129.93%
Cash From Investing Activities $479.6M $61.60M
YoY Change 378.51% -129.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -341.4M -$177.2M
YoY Change 166.05% -166.98%
NET CHANGE
Cash From Operating Activities 7.313M $23.47M
Cash From Investing Activities 479.6M $61.60M
Cash From Financing Activities -341.4M -$177.2M
Net Change In Cash 145.5M -$92.15M
YoY Change 3234.58% -200.84%
FREE CASH FLOW
Cash From Operating Activities $7.313M $23.47M
Capital Expenditures
Free Cash Flow
YoY Change

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ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
47294000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-205812000 usd
CY2023Q1 us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
223042000 usd
CY2022Q1 us-gaap Repayments Of First Mortgage Bond
RepaymentsOfFirstMortgageBond
637906000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of First Mortgage Bond
ProceedsFromIssuanceOfFirstMortgageBond
0 usd
CY2022Q1 us-gaap Proceeds From Issuance Of First Mortgage Bond
ProceedsFromIssuanceOfFirstMortgageBond
907031000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
6628000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0 usd
CY2023Q1 trtx Payment For Proceeds From Financing Costs
PaymentForProceedsFromFinancingCosts
86000 usd
CY2022Q1 trtx Payment For Proceeds From Financing Costs
PaymentForProceedsFromFinancingCosts
9092000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-177218000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
264575000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-92149000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
91380000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
254315000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
261039000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
162166000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
352419000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
66856000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
17490000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
784000 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
20000 usd
CY2023Q1 trtx Collateralized Loan Obligation Proceeds Held At Trustee
CollateralizedLoanObligationProceedsHeldAtTrustee
70547000 usd
CY2022Q1 trtx Collateralized Loan Obligation Proceeds Held At Trustee
CollateralizedLoanObligationProceedsHeldAtTrustee
56000 usd
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
18974000 usd
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
18701000 usd
CY2023Q1 trtx Principal Repayments Of Loans Held For Investment Held By Servicer Trustee Net
PrincipalRepaymentsOfLoansHeldForInvestmentHeldByServicerTrusteeNet
66285000 usd
CY2022Q1 trtx Principal Repayments Of Loans Held For Investment Held By Servicer Trustee Net
PrincipalRepaymentsOfLoansHeldForInvestmentHeldByServicerTrusteeNet
348000 usd
CY2023Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
286000 usd
CY2022Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
711000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the 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 consolidated financial statements. Actual results could differ from management’s estimates, and such differences could be material. Significant estimates made in the consolidated financial statements include, but are not limited to, the adequacy of our allowance for credit losses and the valuation inputs related thereto and the valuation of financial instruments. Actual amounts and values as of the balance sheet dates may be materially different from the amounts and values reported due to the inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date and the limited availability of observable prices.</span></div>
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Losses</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Allowance for Credit Losses for Loans Held for Investment</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company accounts for its allowance for credit losses on loans held for investment using the Current Expected Credit Loss model of ASC Topic 326, Financial Instruments-Credit Losses (“ASC 326”). Periodic changes to the CECL reserve are recognized through net income on the Company’s consolidated statements of income and comprehensive income. The allowance for credit losses measured under the CECL accounting framework represents an estimate of current expected losses for the Company’s existing portfolio of loans held for investment, and is presented as a valuation reserve on the Company’s consolidated balance sheets. Expected credit losses related to non-cancelable unfunded loan commitments are accounted for as separate liabilities included in accrued expenses and other liabilities on the consolidated balance sheets. The allowance for credit losses for loans held for investment, as reported in the Company’s consolidated balance sheets, is adjusted by a credit loss benefit (expense), which is reported in earnings in the consolidated statements of income and comprehensive income and reduced by the write-off of loan amounts, net of recoveries and additions related to purchased credit-deteriorated (“PCD”) assets, if relevant. The Company has elected to not measure an allowance for credit losses on accrued interest receivables related to all of its loans held for investment because it writes off uncollectible accrued interest receivable in a timely manner pursuant to its non-accrual policy, described above.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considers key credit quality indicators in underwriting loans and estimating credit losses, including but not limited to: the capitalization of borrowers and sponsors; the expertise of the borrowers and sponsors in a particular real estate sector and geographic market; collateral type; geographic region; use and occupancy of the property; property market value; loan-to-value (“LTV”) ratio; loan amount and lien position; debt service coverage ratio; the Company’s risk rating for the same and similar loans; and prior experience with the borrower and sponsor. This information is used to assess the financial and operating capability, experience and profitability of the sponsor/borrower. Ultimate repayment of the Company’s loans is sensitive to interest rate changes, general economic conditions, liquidity, LTV ratio, existence of a liquid investment sales market for commercial properties, and availability of replacement short-term or long-term financing. The loans in the Company’s commercial mortgage loan portfolio are secured by collateral of the following property types: office; life science; multifamily; hotel; industrial; mixed-use; land for industrial and office use; and self storage.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s loans are typically collateralized by real estate, or in the case of mezzanine loans, by a partnership interest or similar equity interest in the entity that owns the real estate securing the Company's first mortgage loan. The Company regularly evaluates on a loan-by-loan basis, typically no less frequently than quarterly, the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, and the financial and operating capability of the borrower/sponsor. The Company also evaluates the financial strength of loan guarantors, if any, and the borrower’s competency in managing and operating the property or properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such analyses are completed and reviewed by asset management personnel and evaluated by senior management, who utilize various data sources, including, to the extent available (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, (iii) sales and financing comparables, (iv) current credit spreads for refinancing and (v) other market data.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Quarterly, the Company evaluates the risk of all loans and assigns a risk rating based on a variety of factors, grouped as follows: (i) loan and credit structure, including the as-is LTV structural features; (ii) quality and stability of real estate value and operating cash flow, including debt yield, property type, dynamics of the geography, local market, physical condition, stability of cash flow, leasing velocity and quality and diversity of tenancy; (iii) performance against underwritten business plan; (iv) the frequency and materiality of loan modifications or waivers occasioned by unfavorable variances between the underwritten business plan and actual performance; (v) changes in the capital markets that may impact the repayment of the loan via a refinancing, or sale of the loan collateral; and (vi) quality, experience and financial condition of sponsor, borrower and guarantor(s). Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from least risk to greatest risk, respectively:</span></div><div style="margin-top:6pt;padding-left:45pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1 -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.17pt">Very Low Risk</span></div><div style="margin-top:6pt;padding-left:45pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2 -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.17pt">Low Risk</span></div><div style="margin-top:6pt;padding-left:45pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3 -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.17pt">Medium Risk</span></div><div style="margin-top:6pt;padding-left:45pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4 -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.17pt">High Risk/Potential for Loss—A loan that has a high risk of realizing a principal loss; and </span></div><div style="margin-top:6pt;padding-left:45pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5 -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:7.17pt">Default/Loss Likely—A loan that has a very high risk of realizing a principal loss or has otherwise incurred a principal loss.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company generally assigns a risk rating of “3” to all loan investments upon origination or acquisition, except when specific circumstances warrant an exception. During the three months ended March 31, 2023, the Company simplified its risk rating definitions. The Company re-evaluated its risk ratings based on the simplified definitions and concluded that there was no impact to prior period risk ratings.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s CECL reserve also reflects estimates of the current and future economic conditions that impact the performance of the commercial real estate assets securing the Company’s loans. These estimates include unemployment rates, inflation rates, interest rates, price indices for commercial property, current and expected future availability of liquidity in the commercial property debt and equity capital markets, and other macroeconomic factors that may influence the likelihood and magnitude of potential credit losses for the Company’s loans during their anticipated term. The Company licenses certain macroeconomic financial forecasts to inform its view of the potential future impact that broader economic conditions may have on its loan portfolio’s performance. Selection of the economic forecast or forecasts used, in conjunction with loan level inputs, to determine the CECL reserve requires significant judgment about future events that, while based on the information available to the Company as of the balance sheet date, are ultimately unknowable with certainty. The actual economic conditions impacting the Company’s portfolio could vary significantly from the estimates the Company made for the periods presented.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The key inputs to the Company's estimation of its allowance for credit losses as of March 31, 2023 were impacted by dislocations in the capital markets, increased interest rates, continuing inflationary trends, a heightened risk of recession, recent distress in the banking sector, and geopolitical conflicts. Inherent uncertainty in the estimation process and the limited availability of observable pricing inputs due to the nature of transitional mortgage loans also constrain the Company's ability to estimate key inputs utilized to calculate its allowance for credit losses. Key inputs to the estimate include, but are not limited to: LTV; debt service coverage ratio; current and future operating cash flow and performance of collateral properties; the financial strength and liquidity of borrowers and sponsors; capitalization rates and discount rates used to value commercial real estate properties; and market liquidity based on market indices or observable transactions involving the sale or financing of commercial properties. Estimates made by the Company are subject to change. Actual results could differ from management’s estimates, and such differences could be material.</span></div>
CY2023Q1 trtx Percentage Of Senior Mortgage Loan Transferred To Third Party
PercentageOfSeniorMortgageLoanTransferredToThirdParty
1
CY2023Q1 trtx Maximum Insured Amount Of Each Cash Account
MaximumInsuredAmountOfEachCashAccount
250000 usd
CY2022Q4 trtx Maximum Insured Amount Of Each Cash Account
MaximumInsuredAmountOfEachCashAccount
250000 usd
CY2023Q1 us-gaap Cash
Cash
29000000 usd
CY2022Q4 us-gaap Cash
Cash
22400000 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
600000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
161500000 usd
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
300000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
254100000 usd
CY2022Q4 trtx Number Of Non Consolidated Senior Interest
NumberOfNonConsolidatedSeniorInterest
0 loan
CY2023Q1 trtx Number Of Non Consolidated Senior Interest
NumberOfNonConsolidatedSeniorInterest
0 loan
CY2023Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
1200000 usd
CY2022 us-gaap Paid In Kind Interest
PaidInKindInterest
1700000 usd
CY2023Q1 trtx Percentage Of Loans Subject To Yield Maintenance Or Other Prepayment Restrictions
PercentageOfLoansSubjectToYieldMaintenanceOrOtherPrepaymentRestrictions
0.338
CY2023Q1 trtx Percentage Of Loans Open To Repayment By Borrower Without Penalty
PercentageOfLoansOpenToRepaymentByBorrowerWithoutPenalty
0.662
CY2022Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
4781402000 usd
CY2023Q1 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
109922000 usd
CY2023Q1 us-gaap Mortgage Loans On Real Estate Other Additions
MortgageLoansOnRealEstateOtherAdditions
51524000 usd
CY2023Q1 trtx Mortgage Loans On Real Estate Amortization Of Origination Fees
MortgageLoansOnRealEstateAmortizationOfOriginationFees
4156000 usd
CY2023Q1 srt Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
225410000 usd
CY2023Q1 trtx Mortgage Loans On Real Estate Collection Of Accrued Paid In Kind Interest
MortgageLoansOnRealEstateCollectionOfAccruedPaidInKindInterest
542000 usd
CY2023Q1 trtx Sec Schedule1229 Real Estate Companies Investment In Mortgage Loans On Real Estate Collection Of Cost Recovery Proceeds
SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateCollectionOfCostRecoveryProceeds
1880000 usd
CY2023Q1 trtx Mortgage Loans On Real Estate Change In Allowance For Credit Losses
MortgageLoansOnRealEstateChangeInAllowanceForCreditLosses
-4236000 usd
CY2023Q1 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
4714936000 usd
CY2023Q1 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
7800000 usd
CY2022Q4 us-gaap Financing Receivable Unamortized Loan Fee Cost
FinancingReceivableUnamortizedLoanFeeCost
7900000 usd
CY2023Q1 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-15400000 usd
CY2022Q4 us-gaap Financing Receivable Unamortized Purchase Premium Discount
FinancingReceivableUnamortizedPurchasePremiumDiscount
-18200000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
109968000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
997858000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
1855117000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
289377000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
1216083000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
448041000 usd
CY2023Q1 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
4916444000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year One Originated Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear
1006831000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
1905539000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
289315000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
1216490000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
508957000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
51542000 usd
CY2022Q4 us-gaap Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss
4978674000 usd
CY2023Q1 trtx Weighted Average Risk Rating
WeightedAverageRiskRating
3.2 rating
CY2023Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
4939650000 usd
CY2022Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
5004798000 usd
CY2023Q1 trtx Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Period Increase Decrease
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease
7800000 usd
CY2023Q1 trtx Financing Receivable Allowance For Credit Loss Increase Decrease From Macroeconomic Events
FinancingReceivableAllowanceForCreditLossIncreaseDecreaseFromMacroeconomicEvents
-29100000 usd
CY2023Q1 trtx Financing Receivable Allowance For Credit Loss Increase Decrease Increased Loan Origination
FinancingReceivableAllowanceForCreditLossIncreaseDecreaseIncreasedLoanOrigination
800000 usd
CY2023Q1 trtx Financing Receivable Allowance For Credit Loss Increase Decrease Individually Asses Loans
FinancingReceivableAllowanceForCreditLossIncreaseDecreaseIndividuallyAssesLoans
-20500000 usd
CY2023Q1 trtx Financing Receivable Allowance For Credit Loss Increase Decrease Increased Repayments
FinancingReceivableAllowanceForCreditLossIncreaseDecreaseIncreasedRepayments
-1500000 usd
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
51100000 usd
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest
46200000 usd
CY2022Q1 trtx Financing Receivable Excluding Accrued Interest Allowance For Credit Loss Period Increase Decrease
FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease
4900000 usd
CY2023Q1 trtx Number Of Loans Satisfying Criteria For Individual Assessment
NumberOfLoansSatisfyingCriteriaForIndividualAssessment
4 loan
CY2023Q1 trtx Number Of Loans On Non Accrual Status
NumberOfLoansOnNonAccrualStatus
3 loan
CY2023Q1 trtx Number Of Loans Satisfying Criteria For Individual Assessment
NumberOfLoansSatisfyingCriteriaForIndividualAssessment
4 loan
CY2023Q1 trtx Number Of Loans On Cost Recovery Status
NumberOfLoansOnCostRecoveryStatus
2 loan
CY2023Q1 trtx Number Of Loans Satisfying Criteria For Individual Assessment
NumberOfLoansSatisfyingCriteriaForIndividualAssessment
4 loan
CY2022Q4 trtx Loans Accrued Interest Income
LoansAccruedInterestIncome
0 usd
CY2023Q1 trtx Loans Accrued Interest Income
LoansAccruedInterestIncome
0 usd
CY2023Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
4916444000 usd
CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
4978674000 usd
CY2023Q1 trtx Paid In Kind Interest Accrued
PaidInKindInterestAccrued
0 usd
CY2022Q4 trtx Paid In Kind Interest Outstanding
PaidInKindInterestOutstanding
1714000 usd
CY2023Q1 trtx Paid In Kind Interest Repayment
PaidInKindInterestRepayment
542000 usd
CY2023Q1 trtx Paid In Kind Interest Outstanding
PaidInKindInterestOutstanding
1172000 usd
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7700000 usd
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
9000000 usd
CY2023Q1 trtx Other Loan Held For Investment Net
OtherLoanHeldForInvestmentNet
1000000 usd
CY2023Q1 trtx Participating Mortgage Loans Minimum Conversion
ParticipatingMortgageLoansMinimumConversion
0.50
CY2022Q4 trtx Participating Mortgage Loans Minimum Conversion
ParticipatingMortgageLoansMinimumConversion
0.50
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4024192000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4179211000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
905997000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
961289000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1137487000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
296451000 usd
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
29110000 usd
CY2023Q1 trtx Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
693858000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
4024192000 usd
CY2023Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
95600000 usd
CY2022Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
145100000 usd
CY2023Q1 trtx Threshold Period Of Delinquency To Consider Loan Nonperforming And Place On Nonaccrual Status
ThresholdPeriodOfDelinquencyToConsiderLoanNonperformingAndPlaceOnNonaccrualStatus
P90D
CY2023Q1 trtx Loans Held For Investment Fair Value Disclosure Nonrecurring
LoansHeldForInvestmentFairValueDisclosureNonrecurring
4900000000 usd
CY2022Q4 trtx Loans Held For Investment Fair Value Disclosure Nonrecurring
LoansHeldForInvestmentFairValueDisclosureNonrecurring
4900000000 usd
CY2023Q1 trtx Loans Held For Investment Weighted Average Gross Credit Spread
LoansHeldForInvestmentWeightedAverageGrossCreditSpread
0.0351
CY2022Q4 trtx Loans Held For Investment Weighted Average Gross Credit Spread
LoansHeldForInvestmentWeightedAverageGrossCreditSpread
0.0344
CY2023Q1 trtx Loans Held For Investment Weighted Average Maturity Period
LoansHeldForInvestmentWeightedAverageMaturityPeriod
P2Y8M12D
CY2022 trtx Loans Held For Investment Weighted Average Maturity Period
LoansHeldForInvestmentWeightedAverageMaturityPeriod
P2Y9M18D
CY2023Q1 trtx Excise Tax Percentage
ExciseTaxPercentage
1
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0 usd
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 usd
CY2023Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 usd
CY2022Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 usd
CY2023Q1 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
200000 usd
CY2022Q1 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
100000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.012
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.004
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
13300000 usd
CY2023Q1 trtx Remaining Capital Loss Carry Forwards
RemainingCapitalLossCarryForwards
174300000 usd
CY2023Q1 trtx Incentive Management Fee Percentage Of Core Earnings Less Seven Percent Of Stockholders Equity
IncentiveManagementFeePercentageOfCoreEarningsLessSevenPercentOfStockholdersEquity
0.20
CY2023Q1 trtx Management Fees And Incentive Management Fees Incurred
ManagementFeesAndIncentiveManagementFeesIncurred
6019000 usd
CY2022Q1 trtx Management Fees And Incentive Management Fees Incurred
ManagementFeesAndIncentiveManagementFeesIncurred
5709000 usd
CY2023Q1 trtx Management Fees And Incentive Management Fees Paid
ManagementFeesAndIncentiveManagementFeesPaid
5984000 usd
CY2022Q1 trtx Management Fees And Incentive Management Fees Paid
ManagementFeesAndIncentiveManagementFeesPaid
5609000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
400000 usd
CY2023Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
400000 usd
CY2022Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
200000 usd
CY2022Q1 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
200000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
7375000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
23781000 usd
CY2023Q1 trtx Dividends Preferred Stock Paid And Accrued
DividendsPreferredStockPaidAndAccrued
3148000 usd
CY2022Q1 trtx Dividends Preferred Stock Paid And Accrued
DividendsPreferredStockPaidAndAccrued
3148000 usd
CY2023Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
404000 usd
CY2022Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
197000 usd
CY2023Q1 us-gaap Undistributed Earnings
UndistributedEarnings
3823000 usd
CY2022Q1 us-gaap Undistributed Earnings
UndistributedEarnings
20436000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77410406 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77183957 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
679245 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
4604766 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78089651 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81788723 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.25
CY2020Q2 trtx Number Of Tranches
NumberOfTranches
3 tranche
CY2021Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0 shares
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
19000000 usd
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
18700000 usd
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
19000000 usd
CY2023Q1 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
4939650000 usd
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
19000000 usd
CY2023Q1 trtx Dividends Common Stock Paidinkind Shares
DividendsCommonStockPaidinkindShares
3724 shares
CY2023Q1 trtx Unfunded Commitments Loans Held For Investment
UnfundedCommitmentsLoansHeldForInvestment
353900000 usd
CY2022Q4 trtx Unfunded Commitments Loans Held For Investment
UnfundedCommitmentsLoansHeldForInvestment
426100000 usd
CY2023Q1 trtx Loan Commitment Principal Amount
LoanCommitmentPrincipalAmount
5294242000 usd
CY2023Q1 trtx Unfunded Commitments Related To Loans Receivable
UnfundedCommitmentsRelatedToLoansReceivable
353884000 usd
CY2023Q1 trtx Percentage Of Loan Commitment Principal Amount
PercentageOfLoanCommitmentPrincipalAmount
1.000
CY2023Q1 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
PercentageOfLoansAndLeasesReceivableUnpaidPrincipalBalance
1.000
CY2022Q4 trtx Loan Commitment Principal Amount
LoanCommitmentPrincipalAmount
5429146000 usd
CY2022Q4 trtx Unfunded Commitments Related To Loans Receivable
UnfundedCommitmentsRelatedToLoansReceivable
426061000 usd
CY2022Q4 trtx Percentage Of Loan Commitment Principal Amount
PercentageOfLoanCommitmentPrincipalAmount
1.000
CY2022Q4 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
5004798000 usd
CY2022Q4 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
PercentageOfLoansAndLeasesReceivableUnpaidPrincipalBalance
1.000
CY2023Q1 trtx Loan Commitment Capitalized Interest Costs
LoanCommitmentCapitalizedInterestCosts
1200000 usd
CY2022Q4 trtx Loan Commitment Capitalized Interest Costs
LoanCommitmentCapitalizedInterestCosts
1700000 usd
CY2023Q1 trtx Loan Commitment Principal Amount
LoanCommitmentPrincipalAmount
5294242000 usd
CY2023Q1 trtx Unfunded Commitments Related To Loans Receivable
UnfundedCommitmentsRelatedToLoansReceivable
353884000 usd
CY2023Q1 trtx Percentage Of Loan Commitment Principal Amount
PercentageOfLoanCommitmentPrincipalAmount
1.000
CY2023Q1 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
4939650000 usd
CY2023Q1 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
PercentageOfLoansAndLeasesReceivableUnpaidPrincipalBalance
1.000
CY2022Q4 trtx Loan Commitment Principal Amount
LoanCommitmentPrincipalAmount
5429146000 usd
CY2022Q4 trtx Unfunded Commitments Related To Loans Receivable
UnfundedCommitmentsRelatedToLoansReceivable
426061000 usd
CY2022Q4 trtx Percentage Of Loan Commitment Principal Amount
PercentageOfLoanCommitmentPrincipalAmount
1.000
CY2022Q4 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
5004798000 usd
CY2022Q4 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
PercentageOfLoansAndLeasesReceivableUnpaidPrincipalBalance
1.000
CY2023Q1 trtx Loan Commitment Capitalized Interest Costs
LoanCommitmentCapitalizedInterestCosts
1200000 usd
CY2022Q4 trtx Loan Commitment Capitalized Interest Costs
LoanCommitmentCapitalizedInterestCosts
1700000 usd
CY2023Q1 trtx Loan Commitment Principal Amount
LoanCommitmentPrincipalAmount
5294242000 usd
CY2023Q1 trtx Unfunded Commitments Related To Loans Receivable
UnfundedCommitmentsRelatedToLoansReceivable
353884000 usd
CY2023Q1 trtx Percentage Of Loan Commitment Principal Amount
PercentageOfLoanCommitmentPrincipalAmount
1.000
CY2023Q1 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
4939650000 usd
CY2023Q1 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
PercentageOfLoansAndLeasesReceivableUnpaidPrincipalBalance
1.000
CY2022Q4 trtx Loan Commitment Principal Amount
LoanCommitmentPrincipalAmount
5429146000 usd
CY2022Q4 trtx Unfunded Commitments Related To Loans Receivable
UnfundedCommitmentsRelatedToLoansReceivable
426061000 usd
CY2022Q4 trtx Percentage Of Loan Commitment Principal Amount
PercentageOfLoanCommitmentPrincipalAmount
1.000
CY2022Q4 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
5004798000 usd
CY2022Q4 trtx Percentage Of Loans And Leases Receivable Unpaid Principal Balance
PercentageOfLoansAndLeasesReceivableUnpaidPrincipalBalance
1.000
CY2023Q1 trtx Loan Commitment Capitalized Interest Costs
LoanCommitmentCapitalizedInterestCosts
1200000 usd
CY2022Q4 trtx Loan Commitment Capitalized Interest Costs
LoanCommitmentCapitalizedInterestCosts
1700000 usd

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