TPG房地产金融信托 2024年度报告

For the fiscal year ended December 31, 2024OR Maryland 36-4796967 (State or other jurisdiction ofincorporation or organization) 888 Seventh Avenue, 35th FloorNew York, New York 10106(Address of principal executive offices) (Zip Code)(212) 601-4700(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Common Stock, par value $0.001 per share New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated FileroNon-accelerated FileroEmerging Growth Companyo Accelerated FilerxSmaller Reporting Companyo If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report. xIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x As of June 28, 2024, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate marketvalue of the Registrant’s common stock held by non-affiliates of the Registrant was $632.6 million based on the closing sales priceof the Registrant’s common stock as reported on the New York Stock Exchange. For purposes of this computation, all officers,directors and 10% beneficial owners of the Registrant’s common stock of which the Registrant is aware are deemed to be affiliates.Such determination should not be deemed to be an admission that such officers, directors or 10% beneficial owners are, in fact,affiliates of the Registrant.As of February 14, 2025, there were 81,003,693 shares of the registrant’s common stock, $0.001 par value per share, outstanding. DOCUMENTS INCORPORATED BY REFERENCEPart III of this Annual Report on Form 10-K incorporates information by reference from the Registrant’s definitive proxy statement with respect to its 2025 annual meeting of stockholders to be filed with the Securities and Exchange Commission within 120 daysafter the end of the Registrant’s fiscal year. Table of Contents PART I Item 1.Business4Item 1A.Risk Factors14Item 1B.Unresolved Staff Comments62Item 1C.Cybersecurity63Item 2.Properties64Item 3.Legal Proceedings64Item 4.Mine Safety Disclosures64 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities65Item 6.[Reserved]66Item 7.Management's Discussion and Analysis of Financial Condition and Results ofOperations67Item 7A.Quantitative and Qualitative Disclosures About Market Risk100Item 8.Financial Statements and Supplementary Data102Item 9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosure102Item 9A.Controls and Procedures103Item 9B.Other Information103 Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections PART III Item 10.Directors, Execut