TPG RE Finance Trust closes $1.1 billion commercial real estate CLO

TPG RE Finance Trust, Inc. (NYSE: TRTX) closed TRTX 2025-FL7, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation, the company announced.

The company placed approximately $957.0 million of investment grade securities with institutional investors, providing term financing on a non-mark-to-market, non-recourse basis. TRTX 2025-FL7 includes a 30-month reinvestment period, an advance rate of 87.0%, and a weighted average interest rate at issuance of Term SOFR plus 1.67%, before transaction costs.

In connection with the new CLO, TRTX plans to redeem TRTX 2021-FL4 on November 18, 2025, a CRE CLO with approximately $411.5 million of investment grade securities outstanding. The company expects the issuance of TRTX 2025-FL7 and subsequent redemption of TRTX 2021-FL4 to produce net cash proceeds of approximately $58.5 million for investment and other corporate purposes.

Goldman Sachs & Co. LLC served as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2025-FL7. Wells Fargo Securities, LLC and BofA Securities, Inc. acted as co-lead managers and joint bookrunners. BMO Capital Markets Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., M&T Securities, Inc., Raymond James & Associates, Inc., Standard Chartered Bank and TPG Capital BD, LLC served as co-managers.

TRTX is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties in primary and select secondary markets in the United States. The company is externally managed by TPG RE Finance Trust Management, L.P., part of TPG Real Estate, the real estate investment platform of TPG Inc. (NASDAQ: TPG).

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