TPG RE Finance Trust Prices $1.1B Managed CRE CLO
TPG RE Finance Trust, Inc. (TRTX) announced the pricing of TRTX 2025-FL7, a $1.1 billion managed commercial real estate collateralized loan obligation (CRE CLO). The company expects to place approximately $957 million of investment-grade securities with institutional investors, providing non-mark-to-market, non-recourse term financing for its loan portfolio.
The new securitization features a 30-month reinvestment period, an advance rate of 87%, and a weighted average interest rate at issuance of Term SOFR + 1.67%, before transaction costs. The structure allows TRTX to recycle capital efficiently while maintaining balance sheet flexibility across its commercial mortgage loan portfolio.
In connection with the new transaction, TRTX plans to redeem its 2021-FL4 CRE CLO—which currently has about $411.5 million of investment-grade securities outstanding—on or around November 17, 2025, subject to customary adjustments for any loan repayments prior to settlement. The TRTX 2025-FL7 transaction is expected to close on or around the same date, pending standard closing conditions.
Goldman Sachs & Co. LLC acted as sole structuring agent, co-lead manager, and joint bookrunner. Wells Fargo Securities, LLC and BofA Securities, Inc. served as co-lead managers and joint bookrunners, while BMO Capital Markets, Citigroup, HSBC Securities (USA), M&T Securities, Raymond James, Standard Chartered Bank, and TPG Capital BD acted as co-managers.
TRTX is externally managed by TPG RE Finance Trust Management, L.P., part of TPG Real Estate, the real estate investment platform of TPG Inc.