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Direct Investment  + Alternative Assets  + CLOs  + Real Estate  |  October 27, 2025
TPG RE Finance Trust Prices $1.1B Managed CRE CLO 
By: Joe Palmisano

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. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.