TPG RE Finance Trust, Inc. (NYSE: TRTX) has priced a $1.1 billion managed 2025‑FL7 Commercial Real Estate Collateralized Loan Obligation (CRE CLO) that will be placed with institutional investors.
The CLO consists of approximately $957 million of investment‑grade securities and will provide the trust with term financing on a non‑mark‑to‑market, non‑recourse basis. The advance rate is 87.0% and the weighted average interest rate at issuance is Term SOFR plus 1.67%, before transaction costs.
The transaction is expected to close on or around November 17, 2025, subject to customary closing conditions. At the same time, the trust plans to redeem its 2021‑FL4 CRE CLO, which has about $411.5 million of investment‑grade securities outstanding.
Goldman Sachs & Co. LLC served as sole structuring agent, co‑lead manager, and joint bookrunner, while Wells Fargo Securities, LLC and BofA Securities, Inc. acted as co‑lead managers and joint bookrunners, with several other firms serving as co‑managers.
The CLO’s 30‑month reinvestment period and other terms were set to optimize the trust’s capital structure while maintaining compliance with regulatory requirements. The financing is intended to enhance liquidity and support the trust’s strategy of deploying capital into high‑quality commercial real estate assets.
The press release includes standard forward‑looking statement caveats, noting that the closing is subject to customary conditions and that forward‑looking statements are subject to risks and uncertainties.
TPG RE Finance Trust is managed by TPG RE Finance Trust Management, L.P., part of TPG Real Estate, the real‑estate investment platform of global alternative asset management firm TPG Inc., which has a market capitalization of $21.35 billion and annual revenue of $3.89 billion.
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