**TPG RE Finance Trust Closes $1.1B Commercial Real Estate CLO**
TPG RE Finance Trust, Inc. (TRTX), based in New York City, has successfully closed TRTX 2025-FL6, a $1.1 billion managed commercial real estate collateralized loan obligation (CRE CLO). As part of the transaction, the company placed $962.5 million of investment-grade securities with institutional investors. This move provides TRTX with term financing on a non-mark-to-market, non-recourse basis.
The TRTX 2025-FL6 deal features a 30-month reinvestment period, an advance rate of 87.5%, and a weighted average interest rate at issuance of Term SOFR plus 1.83%, prior to transaction costs. Concurrently, TRTX redeemed its previous CRE CLO, TRTX 2019-FL3, which had approximately $114.6 million of investment-grade securities outstanding. The net cash proceeds from the issuance and redemption totaled approximately $191.0 million.
Goldman Sachs served as sole structuring agent, co-lead manager, and joint bookrunner for the transaction. Co-lead managers and joint bookrunners included BofA Securities and Wells Fargo Securities. Additional co-managers were Barclays Capital, Citigroup Global Markets, HSBC Securities USA, M&T Securities, Morgan Stanley, Raymond James, Standard Chartered Bank, and TPG Capital BD.
Pictured: TPG RE Finance Trust headquarters at 888 Seventh Avenue in Midtown Manhattan.
