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TPG Real Estate Finance Secures $1.1 Billion Commercial Real Estate CLO Transaction

March 13, 2025

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TPG RE Finance Prices $1.1B Commercial Real Estate CLO Deal

TPG RE Finance Trust (NYSE: TRTX) has announced the pricing of TRTX 2025-FL6, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO). The company expects to place approximately $962.5 million of investment grade securities with institutional investors, providing non-mark-to-market, non-recourse term financing.

Key features of TRTX 2025-FL6 include:

30-month reinvestment period
87.5% advance rate
Weighted average interest rate at issuance: Term SOFR plus 1.83%

TRTX will redeem TRTX 2019-FL3 on March 17, 2025, which currently has $114.6 million outstanding. The new issuance and redemption are expected to generate net cash proceeds of approximately $211.1 million for investment and corporate purposes. The transaction is expected to close around March 28, 2025.

TPG RE Finance Trust (NYSE: TRTX) ha annunciato la determinazione del prezzo di TRTX 2025-FL6, un prestito obbligazionario collateralizzato (CRE CLO) gestito da 1,1 miliardi di dollari. L’azienda prevede di collocare circa 962,5 milioni di dollari di titoli di investimento di grado presso investitori istituzionali, fornendo finanziamenti a termine non garantiti e non soggetti a valutazione di mercato.

Le caratteristiche principali di TRTX 2025-FL6 includono:

Periodo di reinvestimento di 30 mesi
Aliquota di anticipo del 87,5%
Aliquota d’interesse media ponderata al momento dell’emissione: Term SOFR più 1,83%

TRTX rimborserà TRTX 2019-FL3 il 17 marzo 2025, che attualmente ha 114,6 milioni di dollari in circolazione. La nuova emissione e il rimborso dovrebbero generare proventi netti in contante di circa 211,1 milioni di dollari per scopi di investimento e aziendali. Si prevede che la transazione si chiuda intorno al 28 marzo 2025.

TPG RE Finance Trust (NYSE: TRTX) ha anunciado el precio de TRTX 2025-FL6, un obligación de préstamo garantizado comercial (CRE CLO) gestionado de 1.1 mil millones de dólares. La empresa espera colocar aproximadamente 962.5 millones de dólares en valores de grado de inversión con inversores institucionales, proporcionando financiamiento a plazo no garantizado y sin evaluación de mercado.

Las características clave de TRTX 2025-FL6 incluyen:

Período de reinversión de 30 meses
Tasa de adelanto del 87.5%
Tasa de interés promedio ponderada al momento de la emisión: Term SOFR más 1.83%

TRTX redimirá TRTX 2019-FL3 el 17 de marzo de 2025, que actualmente tiene 114.6 millones de dólares pendientes. La nueva emisión y redención se espera que generen ingresos netos en efectivo de aproximadamente 211.1 millones de dólares para fines de inversión y corporativos. Se espera que la transacción se cierre alrededor del 28 de marzo de 2025.

TPG RE Finance Trust (NYSE: TRTX)는 TRTX 2025-FL6의 가격을 발표했습니다. 이는 11억 달러 규모의 관리형 상업용 부동산 담보 대출 의무(CRE CLO)입니다. 이 회사는 기관 투자자와 함께 약 9억6250만 달러의 투자 등급 증권을 배치할 것으로 예상하고 있으며, 이는 시장 평가 없이, 무담보로 제공되는 장기 금융을 제공합니다.

TRTX 2025-FL6의 주요 특징은 다음과 같습니다:

30개월 재투자 기간
87.5%의 선급 비율
발행 시 가중 평균 이자율: Term SOFR 플러스 1.83%

TRTX는 2025년 3월 17일에 TRTX 2019-FL3을 상환할 예정이며, 현재 1억1460만 달러가 남아 있습니다. 새로운 발행과 상환은 약 2억1110만 달러의 순 현금 수익을 생성할 것으로 예상되며, 이는 투자 및 기업 목적을 위해 사용될 것입니다. 거래는 2025년 3월 28일경에 완료될 것으로 예상됩니다.

TPG RE Finance Trust (NYSE: TRTX) a annoncé le prix de TRTX 2025-FL6, un prêt obligataire commercial géré de 1,1 milliard de dollars (CRE CLO). La société prévoit de placer environ 962,5 millions de dollars de titres de qualité d’investissement auprès d’investisseurs institutionnels, offrant un financement à terme sans évaluation de marché et sans recours.

Les caractéristiques clés de TRTX 2025-FL6 incluent:

Période de réinvestissement de 30 mois
Taux d’avance de 87,5%
Taux d’intérêt moyen pondéré au moment de l’émission : Term SOFR plus 1,83%

TRTX remboursera TRTX 2019-FL3 le 17 mars 2025, qui a actuellement 114,6 millions de dollars en circulation. La nouvelle émission et le remboursement devraient générer environ 211,1 millions de dollars de produits nets en espèces pour des fins d’investissement et d’entreprise. La transaction devrait se clôturer aux alentours du 28 mars 2025.

TPG RE Finance Trust (NYSE: TRTX) hat die Preisgestaltung von TRTX 2025-FL6 bekannt gegeben, einer 1,1 Milliarden US-Dollar großen verwalteten gewerblichen Immobilien besicherten Schuldverschreibung (CRE CLO). Das Unternehmen erwartet, etwa 962,5 Millionen US-Dollar an Anleihen mit Investment-Grade bei institutionellen Investoren zu platzieren, die nicht marktbewertet und ohne Rückgriff auf Terminfinanzierung bereitgestellt werden.

Die wichtigsten Merkmale von TRTX 2025-FL6 umfassen:

30-monatige Reinvestitionsperiode
87,5% Vorschussquote
Gewichteter durchschnittlicher Zinssatz zum Zeitpunkt der Emission: Term SOFR plus 1,83%

TRTX wird TRTX 2019-FL3 am 17. März 2025 zurückzahlen, das derzeit 114,6 Millionen US-Dollar ausstehend hat. Die neue Emission und Rückzahlung werden voraussichtlich netto etwa 211,1 Millionen US-Dollar an Barerlösen für Investitions- und Unternehmenszwecke generieren. Die Transaktion wird voraussichtlich um den 28. März 2025 abgeschlossen sein.

Positive

Secured $1.1 billion in CRE CLO financing
Generated $211.1 million in net cash proceeds for investments
Obtained favorable 87.5% advance rate
Secured non-mark-to-market, non-recourse financing terms

Negative

Higher interest rate exposure with Term SOFR plus 1.83% financing cost

03/12/2025 – 08:35 PM

NEW YORK–(BUSINESS WIRE)–
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced the pricing of TRTX 2025-FL6, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (“CRE CLO”). The Company expects approximately $962.5 million of investment grade securities to be placed with institutional investors, providing TRTX with term financing on a non-mark-to-market, non-recourse basis. TRTX 2025-FL6 includes 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%, before transaction costs. In connection with TRTX 2025-FL6, TRTX will redeem on March 17, 2025 TRTX 2019-FL3, a CRE CLO which currently has approximately $114.6 million of investment grade securities outstanding. The new issuance of TRTX 2025-FL6 and the redemption of TRTX 2019-FL3 are expected to result in net cash proceeds to the Company of approximately $211.1 million for investment and other corporate purposes. TRTX 2025-FL6 is expected to close on or around March 28, 2025, subject to customary closing conditions.

Goldman Sachs & Co. LLC is acting as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2025-FL6. BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as co-lead managers and joint bookrunners, and Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., M&T Securities, Inc., Morgan Stanley & Co. LLC, Raymond James & Associates, Inc., Standard Chartered Bank and TPG Capital BD, LLC are acting as co-managers.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT TRTX

TRTX is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of global alternative asset management firm TPG Inc. (NASDAQ: TPG). For more information regarding TRTX, visit https://www.tpgrefinance.com/.

FORWARD-LOOKING STATEMENTS

This press release contains “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, risks and uncertainties relating to: the performance of the Company’s investments; global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, stress to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; the Company’s ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as such risk factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward-looking information. Statements, among others, relating to the closing of TRTX 2025-FL6 on a future date and the amount and expected use of the net cash proceeds to the Company from the new issuance of TRTX 2025-FL6 and the redemption of TRTX 2019-FL3 are forward-looking statements. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s views only as of the date of this press release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this press release. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. Past performance is not indicative nor a guarantee of future returns.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250312981804/en/

INVESTOR RELATIONS CONTACT

+1 (212) 405-8500

IR@tpgrefinance.com

MEDIA CONTACT

TPG RE Finance Trust, Inc.

Courtney Power

+1 (415) 743-1550

media@tpg.com

Source: TPG RE Finance Trust, Inc.

FAQ

What is the size and purpose of TRTX’s 2025-FL6 CLO offering?

TRTX’s 2025-FL6 is a $1.1 billion Commercial Real Estate CLO offering that will provide non-mark-to-market, non-recourse term financing through $962.5 million in investment grade securities placement.

When will TRTX redeem the 2019-FL3 CLO and what are the net proceeds?

TRTX will redeem TRTX 2019-FL3 on March 17, 2025, and combined with the new FL6 issuance, will generate net cash proceeds of approximately $211.1 million.