8-K
filed November 21, 2025, 6:59 PM ET
ticker TRTX
CIK 0001630472
debt
confidence high
sentiment neutral
materiality 0.85
TPG RE Finance Trust, Inc. (TRTX): debt financing — TPG RE Finance closes $1.0B+ FL7 CLO, securitizing 30% of loan portfolio
TPG RE Finance Trust, Inc.
- Closed TRTX 2025-FL7 CLO on Nov 17, 2025; issued ~$1.02B in notes across eight classes plus preferred shares.
- Collateral interests total ~$1.1B in principal balance as of Oct 13, 2025, representing 30.2% of Q3 2025 loan portfolio.
- Class A notes ($616M) rated AAAsf/Aaa(sf); weighted avg life 2.86 yrs; spread of Benchmark+1.45%.
- Proceeds used to purchase 19 commercial real estate loans/participations, repay warehouse lines, and fund delayed collateral.
- Manager (TPG RE Finance Trust Mgmt) waives collateral management fee for now; no fees unless replaced.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
TPG RE Finance Trust, Inc. incurred senior notes of $129,250,000 at Benchmark plus 1.70000% plus on and after the payment date in July 2031, 0.25% maturing Due 2043.
- Instrument
- senior notes
- Principal
- $129,250,000
- Rate
- Benchmark plus 1.70000% plus on and after the payment date in July 2031, 0.25%
- Maturity
- Due 2043
- Event
- incurrence
Exact text from the filing
$129,250,000 aggregate principal amount of Class A-S Second Priority Secured Floating Rate Notes Due 2043 (the “FL7 Class A-S Notes”), which had a rating of “AAAsf” by Fitch and an initial expected weighted average life of 3.18 years, and bear interest at a per annum rate equal to (i) the Benchmark plus (ii) 1.70000% plus (iii) on and after the payment date in July 2031, 0.25%;
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
TPG RE Finance Trust, Inc. incurred senior notes of $83,875,000 at Benchmark plus 1.95000% plus on and after the payment date in July 2031, 0.50% maturing Due 2043.
- Instrument
- senior notes
- Principal
- $83,875,000
- Rate
- Benchmark plus 1.95000% plus on and after the payment date in July 2031, 0.50%
- Maturity
- Due 2043
- Event
- incurrence
Exact text from the filing
$83,875,000 aggregate principal amount of Class B Third Priority Secured Floating Rate Notes Due 2043 (the “FL7 Class B Notes”), which had a rating of AA-sf by Fitch and an initial expected weighted average life of 3.88 years, and bear interest at a per annum rate equal to (i) the Benchmark plus (ii) 1.95000% plus (iii) on and after the payment date in July 2031, 0.50%;
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
TPG RE Finance Trust, Inc. incurred senior notes of $616,000,000 at Benchmark plus 1.45000% plus on and after the payment date in June 2031, 0.25% maturing Due 2043.
- Instrument
- senior notes
- Principal
- $616,000,000
- Rate
- Benchmark plus 1.45000% plus on and after the payment date in June 2031, 0.25%
- Maturity
- Due 2043
- Event
- incurrence
Exact text from the filing
$616,000,000 aggregate principal amount of Class A Senior Secured Floating Rate Notes Due 2043 (the “FL7 Class A Notes”), which had ratings of “AAAsf” and “Aaa(sf)” by Fitch Ratings, Inc. (“Fitch”) and Moody’s Investors Service, Inc. (“Moody’s”), respectively, and an initial expected weighted average life of 2.86 years, and bear interest at a per annum rate equal to (i) the Benchmark plus (ii) 1.45000% plus (iii) on and after the payment date in June 2031, 0.25%;
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
TPG RE Finance Trust, Inc. incurred senior notes of $67,375,000 at Benchmark plus 2.20000% plus on and after the payment date in December 2031, 0.5 maturing Due 2043.
- Instrument
- senior notes
- Principal
- $67,375,000
- Rate
- Benchmark plus 2.20000% plus on and after the payment date in December 2031, 0.5
- Maturity
- Due 2043
- Event
- incurrence
Exact text from the filing
$67,375,000 aggregate principal amount of Class C Fourth Priority Secured Floating Rate Notes Due 2043 (the “FL7 Class C Notes”), which had a rating of A-sf by Fitch and an initial expected weighted average life of 4.57 years, and bear interest at a per annum rate equal to (i) the Benchmark plus (ii) 2.20000% plus (iii) on and after the payment date in December 2031, 0.50%;
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
TPG RE Finance Trust, Inc. incurred senior notes of $39,875,000 at Benchmark plus 2.65000% plus on and after the payment date in December 2031, 0.5 maturing Due 2043.
- Instrument
- senior notes
- Principal
- $39,875,000
- Rate
- Benchmark plus 2.65000% plus on and after the payment date in December 2031, 0.5
- Maturity
- Due 2043
- Event
- incurrence
Exact text from the filing
$39,875,000 aggregate principal amount of Class D Fifth Priority Secured Floating Rate Notes Due 2043 (the “FL7 Class D Notes”), which had a rating of BBBsf by Fitch and an initial expected weighted average life of 4.67 years, and bear interest at a per annum rate equal to (i) the Benchmark plus (ii) 2.65000% plus (iii) on and after the payment date in December 2031, 0.50%;
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
TPG RE Finance Trust, Inc. entered into FL7 Indenture with TRTX 2025-FL7 Issuer, Ltd., TRTX 2025-FL7 Co-Issuer, LLC, TRTX Master CLO Loan Seller, LLC, Wilmington Trust, National Association, Computershare Trust Company, National Association valued at $616,000,000 aggregate principal amount of Class A Senior Secured Floating Rate Notes Due 2043 (effective 2025-11-17).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- TRTX 2025-FL7 Issuer, Ltd., TRTX 2025-FL7 Co-Issuer, LLC, TRTX Master CLO Loan Seller, LLC, Wilmington Trust, National Association, Computershare Trust Company, National Association
- Value
- $616,000,000 aggregate principal amount of Class A Senior Secured Floating Rate Notes Due 2043
- Effective
- 2025-11-17
Exact text from the filing
the FL7 Issuers co-issued the following classes of notes pursuant to the terms of an indenture, dated as of November 17, 2025 (the “FL7 Indenture”), by and among the FL7 Issuers, TRTX Master CLO Loan Seller, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (the “FL7 Seller”), as advancing agent, Wilmington Trust, National Association, as trustee (together with its permitted successors and assigns, the “FL7 Trustee”), and Computershare Trust Company, National Association, as note administrator, paying agent, calculation agent, authenticating agent, transfer agent, custodian, backup advancing agent and notes registrar (in all such capacities, together with its permitted successors and assigns, the “FL7 Note Administrator”):
View on SEC.gov
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