---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-290710"
form_type: "8-K"
ticker: "TRTX"
cik: "0001630472"
company_name: "TPG RE Finance Trust, Inc."
filed_at: "2025-11-21T23:59:59+00:00"
generated_at: "2026-05-16T17:37:58.498746+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# TPG RE Finance closes $1.0B+ FL7 CLO, securitizing 30% of loan portfolio

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-290710
- form_type: 8-K
- ticker: TRTX
- cik: 0001630472
- company_name: TPG RE Finance Trust, Inc.
- filed_at: 2025-11-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/0001193125-25-290710-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/d66153d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-290710
- JSON: https://secwatch.observer/filing/0001193125-25-290710.json
- Plain text: https://secwatch.observer/filing/0001193125-25-290710.txt

## Key facts
- Debt Financings
  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
  source text: $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%;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/0001193125-25-290710-index.htm
- Debt Financings
  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
  source text: $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%;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/0001193125-25-290710-index.htm
- Debt Financings
  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
  source text: $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%;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/0001193125-25-290710-index.htm
- Debt Financings
  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
  source text: $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%;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/0001193125-25-290710-index.htm
- Debt Financings
  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
  source text: $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%;
  evidence_url: https://www.sec.gov/Archives/edgar/data/1630472/000119312525290710/0001193125-25-290710-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.