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TPG RE Finance Trust, Inc. Closes $1.1 Billion Commercial Real Estate CLO

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TPG RE Finance Trust (NYSE: TRTX) has successfully closed TRTX 2025-FL6, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO) on March 28, 2025. The company placed $962.5 million of investment grade securities with institutional investors, securing 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 of Term SOFR plus 1.83% at issuance

TRTX also redeemed TRTX 2019-FL3 on March 17, 2025, which had $114.6 million outstanding. The combined transactions generated net cash proceeds of approximately $191.0 million for investment and corporate purposes.

TPG RE Finance Trust (NYSE: TRTX) ha chiuso con successo TRTX 2025-FL6, un Collateralized Loan Obligation (CRE CLO) gestito da 1,1 miliardi di dollari il 28 marzo 2025. L'azienda ha collocato 962,5 milioni di dollari di titoli di investimento di grado presso investitori istituzionali, assicurando finanziamenti a termine non soggetti a mark-to-market e senza ricorso.

Le caratteristiche principali di TRTX 2025-FL6 includono:

  • periodo di reinvestimento di 30 mesi
  • tasso di anticipo dell'87,5%
  • tasso d'interesse medio ponderato di Term SOFR più 1,83% al momento dell'emissione

TRTX ha anche rimborsato TRTX 2019-FL3 il 17 marzo 2025, che aveva 114,6 milioni di dollari in sospeso. Le transazioni combinate hanno generato proventi netti in contante di circa 191,0 milioni di dollari per scopi di investimento e aziendali.

TPG RE Finance Trust (NYSE: TRTX) ha cerrado con éxito TRTX 2025-FL6, un Collateralized Loan Obligation (CRE CLO) gestionado de 1.1 mil millones de dólares el 28 de marzo de 2025. La compañía colocó 962.5 millones de dólares en valores de grado de inversión con inversores institucionales, asegurando financiamiento a plazo no sujeto a mark-to-market y sin recurso.

Las características clave de TRTX 2025-FL6 incluyen:

  • período de reinversión de 30 meses
  • tasa de adelanto del 87.5%
  • tasa de interés promedio ponderado de Term SOFR más 1.83% en la emisión

TRTX también reembolsó TRTX 2019-FL3 el 17 de marzo de 2025, que tenía 114.6 millones de dólares pendientes. Las transacciones combinadas generaron ingresos netos en efectivo de aproximadamente 191.0 millones de dólares para fines de inversión y corporativos.

TPG RE Finance Trust (NYSE: TRTX)는 2025년 3월 28일에 11억 달러 규모의 관리형 상업용 부동산 담보 대출 의무(CRE CLO)인 TRTX 2025-FL6를 성공적으로 마감했습니다. 이 회사는 기관 투자자들과 투자 등급 증권 9억 6250만 달러를 배치하여 비시장가치 평가 및 무담보의 기간 금융을 확보했습니다.

TRTX 2025-FL6의 주요 특징은 다음과 같습니다:

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

TRTX는 또한 2025년 3월 17일에 1억 1460만 달러가 남아 있던 TRTX 2019-FL3을 상환했습니다. 이 두 거래는 투자 및 기업 목적을 위한 약 1억 9100만 달러의 순 현금 수익을 생성했습니다.

TPG RE Finance Trust (NYSE: TRTX) a réussi à clôturer TRTX 2025-FL6, un Collateralized Loan Obligation (CRE CLO) géré de 1,1 milliard de dollars le 28 mars 2025. La société a placé 962,5 millions de dollars de titres de qualité d'investissement auprès d'investisseurs institutionnels, garantissant un financement à terme non soumis à la valorisation de marché et sans recours.

Les caractéristiques clés de TRTX 2025-FL6 comprennent:

  • une période de réinvestissement de 30 mois
  • un taux d'avance de 87,5%
  • un taux d'intérêt moyen pondéré de Term SOFR plus 1,83% lors de l'émission

TRTX a également remboursé TRTX 2019-FL3 le 17 mars 2025, qui avait 114,6 millions de dollars en suspens. Les transactions combinées ont généré des produits nets en espèces d'environ 191,0 millions de dollars à des fins d'investissement et d'entreprise.

TPG RE Finance Trust (NYSE: TRTX) hat am 28. März 2025 erfolgreich TRTX 2025-FL6, eine 1,1 Milliarden Dollar große verwaltete Commercial Real Estate Collateralized Loan Obligation (CRE CLO), abgeschlossen. Das Unternehmen hat 962,5 Millionen Dollar an Investment-Grade-Wertpapieren bei institutionellen Anlegern platziert und so eine nicht mark-to-market, nicht rückforderbare Finanzierungsstruktur gesichert.

Wichtige Merkmale von TRTX 2025-FL6 sind:

  • 30-monatiger Reinvestitionszeitraum
  • 87,5% Vorschussquote
  • Gewichteter durchschnittlicher Zinssatz von Term SOFR plus 1,83% bei der Emission

TRTX hat auch TRTX 2019-FL3 am 17. März 2025 zurückgezahlt, das noch 114,6 Millionen Dollar ausstand. Die kombinierten Transaktionen generierten Nettobarerlöse von etwa 191,0 Millionen Dollar für Investitions- und Unternehmenszwecke.

Positive
  • Secured $1.1 billion in CRE CLO financing on favorable non-mark-to-market, non-recourse terms
  • Generated $191.0 million in net cash proceeds for investments
  • Achieved 87.5% advance rate on the new CLO
  • Successfully placed $962.5 million of investment grade securities with institutional investors
Negative
  • New CLO carries interest rate cost of SOFR plus 1.83%

Insights

TPG RE Finance Trust's $1.1 billion Commercial Real Estate CLO transaction represents a significant financial milestone with multiple strategic benefits. The deal provides TRTX with $962.5 million of investment-grade financing on a non-mark-to-market, non-recourse basis - crucial protective features that shield the company from potential margin calls in volatile markets.

The transaction's structure offers three key advantages: a 30-month reinvestment period providing portfolio management flexibility, an impressive 87.5% advance rate indicating strong investor confidence in the collateral quality, and a competitive weighted average interest rate of Term SOFR plus 1.83%.

Most importantly, by simultaneously closing this new CLO and redeeming the older $114.6 million TRTX 2019-FL3, the company generated $191 million in net cash proceeds - representing approximately 28% of TRTX's current market capitalization. This substantial liquidity injection creates significant deployment opportunities in the commercial real estate lending market.

The successful placement with institutional investors, coupled with the involvement of major financial institutions as bookrunners, demonstrates continued market appetite for quality structured CRE debt despite broader commercial real estate concerns. This transaction materially strengthens TRTX's financial foundation while providing fresh capital for growth in a challenging commercial real estate environment.

NEW YORK--(BUSINESS WIRE)-- TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) announced today that it closed on Friday, March 28, 2025 TRTX 2025-FL6, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (“CRE CLO”). The Company placed $962.5 million of investment grade securities 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 redeemed on March 17, 2025 TRTX 2019-FL3, a CRE CLO which had approximately $114.6 million of investment grade securities outstanding. The issuance of TRTX 2025-FL6 and the redemption of TRTX 2019-FL3 resulted in net cash proceeds to the Company of approximately $191.0 million for investment and other corporate purposes.

Goldman Sachs & Co. LLC acted as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2025-FL6. BofA Securities, Inc. and Wells Fargo Securities, LLC acted 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 acted 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 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/.

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 transaction?

TRTX 2025-FL6 is a $1.1 billion CRE CLO that provides TRTX with non-mark-to-market, non-recourse term financing through $962.5 million of investment grade securities placement.

What are the key terms of TRTX's 2025-FL6 CLO?

The CLO features a 30-month reinvestment period, 87.5% advance rate, and weighted average interest rate of Term SOFR plus 1.83% at issuance.

How much net cash proceeds did TRTX generate from the FL6 CLO issuance and FL3 redemption?

The combined transactions generated approximately $191.0 million in net cash proceeds for investment and corporate purposes.

When did TRTX redeem its 2019-FL3 CLO and what was its outstanding balance?

TRTX redeemed TRTX 2019-FL3 on March 17, 2025, which had approximately $114.6 million of investment grade securities outstanding.
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