TPG RE Finance Trust, Inc. Prices $1.25 Billion Commercial Real Estate CLO

NEW YORK–(BUSINESS WIRE) – TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) announced today that it will lower the price for TRTX 2021-FL4, a $ 1.25 billion, on March 25, 2021 USD Managed Commercial Real Estate Secured Loan, Fixed Obligation (“CRE CLO”). The company placed $ 1.04 billion in investment grade bonds with institutional investors and provided TRTX with fixed term, no market valuation and no recourse financing. TRTX 2021-FL4 includes a two-year reinvestment period, an 83% advance rate, a $ 308.9 million ramp function that allows TRTX to raise loans from its current lending pipeline, and a weighted average rate when issuing LIBOR plus 1, 60% before transaction costs. The transaction is expected to close on March 31, 2021 and is subject to customary closing conditions.

As of January 2018, TRTX has issued four CRE-CLOs totaling $ 4.4 billion to steadily increase the portion of its floating rate first mortgage loan portfolio funded with non-recourse, non-market debt. After using the cash proceeds from TRTX 2021-FL4 to repay the associated secured credit facilities, the company’s non-market debt percentage is approximately 84%. Wells Fargo Securities, LLC acted as sole structuring agent, co-lead manager and joint bookrunner. Barclays Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, JP Morgan Securities LLC and Morgan Stanley & Co. LLC acted as co-lead managers and joint bookrunners.

This press release does not constitute an offer, solicitation or solicitation of an offer to buy, nor may any sale of these securities take place in any state or jurisdiction in which such offer, solicitation or sale may be made prior to registration or qualification under the law The securities laws of such state or jurisdiction would be illegal.


TPG RE Finance Trust, Inc. is a commercial real estate finance company primarily focused on the issuance, purchase and management of initial mortgage loans and other commercial real estate related debt, largely backed by institutional grade real estate in primary and selected secondary markets in the United States. The company is managed externally by TPG RE Finance Trust Management, LP, part of TPG Real Estate, TPG’s real estate investment platform. More information about TRTX can be found at