TPG RE Finance Trust, Inc.: issues $931,250,000 of CLO notes

What happened

• TPG RE Finance Trust, Inc. reported that on Oct 2, 2026 (the “FL8 CLO Closing Date”) it entered into a collateralized loan obligation called TRTX 2026-FL8 (the “FL8 CLO”) through wholly-owned subsidiaries TRTX 2026-FL8 Issuer, Ltd. and TRTX 2026-FL8 Co-Issuer, LLC.
• The FL8 Issuers co-issued FL8 Notes consisting of eight classes with aggregate principal amounts of: Class A $600,000,000; Class A-S $88,750,000; Class B $73,750,000; Class C $57,500,000; Class D $36,250,000; Class E $17,500,000; Class F $33,750,000; and Class G $23,750,000 (total FL8 Notes $931,250,000).
• The FL8 Issuer also issued 68,750 preferred shares with a $1,000 per share liquidation preference (aggregate $68,750,000) to a related retention holder.

Key details

• The FL8 Offered Notes had ratings from Fitch and Morningstar DBRS, including Class A rated “AAAsf” and “AAA(sf)”; interest on the notes is floating and payable monthly beginning Oct 2026, with stated maturities in Mar 2044.
• Proceeds were used to purchase three commercial real estate whole loans and seventeen participation interests (the “FL8 Closing Date Collateral Interests”), to repay certain pre-closing financing, to fund an initial interest reserve and related activities; the FL8 Closing Date Collateral Interests had an aggregate principal balance of approximately $1,000,000,000 as of the Sept 9, 2026 cut-off date and represented approximately 23.1% of the Company’s loan investment portfolio as of Jun 30, 2026.
• TRTX Master Retention Holder, LLC acquired the Class F and Class G notes and the preferred shares to comply with risk retention rules; TRT Securities 1, LLC acquired the Class D and Class E offered notes but is not required to continue to hold them.
• The Manager, TPG RE Finance Trust Management, L.P., acts as collateral manager under a collateral management agreement and has agreed to waive its collateral management fee while it is both collateral manager and the Company’s external manager; the CLO includes a 30-month reinvestment period.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) describing the FL8 Indenture and related agreements and Item 2.03 (creation of a direct financial obligation) reflecting issuance of the FL8 Notes and related obligations. Item 9.01 lists the related agreements filed as exhibits. The filing does not show why the insider traded or why the company acted.