TRTX · TPG RE Finance Trust, Inc.

TPG RE Finance Trust, Inc. secured a new $500 million senior secured credit facility on May 14, 2026, comprising a $400 million Term Loan B and $100 million Revolving Credit Facility, significantly enhancing its liquidity and refinancing capacity. The Term Loan B, maturing in 2033, carries a spread of SOFR + 275 bps or Base Rate + 175 bps with minimal 0.25% quarterly amortization starting December 2026, providing long-term capital at competitive terms. The Revolving Facility, maturing in 2031, offers SOFR + 200 bps or Base Rate + 100 bps flexibility without amortization, supporting ongoing working capital needs. Proceeds target repayment of existing debt, notably partial redemption of the TRTX 2022-FL5 CLO, which diversifies and potentially optimizes the company's liability structure as highlighted by CEO Doug Bouquard. Security includes first-priority liens on substantially all assets of the Company and certain subsidiaries, with guarantees from those entities, balancing access to capital with lender protections. Key covenants enforce discipline: an 83.333% LTV cap applies company-wide, while interest coverage (1.30x) and liquidity (min $15M) protect revolver lenders. This transaction, arranged by Wells Fargo with lead participation from Citibank, Goldman Sachs, and JPMorgan, reflects strong institutional support and positions TRTX to pursue commercial real estate finance opportunities amid market dynamics.