TPG RE Finance Trust (NYSE: TRTX) adds $400M Term Loan B and $100M revolver
Rhea-AI Filing Summary
TPG RE Finance Trust, Inc. entered into a new senior secured credit agreement providing a $400 million Term Loan B and a $100 million revolving credit facility. The company plans to use the proceeds to repay existing debt, help redeem its TRTX 2022-FL5 collateralized loan obligation, and for general corporate purposes.
The Term Loan B matures on May 14, 2033 and bears interest at Term SOFR plus 2.75% (or a base rate plus 1.75%), with quarterly principal amortization of 0.25% of the original amount starting in late 2026. The revolving facility matures on May 14, 2031 and bears interest at Term SOFR plus 2.00% (or a base rate plus 1.00%) without scheduled amortization. Obligations are guaranteed by certain subsidiaries and secured by substantially all of the company’s and certain subsidiaries’ assets subject to related liens.
Positive
- None.
Negative
- None.
Insights
TRTX secures long-dated, secured financing to refinance debt.
TPG RE Finance Trust closed a $400 million Term Loan B due 2033 and a $100 million revolving facility due 2031. Both are senior secured, guaranteed by subsidiaries, and backed by substantially all relevant assets subject to related liens.
The Term Loan B is priced at 99.75% of par and bears interest at Term SOFR plus 275 basis points, with modest 0.25% quarterly amortization from December 2026. The revolver is priced at Term SOFR plus 200 basis points and carries no scheduled amortization, providing flexible liquidity.
The company plans to use proceeds to repay outstanding indebtedness and partially fund redemption of its TRTX 2022-FL5 collateralized loan obligation, with any remainder for general corporate purposes. Actual impact on leverage, interest expense, and asset flexibility will depend on how quickly legacy debt is repaid and how actively the revolving facility is drawn.
8-K Event Classification
Key Figures
Key Terms
Term Loan B financial
Revolving Credit Facility financial
Term SOFR financial
collateralized loan obligation financial
senior secured credit agreement financial
forward-looking statements regulatory
FAQ
What new financing did TPG RE Finance Trust (TRTX) complete?
How will TPG RE Finance Trust use proceeds from the new Term Loan B and revolver?
What are the interest rates on TRTX’s new Term Loan B and revolving credit facility?
When do TPG RE Finance Trust’s new credit facilities mature?
Are TRTX’s new credit facilities secured and guaranteed?
Does the new Term Loan B require scheduled principal amortization?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
Senior Secured Credit Agreement
On May 14, 2026 (the “Closing Date”), TPG RE Finance Trust, Inc. (the “Company”), as borrower, entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”), as administrative agent and collateral agent (in such capacities, the “Agent”), and certain other lenders and issuing banks named therein. The Credit Agreement provides for, among other things, term loans in an aggregate principal amount of $400,000,000 (collectively, the “Term Loan B”) and a revolving credit facility (the “Revolving Credit Facility” and, together with the Term Loan B, the “Facilities”) in an aggregate principal amount of $100,000,000. The Company intends to use the net proceeds from the Term Loan B and any Revolving Loans (as defined below) to repay outstanding indebtedness, including partially funding the redemption of the Company’s TRTX 2022-FL5 collateralized loan obligation, or for other general corporate purposes.
Term Loan B
The Term Loan B Loans matures on May 14, 2033 and bears interest at an annual rate equal to, at the Company’s option, either (i) 2.75% plus the secured overnight financing rate (“Term SOFR”) or (ii) 1.75% plus a base rate (which is equal to the highest of (i) 0.50% per annum above the federal funds effective rate, (ii) the prime rate and (iii) one-month Term SOFR plus 1.00% per annum) (the “Base Rate”). The Term Loan B is subject to a quarterly amortization equal to 0.25% of the aggregate original principal amount commencing with the last business day of December 2026.
Revolving Credit Facility
The Revolving Credit Facility matures on May 14, 2031 and any loans drawn on the Revolving Credit Facility (any such loans, the “Revolving Loans”) bear interest at an annual rate equal to, at the Company’s option, either (i) 2.00% plus Term SOFR or (ii) 1.00% plus the Base Rate. The Revolving Loans are not subject to amortization.
Guarantees and Security
The Company’s obligations under the Credit Agreement are guaranteed by certain subsidiaries of the Company. Additionally, the Company’s obligations under the Credit Agreement are secured on a first-priority basis by substantially all of the assets of the Company and certain subsidiaries of the Company to the extent such assets are subject to a lien securing the obligations under the Credit Agreement.
Covenants
The Credit Agreement contains customary affirmative covenants and negative covenants, which are subject to a number of exceptions and adjustments and include, among other things:
| • | covenants that restrict the ability of the Company and certain of its subsidiaries to incur liens on certain assets, materially alter the nature of its business, dispose of material assets, engage in mergers, consolidations and certain other fundamental changes, or engage in certain transactions with affiliates; and |
| • | financial covenants that require that the Company maintain (i) a consolidated Total Debt to Total Assets Ratio (as defined in the Credit Agreement) not to exceed 83.333% (the “LTV Covenant”), (ii) a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of not less than 1.30 to 1.00 (the “Interest Coverage Covenant”) and (iii) minimum cash liquidity of no less than the greater of: $15.0 million and 5.0% of the recourse indebtedness of the Company and TPG RE Finance Trust Holdco, LLC, the Company’s wholly owned subsidiary (the “Liquidity Covenant”). The LTV Covenant is for the benefit of all Lenders (as defined in the Credit Agreement), whereas the Interest Coverage Covenant and Liquidity Covenant are solely for the benefit of the Revolving Lenders (as defined in the Credit Agreement). |
Other
Certain lenders under the Credit Agreement and/or their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Some of the lenders and their affiliates have engaged in, and may in the future engage in, investment banking, financial advisory, and other commercial dealings in the ordinary course of business with the Company or the Company’s affiliates. Such lenders have received, or may in the future receive, customary fees and commissions for such transactions.
The foregoing description of the Credit Agreement does not purport to be a complete description of the terms of the Credit Agreement and is subject to, and qualified in its entirety by, the full text of the Credit Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference insofar as it relates to the creation of a direct financial obligation.
| Item 7.01 | Regulation FD Disclosure. |
On May 14, 2026, the Company issued a press release (the “press release”) announcing the Company’s entry into the Credit Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 7.01.
The furnishing of the press release is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the press release includes material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.
The information contained in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1 | Credit Agreement, dated as of May 14, 2026, by and among TPG RE Finance Trust, Inc., Wells Fargo Bank, N.A., and certain other lenders and issuing banks named therein. | |
| 99.1 | Press Release, dated May 14, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TPG RE Finance Trust, Inc. | ||
| By: | /s/ Brandon Fox | |
| Name: | Brandon Fox | |
| Title: | Interim Chief Financial Officer and Chief Accounting Officer | |
Date: May 14, 2026
Exhibit 99.1
TPG RE Finance Trust, Inc. Announces Closing of New $400 Million Senior Secured Term Loan B and $100 Million Revolving Credit Facility
May 14, 2026
NEW YORK—(BUSINESS WIRE) — TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced that it closed on a Term Loan B for an aggregate principal amount of $400 million due in 2033 and a $100 million Revolving Credit Facility due in 2031. The Company intends to use the net proceeds from the Term Loan B and Revolving Credit Facility to repay outstanding indebtedness, including partially funding the redemption of the Company’s TRTX 2022-FL5 collateralized loan obligation, or for other general corporate purposes. The Term Loan B priced at 99.75% and bears interest at Term SOFR plus 275 basis points and the Revolving Credit Facility bears interest at Term SOFR plus 200 basis points.
Doug Bouquard, Chief Executive Officer of TRTX, said: “We believe that the closing of this financing further expands our best in-class, diversified liability structure at an exciting moment for TRTX.”
ABOUT TRTX
TPG RE Finance Trust, Inc. 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/.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the investments of TPG RE Finance Trust, Inc. (the “Company” or “TRTX”); global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, tariffs and international trade policies, stress to the commercial banking systems of the U.S. and Western Europe, labor shortages, currency fluctuations and challenges in global supply chains; the Company’s ability to originate loans that are in the pipeline and under evaluation by the Company; financing needs and arrangements; and the risks, uncertainties and factors set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such risk factors may be updated from time to time in the Company’s periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue” or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe existing or future plans and strategies, contain projections of results of operations, liquidity and/or financial condition or state other forward-looking information. Statements, among others, relating to the intended use of the net proceeds from the Term Loan B and Revolving Credit Facility and the closing of this financing further expanding our best-in-class, diversified liability structure are forward-looking statements, and the Company cannot assure you that it will achieve such results. The ability of TRTX to predict future events or conditions or their impact or the actual effect of existing or future plans or strategies is inherently uncertain. Although the Company believes that such forward-looking statements are based on reasonable assumptions, actual results and performance in the future could differ materially from those set forth in or implied by such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s views only as of the date of this press release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this press release. The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
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
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