TPG RE Finance Trust, Inc. has entered into a definitive agreement to issue $1 billion in collateralized loan obligation (CLO) notes, known as TRTX 2026-FL8, through its wholly-owned subsidiaries. The transaction, executed on October 2, 2026, established an indenture by and among the issuer, co-issuer, the company's loan seller, and various administrative agents.
The CLO issuance included seven classes of floating rate notes due in 2044. The Class A Senior Secured Floating Rate Notes had an aggregate principal amount of $600 million and received ratings of “AAAsf” by Fitch and “AAA(sf)” by Morningstar DBRS. The Class A-S Second Priority Notes totaled $88.75 million, while the Class B Third Priority Notes were valued at $73.75 million. The Class C Fourth Priority Notes amounted to $57.5 million, the Class D Fifth Priority Notes totaled $36.25 million, and the Class E Sixth Priority Notes were issued for $17.5 million. Additionally, the issuer sold Class F Seventh Priority Notes valued at $33.75 million and Class G Eighth Priority Notes worth $23.75 million.
The Class F and Class G notes were retained by the company’s indirect subsidiary, TRTX Master Retention Holder, LLC. The Class D and Class E notes were acquired by TRT Securities 1, LLC. The company’s affiliates also purchased preferred shares issued by the CLO to satisfy risk retention requirements. Proceeds from the notes were used to purchase three commercial real estate whole loans and seventeen participation interests, which represented approximately 23.1% of the company’s loan investment portfolio as of June 30, 2026.
