TPG RE Finance Trust, Inc. $(TRTX)$ has announced the closing of TRTX 2025-FL7, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO). The company placed approximately $957.0 million of investment grade securities with institutional investors, providing term financing on a non-mark-to-market, non-recourse basis. TRTX 2025-FL7 features a 30-month reinvestment period, an advance rate of 87.0%, and a weighted average interest rate at issuance of Term SOFR plus 1.67%, before transaction costs. In connection with this transaction, TRTX intends to redeem its previous CRE CLO, TRTX 2021-FL4, which has approximately $411.5 million of investment grade securities outstanding, on November 18, 2025. The issuance and redemption are expected to generate net cash proceeds of about $58.5 million for the company's investment and other corporate purposes.