TPG RE Finance Trust (NYSE: TRTX) director receives 1,109 DSU-based shares

Rhea-AI Filing Summary

Smith Michael Bradley reported acquisition or exercise transactions in this Form 4 filing.

TPG RE Finance Trust director M. Bradley Smith received a grant of 1,109 shares of common stock on July 24, 2026, representing shares underlying deferred stock units issued in lieu of cash dividends on DSUs he already owns. The number was calculated using a $0.24-per-share dividend and a closing share price of $8.46, bringing his direct holdings to 98,699 shares.

Insider Trade Summary

Net Buyer: 1,109 shares

Net Buy 1 txn

Insider Smith Michael Bradley

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	1,109	$8.46	$9K

Holdings After Transaction: Common Stock — 98,699 shares (Direct)

Footnotes (1)

1. F1. Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. M. Bradley Smith in lieu of dividends payable on DSUs owned by Mr. Smith. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Smith that provide for the issuance of DSUs in lieu of cash dividends and the $0.24 per share dollar amount of the Common Stock dividend paid by the Issuer on July 24, 2026 by (ii) the closing price of the Issuer's Common Stock as of the record date for the Common Stock dividend paid by the Issuer on July 24, 2026.

Key Figures

Common stock underlying DSUs granted: 1,109 shares Closing price used to calculate DSUs: $8.46 per share Direct holdings after transaction: 98,699 shares +1 more

4 metrics

Common stock underlying DSUs granted 1,109 shares Shares credited on July 24, 2026 in lieu of cash dividends on DSUs

Closing price used to calculate DSUs $8.46 per share Closing price of TRTX common stock on the record date for the July 24, 2026 dividend

Direct holdings after transaction 98,699 shares TRTX common shares directly held by M. Bradley Smith following the DSU-related grant

Common stock dividend $0.24 per share Dividend on TRTX common stock paid July 24, 2026 used to compute DSUs

Key Terms

deferred stock units ("DSUs"), in lieu of dividends payable, record date

3 terms

deferred stock units ("DSUs") financial

"Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. underlying deferred stock units ("DSUs") issued"

in lieu of dividends payable financial

"DSUs issued to Mr. M. Bradley Smith in lieu of dividends payable on DSUs owned by Mr. Smith"

record date financial

"dividing by the closing price of the Issuer's Common Stock as of the record date for the Common Stock dividend"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/28/2026 - 04:10 PM Accepted by SEC EDGAR 07/28/2026 - 04:10 PM Learn about SEC filing dates

FAQ

What insider transaction did TRTX director M. Bradley Smith report?

Director M. Bradley Smith reported receiving 1,109 TRTX common shares on July 24, 2026. These represent shares underlying deferred stock units granted in lieu of cash dividends on DSUs he already owns, increasing his direct holdings to 98,699 shares.

How many TRTX shares does M. Bradley Smith hold after this Form 4 transaction?

After the reported grant, M. Bradley Smith directly holds 98,699 TRTX common shares. This total includes the newly credited 1,109 shares underlying deferred stock units issued as dividend equivalents on July 24, 2026.

At what price were the 1,109 TRTX shares calculated for M. Bradley Smith’s DSUs?

The 1,109 TRTX shares were calculated using a closing share price of $8.46. The number of deferred stock units was determined by dividing dividend-equivalent value by this closing price on the record date for the July 24, 2026 dividend.

What dividend rate did TRTX use to calculate M. Bradley Smith’s DSU shares?

TRTX used a common stock dividend of $0.24 per share paid on July 24, 2026. The dividend value on DSUs providing dividend equivalents was converted into deferred stock units based on the stock’s closing price on the dividend’s record date.

Does the reported TRTX Form 4 involve a market purchase or sale by M. Bradley Smith?

The Form 4 reports a grant of shares underlying deferred stock units, not a market trade. The shares reflect dividend-equivalent DSUs issued in lieu of cash dividends on existing DSUs, rather than open-market buying or selling.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Smith Michael Bradley

(Last) (First) (Middle)

C/O TPG RE FINANCE TRUST, INC.

888 SEVENTH AVENUE, 35TH FLOOR

(Street)

NEW YORK NEW YORK 10106

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TPG RE Finance Trust, Inc. [ TRTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/24/2026		A		1,109(1)	A	$8.46	98,699	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. M. Bradley Smith in lieu of dividends payable on DSUs owned by Mr. Smith. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Smith that provide for the issuance of DSUs in lieu of cash dividends and the $0.24 per share dollar amount of the Common Stock dividend paid by the Issuer on July 24, 2026 by (ii) the closing price of the Issuer's Common Stock as of the record date for the Common Stock dividend paid by the Issuer on July 24, 2026.

Remarks:

(2) Matthew Coleman is signing on behalf of Mr. Smith pursuant to the power of attorney dated June 26, 2017, which was previously filed with the Securities and Exchange Commission.

	/s/ Matthew Coleman, By: Matthew Coleman, on behalf of M. Bradley Smith (2)	07/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)