TPG RE Finance Trust (TRTX) director reports 13,012-share deferred stock award

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. director Todd Schuster reported receiving 13,012 shares of common stock in the form of fully vested deferred stock units on December 24, 2025. These units were granted at a price of $0.00 per share, increasing his beneficial ownership to 63,524 common shares. Although the units vested on the grant date, the underlying shares will be delivered to Mr. Schuster upon his "Separation from Service" as defined in the related award agreement.

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

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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^*

Schuster Todd

(Last) (First) (Middle)

C/O TPG RE FINANCE TRUST, INC.

888 SEVENTH AVENUE, 35TH FLOOR

(Street)

NEW YORK NY 10106

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
12/24/2025

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

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

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

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	12/24/2025		A		13,012(1)	A	$0.00	63,524	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. underlying deferred stock units (the "New DSUs") awarded to Mr. Todd Schuster on December 24, 2025 (the "Grant Date"). The New DSUs were 100% vested on the Grant Date, but are subject to the restrictions set forth in the award agreement for the New DSUs (the "New DSU Award Agreement"). Subject to the terms of the New DSU Award Agreement, the shares of Common Stock underlying the New DSUs will be delivered to Mr. Schuster on the date of Mr. Schuster's "Separation from Service" (as defined in the New DSU Award Agreement).

Remarks:

(2) Matthew Coleman is signing on behalf of Mr. Schuster pursuant to the power of attorney dated July 15, 2020, which was previously filed with the Securities and Exchange Commission.

	/s/ Matthew Coleman, By: Matthew Coleman, on behalf of Todd Schuster (2)	12/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did TPG RE Finance Trust (TRTX) report for Todd Schuster?

Director Todd Schuster reported an award of 13,012 shares of TPG RE Finance Trust, Inc. common stock in the form of deferred stock units granted on December 24, 2025.

How many TRTX shares does Todd Schuster beneficially own after this transaction?

Following the reported award, Todd Schuster beneficially owns 63,524 shares of TPG RE Finance Trust, Inc. common stock.

At what price were the new TRTX deferred stock units granted to Todd Schuster?

The 13,012 deferred stock units awarded to Todd Schuster were granted at a price of $0.00 per share.

When do the TRTX shares underlying Todd Schuster’s deferred stock units get delivered?

The shares of TPG RE Finance Trust, Inc. common stock underlying the new deferred stock units will be delivered to Todd Schuster on the date of his "Separation from Service", as defined in the award agreement.

What is the vesting status of Todd Schuster’s new TRTX deferred stock units?

The new deferred stock units granted to Todd Schuster on December 24, 2025 were 100% vested on the grant date, subject to the restrictions in the award agreement.

Who signed the Form 4 for the TRTX insider transaction?

Matthew Coleman signed on behalf of Todd Schuster pursuant to a power of attorney dated July 15, 2020.