TPG RE Finance Trust (TRTX) CEO awarded 429,794 common shares

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. reported an insider equity award for its Chief Executive Officer and director, Doug Bouquard. On 12/24/2025, he acquired 429,794 shares of common stock at a price of $0, increasing his beneficial ownership to 1,293,679 shares held directly. The filing indicates this was an acquisition of non-derivative common stock.

The award will vest in four equal annual installments, beginning on June 30, 2026, which means the shares become fully owned over time rather than immediately. The form was filed as a single-reporting-person Form 4, and was signed by Matthew Coleman on behalf of Mr. Bouquard under a previously granted power of attorney.

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

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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^*

Bouquard Doug

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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(1)	12/24/2025		A		429,794	A	$0	1,293,679	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. The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Doug Bouquard will vest ratably in four annual installments beginning on June 30, 2026.

Remarks:

(2) Matthew Coleman is signing on behalf of Mr. Bouquard pursuant to the power of attorney dated April 15, 2022, which was previously filed with the Securities and Exchange Commission.

	/s/ Matthew Coleman, By: Matthew Coleman, on behalf of Doug Bouquard (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.
* 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.

FAQ

What insider transaction did TPG RE Finance Trust (TRTX) report in this Form 4?

The company reported that Chief Executive Officer and director Doug Bouquard acquired 429,794 shares of its common stock in a reported transaction dated 12/24/2025.

How many TRTX shares does Doug Bouquard beneficially own after this transaction?

After acquiring 429,794 shares, Doug Bouquard beneficially owns 1,293,679 shares of TPG RE Finance Trust, Inc. common stock in direct ownership.

What was the price of the common stock awarded to the TPG RE Finance Trust CEO?

The 429,794 shares of common stock reported in the Form 4 were acquired at a stated price of $0 per share.

What is the vesting schedule for Doug Bouquard’s 429,794 TRTX shares?

The filing states that the 429,794 shares of common stock awarded to Mr. Bouquard will vest ratably in four annual installments, beginning on June 30, 2026.

What is Doug Bouquard’s role at TPG RE Finance Trust, Inc.?

Doug Bouquard is identified as both a Director and an Officer, serving as the company’s Chief Executive Officer.

Who signed the Form 4 on behalf of Doug Bouquard for TPG RE Finance Trust (TRTX)?

The Form 4 was signed by Matthew Coleman on behalf of Mr. Bouquard, pursuant to a power of attorney dated April 15, 2022.