TRTX director M. Bradley Smith gains 1,007 shares through dividend-equivalent DSUs

Rhea-AI Filing Summary

TPG RE Finance Trust director M. Bradley Smith reported a routine share accrual tied to dividends rather than an open-market trade. On January 23, 2026, he acquired 1,007 shares of common stock at a reference price of $8.79 per share, increasing his holdings to 96,395 shares held directly.

These shares represent common stock underlying deferred stock units (DSUs) issued in lieu of cash dividends on DSUs he already owns. The number of new DSUs was calculated using the $0.24 per-share cash dividend paid on January 23, 2026 and the closing share price on the dividend’s record date, so this transaction reflects dividend-equivalent compensation rather than a discretionary purchase or sale.

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^*

Smith Michael Bradley

(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)
01/23/2026

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	01/23/2026		A		1,007(1)	A	$8.79	96,395	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 January 23, 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 January 23, 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)	01/27/2026
	** 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).
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FAQ

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

He reported acquiring 1,007 shares of common stock of TPG RE Finance Trust, Inc. on January 23, 2026, tied to dividend-equivalent deferred stock units.

At what price were the 1,007 TRTX shares calculated for the Form 4 transaction?

The 1,007 shares were based on a reference price of $8.79 per share, as shown in the Form 4 for the common stock transaction.

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

Following the reported transaction, M. Bradley Smith beneficially owns 96,395 shares of TPG RE Finance Trust, Inc. common stock in direct ownership.

Was the TRTX Form 4 transaction an open-market trade or related to dividends?

It was related to deferred stock units (DSUs) issued in lieu of cash dividends, based on the $0.24 per-share dividend paid on January 23, 2026, not an open-market purchase or sale.

How were the new TRTX deferred stock units for M. Bradley Smith calculated?

The filing states the DSUs were calculated by multiplying DSUs that earn dividend equivalents by the $0.24 per-share dividend and dividing by the closing price on the record date for the January 23, 2026 dividend.

What role does M. Bradley Smith hold at TPG RE Finance Trust, Inc. (TRTX)?

He is listed as a director of TPG RE Finance Trust, Inc. on the Form 4, with the form filed for one reporting person.