TPG RE Finance Trust (TRTX) director Silverstein granted 13,012 deferred stock units

Rhea-AI Filing Summary

TPG RE Finance Trust director Wendy Silverstein reported receiving an equity award tied to the company’s common stock. On December 24, 2025, she was granted 13,012 deferred stock units, each representing one share of TPG RE Finance Trust, Inc. common stock at a price of $0 per share.

The deferred stock units were fully vested on the grant date but are subject to restrictions in the related award agreement. Under that agreement, the underlying shares of common stock will be delivered to Ms. Silverstein on the date of her “Separation from Service” as defined in the award documents. Following this grant, she is shown as beneficially owning 95,388 shares of the company’s common stock in direct form.

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^*

SILVERSTEIN WENDY

(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	95,388	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 Ms. Wendy Silverstein 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 Ms. Silverstein on the date of Ms. Silverstein's "Separation from Service" (as defined in the New DSU Award Agreement).

Remarks:

(2) Matthew Coleman is signing on behalf of Ms. Silverstein 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 Wendy Silverstein (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 Wendy Silverstein?

TRTX disclosed that director Wendy Silverstein received an award of 13,012 deferred stock units tied to the company’s common stock on December 24, 2025.

At what price were the new TRTX deferred stock units granted to Wendy Silverstein?

The 13,012 deferred stock units awarded to Wendy Silverstein were granted at a price of $0 per share.

When do Wendy Silverstein’s TRTX deferred stock units settle into common shares?

According to the award terms, the shares of TRTX common stock underlying the new deferred stock units will be delivered on the date of Ms. Silverstein’s “Separation from Service” as defined in the award agreement.

Were Wendy Silverstein’s new TRTX deferred stock units vested on the grant date?

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

How many TRTX shares does Wendy Silverstein beneficially own after this transaction?

After the reported grant, Wendy Silverstein is shown as beneficially owning 95,388 shares of TPG RE Finance Trust, Inc. common stock in direct form.

What is the relationship of Wendy Silverstein to TPG RE Finance Trust (TRTX)?

The filing identifies Wendy Silverstein as a director of TPG RE Finance Trust, Inc.

Who signed the TRTX Form 4 on behalf of Wendy Silverstein?

The Form 4 was signed by Matthew Coleman on behalf of Wendy Silverstein under a power of attorney dated June 26, 2017.