[Form 4] TPG RE Finance Trust, Inc. Insider Trading Activity

TPG RE Finance Trust director Wendy Silverstein received additional equity-based compensation rather than making an open-market trade.

Rhea-AI Filing Summary

TPG RE Finance Trust director Wendy Silverstein received additional equity-based compensation rather than making an open-market trade. She acquired 1,195 shares of Common Stock on April 24, 2026, representing stock issued under deferred stock units in lieu of cash dividends on existing DSUs.

The shares were valued at $7.61 per share for reporting purposes and increase her directly held position to 97,590 shares of Common Stock. This is a routine, compensation-related grant tied to the company’s $0.24 per share Common Stock dividend paid on April 24, 2026.

Insider Trade Summary

Grant/Award: 1,195 shares

Grant/Award 1 txn

Insider SILVERSTEIN WENDY

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,195	$7.61	$9K

Holdings After Transaction: Common Stock — 97,590 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 Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 April 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 April 24, 2026.

Key Figures

Shares acquired: 1,195 shares Reporting price per share: $7.61 per share Shares owned after transaction: 97,590 shares +1 more

4 metrics

Shares acquired 1,195 shares Common Stock granted on April 24, 2026 via DSUs

Reporting price per share $7.61 per share Value used for the April 24, 2026 acquisition

Shares owned after transaction 97,590 shares Direct Common Stock holdings following the grant

Common Stock dividend $0.24 per share Dividend paid on April 24, 2026 used to compute DSUs

Key Terms

deferred stock units, DSUs, Common Stock dividend, grant, award, or other acquisition

4 terms

deferred stock units financial

"underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

DSUs financial

"the number of DSUs was calculated by dividing (i) the product of the number of DSUs"

DSUs, or Deferred Share Units, are a form of long-term pay where employees or directors receive a promise of company shares or cash at a later date instead of immediate salary. Think of them as an IOU for future stock that vests over time and converts into actual shares or cash, so they matter to investors because they can increase the number of outstanding shares (dilution) and reveal how management’s pay is tied to company performance.

Common Stock dividend financial

"the $0.24 per share dollar amount of the Common Stock dividend paid by the Issuer on April 24, 2026"

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Wendy Silverstein report in this TPG RE Finance Trust (TRTX) Form 4?

Wendy Silverstein reported acquiring 1,195 shares of TPG RE Finance Trust Common Stock. These shares came from deferred stock units issued in lieu of cash dividends, not from an open-market purchase, and increased her directly held position to 97,590 shares.

How were the 1,195 TRTX shares granted to Wendy Silverstein calculated?

The 1,195 shares represent common stock underlying deferred stock units. The number was calculated by multiplying DSUs eligible for dividend-equivalent DSUs by the $0.24 per share dividend, then dividing that by the closing Common Stock price on the dividend record date.

Was this TRTX Form 4 transaction an open-market purchase or a compensation grant?

This transaction was a compensation-related grant, not an open-market purchase. The shares reflect deferred stock units issued in lieu of dividends on existing DSUs, consistent with the Form 4 code A for grant, award, or other acquisition.

What is Wendy Silverstein’s TRTX shareholding after this Form 4 transaction?

After the transaction, Wendy Silverstein directly holds 97,590 shares of TPG RE Finance Trust Common Stock. The Form 4 shows this total includes the 1,195 new shares tied to dividend-equivalent deferred stock units issued on April 24, 2026.

How does the $0.24 TRTX dividend relate to Wendy Silverstein’s deferred stock units?

TPG RE Finance Trust paid a $0.24 per share Common Stock dividend on April 24, 2026. Instead of receiving cash, Wendy Silverstein received additional deferred stock units calculated using that dividend amount and the closing share price on the dividend’s record date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/28/2026 - 04:37 PM EDT Learn about SEC filing dates

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^*

SILVERSTEIN WENDY

(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)
04/24/2026

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	04/24/2026		A		1,195(1)	A	$7.61	97,590	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 Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 April 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 April 24, 2026.

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)	04/28/2026
	** 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)