TPG RE Finance Trust (TRTX) director Avi Banyasz awarded 56,597 shares

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. director Avi Banyasz reported a grant of 56,597 shares of common stock on 12/24/2025. The filing shows this award at a price of $0, reflecting a stock-based compensation grant rather than a market purchase. Following the transaction, he beneficially owns 182,861 shares directly and 14,115 shares indirectly. The explanation notes that these shares were awarded by TPG RE Finance Trust Management, L.P., the external manager of the company, under a compensatory plan.

The shares of common stock will vest in four equal annual installments beginning on June 30, 2026, meaning Mr. Banyasz receives the stock gradually over time. Upon vesting, the shares will be delivered to him. The form is signed by Matthew Coleman on behalf of Mr. Banyasz under an existing 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

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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^*

Banyasz Avi

(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(1)	12/24/2025		A		56,597	A	$0	182,861	D
Common Stock								14,115	I	See Explanation of Responses(2)

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 ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Mr. Avi Banyasz will vest ratably in four annual installments beginning on June 30, 2026.

2. Represents shares of Common Stock that have been awarded by TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of the Issuer, to Mr. Banyasz in accordance with the terms of a compensatory plan adopted by the Manager. Upon vesting, the shares of Common Stock will be delivered to Mr. Banyasz.

Remarks:

(3) Matthew Coleman is signing on behalf of Mr. Banyasz pursuant to the power of attorney dated January 16, 2020, which was previously filed with the Securities and Exchange Commission.

	/s/ Matthew Coleman, By: Matthew Coleman, on behalf of Avi Banyasz (3)	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) disclose for Avi Banyasz?

TPG RE Finance Trust, Inc. disclosed that director Avi Banyasz received an award of 56,597 shares of common stock on 12/24/2025 at a price of $0 per share as stock-based compensation.

How many TPG RE Finance Trust (TRTX) shares does Avi Banyasz own after this transaction?

After the reported grant, Avi Banyasz beneficially owns 182,861 shares of common stock directly and 14,115 shares indirectly, as shown in the Form 4.

What is the vesting schedule for Avi Banyasz’s new TRTX stock award?

The 56,597 shares of TPG RE Finance Trust common stock awarded to Avi Banyasz will vest ratably in four annual installments beginning on June 30, 2026. As each installment vests, the corresponding shares will be delivered to him.

Who granted the new TPG RE Finance Trust (TRTX) shares to Avi Banyasz?

The awarded shares were granted by TPG RE Finance Trust Management, L.P., which is described as the external manager of TPG RE Finance Trust, Inc., under a compensatory plan adopted by the manager.

What is Avi Banyasz’s relationship to TPG RE Finance Trust (TRTX)?

In the filing, Avi Banyasz is identified as a director of TPG RE Finance Trust, Inc. The form is filed as a Form 4 by one reporting person.

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

The Form 4 is signed /s/ Matthew Coleman, noted as signing on behalf of Avi Banyasz pursuant to a power of attorney dated January 16, 2020 that had been previously filed.