TRTX (TRTX) CEO Bouquard has 223,533 shares withheld for tax obligations

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. reported that Chief Executive Officer Doug Bouquard had 223,533 shares of common stock withheld on June 30, 2026. The shares were withheld by the company at a price of $8.46 per share to cover tax liabilities tied to the vesting of equity awards granted under the 2017 and 2025 Equity Incentive Plans. This was a tax-withholding disposition rather than an open-market sale, and Bouquard still directly owns 1,070,146 shares of common stock after the transaction.

Insights

Equity compensation analyst

Routine tax withholding on vested equity; no open-market sale occurred.

The transaction shows 223,533 shares of TPG RE Finance Trust common stock withheld at $8.46 per share to satisfy tax obligations from vesting awards. This aligns with standard equity compensation mechanics, where the issuer withholds shares instead of the executive paying cash taxes.

The filing notes these shares relate to the company’s 2017 Equity Incentive Plan and 2025 Equity Incentive Plan, indicating ongoing use of stock-based compensation. After the withholding, the CEO still directly holds 1,070,146 shares, so the disposition is relatively small versus his remaining stake and does not signal discretionary selling activity.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bouquard Doug

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	223,533	$8.46	$1.89M

Holdings After Transaction: Common Stock — 1,070,146 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Tax-withheld shares: 223,533 shares Withholding price: $8.46 per share Shares held after transaction: 1,070,146 shares +2 more

5 metrics

Tax-withheld shares 223,533 shares Withheld on June 30, 2026 to cover tax liability

Withholding price $8.46 per share Value used for tax-withholding calculation

Shares held after transaction 1,070,146 shares Direct ownership following tax-withholding disposition

Transaction code F Payment of tax liability by delivering securities

Transaction date June 30, 2026 Date shares were withheld for taxes

Key Terms

tax liability, Equity Incentive Plan, vesting, Common Stock

4 terms

tax liability financial

"for payment of the tax liability incident to the vesting of shares"

Equity Incentive Plan financial

"pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan"

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

vesting financial

"incident to the vesting of shares of Common Stock granted by the Issuer"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Common Stock financial

"withheld 223,533 shares of common stock ("Common Stock") of the Issuer"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:16 PM Accepted by SEC EDGAR 07/02/2026 - 04:15 PM 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^*

Bouquard Doug

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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	06/30/2026		F(1)		223,533	D	$8.46	1,070,146	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. On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 223,533 shares of common stock ("Common Stock") of the Issuer from Mr. Doug Bouquard for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan and (ii) 2025 Equity Incentive Plan.

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)	07/02/2026
	** 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)

FAQ

What insider transaction did TRTX CEO Doug Bouquard report on June 30, 2026?

Doug Bouquard reported a tax-related disposition of 223,533 TRTX common shares. The company withheld these shares at $8.46 each to cover tax liabilities from vested equity awards, rather than selling them on the open market.

Was the June 30, 2026 TRTX Form 4 a stock sale by the CEO?

No, it was not an open-market sale. TPG RE Finance Trust withheld 223,533 shares from the CEO to pay taxes on vested awards, a common administrative step in equity compensation programs rather than a discretionary share sale.

How many TRTX shares does CEO Doug Bouquard hold after this Form 4 transaction?

After the tax-withholding transaction, Doug Bouquard directly holds 1,070,146 TRTX common shares. This remaining ownership shows the disposition was limited relative to his total stake and primarily reflected tax obligations on equity vesting.

What price per share was used for the TRTX tax-withholding shares?

The company used a price of $8.46 per share for the 223,533 TRTX shares withheld. This value is applied solely for calculating the tax-withholding amount related to the vesting of common stock granted under the equity incentive plans.

Which equity plans were involved in the June 30, 2026 TRTX insider transaction?

The tax-withholding related to vesting shares granted under TRTX’s 2017 Equity Incentive Plan and 2025 Equity Incentive Plan. These plans provide stock-based awards, and the company can withhold shares at vesting to satisfy associated tax liabilities.