TRTX director acquires 998 shares via DSU dividend at $8.62

TPG RE Finance Trust (TRTX): Director Wendy Silverstein reported acquiring 998 shares of common stock on 10/24/2025 through deferred stock units (DSUs) issued in lieu of cash dividends on existing DSUs.

Rhea-AI Filing Summary

TPG RE Finance Trust (TRTX): Director Wendy Silverstein reported acquiring 998 shares of common stock on 10/24/2025 through deferred stock units (DSUs) issued in lieu of cash dividends on existing DSUs. The filing lists a share price of $8.62 for the dividend-related calculation. Following the transaction, she beneficially owned 82,376 shares, held directly. The DSUs were tied to a $0.24 per-share dividend paid on October 24, 2025.

Insider Trade Summary

Grant/Award: 998 shares

Grant/Award 1 txn

Insider SILVERSTEIN WENDY

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	998	$8.62	$9K

Holdings After Transaction: Common Stock — 82,376 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 October 24, 2025 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 October 24, 2025.

FAQ

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

What did TRTX disclose in this Form 4?

Director Wendy Silverstein acquired 998 shares on 10/24/2025 via DSUs issued in lieu of cash dividends on her DSUs.

How many TRTX shares does the reporting person own after the transaction?

The filing shows 82,376 shares beneficially owned following the reported transaction, held directly.

What price was used in the DSU calculation?

The filing lists a price of $8.62 used in the dividend-related DSU calculation.

What dividend amount underpinned the DSU issuance?

The DSUs were issued in lieu of a $0.24 per-share dividend paid on October 24, 2025.

What is the relationship of the reporting person to TRTX?

The reporting person, Wendy Silverstein, is a Director of TPG RE Finance Trust, Inc.

Was this transaction part of a 10b5-1 plan?

The excerpt shows the 10b5-1 checkbox language but does not indicate it was selected.

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

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Accepted by SEC EDGAR 10/28/2025 - 04:30 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 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)
10/24/2025

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	10/24/2025		A		998(1)	A	$8.62	82,376	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 October 24, 2025 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 October 24, 2025.

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)	10/28/2025
	** 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.