What is the nature of Avi Banyasz’s indirect TRTX share holdings?

The indirect holdings reflect 14,115 TRTX common shares awarded by TPG RE Finance Trust Management, L.P., the external manager. These shares are part of a compensatory plan and will be delivered to Avi Banyasz upon vesting, according to the explanation of responses in the Form 4 footnotes.

TPG RE Finance Trust (NYSE: TRTX) withholds director shares to cover tax liability

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. reported that on June 30, 2026 it withheld 20,539 shares of common stock from director Avi Banyasz at $8.46 per share to cover tax liability tied to vesting of equity awards under its 2017 and 2025 equity incentive plans. Following this tax-withholding disposition, Mr. Banyasz holds 162,322 shares of common stock directly and has an additional 14,115 shares indirectly, representing stock awarded by the external manager that will be delivered to him upon vesting.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Banyasz Avi

Role null

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	20,539	$8.46	$174K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 162,322 shares (Direct, null); Common Stock — 14,115 shares (Indirect, See Explanation of Responses)

Footnotes (1)

On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 20,539 shares of common stock ("Common Stock") of the Issuer from Mr. Avi Banyasz 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. 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.

Key Figures

Shares withheld for taxes: 20,539 shares Withholding price per share: $8.46 per share Direct holdings after transaction: 162,322 shares +1 more

4 metrics

Shares withheld for taxes 20,539 shares Common stock withheld on June 30, 2026 to pay tax liability

Withholding price per share $8.46 per share Price used for the 20,539-share tax-withholding disposition

Direct holdings after transaction 162,322 shares Common stock directly held by Avi Banyasz following the event

Indirect awarded shares 14,115 shares Common stock awards to be delivered upon vesting under manager plan

Key Terms

tax liability, Equity Incentive Plan, vesting, tax-withholding disposition

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 and (ii) 2025 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.

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:17 PM Accepted by SEC EDGAR 07/02/2026 - 04:15 PM

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^*

Banyasz Avi

(Last)

(First)

(Middle)

C/O TPG RE FINANCE TRUST, INC.

888 SEVENTH AVENUE, 35TH FLOOR

(Street)

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)
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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/30/2026		F⁽¹⁾		20,539	D	$8.46	162,322	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 20,539 shares of common stock ("Common Stock") of the Issuer from Mr. Avi Banyasz 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.

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)	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did TRTX director Avi Banyasz report on June 30, 2026?

Director Avi Banyasz reported a tax-withholding disposition, not an open-market trade. TPG RE Finance Trust, Inc. withheld 20,539 common shares on June 30, 2026 to pay taxes arising from vesting of equity awards granted under the company’s 2017 and 2025 equity incentive plans.

How many TRTX shares were withheld for taxes and at what price?

TPG RE Finance Trust, Inc. withheld 20,539 shares of common stock from Avi Banyasz. The withholding price was $8.46 per share, according to the Form 4. This disposition was specifically for payment of tax liability linked to the vesting of previously granted stock awards.

How many TRTX shares does Avi Banyasz hold after this Form 4 transaction?

After the June 30, 2026 tax-withholding event, Avi Banyasz holds 162,322 shares of TPG RE Finance Trust, Inc. common stock directly. He also has 14,115 additional shares indirectly, representing awards that will be delivered to him when they vest under a compensatory plan.

Was the TRTX Form 4 filing a stock sale by Avi Banyasz on the open market?

The Form 4 does not show an open-market sale by Avi Banyasz. Instead, it records 20,539 shares withheld by TPG RE Finance Trust, Inc. to cover tax liability from vesting equity awards, a routine compensation-related event rather than a discretionary sale into the market.

What equity incentive plans are involved in the TRTX tax-withholding transaction?

The tax-withholding transaction relates to vesting shares granted under TPG RE Finance Trust, Inc.’s 2017 Equity Incentive Plan and 2025 Equity Incentive Plan. Shares from these plans vested, triggering tax obligations, and the company satisfied those obligations by withholding 20,539 common shares from Avi Banyasz.