TPG RE Finance Trust (TRTX) director adds 138 shares from DSU dividend

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. director Todd Schuster reported a small increase in his shareholdings through dividend-equivalent awards. On January 23, 2026, he acquired 138 shares of common stock of TPG RE Finance Trust, Inc. at a reference price of $8.79 per share, leaving him with 63,662 common shares held directly after the transaction.

According to the footnote, these shares represent common stock underlying deferred stock units (DSUs) that were issued to Mr. Schuster in lieu of cash dividends on DSUs he already owned. The number of DSUs was based on a $0.24 per share common dividend paid by the company on January 23, 2026, divided by the closing stock price on the dividend record date. This reflects a routine, dividend-related equity accrual rather than an open-market purchase or sale.

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^*

Schuster Todd

(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)
01/23/2026

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	01/23/2026		A		138(1)	A	$8.79	63,662	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 Mr. Todd Schuster in lieu of dividends payable on DSUs owned by Mr. Schuster. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Schuster 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 January 23, 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 January 23, 2026.

Remarks:

(2) Matthew Coleman is signing on behalf of Mr. Schuster pursuant to the power of attorney dated July 15, 2020, which was previously filed with the Securities and Exchange Commission.

	/s/ Matthew Coleman, By: Matthew Coleman, on behalf of Todd Schuster (2)	01/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did TRTX director Todd Schuster report?

Director Todd Schuster reported acquiring 138 shares of common stock of TPG RE Finance Trust, Inc. (TRTX) on January 23, 2026, related to dividend-equivalent deferred stock units.

What price was used for Todd Schuster’s new TRTX shares?

The acquisition was reported at a reference price of $8.79 per share for the 138 common shares tied to his deferred stock units.

How many TRTX shares does Todd Schuster hold after this transaction?

After the reported transaction, Todd Schuster beneficially owns 63,662 shares of TRTX common stock in direct ownership.

How were the 138 new TRTX shares for Todd Schuster calculated?

The 138 shares represent common stock underlying deferred stock units (DSUs) issued in lieu of cash dividends. The number was calculated using a $0.24 per share dividend on existing DSUs divided by the closing price on the dividend record date.

Was Todd Schuster’s TRTX transaction an open-market trade?

No. The filing explains that the shares reflect deferred stock units issued in lieu of cash dividends on DSUs already owned by Todd Schuster, not an open-market buy or sell.

What is Todd Schuster’s role at TPG RE Finance Trust, Inc.?

The filing lists Todd Schuster as a director of TPG RE Finance Trust, Inc. (TRTX) and indicates the Form 4 is filed by one reporting person.