TRTX Form 4: Director adds 998 DSUs from $0.24 dividend

Rhea-AI Filing Summary

TPG RE Finance Trust (TRTX) director Michael Gillmore reported an acquisition of 998 shares on 10/24/2025. The shares represent deferred stock units (DSUs) issued in lieu of cash dividends, calculated using a $0.24 per-share dividend and the closing price on the dividend record date. The Form 4 lists a transaction price of $8.62.

Following the transaction, Gillmore beneficially owns 82,376 shares directly and 500 shares indirectly through a personal trust. This filing reflects routine dividend-equivalent DSU accruals rather than an open-market purchase.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Gillmore Michael

Role Director

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

Holdings After Transaction: Common Stock — 82,376 shares (Direct); Common Stock — 500 shares (Indirect, See Explanation of Responses)

Footnotes (1)

1. Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Michael Gillmore in lieu of dividends payable on DSUs owned by Mr. Gillmore. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Gillmore 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. Held through a personal trust.

Form 4 Insider Transactions: What Each Field Means →

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^*

Gillmore Michael

(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
Common Stock								500	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. Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Michael Gillmore in lieu of dividends payable on DSUs owned by Mr. Gillmore. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Gillmore 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.

2. Held through a personal trust.

Remarks:

(3) Matthew Coleman is signing on behalf of Mr. Gillmore 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 Michael Gillmore (3)	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.
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FAQ

What did TRTX (TRTX) disclose in this Form 4?

A director, Michael Gillmore, reported acquiring 998 shares via deferred stock units (DSUs) tied to a dividend paid on 10/24/2025.

How were the 998 DSUs for TRTX calculated?

They were based on the $0.24 per-share dividend and the closing price on the dividend record date, per the explanation of responses.

What price is shown for the TRTX transaction?

The Form 4 lists a transaction price of $8.62 for the reported DSU-related acquisition.

How many TRTX shares does the director own after the transaction?

Beneficial ownership is 82,376 shares directly and 500 shares indirectly through a personal trust.

Was this an open-market purchase of TRTX shares?

No. The filing states the shares reflect DSUs issued in lieu of cash dividends, not an open-market buy.

What is the relationship of the reporting person to TRTX?

Michael Gillmore is a Director of TPG RE Finance Trust, Inc.