TRTX insider Form 4: 998-share DSU dividend acquisition at $8.62

Rhea-AI Filing Summary

TPG RE Finance Trust (TRTX) reported a Form 4 for director M. Bradley Smith. On 10/24/2025, he acquired 998 shares at $8.62, arising from deferred stock units issued in lieu of a $0.24 per-share dividend on his DSUs, calculated using the closing price on the dividend record date. Following the transaction, he beneficially owned 82,376 shares, held directly.

Insider Trade Summary

Net Buyer: 998 shares

Net Buy 1 txn

Insider Smith Michael Bradley

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 Mr. M. Bradley Smith in lieu of dividends payable on DSUs owned by Mr. Smith. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Smith 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

What did TRTX disclose in this Form 4?

A director, M. Bradley Smith, acquired 998 shares on 10/24/2025 via DSU dividend equivalents at $8.62.

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

Following the transaction, he beneficially owned 82,376 shares, held directly.

What was the nature of the TRTX share acquisition?

The shares reflect deferred stock units (DSUs) issued in lieu of a $0.24 per-share dividend on his DSUs.

How was the number of DSUs determined for TRTX?

By dividing the product of eligible DSUs and the $0.24 dividend by the closing price on the dividend record date.

What role does the reporting person hold at TRTX?

He is a Director of TPG RE Finance Trust, Inc.

Was this a direct or indirect ownership at TRTX after the transaction?

Post-transaction ownership is listed as Direct (D).

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/28/2025 - 04:30 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^*

Smith Michael Bradley

(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 Mr. M. Bradley Smith in lieu of dividends payable on DSUs owned by Mr. Smith. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Smith 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 Mr. Smith 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 M. Bradley Smith (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.