TPG RE Finance Trust, Inc. (TRTX) director receives 13,012 DSUs

Rhea-AI Filing Summary

TPG RE Finance Trust, Inc. director M. Bradley Smith reported receiving 13,012 shares of common stock in the form of deferred stock units on December 24, 2025. These units were fully vested on the grant date but are subject to restrictions under a deferred stock unit award agreement and will be settled in shares of common stock when he experiences a Separation from Service as defined in that agreement. Following this grant, Mr. Smith beneficially owns 95,388 shares of the company’s common stock in direct form.

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^*

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)
12/24/2025

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	12/24/2025		A		13,012(1)	A	$0	95,388	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. underlying deferred stock units (the "New DSUs") awarded to Mr. M. Bradley Smith on December 24, 2025 (the "Grant Date"). The New DSUs were 100% vested on the Grant Date, but are subject to the restrictions set forth in the award agreement for the New DSUs (the "New DSU Award Agreement"). Subject to the terms of the New DSU Award Agreement, the shares of Common Stock underlying the New DSUs will be delivered to Mr. Smith on the date of Mr. Smith's "Separation from Service" (as defined in the New DSU Award Agreement).

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)	12/29/2025
	** 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).
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FAQ

What insider transaction did TPG RE Finance Trust, Inc. (TRTX) report for M. Bradley Smith?

TPG RE Finance Trust, Inc. reported that director M. Bradley Smith received 13,012 shares of common stock in the form of deferred stock units on December 24, 2025.

How many TPG RE Finance Trust (TRTX) shares does M. Bradley Smith own after this transaction?

After the reported grant, M. Bradley Smith beneficially owns 95,388 shares of TPG RE Finance Trust, Inc. common stock in direct ownership form.

What type of equity award did TPG RE Finance Trust (TRTX) grant to M. Bradley Smith?

The award consists of deferred stock units that represent shares of common stock. These units were 100% vested on the grant date but remain subject to restrictions in the award agreement.

When will the deferred stock units granted to the TRTX director be settled in shares?

The shares of common stock underlying the deferred stock units will be delivered to M. Bradley Smith on the date of his Separation from Service, as defined in the deferred stock unit award agreement.

What is the reported price for the TPG RE Finance Trust (TRTX) deferred stock unit grant?

The Form 4 reports the price for the 13,012 deferred stock unit grant as $0, indicating it was an equity award rather than an open-market purchase.

What is M. Bradley Smith’s role at TPG RE Finance Trust, Inc. (TRTX)?

According to the filing, M. Bradley Smith is a director of TPG RE Finance Trust, Inc.