TPG updates TRTX stake: 2.49M shares, 3.2% on 13G/A

TPG RE Finance Trust (TRTX): Schedule 13G/A Amendment No. 5 reports updated beneficial ownership by TPG GP A, LLC, James G. Coulter, and Jon Winkelried.

Rhea-AI Filing Summary

TPG RE Finance Trust (TRTX): Schedule 13G/A Amendment No. 5 reports updated beneficial ownership by TPG GP A, LLC, James G. Coulter, and Jon Winkelried. TPG GP A is shown with 2,392,863 shares (3.1%), Mr. Coulter with 2,492,170 shares (3.2%), and Mr. Winkelried with 2,392,863 shares (3.1%). The filing indicates ownership of 5 percent or less of the class.

All reported voting and dispositive powers are shared, with no sole voting or dispositive power listed for any reporting person. Shares outstanding were 78,261,346 as of October 24, 2025. The amendment is filed jointly, reflecting TPG’s organizational control relationships over entities that directly hold TRTX common stock, and includes a disclaimer by Messrs. Coulter and Winkelried regarding beneficial ownership beyond their pecuniary interests.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did TRTX disclose in this Schedule 13G/A Amendment No. 5?

It reports beneficial ownership by TPG GP A, LLC (3.1%), James G. Coulter (3.2%), and Jon Winkelried (3.1%), all with shared voting and dispositive power.

How many TRTX shares are beneficially owned by each reporting person?

TPG GP A: 2,392,863; James G. Coulter: 2,492,170; Jon Winkelried: 2,392,863.

What percentage of TRTX does each reporting person represent?

TPG GP A: 3.1%; James G. Coulter: 3.2%; Jon Winkelried: 3.1%.

What was the total TRTX shares outstanding used for these calculations?

The percentages are based on 78,261,346 shares outstanding as of October 24, 2025.

Do the reporting persons have sole or shared voting/dispositive power?

Each reports 0 sole voting and dispositive power and shared power over the disclosed shares.

Does the filing indicate the holders own less than 5% of TRTX?

Yes. Item 5 notes ownership of 5 percent or less of the class for the reporting persons.

Who are the filers on this 13G/A for TRTX?

The filing is made jointly by TPG GP A, LLC, James G. Coulter, and Jon Winkelried.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/14/2025 - 03:28 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

TPG RE Finance Trust, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

87266M107

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87266M107

1

Names of Reporting Persons

TPG GP A, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,392,863.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,392,863.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,392,863.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage beneficial ownership in Row 11 above is based on a total of 78,261,346 shares of Common Stock (as defined below) outstanding as of October 24, 2025 as reported on the Issuer's (as defined below) Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "Commission") on October 28, 2025.

SCHEDULE 13G

CUSIP No. 87266M107

1

Names of Reporting Persons

James G. Coulter

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,492,170.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,492,170.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,492,170.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.2 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage beneficial ownership in Row 11 above is based on a total of 78,261,346 shares of Common Stock outstanding as of October 24, 2025 as reported on the Issuer's Quarterly Report on Form 10-Q filed with the Commission on October 28, 2025.

SCHEDULE 13G

CUSIP No. 87266M107

1

Names of Reporting Persons

Jon Winkelried

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,392,863.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,392,863.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,392,863.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage beneficial ownership in Row 11 above is based on a total of 78,261,346 shares of Common Stock outstanding as of October 24, 2025 as reported on the Issuer's Quarterly Report on Form 10-Q filed with the Commission on October 28, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TPG RE Finance Trust, Inc.
(b)	Address of issuer's principal executive offices: 888 Seventh Avenue, 35th Floor, New York NY 10106
Item 2.
(a)	Name of person filing: This Amendment No. 5 to Schedule 13G is being filed jointly by TPG GP A, LLC, a Delaware limited liability company ("TPG GP A"), James G. Coulter and Jon Winkelried (each, a "Reporting Person" and, together, the "Reporting Persons"), pursuant to an Agreement of Joint Filing incorporated by reference herein in accordance with Rule 13d-1(k)(1) under the Act. TPG GP A exercises direct or indirect control over entities that collectively hold 100% of the shares of Class B common stock (which represents a majority of the combined voting power of the common stock) of TPG Inc., a Delaware corporation, which is the sole member of TPG GPCo, LLC, a Delaware limited liability company, which is the sole member of TPG Holdings II-A, LLC, a Delaware limited liability company, which is the general partner of TPG Operating Group II, L.P., a Delaware limited partnership, which is the (i) general partner of TPG Holdings II Sub, L.P., a Delaware limited partnership, which is the sole member of TPG Real Estate Advisors, LLC, a Delaware limited liability company, which is the general partner of TPG RE Finance Trust Management, L.P., a Delaware limited partnership ("TPG RE Finance Trust Management"), which directly holds 581,612 shares of Common Stock; and (ii) sole member of TPG Holdings III-A, LLC, a Cayman limited liability company, which is the general partner of TPG Holdings III-A, L.P., a Cayman limited partnership, which is the general partner of TPG Operating Group III, L.P., a Delaware limited partnership ("TOG III"), which (a) directly holds 1,811,251 shares of Common Stock and (b) is the sole member of TPG DASA Advisors (RE) II, LLC, a Delaware limited liability company, which is the general partner of TPG NJ DASA GenPar C, L.P., a Delaware limited partnership, which is the general partner of TPG/NJ (RE) Partnership, L.P., a Delaware limited partnership ("TPG/NJ RE Partnership" and together with TOG III and TPG RE Finance Trust Management, the "TPG Funds"), which directly held shares of Common Stock. Because of the relationship of TPG GP A to the TPG Funds, TPG GP A may be deemed to beneficially own the shares of Common Stock held by the TPG Funds. TPG GP A is controlled by entities owned by Messrs. Coulter and Winkelried. Because of the relationship of Messrs. Coulter and Winkelried to TPG GP A, each of Messrs. Coulter and Winkelried may be deemed to beneficially own the shares of Common Stock held by the TPG Funds. Messrs. Coulter and Winkelried disclaim beneficial ownership of such shares of Common Stock held by the TPG Funds except to the extent of their pecuniary interest therein. Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is as follows: c/o TPG Inc. 301 Commerce Street, Suite 3300 Fort Worth, Texas 76102
(c)	Citizenship: See response to Item 4 of each of the cover pages.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 87266M107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See responses to Item 9 on each cover page.
(b)	Percent of class: See responses to Item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See response to Item 2(a) above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

TPG GP A, LLC

Signature:	/s/ Martin Davidson
Name/Title:	Martin Davidson / Chief Accounting Officer
Date:	11/14/2025

James G. Coulter

Signature:	/s/ Gerald Neugebauer
Name/Title:	Gerald Neugebauer on behalf of James G. Coulter (1)
Date:	11/14/2025

Jon Winkelried

Signature:	/s/ Gerald Neugebauer
Name/Title:	Gerald Neugebauer on behalf of Jon Winkelried (2)
Date:	11/14/2025

Comments accompanying signature: (1) Gerald Neugebauer is signing on behalf of Mr. Coulter pursuant to an authorization and designation letter dated January 10, 2024, which was previously filed with the Commission as an exhibit to a Form 4 filed by Mr. Coulter on February 7, 2024 (SEC File No. 001-41617). (2) Gerald Neugebauer is signing on behalf of Mr. Winkelried pursuant to an authorization and designation letter dated January 10, 2024, which was previously filed with the Commission as an exhibit to a Form 4 filed by Mr. Winkelried on February 7, 2024 (SEC File No. 001-41617).

Exhibit Information

Exhibit 1 Agreement of Joint Filing as required by Rule 13d-1(k)(1) under the Act.* ________________________ * Incorporated herein by reference to the Agreement of Joint Filing by TPG Group Holdings (SBS) Advisors, Inc., TPG GP A, LLC, TPG Advisors VII, Inc., TPG Advisors VI, Inc., TPG Advisors VI-AIV, Inc., TPG Asia Advisors VI, Inc., David Bonderman, James G. Coulter, Jon Winkelried and Karl Peterson dated as of January 18, 2022, which was previously filed with the Commission as Exhibit 1 to Amendment No. 4 to Schedule 13D filed by TPG GP A, LLC, David Bonderman, James G. Coulter and Jon Winkelried on January 18, 2022 with respect to the shares of common stock of Allogene Therapeutics, Inc.