How was the 1,195-share award to Michael Gillmore at TRTX calculated?

The 1,195-share award represents common shares underlying deferred stock units issued in lieu of cash dividends. The number of DSUs was based on a $0.24 per-share dividend on existing DSUs and the closing price of the common stock on the applicable dividend record date.

Was Michael Gillmore’s 1,195-share TRTX transaction an open-market stock purchase?

No, the 1,195-share transaction was not an open-market purchase. It reflects a grant of deferred stock units converted into common shares, issued as compensation in lieu of cash dividends on DSUs already held by Michael Gillmore, consistent with the company’s director compensation structure.

Director at TPG RE Finance Trust (TRTX) receives 1,195-share DSU award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

TPG RE Finance Trust director Michael Gillmore reported an equity compensation award linked to dividends. On April 24, 2026, he acquired 1,195 shares of common stock at $7.61 per share through deferred stock units issued in lieu of cash dividends on existing DSUs. Following this grant, he directly holds 97,590 common shares and indirectly holds 500 additional shares through a personal trust.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Gillmore Michael

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,195	$7.61	$9K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 97,590 shares (Direct, null); Common Stock — 500 shares (Indirect, See Explanation of Responses)

Footnotes (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 April 24, 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 April 24, 2026. Held through a personal trust.

Key Figures

Share award size: 1,195 shares Award price per share: $7.61 per share Dividend rate for DSUs: $0.24 per share +2 more

5 metrics

Share award size 1,195 shares Common stock granted via DSUs on April 24, 2026

Award price per share $7.61 per share Price used for the 1,195-share DSU-based acquisition

Dividend rate for DSUs $0.24 per share Common stock dividend paid on April 24, 2026

Direct holdings after award 97,590 shares Common stock directly owned by Michael Gillmore after the grant

Indirect holdings via trust 500 shares Common stock held through a personal trust

Key Terms

deferred stock units, DSUs, Common Stock dividend, personal trust

4 terms

deferred stock units financial

"underlying deferred stock units ("DSUs") issued to Mr. Michael Gillmore in lieu of dividends payable"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

DSUs financial

"The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned"

DSUs, or Deferred Share Units, are a form of long-term pay where employees or directors receive a promise of company shares or cash at a later date instead of immediate salary. Think of them as an IOU for future stock that vests over time and converts into actual shares or cash, so they matter to investors because they can increase the number of outstanding shares (dilution) and reveal how management’s pay is tied to company performance.

Common Stock dividend financial

"the $0.24 per share dollar amount of the Common Stock dividend paid by the Issuer on April 24, 2026"

personal trust financial

"Held through a personal trust."

Form 4 Insider Transactions: What Each Field Means →

04/28/2026 - 04:46 PM

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

10106

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/24/2026		A		1,195⁽¹⁾	A	$7.61	97,590	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 April 24, 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 April 24, 2026.

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)	04/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Michael Gillmore report in this Form 4 for TPG RE Finance Trust (TRTX)?

Michael Gillmore reported receiving an equity award of 1,195 shares of TPG RE Finance Trust common stock. The shares came from deferred stock units issued instead of cash dividends on DSUs he already owned, reflecting routine compensation rather than an open-market stock purchase.

How many TRTX shares does Michael Gillmore hold after this transaction?

After the reported award, Michael Gillmore directly holds 97,590 shares of TPG RE Finance Trust common stock. He also indirectly holds 500 additional shares through a personal trust, giving him both direct and indirect ownership positions as reflected in the Form 4 filing.

What indirect TRTX holdings does Michael Gillmore report on this Form 4?

Michael Gillmore reports indirect ownership of 500 shares of TPG RE Finance Trust common stock. According to the filing footnote, these shares are held through a personal trust, distinguishing them from the 97,590 shares he owns directly in his own name.

What dividend rate was used for Michael Gillmore’s TRTX deferred stock unit grant?

The deferred stock unit grant used a $0.24 per-share common stock dividend paid on April 24, 2026. That dividend amount, applied to eligible DSUs and divided by the closing share price on the record date, determined the number of DSUs and corresponding common shares issued to Michael Gillmore.