How was the 1,195-share TRTX deferred stock unit grant calculated?

The grant size was based on DSUs that pay dividends in stock. The number of new DSUs equaled the product of eligible DSUs and the $0.24 per share dividend, divided by the closing TRTX stock price on the dividend record date, resulting in 1,195 underlying shares.

Director Smith gains 1,195 TPG RE Finance (NYSE: TRTX) DSU shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Smith Michael Bradley reported acquisition or exercise transactions in this Form 4 filing.

TPG RE Finance Trust director Michael Bradley Smith received 1,195 shares of Common Stock through a grant of deferred stock units. These units were issued in lieu of cash dividends on DSUs he already owned, using a reference price of $7.61 per share.

After this award, Smith directly holds 97,590 shares of TPG RE Finance Trust, Inc. common stock. The transaction reflects routine equity compensation rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Smith Michael Bradley

Role null

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

Holdings After Transaction: Common Stock — 97,590 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares granted: 1,195 shares Reference price per share: $7.61 per share Shares after transaction: 97,590 shares +1 more

4 metrics

Shares granted 1,195 shares Deferred stock units issued on April 24, 2026

Reference price per share $7.61 per share Closing price used to calculate DSUs

Shares after transaction 97,590 shares Total common stock directly held after award

Dividend per share $0.24 per share Common Stock dividend paid April 24, 2026

Key Terms

deferred stock units, DSUs, Common Stock dividend, record date

4 terms

deferred stock units financial

"underlying deferred stock units ("DSUs") issued to Mr. M. Bradley Smith in lieu of dividends"

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"

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"

record date financial

"the closing price of the Issuer's Common Stock as of the record date for the Common Stock dividend"

The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.

Form 4 Insider Transactions: What Each Field Means →

04/28/2026 - 04:42 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^*

Smith Michael Bradley

(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

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. 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 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.

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)	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 TRTX director Michael Bradley Smith report in this Form 4?

Michael Bradley Smith reported receiving 1,195 shares of TPG RE Finance Trust common stock via deferred stock units. These units were granted instead of cash dividends on DSUs he already held, at a reference price of $7.61 per share on the applicable dividend date.

Was the TRTX Form 4 transaction an open-market buy or sell?

The Form 4 does not show an open-market buy or sell. It reports an acquisition coded as a grant or award, where deferred stock units were issued in lieu of cash dividends on existing DSUs, making it routine compensation rather than a market trade.

How many TRTX shares does Michael Bradley Smith hold after this transaction?

After the grant, Michael Bradley Smith directly holds 97,590 shares of TPG RE Finance Trust common stock. This figure includes the 1,195 shares represented by newly issued deferred stock units tied to dividends on DSUs he already owned as of the dividend record date.

What dividend amount underlies the TRTX deferred stock unit grant?

The grant reflects a $0.24 per share common stock dividend paid by TPG RE Finance Trust on April 24, 2026. Instead of cash, Michael Bradley Smith received additional deferred stock units representing 1,195 underlying shares, aligning his compensation with shareholder dividend distributions.