TPG RE Finance (NYSE: TRTX) director adds shares via dividend stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

TPG RE Finance Trust director Todd Schuster reported a compensation-related stock award. He acquired 164 shares of common stock at $7.61 per share, increasing his direct holdings to 63,826 shares. The award represents deferred stock units issued in lieu of cash dividends on existing deferred stock units tied to a $0.24 per-share common stock dividend paid on April 24, 2026.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Schuster Todd

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	164	$7.61	$1K

Holdings After Transaction: Common Stock — 63,826 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares acquired: 164 shares Price per share: $7.61 per share Shares held after transaction: 63,826 shares +1 more

4 metrics

Shares acquired 164 shares Common Stock credited via DSUs on April 24, 2026

Price per share $7.61 per share Value used for the DSU-related stock award

Shares held after transaction 63,826 shares Direct holdings following the April 24, 2026 grant

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

Key Terms

deferred stock units, DSUs, Common Stock dividend

3 terms

deferred stock units financial

"underlying deferred stock units ("DSUs") issued to Mr. Todd Schuster 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"

Form 4 Insider Transactions: What Each Field Means →

04/28/2026 - 04:37 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^*

Schuster Todd

(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		164⁽¹⁾	A	$7.61	63,826	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. Todd Schuster in lieu of dividends payable on DSUs owned by Mr. Schuster. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Schuster 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. Schuster pursuant to the power of attorney dated July 15, 2020, which was previously filed with the Securities and Exchange Commission.

	/s/ Matthew Coleman, By: Matthew Coleman, on behalf of Todd Schuster (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 insider transaction did TRTX director Todd Schuster report?

Todd Schuster reported acquiring 164 shares of TPG RE Finance Trust common stock as a grant. The shares relate to deferred stock units issued in lieu of cash dividends on existing DSUs, reflecting compensation rather than an open-market purchase.

At what price were the TRTX shares credited to Todd Schuster?

The 164 shares of TPG RE Finance Trust were valued at $7.61 per share. This price was used to calculate deferred stock units issued instead of cash dividends tied to the company’s $0.24 per-share common stock dividend on April 24, 2026.

How many TRTX shares does Todd Schuster hold after this Form 4 transaction?

After the reported transaction, Todd Schuster directly holds 63,826 shares of TPG RE Finance Trust common stock. This total includes the 164 shares tied to deferred stock units received as stock-based compensation linked to dividend equivalents on prior DSU holdings.

Why did Todd Schuster receive deferred stock units instead of cash dividends from TRTX?

Todd Schuster elected or is entitled to receive deferred stock units in lieu of cash dividends on certain DSUs. The number of DSUs is based on the $0.24 per-share dividend and the closing price on the dividend’s record date, aligning compensation with stock performance.

Does the TRTX Form 4 show an open-market buy or sell by Todd Schuster?

The Form 4 does not show an open-market buy or sell. It records a grant-type acquisition coded "A", reflecting stock accrued through deferred stock units in place of cash dividends, which is a compensation mechanism rather than a discretionary market transaction.