TRTX

On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 9,011 shares of common stock ("Common Stock") of the Issuer from Mr. Brandon C. Fox for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan and (ii) 2025 Equity Incentive Plan.

On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 223,533 shares of common stock ("Common Stock") of the Issuer from Mr. Doug Bouquard for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan and (ii) 2025 Equity Incentive Plan.

On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 6,195 shares of common stock ("Common Stock") of the Issuer from Ms. Julie Hong for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan and (ii) 2025 Equity Incentive Plan.

On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 34,696 shares of common stock ("Common Stock") of the Issuer from Mr. Matthew Coleman for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan and (ii) 2025 Equity Incentive Plan.

On June 30, 2026, TPG RE Finance Trust, Inc. (the "Issuer") withheld 20,539 shares of common stock ("Common Stock") of the Issuer from Mr. Avi Banyasz for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's (i) 2017 Equity Incentive Plan and (ii) 2025 Equity Incentive Plan.

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.

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.

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.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 January 23, 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 January 23, 2026.

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 January 23, 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 January 23, 2026.

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 January 23, 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 January 23, 2026.

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 January 23, 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 January 23, 2026.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. underlying deferred stock units (the "New DSUs") awarded to Mr. Michael Gillmore 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. Gillmore on the date of Mr. Gillmore's "Separation from Service" (as defined in the New DSU Award Agreement).

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. underlying deferred stock units (the "New DSUs") awarded to Mr. Edward Goldthorpe 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. Goldthorpe on the date of Mr. Goldthorpe's "Separation from Service" (as defined in the New DSU Award Agreement).

The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Brandon Fox will vest ratably in four annual installments beginning on June 30, 2026.

The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Mr. Matthew Coleman will vest ratably in four annual installments beginning on June 30, 2026.

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).

The shares of common stock of TPG RE Finance Trust, Inc. awarded to Ms. Julie Hong will vest ratably in four annual installments beginning on June 30, 2026.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. underlying deferred stock units (the "New DSUs") awarded to Ms. Wendy Silverstein 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 Ms. Silverstein on the date of Ms. Silverstein's "Separation from Service" (as defined in the New DSU Award Agreement).

The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Doug Bouquard will vest ratably in four annual installments beginning on June 30, 2026.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. underlying deferred stock units (the "New DSUs") awarded to Mr. Todd Schuster 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. Schuster on the date of Mr. Schuster's "Separation from Service" (as defined in the New DSU Award Agreement).

The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Mr. Avi Banyasz will vest ratably in four annual installments beginning on June 30, 2026.

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 October 24, 2025 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 October 24, 2025.

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 October 24, 2025 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 October 24, 2025.

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 October 24, 2025 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 October 24, 2025.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 October 24, 2025 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 October 24, 2025.

Effective August 5, 2025, TPG/NJ (RE) Partnership, L.P. ("TPG/NJ RE Partnership") distributed, in accordance with its limited partnership agreement, 4,693,916 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") to its limited partner, State of New Jersey Common Pension Fund E (the "Distribution").

Each of James G. Coulter and Jon Winkelried owns entities that control TPG GP A, LLC (together with Messrs. Coulter and Winkelried, the "Reporting Persons"), which 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., which is the managing member of TPG GPCo, LLC, which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Operating Group II, L.P., which is the (i) sole member of TPG Holdings III-A, LLC and (ii) general partner of TPG Holdings II Sub, L.P.

TPG Holdings III-A, LLC is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Operating Group III, L.P. ("TOG III"), which (i) directly holds 1,811,251 shares of Common Stock and (ii) is the sole member of TPG DASA Advisors (RE) II, LLC, which is the general partner of TPG NJ DASA GenPar C, L.P., which is the general partner of TPG/NJ RE Partnership, which directly held 4,693,916 shares of Common Stock prior to the Distribution.

TPG Holdings II Sub, L.P. is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. ("TPG RE Finance Trust Management" and together with TOG III and TPG/NJ RE Partnership, the "TPG Funds"), which directly holds 581,612 shares of Common Stock.

Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

Because of the relationship between the Reporting Persons and the TPG Funds, the Reporting Persons may be deemed to beneficially own the securities reported herein to the extent of the greater of their respective direct or indirect pecuniary interests in the profits or capital accounts of the TPG Funds. Each TPG Fund and each Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such TPG Fund's or such Reporting Person's pecuniary interest therein, if any.

Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owners of any equity securities in excess of their respective pecuniary interests.

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 July 25, 2025 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 July 25, 2025.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 July 25, 2025 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 July 25, 2025.

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 July 25, 2025 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 July 25, 2025.

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 July 25, 2025 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 July 25, 2025.

On June 30, 2025, TPG RE Finance Trust, Inc. (the "Issuer") withheld 4,509 shares of common stock ("Common Stock") of the Issuer from Ms. Julie Hong for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's 2017 Equity Incentive Plan.

On June 30, 2025, TPG RE Finance Trust, Inc. (the "Issuer") withheld 14,135 shares of common stock ("Common Stock") of the Issuer from Mr. Avi Banyasz for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's 2017 Equity Incentive Plan.

On June 30, 2025, TPG RE Finance Trust, Inc. (the "Issuer") withheld 7,944 shares of common stock ("Common Stock") of the Issuer from Mr. Brandon C. Fox for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's 2017 Equity Incentive Plan.

On June 30, 2025, TPG RE Finance Trust, Inc. (the "Issuer") withheld 164,114 shares of common stock ("Common Stock") of the Issuer from Mr. Doug Bouquard for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's 2017 Equity Incentive Plan.

On June 30, 2025, TPG RE Finance Trust, Inc. (the "Issuer") withheld 58,231 shares of common stock ("Common Stock") of the Issuer from Mr. Robert Foley for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's 2017 Equity Incentive Plan.

On June 30, 2025, TPG RE Finance Trust, Inc. (the "Issuer") withheld 36,655 shares of common stock ("Common Stock") of the Issuer from Mr. Matthew Coleman for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Issuer pursuant to the terms of the Issuer's 2017 Equity Incentive Plan.

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 25, 2025 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 25, 2025.

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 25, 2025 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 25, 2025.

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 25, 2025 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 25, 2025.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 25, 2025 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 25, 2025.

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 January 24, 2025 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 January 24, 2025.

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 January 24, 2025 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 January 24, 2025.

Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Ms. Wendy Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Ms. Silverstein 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 January 24, 2025 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 January 24, 2025.

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 January 24, 2025 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 January 24, 2025.

The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Brandon C. Fox will vest ratably in four annual installments beginning on June 30, 2025.

The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Mr. Avi Banyasz will vest ratably in four annual installments beginning on June 30, 2025.

The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Doug Bouquard will vest ratably in four annual installments beginning on June 30, 2025.