TRTX

SEC source: 0000899243-21-017101 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,222

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on April 23, 2021 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 23, 2021.

SEC source: 0000899243-21-017103 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,222

F1 · shares: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Gregory White in lieu of dividends payable on DSUs owned by Mr. White. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. White and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on April 23, 2021 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 23, 2021.

SEC source: 0000899243-21-017105 · doc4.xml · nonDerivative · entry 1

Schuster Todd · CIK 0001543437 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,062

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on April 23, 2021 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 23, 2021.

SEC source: 0000899243-21-003298 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,837

F1 · shares: 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 and the $0.38 per share dollar amount of the Common Stock dividend paid by the Issuer on January 22, 2021 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 22, 2021.

SEC source: 0000899243-21-003301 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,837

F1 · shares: 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 and the $0.38 per share dollar amount of the Common Stock dividend paid by the Issuer on January 22, 2021 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 22, 2021.

SEC source: 0000899243-21-003299 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,837

F1 · shares: 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 and the $0.38 per share dollar amount of the Common Stock dividend paid by the Issuer on January 22, 2021 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 22, 2021.

SEC source: 0000899243-21-003302 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,837

F1 · shares: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Gregory White in lieu of dividends payable on DSUs owned by Mr. White. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. White and the $0.38 per share dollar amount of the Common Stock dividend paid by the Issuer on January 22, 2021 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 22, 2021.

SEC source: 0000899243-21-003303 · doc4.xml · nonDerivative · entry 1

Schuster Todd · CIK 0001543437 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,009

F1 · shares: 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 and the $0.38 per share dollar amount of the Common Stock dividend paid by the Issuer on January 22, 2021 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 22, 2021.

SEC source: 0000899243-20-034506 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,092

F1 · security: 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 17, 2020 (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).

SEC source: 0000899243-20-034512 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,092

F1 · security: 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 17, 2020 (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).

SEC source: 0000899243-20-034528 · doc4.xml · nonDerivative · entry 2

Guggenheim Greta · CIK 0001473357 · Director · CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 599,589

F1 · security: The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Ms. Greta Guggenheim will vest ratably in four annual installments beginning on June 30, 2021.

SEC source: 0000899243-20-034510 · doc4.xml · nonDerivative · entry 2

Davis Kelvin L. · CIK 0001425872 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,744

F1 · security: The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Mr. Kelvin Davis will vest ratably in four annual installments beginning on June 30, 2021.

SEC source: 0000899243-20-034520 · doc4.xml · nonDerivative · entry 2

Foley Robert · CIK 0001298783 · Chief Financial & Risk Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 87,227

F1 · security: The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Mr. Robert Foley will vest ratably in four annual installments beginning on June 30, 2021.

SEC source: 0000899243-20-034515 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,092

F1 · security: 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 17, 2020 (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).

SEC source: 0000899243-20-034516 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,092

F1 · security: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. underlying deferred stock units (the "New DSUs") awarded to Mr. Gregory White on December 17, 2020 (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. White on the date of Mr. White's "Separation from Service" (as defined in the New DSU Award Agreement).

SEC source: 0000899243-20-034514 · doc4.xml · nonDerivative · entry 1

Schuster Todd · CIK 0001543437 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,907

F1 · security: 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 17, 2020 (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).

SEC source: 0000899243-20-034501 · doc4.xml · nonDerivative · entry 2

Banyasz Avi · CIK 0001550532 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,922

F1 · security: 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, 2021.

SEC source: 0000899243-20-034527 · doc4.xml · nonDerivative · entry 2

Ginsberg Deborah J. · CIK 0001712073 · See Remarks (5)

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,033

F3 · security: The shares of Common Stock awarded to Ms. Ginsberg will vest ratably in four annual installments beginning on June 30, 2021.

SEC source: 0000899243-20-034522 · doc4.xml · nonDerivative · entry 2

Coleman Matthew · CIK 0001696998 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,916

F2 · security: The shares of Common Stock awarded to Mr. Coleman will vest ratably in four annual installments beginning on June 30, 2021.

SEC source: 0000899243-20-034521 · doc4.xml · nonDerivative · entry 3

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 161,885

F2 · security: The shares of Common Stock awarded to Mr. Smith will vest ratably in four annual installments beginning on June 30, 2021.

SEC source: 0001387131-20-011362 · trtx-form4_102820.xml · nonDerivative · entry 1

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,183,952

F1 · kind: On October 28, 2020, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of TPG RE Finance Trust, Inc. (the "Issuer"), withheld an aggregate of 2,510 shares of common stock ("Common Stock") of the Issuer from various grant recipients for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of the Manager, which directly holds 579,478 shares of Common Stock.

F3 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F4 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F5 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F6 · ownership.nature: 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.

SEC source: 0000899243-20-034527 · doc4.xml · nonDerivative · entry 1

Ginsberg Deborah J. · CIK 0001712073 · See Remarks (5)

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,287

F1 · kind: On October 28, 2020, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of TPG RE Finance Trust, Inc. (the "Issuer"), withheld 857 shares of Common Stock ("Common Stock") of the Issuer from Ms. Deborah Ginsberg for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F2 · ownership.direct: Effective January 30, 2020, the 6,066 shares of Class A common stock of the Issuer that Ms. Ginsberg indirectly beneficially owned (through her indirect limited partnership interest in TPG RE Finance Trust Equity, L.P.) were converted into shares of Common Stock and distributed in kind to Ms. Ginsberg, who now holds such shares.

SEC source: 0000899243-20-034522 · doc4.xml · nonDerivative · entry 1

Coleman Matthew · CIK 0001696998 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,916

F1 · kind: On October 28, 2020, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of TPG RE Finance Trust, Inc. (the "Issuer"), withheld 916 shares of 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 Manager pursuant to the terms of a compensatory plan adopted by the Manager.

SEC source: 0000899243-20-034521 · doc4.xml · nonDerivative · entry 2

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 118,026

F1 · kind: On October 28, 2020, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of TPG RE Finance Trust, Inc. (the "Issuer"), withheld 737 shares of Common Stock of the Issuer from Mr. Peter A. Smith for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

SEC source: 0001387131-22-002473 · ownership.xml · nonDerivative · entry 1

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,186,086

F1 · kind: On October 28, 2020, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of TPG RE Finance Trust, Inc. (the "Issuer"), withheld an aggregate of 4,644 shares of common stock ("Common Stock") of the Issuer from various grant recipients for payment of the tax liability incident to the vesting of shares of Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of the Manager, which directly holds 581,612 shares of Common Stock.

F3 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F4 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F5 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F6 · ownership.nature: 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.

SEC source: 0000899243-20-029311 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,278

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on October 23, 2020 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 23, 2020.

SEC source: 0000899243-20-029312 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,278

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on October 23, 2020 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 23, 2020.

SEC source: 0000899243-20-029317 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,278

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on October 23, 2020 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 23, 2020.

SEC source: 0000899243-20-029310 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,278

F1 · shares: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Gregory White in lieu of dividends payable on DSUs owned by Mr. White. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. White and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on October 23, 2020 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 23, 2020.

SEC source: 0001387131-20-008451 · trtx-form4_092120.xml · nonDerivative · entry 3

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,181,442

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.84 to $8.90 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 576,968 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008451 · trtx-form4_092120.xml · nonDerivative · entry 2

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,181,213

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.63 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 576,968 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008451 · trtx-form4_092120.xml · nonDerivative · entry 1

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,164,014

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F5 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.82 to $9.13 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "Commission"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 576,968 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008400 · trtx-form4_091820.xml · nonDerivative · entry 3

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,053,012

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 448,538 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F6 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F7 · ownership.nature: 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.

SEC source: 0001387131-20-008400 · trtx-form4_091820.xml · nonDerivative · entry 2

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,051,812

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F5 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.94 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "Commission"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 448,538 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F6 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F7 · ownership.nature: 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.

SEC source: 0001387131-20-008400 · trtx-form4_091820.xml · nonDerivative · entry 1

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,047,819

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 448,538 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F6 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F7 · ownership.nature: 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.

SEC source: 0001387131-20-008325 · ownership.xml · nonDerivative · entry 3

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,047,603

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.96 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 7,047,603 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008325 · ownership.xml · nonDerivative · entry 2

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,043,003

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.44 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 7,047,603 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008325 · ownership.xml · nonDerivative · entry 1

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 6,954,537

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F5 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.65 to $8.95 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "Commission"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 7,047,603 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008275 · trtx-form4_091020.xml · nonDerivative · entry 3

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 6,863,182

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F7 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.94 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 6,863,182 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008275 · trtx-form4_091020.xml · nonDerivative · entry 2

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 6,771,771

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F6 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.81 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 6,863,182 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0001387131-20-008275 · trtx-form4_091020.xml · nonDerivative · entry 1

TPG Group Holdings (SBS) Advisors, Inc. · CIK 0001495741 · 10% owner

BONDERMAN DAVID · CIK 0000860866 · 10% owner

COULTER JAMES G · CIK 0001099776 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 6,712,896

F4 · shares: The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Manager.

F5 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $8.87 to $9.00 inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "Commission"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth above.

F1 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors" and, together with Messrs. Bonderman and Coulter, the "Reporting Persons"), which is the sole member of TPG Group Holdings (SBS) Advisors, LLC, which is the general partner of TPG Group Holdings (SBS), L.P., which is the sole member of TPG Holdings II-A, LLC, which is the general partner of TPG Holdings II, L.P., which is the general partner of TPG Holdings II Sub, L.P., which is the sole member of TPG Real Estate Advisors, LLC, which is the general partner of TPG RE Finance Trust Management, L.P. (the "Manager"), which directly holds 6,863,182 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer").

F2 · ownership.nature: TPG Group Holdings (SBS), L.P. is the sole shareholder of TPG Holdings III-A, Inc., which is the general partner of TPG Holdings III-A, L.P., which is the general partner of TPG Holdings III, L.P. ("TPG Holdings 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, L.P. ("TPG/NJ RE Partnership" and, together with the Manager and TPG Holdings III, the "TPG Funds"), which directly holds 4,693,916 shares of Common Stock.

F3 · ownership.nature: Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

F8 · ownership.nature: Because of the relationship between the Reporting Persons, 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 Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein, if any.

F9 · ownership.nature: 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.

SEC source: 0000899243-20-020549 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,917

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on July 24, 2020 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 24, 2020.

SEC source: 0000899243-20-020555 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,917

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on July 24, 2020 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 24, 2020.

SEC source: 0000899243-20-020551 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,917

F1 · shares: 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 and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on July 24, 2020 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 24, 2020.

SEC source: 0000899243-20-020553 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,917

F1 · shares: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Gregory White in lieu of dividends payable on DSUs owned by Mr. White. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. White and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on July 24, 2020 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 24, 2020.

SEC source: 0000899243-20-019690 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,569

F1 · shares: 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 and the $0.43 per share dollar amount of the Common Stock dividend paid by the Issuer on June 15, 2020 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 June 15, 2020.

SEC source: 0000899243-20-019686 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,569

F1 · shares: 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 and the $0.43 per share dollar amount of the Common Stock dividend paid by the Issuer on June 15, 2020 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 June 15, 2020.

SEC source: 0000899243-20-019685 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,569

F1 · shares: 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 and the $0.43 per share dollar amount of the Common Stock dividend paid by the Issuer on June 15, 2020 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 June 15, 2020.

SEC source: 0000899243-20-019688 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,569

F1 · shares: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Gregory White in lieu of dividends payable on DSUs owned by Mr. White. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. White and the $0.43 per share dollar amount of the Common Stock dividend paid by the Issuer on June 15, 2020 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 June 15, 2020.

SEC source: 0000899243-20-034528 · doc4.xml · nonDerivative · entry 1

Guggenheim Greta · CIK 0001473357 · Director · CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 526,749