TRTX

SEC source: 0000899243-20-034510 · doc4.xml · nonDerivative · entry 1

Davis Kelvin L. · CIK 0001425872 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,025

SEC source: 0000899243-20-034520 · doc4.xml · nonDerivative · entry 1

Foley Robert · CIK 0001298783 · Chief Financial & Risk Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,971

SEC source: 0000899243-20-034501 · doc4.xml · nonDerivative · entry 1

Banyasz Avi · CIK 0001550532 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,203

SEC source: 0000899243-20-034521 · doc4.xml · nonDerivative · entry 1

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 116,834

SEC source: 0000899243-20-015806 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,896

F1 · security: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units (the "New DSUs") awarded to Mr. Michael Gillmore on June 5, 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: 0000899243-20-015804 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,896

F1 · security: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units (the "New DSUs") awarded to Mr. M. Bradley Smith on June 5, 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: 0000899243-20-015809 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,896

F1 · security: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units (the "New DSUs") awarded to Ms. Wendy Silverstein on June 5, 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: 0000899243-20-015807 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,896

F1 · security: Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units (the "New DSUs") awarded to Mr. Gregory White on June 5, 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: 0000899243-20-009127 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 500

F1 · ownership.nature: Held through a personal trust.

SEC source: 0000899243-20-009123 · doc4.xml · nonDerivative · entry 1

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,207

SEC source: 0000899243-20-008850 · doc4.xml · nonDerivative · entry 1

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 115,207

SEC source: 0000899243-20-008451 · doc4.xml · nonDerivative · entry 1

Guggenheim Greta · CIK 0001473357 · Director · CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 471,537

F1 · price: The price reported in Column 4 is a weighted average price. These shares of common stock of TPG RE Finance Trust, Inc. (the "Issuer") were purchased in multiple transactions at prices ranging from $14.605 to $15.12, inclusive. Ms. Greta Guggenheim undertakes 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. The purchases reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ms. Guggenheim.

SEC source: 0001387131-20-002654 · tpg-form4_022120.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: 6,621,485

F1 · kind: On February 21, 2020 and March 4, 2020, TPG RE Finance Trust Management, L.P. (the "Manager") granted an aggregate of 39,009 and 4,004 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer"), respectively, to two directors and an executive officer of the Issuer, as compensation for services provided by such individuals to the Issuer. Such shares of Common Stock were 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 17,011 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: 0000899243-20-007495 · doc4.xml · nonDerivative · entry 1

Davis Kelvin L. · CIK 0001425872 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 18,820

F1 · kind: On March 4, 2020, Mr. Kelvin L. Davis acquired 1,752 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Davis in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Davis will vest ratably in four annual instalments beginning on July 31, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Davis.

F1 · ownership.nature: On March 4, 2020, Mr. Kelvin L. Davis acquired 1,752 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Davis in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Davis will vest ratably in four annual instalments beginning on July 31, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Davis.

SEC source: 0000899243-20-007489 · doc4.xml · nonDerivative · entry 1

Banyasz Avi · CIK 0001550532 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 18,820

F1 · kind: On March 4, 2020, Mr. Avi Banyasz acquired 1,752 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Banyasz in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Banyasz will vest ratably in four annual instalments beginning on July 31, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Banyasz.

F1 · ownership.nature: On March 4, 2020, Mr. Avi Banyasz acquired 1,752 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Banyasz in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Banyasz will vest ratably in four annual instalments beginning on July 31, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Banyasz.

SEC source: 0000899243-20-007484 · doc4.xml · nonDerivative · entry 1

Coleman Matthew · CIK 0001696998 · Vice President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,945

F1 · kind: On March 4, 2020, Mr. Matthew Coleman acquired 500 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Coleman in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Coleman will vest ratably in four annual instalments beginning on July 31, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Coleman.

F1 · ownership.nature: On March 4, 2020, Mr. Matthew Coleman acquired 500 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Coleman in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Coleman will vest ratably in four annual instalments beginning on July 31, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Coleman.

SEC source: 0000899243-20-006335 · doc4.xml · nonDerivative · entry 1

Davis Kelvin L. · CIK 0001425872 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 17,068

F1 · kind: On February 21, 2020, Mr. Kelvin L. Davis acquired 17,068 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Davis in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Davis will vest ratably in four annual instalments beginning on June 30, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Davis.

F1 · ownership.nature: On February 21, 2020, Mr. Kelvin L. Davis acquired 17,068 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Davis in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Davis will vest ratably in four annual instalments beginning on June 30, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Davis.

SEC source: 0000899243-20-006334 · doc4.xml · nonDerivative · entry 1

Banyasz Avi · CIK 0001550532 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 17,068

F1 · kind: On February 21, 2020, Mr. Avi Banyasz acquired 17,068 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Banyasz in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Banyasz will vest ratably in four annual instalments beginning on June 30, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Banyasz.

F1 · ownership.nature: On February 21, 2020, Mr. Avi Banyasz acquired 17,068 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Banyasz in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Banyasz will vest ratably in four annual instalments beginning on June 30, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Banyasz.

SEC source: 0000899243-20-006337 · doc4.xml · nonDerivative · entry 1

Coleman Matthew · CIK 0001696998 · Vice President

10b5-1 filing: Not disclosed

Ownership: Indirect · See Explanation of Responses

Disclosed balance after: 7,445

F1 · kind: On February 21, 2020, Mr. Matthew Coleman acquired 4,873 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Coleman in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Coleman will vest ratably in four annual instalments beginning on June 30, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Coleman.

F1 · ownership.nature: On February 21, 2020, Mr. Matthew Coleman acquired 4,873 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Mr. Coleman in accordance with the terms of a compensatory plan adopted by the Manager. The shares of Common Stock awarded to Mr. Coleman will vest ratably in four annual instalments beginning on June 30, 2020. Upon vesting, the shares of Common Stock will be delivered to Mr. Coleman.

SEC source: 0001387131-20-002654 · tpg-form4_022120.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: 6,625,489

F1 · kind: On February 21, 2020 and March 4, 2020, TPG RE Finance Trust Management, L.P. (the "Manager") granted an aggregate of 39,009 and 4,004 shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer"), respectively, to two directors and an executive officer of the Issuer, as compensation for services provided by such individuals to the Issuer. Such shares of Common Stock were 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 17,011 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: 0000899243-20-002622 · doc4.xml · derivative · entry 3

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

TPG Real Estate GenPar Advisors, Inc. · CIK 0001712107 · 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: 0

Underlying: Common Stock · 969,967 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F6 · derivative.exercise_price: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F1 · kind: Effective January 30, 2020, (i) TPG RE Finance Trust Equity, L.P. ("TPG RE Finance Trust Equity") (a) converted all of its shares of Class A common stock ("Class A Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") into shares of common stock ("Common Stock") of the Issuer and (b) distributed, in accordance with its agreement of limited partnership, such shares of Common Stock pro rata to its partners; and (ii) TPG RE Finance Trust Management, L.P. (the "Manager") converted all of its shares of Class A Common Stock into shares of Common Stock.

F6 · derivative.exercise_date: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F6 · derivative.expiration_date: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of each of (i) TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors") and (ii) TPG Real Estate GenPar Advisors, Inc. ("TPG Real Estate Advisors" and, together with Group Advisors and Messrs. Bonderman and Coulter, the "Reporting Persons"). Group Advisors 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 60,024 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: TPG Real Estate Advisors is the general partner of TPG RE Finance Trust Equity, which directly held shares of Class A Common Stock.

F6 · ownership.nature: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F7 · 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.

F8 · 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: 0000899243-20-002622 · doc4.xml · nonDerivative · entry 2

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

TPG Real Estate GenPar Advisors, Inc. · CIK 0001712107 · 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: 6,664,498

F1 · kind: Effective January 30, 2020, (i) TPG RE Finance Trust Equity, L.P. ("TPG RE Finance Trust Equity") (a) converted all of its shares of Class A common stock ("Class A Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") into shares of common stock ("Common Stock") of the Issuer and (b) distributed, in accordance with its agreement of limited partnership, such shares of Common Stock pro rata to its partners; and (ii) TPG RE Finance Trust Management, L.P. (the "Manager") converted all of its shares of Class A Common Stock into shares of Common Stock.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of each of (i) TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors") and (ii) TPG Real Estate GenPar Advisors, Inc. ("TPG Real Estate Advisors" and, together with Group Advisors and Messrs. Bonderman and Coulter, the "Reporting Persons"). Group Advisors 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 60,024 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.

F5 · 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.

F7 · 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.

F8 · 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: 0000899243-20-002622 · doc4.xml · nonDerivative · entry 1

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

TPG Real Estate GenPar Advisors, Inc. · CIK 0001712107 · 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: 7,475,134

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of each of (i) TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors") and (ii) TPG Real Estate GenPar Advisors, Inc. ("TPG Real Estate Advisors" and, together with Group Advisors and Messrs. Bonderman and Coulter, the "Reporting Persons"). Group Advisors 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 60,024 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.

F5 · 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.

F7 · 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.

F8 · 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: 0000899243-20-002225 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,102

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 January 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 January 24, 2020.

SEC source: 0000899243-20-002222 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,102

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 January 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 January 24, 2020.

SEC source: 0000899243-20-002223 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,102

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 January 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 January 24, 2020.

SEC source: 0000899243-20-002228 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,102

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 January 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 January 24, 2020.

SEC source: 0000899243-19-029764 · doc4.xml · nonDerivative · entry 2

Guggenheim Greta · CIK 0001473357 · Director · CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 446,537

F2 · security: The shares of Common Stock awarded to Ms. Guggenheim will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-029764 · doc4.xml · nonDerivative · entry 1

Guggenheim Greta · CIK 0001473357 · Director · CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 381,966

F1 · security: The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. awarded to Ms. Greta Guggenheim will vest ratably in two annual installments beginning on December 31, 2020.

SEC source: 0000899243-19-029766 · doc4.xml · nonDerivative · entry 1

Davis Kelvin L. · CIK 0001425872 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,014

F1 · security: The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Kelvin L. Davis will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-029757 · doc4.xml · nonDerivative · entry 1

Foley Robert · CIK 0001298783 · Chief Financial & Risk Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,908

F1 · security: The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Robert Foley will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-029762 · doc4.xml · nonDerivative · entry 1

Banyasz Avi · CIK 0001550532 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,014

F1 · security: The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Avi Banyasz will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-029760 · doc4.xml · nonDerivative · entry 1

Ginsberg Deborah J. · CIK 0001712073 · See Remarks (2)

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,551

F1 · security: The shares of common stock of TPG RE Finance Trust, Inc. awarded to Ms. Deborah Ginsberg will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-029779 · doc4.xml · nonDerivative · entry 1

Coleman Matthew · CIK 0001696998 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,578

F1 · security: The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Matthew Coleman will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-029758 · doc4.xml · nonDerivative · entry 1

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,207

F1 · security: The shares of common stock of TPG RE Finance Trust, Inc. awarded to Mr. Peter A. Smith will vest ratably in four annual installments beginning on June 30, 2020.

SEC source: 0000899243-19-026000 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,997

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 October 25, 2019 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 25, 2019.

SEC source: 0000899243-19-026005 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,997

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 October 25, 2019 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 25, 2019.

SEC source: 0000899243-19-026004 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,997

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 October 25, 2019 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 25, 2019.

SEC source: 0000899243-19-026006 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,997

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 October 25, 2019 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 25, 2019.

SEC source: 0000899243-19-020526 · doc4.xml · nonDerivative · entry 1

Gillmore Michael · CIK 0001711880 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,891

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. Gillmore in lieu of dividends payable on DSUs owned by Mr. Gillmore. The number of DSUs was calculated by dividing (1) 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 July 25, 2019 by (2) 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, 2019.

SEC source: 0000899243-19-020529 · doc4.xml · nonDerivative · entry 1

Smith Michael Bradley · CIK 0001711988 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,891

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. Smith in lieu of dividends payable on DSUs owned by Mr. Smith. The number of DSUs was calculated by dividing (1) 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 July 25, 2019 by (2) 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, 2019.

SEC source: 0000899243-19-020531 · doc4.xml · nonDerivative · entry 1

SILVERSTEIN WENDY · CIK 0001246489 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,891

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. Silverstein in lieu of dividends payable on DSUs owned by Ms. Silverstein. The number of DSUs was calculated by dividing (1) 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 July 25, 2019 by (2) 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, 2019.

SEC source: 0000899243-19-020528 · doc4.xml · nonDerivative · entry 1

WHITE GREGORY · CIK 0001219399 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,891

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. White in lieu of dividends payable on DSUs owned by Mr. White. The number of DSUs was calculated by dividing (1) 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 July 25, 2019 by (2) 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, 2019.

SEC source: 0000899243-19-019979 · doc4.xml · nonDerivative · entry 1

Foley Robert · CIK 0001298783 · Chief Financial & Risk Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,928

SEC source: 0000899243-19-019978 · doc4.xml · nonDerivative · entry 1

Smith Peter A. · CIK 0001712109 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,348

SEC source: 0000899243-19-019171 · doc4.xml · derivative · entry 1

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

TPG Real Estate GenPar Advisors, Inc. · CIK 0001712107 · 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: 969,967

Underlying: Common Stock · 43,012 shares

Expires not disclosed

F5 · derivative.exercise_price: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F1 · kind: On July 1, 2019, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of TPG RE Finance Trust, Inc. (the "Issuer"), withheld an aggregate of 43,012 shares of Class A common stock of the Issuer ("Class A Common Stock") from various grant recipients for payment of the tax liability incident to the vesting of shares of Class A Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F5 · derivative.exercise_date: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F5 · derivative.expiration_date: Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock.

F2 · ownership.nature: David Bonderman and James G. Coulter are the sole shareholders of each of (i) TPG Group Holdings (SBS) Advisors, Inc. ("Group Advisors") and (ii) TPG Real Estate GenPar Advisors, Inc. ("TPG Real Estate Advisors" and, together with Group Advisors and Messrs. Bonderman and Coulter, the "Reporting Persons"). Group Advisors 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 43,016 shares of Class A 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 of the Issuer ("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"), which directly holds 4,693,916 shares of Common Stock.

F4 · ownership.nature: TPG Real Estate Advisors is the general partner of TPG RE Finance Trust Equity, L.P. ("TPG RE Finance Trust Equity" and, together with the Manager, TPG Holdings III and TPG/NJ RE Partnership, the "TPG Funds"), which directly holds 926,951 shares of Class A 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: 0000899243-19-019178 · doc4.xml · derivative · entry 1

Guggenheim Greta · CIK 0001473357 · Director · CEO & President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,404

Underlying: Common Stock · 29,269 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F2 · kind: On July 1, 2019, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of the Issuer, withheld 29,269 shares of Class A Common Stock from Ms. Greta Guggenheim for payment of the tax liability incident to the vesting of shares of Class A Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F1 · derivative.exercise_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F1 · derivative.expiration_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

SEC source: 0000899243-19-019174 · doc4.xml · derivative · entry 1

Foley Robert · CIK 0001298783 · Chief Financial & Risk Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,164

Underlying: Common Stock · 7,377 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F2 · kind: On July 1, 2019, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of the Issuer, withheld 7,377 shares of Class A Common Stock from Mr. Robert Foley for payment of the tax liability incident to the vesting of shares of Class A Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F1 · derivative.exercise_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F1 · derivative.expiration_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

SEC source: 0000899243-19-019177 · doc4.xml · derivative · entry 1

Coleman Matthew · CIK 0001696998 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,625

Underlying: Common Stock · 947 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F2 · kind: On July 1, 2019, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of the Issuer, withheld 947 shares of Class A Common Stock from Mr. Matthew Coleman for payment of the tax liability incident to the vesting of shares of Class A Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F1 · derivative.exercise_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F1 · derivative.expiration_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

SEC source: 0000899243-19-019181 · doc4.xml · derivative · entry 1

Ginsberg Deborah J. · CIK 0001712073 · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,285

Underlying: Common Stock · 3,944 shares

Expires not disclosed

F1 · derivative.exercise_price: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F2 · kind: On July 1, 2019, TPG RE Finance Trust Management, L.P. (the "Manager"), the external manager of the Issuer, withheld 3,944 shares of Class A Common Stock from Ms. Deborah Ginsberg for payment of the tax liability incident to the vesting of shares of Class A Common Stock granted by the Manager pursuant to the terms of a compensatory plan adopted by the Manager.

F1 · derivative.exercise_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").

F1 · derivative.expiration_date: Pursuant to the Articles of Amendment and Restatement of TPG RE Finance Trust, Inc. (the "Issuer"), each share of Class A common stock of the Issuer ("Class A Common Stock") is convertible at any time or from time to time, at the option of the holder, for one share of common stock of the Issuer ("Common Stock").