Smith Michael Bradley 4

What Happened
M. Bradley Smith, a director of TPG RE Finance Trust, received an award/acquisition of 1,007 shares (recorded as common stock underlying deferred stock units, DSUs) on 2026-01-23. The per-share value used in the Form 4 is $8.79, giving a total reported value of $8,852. This was not an open-market purchase or sale but issuance of DSUs in lieu of cash dividends.

Key Details

• Transaction date: January 23, 2026; Filing date (Form 4): January 27, 2026 (filed within the typical 2-business-day window).
• Reported transaction: Grant/award/acquisition (A) of 1,007 shares at $8.79 per share; total $8,852.
• Shares received represent common stock underlying DSUs issued in lieu of a $0.24-per-share cash dividend. The DSU count was calculated by dividing the dividend amount by the closing share price on the record date. (See footnote for calculation method.)
• The filing notes Matthew Coleman signed on behalf of Mr. Smith under a power of attorney dated June 26, 2017.
• The Form 4 provided does not disclose Mr. Smith’s total shares owned after this transaction in the supplied text.

Context
This transaction reflects dividend reinvestment into deferred stock units rather than an active purchase or sale of company stock; such awards are routine for insiders who hold DSUs and do not necessarily signal a change in sentiment. The monetary value is modest (~$8.9k), so it’s a small incremental increase in equity exposure.