X0306 4 2019-05-14 0 0001630472 TPG RE Finance Trust, Inc. TRTX 0001246489 SILVERSTEIN WENDY C/O TPG RE FINANCE TRUST, INC. 888 SEVENTH AVENUE, 35TH FLOOR NEW YORK NY 10106 1 0 0 0 Common Stock 2019-05-14 4 A 0 3177 0.00 A 4785 D Common Stock 2019-05-14 4 D 0 1608 D 3177 D Common Stock 2019-05-14 4 A 0 1608 A 4785 D 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 May 14, 2019 (the "Grant Date"). The New DSUs were 100% vested on the Grant Date, but are subject to the restrictions set forth in the award agreement for the New DSUs (the "New DSU Award Agreement"). Subject to the terms of the New DSU Award Agreement, the shares of Common Stock underlying the New DSUs will be delivered to Ms. Silverstein on the date of Ms. Silverstein's "Separation from Service" (as defined in the New DSU Award Agreement). The shares of Common Stock (the "Cancelled Shares") were previously awarded to Ms. Silverstein on May 24, 2018 and scheduled to vest on May 24, 2019. The award was canceled by mutual agreement of Ms. Silverstein and the Issuer. Ms. Silverstein received 1,608 deferred stock units (the "Replacement DSUs") as consideration for the cancellation of the Cancelled Shares. Represents shares of Common Stock underlying the Replacement DSUs granted to Ms. Silverstein on the Grant Date. The Replacement DSUs were granted to Ms. Silverstein as consideration for the cancellation of the Cancelled Shares. The Replacement DSUs were 100% vested on the Grant Date, but are subject to the restrictions set forth in the award agreement for the Replacement DSUs (the "Replacement DSU Award Agreement"). Subject to the terms of the Replacement DSU Award Agreement, the shares of Common Stock underlying the Replacement DSUs will be delivered to Ms. Silverstein on the date of Ms. Silverstein's "Separation from Service" (as defined in the Replacement DSU Award Agreement). (4) Matthew Coleman is signing on behalf of Ms. Silverstein pursuant to the power of attorney dated June 26, 2017, which was previously filed with the Securities and Exchange Commission. /s/ Matthew Coleman on behalf of Wendy Silverstein (4) 2019-05-16