The Company does not have any employees. As of September 30, 2021, certain individuals employed by an affiliate of the Manager and certain members of the Company’s Board of Directors were compensated, in part, through the issuance of share-based instruments.

The Company’s Board of Directors has adopted, and the Company’s stockholders have approved, the TPG RE Finance Trust, Inc. 2017 Equity Incentive Plan (the “Incentive Plan”). The Incentive Plan provides for the grant of equity-based awards to the Company’s, and its affiliates’, directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manager and other entities that provide services to us and our affiliates and the employees of such entities. The total number of shares of common stock or long-term incentive plan (“LTIP”) units that may be awarded under the Incentive Plan is 4,600,463. The Incentive Plan will automatically expire on the tenth anniversary of its effective date, unless terminated earlier by the Company’s Board of Directors.

Generally, the shares vest in installments over a four-year period, pursuant to the terms of the award and the Incentive Plan. The following table presents the number of shares associated with outstanding awards that will vest over the next four years. For the three months ended September 30, 2021, the Company issued 1,783 shares and retired 42,942 shares pursuant to the terms of the Incentive Plan. Shares presented for the current year, 2021, includes 309,841 shares which have vested during the period from January 1, 2021 to September 30, 2021.

Vesting Year	Shares of Common Stock
2021		418,345
2022		183,030
2023		145,873
2024		89,548
Total		836,796

As of September 30, 2021, total unrecognized compensation cost relating to unvested share-based compensation arrangements was $5.6 million. This cost is expected to be recognized over a weighted average period of 1.3 years from September 30, 2021. For the three months ended September 30, 2021 and 2020, the Company recognized $1.3 million and $1.1 million, respectively, of share-based compensation expense. For the nine months ended September 30, 2021 and 2020, the Company recognized $4.1 million and $4.2 million, respectively, of share-based compensation expense.