# EDGAR Filing Document

**Accession Number:** 0001630472
**File Stem:** 0000919574-26-002319
**Filing Date:** 2026-4
**Character Count:** 12677
**Document Hash:** 6b5b407b12e78ad7fee7412ac129af1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000919574-26-002319.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0000919574-26-002319

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPG RE Finance Trust, Inc.
- **CENTRAL INDEX KEY:** 0001630472
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90243
- **FILM NUMBER:** 26880847

**BUSINESS ADDRESS:**
- **STREET 1:** C/O TPG CAPITAL, L.P.
- **STREET 2:** 345 CALIFORNIA STREET, SUITE 3300
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415-743-1500

**MAIL ADDRESS:**
- **STREET 1:** C/O TPG CAPITAL, L.P.
- **STREET 2:** 345 CALIFORNIA STREET, SUITE 3300
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GRATIA CAPITAL, LLC
- **CENTRAL INDEX KEY:** 0001599793

**ORGANIZATION NAME:**
- **EIN:** 454686693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 11835 WEST OLYMPIC BLVD.
- **STREET 2:** SUITE 385
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064
- **BUSINESS PHONE:** 310-733-2500

**MAIL ADDRESS:**
- **STREET 1:** 11835 WEST OLYMPIC BLVD.
- **STREET 2:** SUITE 385
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064

## Ex-99

Exhibit A

<u>AGREEMENT</u>

The undersigned agree that this Amendment No.1 to Schedule 13D, dated April 21, 2026, relating to the Common Stock, par value $0.001 per share, of TPG RE Finance Trust, Inc. shall be filed on behalf of the undersigned.

<u>April 21, 2026</u> <br> (Date)

---

| |
|:---|
| &nbsp;&nbsp; Gratia Capital, LLC\*<br>By: /s/ Steve Pei |
| &nbsp;&nbsp;(Signature) |
| &nbsp;&nbsp;Steve Pei, Managing Member |
| &nbsp;&nbsp;(Name/Title) |

---

---

| |
|:---|
| &nbsp;&nbsp; Steve Pei<br>|
| &nbsp;&nbsp;By: /s/ Steve Pei\* |

---

## Ex-99

Exhibit B

**Schedule of Transactions in Shares**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> <u>Date of Transaction</u> | &nbsp;&nbsp; <br> <u>Title of Class</u> | &nbsp;&nbsp;<u>Number of Shares Acquired</u> | &nbsp;&nbsp;<u>Number of Shares Disposed</u> | &nbsp;&nbsp; <u>Price Per</u> <br> <u>Share</u><br>|
| &nbsp;&nbsp;3/30/2026 | &nbsp;&nbsp;Common Stock |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$7.7738 (1) |
| &nbsp;&nbsp; <br> <u>Date of Transaction</u> | &nbsp;&nbsp; <br> <u>Title of Class</u> | &nbsp;&nbsp;<u>Number of Contracts Acquired</u> | &nbsp;&nbsp;<u>Number of Contracts Disposed</u> | &nbsp;&nbsp; <u>Price Per</u> <br> <u>Share</u><br>|
| &nbsp;&nbsp;2/23/2026 | &nbsp;&nbsp; Option to purchase Common Stock<br>| &nbsp;&nbsp;8000 (2) |  | &nbsp;&nbsp;$0.1900 |
| &nbsp;&nbsp;2/23/2026 | &nbsp;&nbsp;Option to purchase Common Stock | &nbsp;&nbsp;8000 (2) |  | &nbsp;&nbsp;$0.1800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The price reported is a weighted average price. These Common Shares were sold in multiple transactions within the range of $7.59 to
$7.80. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and
Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth
in this footnote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) These options are no longer exercisable and expired on April 17, 2026.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**TPG RE Finance Trust, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.001 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Steve Pei**<br>Gratia Capital, LLC<br>11835 West Olympic Blvd., Suite 385<br>Los Angeles CA 90064<br>310-733-2500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**04/17/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Gratia Capital, LLC** | Name of reporting person<br>**Gratia Capital, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2785149.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2785149.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2785149.00** | Aggregate amount beneficially owned by each reporting person<br>**2785149.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.6%** | Percent of class represented by amount in Row (11)<br>**3.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Steve Pei** | Name of reporting person<br>**Steve Pei** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**116428.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2785149.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**116428.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2785149.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2901577.00** | Aggregate amount beneficially owned by each reporting person<br>**2901577.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.7%** | Percent of class represented by amount in Row (11)<br>**3.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.001 per share

**(b) Name of Issuer:**
TPG RE Finance Trust, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
888 Seventh Avenue, 35th Floor, New York, NY, 10106

This Amendment No. 1 to Schedule 13D relates to the Issuer's Common Stock, par value $0.001 per share (the "Shares").

**Item 4. Purpose of Transaction**

The Reporting Persons acquired their Shares for investment purposes.

The Reporting Persons believe that the Issuer's share price does not accurately reflect the Issuer's short and long-term prospects.  Consequently, the Reporting Persons look forward to positive and supportive discussions with the Issuer's management on a number of topics including dividend increases, broader strategic initiatives, and positioning of the Issuer within the mortgage REIT universe.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may take such actions with respect to their investment in the Issuer as they deem appropriate. In that regard, the Reporting Persons have been and may continue to be in contact with members of the Issuer's management, Board, other significant shareholders and others regarding alternatives that the Issuer could employ to create significant additional shareholder value over time.

Except as otherwise set forth herein, the Reporting Persons do not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D. However, subject to market conditions and in compliance with applicable securities laws, the Reporting Persons reserve the right, at a later date, to effect one or more of such changes or transactions in the number of Shares they may be deemed to beneficially own in open-market or privately negotiated transactions, on such terms and at such times as the Reporting Persons may deem advisable.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the date hereof: (i) Pei may be deemed to be the beneficial owner of 2,901,577 Shares, constituting 3.7% of the Shares* and (ii) Gratia may be deemed to be the beneficial owner of 2,785,149 Shares, constituting 3.6% of the Shares*

**(b)**
Pei:
Pei has the sole power to vote or direct the vote of 116,428 Shares; has the shared power to vote or direct the vote of 2,785,149 Shares; has the sole power to dispose or direct the disposition of 116,428 Shares; and has the shared power to dispose or direct the disposition of 2,785,149 Shares.

Gratia:
Gratia has the sole power to vote or direct the vote of 0 Shares; have the shared power to vote or direct the vote of 2,785,149 Shares; have the sole power to dispose or direct the disposition of 0 Shares; and have the shared power to dispose or direct the disposition of 2,785,149 Shares.

**(c)**
Excluding the transactions disclosed on Exhibit B, the Reporting Persons have not transacted in shares of the Issuer within the previous 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 4 above is incorporated by reference in its entirety in this Item 6.  The Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer that is not described herein and/or in a previous Schedule 13D filed by the Reporting Persons in respect of the Issuer.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Gratia Capital, LLC

**Signature:** By: /s/ Steve Pei*

**Name/Title:** Steve Pei, Managing Member

**Date:** 04/21/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Steve Pei

**Signature:** By: /s/ Steve Pei*

**Name/Title:** Steve Pei

**Date:** 04/21/2026