TPG RE Finance Trust, Inc. (Form: SC 13G/A, Received: 11/14/2025 15:29:02)

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TPG RE Finance Trust, Inc.

Common Stock, par value $0.001 per share

(Title of Class of Securities)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☐   Rule 13d-1(b)
☐   Rule 13d-1(c)
☒   Rule 13d-1(d)

5 Sole Voting Power: 0.00

6 Shared Voting Power: 2,392,863.00

7 Sole Dispositive Power: 0.00

8 Shared Dispositive Power: 2,392,863.00

Comment for Type of Reporting Person: The percentage beneficial ownership in Row 11 above is based on a total of 78,261,346 shares of Common Stock (as defined below) outstanding as of October 24, 2025 as reported on the Issuer's (as defined below) Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the "Commission") on October 28, 2025.

5 Sole Voting Power: 0.00

6 Shared Voting Power: 2,492,170.00

7 Sole Dispositive Power: 0.00

8 Shared Dispositive Power: 2,492,170.00

Comment for Type of Reporting Person: The percentage beneficial ownership in Row 11 above is based on a total of 78,261,346 shares of Common Stock outstanding as of October 24, 2025 as reported on the Issuer's Quarterly Report on Form 10-Q filed with the Commission on October 28, 2025.

5 Sole Voting Power: 0.00

6 Shared Voting Power: 2,392,863.00

7 Sole Dispositive Power: 0.00

8 Shared Dispositive Power: 2,392,863.00

TPG RE Finance Trust, Inc.

888 Seventh Avenue, 35th Floor, New York NY 10106

This Amendment No. 5 to Schedule 13G is being filed jointly by TPG GP A, LLC, a Delaware limited liability company ("TPG GP A"), James G. Coulter and Jon Winkelried (each, a "Reporting Person" and, together, the "Reporting Persons"), pursuant to an Agreement of Joint Filing incorporated by reference herein in accordance with Rule 13d-1(k)(1) under the Act. TPG GP A exercises direct or indirect control over entities that collectively hold 100% of the shares of Class B common stock (which represents a majority of the combined voting power of the common stock) of TPG Inc., a Delaware corporation, which is the sole member of TPG GPCo, LLC, a Delaware limited liability company, which is the sole member of TPG Holdings II-A, LLC, a Delaware limited liability company, which is the general partner of TPG Operating Group II, L.P., a Delaware limited partnership, which is the (i) general partner of TPG Holdings II Sub, L.P., a Delaware limited partnership, which is the sole member of TPG Real Estate Advisors, LLC, a Delaware limited liability company, which is the general partner of TPG RE Finance Trust Management, L.P., a Delaware limited partnership ("TPG RE Finance Trust Management"), which directly holds 581,612 shares of Common Stock; and (ii) sole member of TPG Holdings III-A, LLC, a Cayman limited liability company, which is the general partner of TPG Holdings III-A, L.P., a Cayman limited partnership, which is the general partner of TPG Operating Group III, L.P., a Delaware limited partnership ("TOG III"), which (a) directly holds 1,811,251 shares of Common Stock and (b) is the sole member of TPG DASA Advisors (RE) II, LLC, a Delaware limited liability company, which is the general partner of TPG NJ DASA GenPar C, L.P., a Delaware limited partnership, which is the general partner of TPG/NJ (RE) Partnership, L.P., a Delaware limited partnership ("TPG/NJ RE Partnership" and together with TOG III and TPG RE Finance Trust Management, the "TPG Funds"), which directly held shares of Common Stock. Because of the relationship of TPG GP A to the TPG Funds, TPG GP A may be deemed to beneficially own the shares of Common Stock held by the TPG Funds. TPG GP A is controlled by entities owned by Messrs. Coulter and Winkelried. Because of the relationship of Messrs. Coulter and Winkelried to TPG GP A, each of Messrs. Coulter and Winkelried may be deemed to beneficially own the shares of Common Stock held by the TPG Funds. Messrs. Coulter and Winkelried disclaim beneficial ownership of such shares of Common Stock held by the TPG Funds except to the extent of their pecuniary interest therein. Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.

The principal business address of each of the Reporting Persons is as follows: c/o TPG Inc. 301 Commerce Street, Suite 3300 Fort Worth, Texas 76102

See response to Item 4 of each of the cover pages.

Common Stock, par value $0.001 per share

See responses to Item 9 on each cover page.

See responses to Item 11 on each cover page. %

See responses to Item 5 on each cover page.

See responses to Item 6 on each cover page.

See responses to Item 7 on each cover page.

See responses to Item 8 on each cover page.

☒ Ownership of 5 percent or less of a class

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

See response to Item 2(a) above.

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.

1	Names of Reporting Persons TPG GP A, LLC
2	Check the appropriate box if a member of a Group (see instructions) ☐ (a) ☐ (b)
3	SEC Use Only
4	Citizenship or Place of Organization DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:	5 Sole Voting Power: 0.00 6 Shared Voting Power: 2,392,863.00 7 Sole Dispositive Power: 0.00 8 Shared Dispositive Power: 2,392,863.00
9	Aggregate Amount Beneficially Owned by Each Reporting Person 2,392,863.00
10	Check box if the aggregate amount in row (9) excludes certain shares (See Instructions) ☐
11	Percent of class represented by amount in row (9) 3.1 %
12	Type of Reporting Person (See Instructions) OO

1	Names of Reporting Persons James G. Coulter
2	Check the appropriate box if a member of a Group (see instructions) ☐ (a) ☐ (b)
3	SEC Use Only
4	Citizenship or Place of Organization UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:	5 Sole Voting Power: 0.00 6 Shared Voting Power: 2,492,170.00 7 Sole Dispositive Power: 0.00 8 Shared Dispositive Power: 2,492,170.00
9	Aggregate Amount Beneficially Owned by Each Reporting Person 2,492,170.00
10	Check box if the aggregate amount in row (9) excludes certain shares (See Instructions) ☐
11	Percent of class represented by amount in row (9) 3.2 %
12	Type of Reporting Person (See Instructions) IN

1	Names of Reporting Persons Jon Winkelried
2	Check the appropriate box if a member of a Group (see instructions) ☐ (a) ☐ (b)
3	SEC Use Only
4	Citizenship or Place of Organization UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:	5 Sole Voting Power: 0.00 6 Shared Voting Power: 2,392,863.00 7 Sole Dispositive Power: 0.00 8 Shared Dispositive Power: 2,392,863.00
9	Aggregate Amount Beneficially Owned by Each Reporting Person 2,392,863.00
10	Check box if the aggregate amount in row (9) excludes certain shares (See Instructions) ☐
11	Percent of class represented by amount in row (9) 3.1 %
12	Type of Reporting Person (See Instructions) IN

Item 1.
(a)	Name of issuer: TPG RE Finance Trust, Inc.
(b)	Address of issuer's principal executive offices: 888 Seventh Avenue, 35th Floor, New York NY 10106
Item 2.
(a)	Name of person filing: This Amendment No. 5 to Schedule 13G is being filed jointly by TPG GP A, LLC, a Delaware limited liability company ("TPG GP A"), James G. Coulter and Jon Winkelried (each, a "Reporting Person" and, together, the "Reporting Persons"), pursuant to an Agreement of Joint Filing incorporated by reference herein in accordance with Rule 13d-1(k)(1) under the Act. TPG GP A exercises direct or indirect control over entities that collectively hold 100% of the shares of Class B common stock (which represents a majority of the combined voting power of the common stock) of TPG Inc., a Delaware corporation, which is the sole member of TPG GPCo, LLC, a Delaware limited liability company, which is the sole member of TPG Holdings II-A, LLC, a Delaware limited liability company, which is the general partner of TPG Operating Group II, L.P., a Delaware limited partnership, which is the (i) general partner of TPG Holdings II Sub, L.P., a Delaware limited partnership, which is the sole member of TPG Real Estate Advisors, LLC, a Delaware limited liability company, which is the general partner of TPG RE Finance Trust Management, L.P., a Delaware limited partnership ("TPG RE Finance Trust Management"), which directly holds 581,612 shares of Common Stock; and (ii) sole member of TPG Holdings III-A, LLC, a Cayman limited liability company, which is the general partner of TPG Holdings III-A, L.P., a Cayman limited partnership, which is the general partner of TPG Operating Group III, L.P., a Delaware limited partnership ("TOG III"), which (a) directly holds 1,811,251 shares of Common Stock and (b) is the sole member of TPG DASA Advisors (RE) II, LLC, a Delaware limited liability company, which is the general partner of TPG NJ DASA GenPar C, L.P., a Delaware limited partnership, which is the general partner of TPG/NJ (RE) Partnership, L.P., a Delaware limited partnership ("TPG/NJ RE Partnership" and together with TOG III and TPG RE Finance Trust Management, the "TPG Funds"), which directly held shares of Common Stock. Because of the relationship of TPG GP A to the TPG Funds, TPG GP A may be deemed to beneficially own the shares of Common Stock held by the TPG Funds. TPG GP A is controlled by entities owned by Messrs. Coulter and Winkelried. Because of the relationship of Messrs. Coulter and Winkelried to TPG GP A, each of Messrs. Coulter and Winkelried may be deemed to beneficially own the shares of Common Stock held by the TPG Funds. Messrs. Coulter and Winkelried disclaim beneficial ownership of such shares of Common Stock held by the TPG Funds except to the extent of their pecuniary interest therein. Excluding the shares of Common Stock directly held by the TPG Funds, Mr. Coulter holds directly or indirectly 99,307 shares of Common Stock.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is as follows: c/o TPG Inc. 301 Commerce Street, Suite 3300 Fort Worth, Texas 76102
(c)	Citizenship: See response to Item 4 of each of the cover pages.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 87266M107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	☐ Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	☐ Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	☐ Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	☐ Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	☐ An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	☐ An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	☐ A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	☐ A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	☐ A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	☐ A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	☐ Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.	Ownership
(a)	Amount beneficially owned: See responses to Item 9 on each cover page.
(b)	Percent of class: See responses to Item 11 on each cover page. %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	☒ Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See response to Item 2(a) above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

	Signature:	/s/ Martin Davidson
	Name/Title:	Martin Davidson / Chief Accounting Officer
	Date:	11/14/2025

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.

	Signature:	/s/ Gerald Neugebauer
	Name/Title:	Gerald Neugebauer on behalf of James G. Coulter (1)
	Date:	11/14/2025