Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-28

TPG RE Finance Trust, Inc. (TRTX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,915,423
Doug Bouquard total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
97.35%
Say-on-pay support, latest vote
Companies that benchmark against TRTX
3 companies name TRTX as a compensation peer

Each company listed discloses TRTX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TRTX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Doug Bouquard$0$0$3,915,423$0$0$0$0$3,915,423
Chief Executive Officer and Director
Robert Foley84,375231,1881,026,0140005,7661,347,343
Former Chief Financial Officer
Matthew Coleman00515,5990000515,599
President
Brandon Fox21,87531,797236,8600002,798293,330
Interim Chief Financial Officer and Chief Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Doug Bouquard$3,915,423$3,515,543$2,574,570+399,880
Robert Foley1,347,3431,427,5541,359,166−80,211
Matthew Coleman515,599376,345274,299+139,254
Brandon Fox293,330200,718137,149+92,612

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael GillmoreDirector2026-04-24A1,195$8$9,094CommonForm 4 ↗
Todd SchusterDirector2026-04-24A16481,248CommonForm 4 ↗
Bradley SmithDirector2026-04-24A1,19589,094CommonForm 4 ↗
Wendy SilversteinDirector2026-04-24A1,19589,094CommonForm 4 ↗
Doug BouquardDirector2026-06-30D223,53381,891,089CommonForm 4 ↗
Julie HongDirector2026-06-30D6,195852,410CommonForm 4 ↗
Brandon FoxSee Remark (A)2026-06-30D9,011876,233CommonForm 4 ↗
Avi BanyaszDirector2026-06-30D20,5398173,760CommonForm 4 ↗
Matthew ColemanPresident2026-06-30D34,6968293,528CommonForm 4 ↗
Wendy SilversteinDirector2026-07-24A1,10989,382CommonForm 4 ↗
Todd SchusterDirector2026-07-24A15281,286CommonForm 4 ↗
Bradley SmithDirector2026-07-24A1,10989,382CommonForm 4 ↗
Michael GillmoreDirector2026-07-24A1,10989,382CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Matthew ColemanRSU2025-12-2456,597$515,599
Brandon FoxRSU2025-12-2426,000236,860
Doug BouquardRSU2025-12-24429,7943,915,423
Robert FoleyRSU2025-12-24112,6251,026,014
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Matthew Coleman$515,599$0$00.0%
Brandon Fox236,860000.0%
Doug Bouquard3,915,423000.0%
Robert Foley1,026,014000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Doug BouquardRSU1,032,461$8,889,489
Robert FoleyRSU307,0312,643,537
Brandon FoxRSU61,583530,230
Matthew ColemanRSU143,5181,235,690
05

Incentive-plan design — the Compensation Discussion & Analysis

TPG's compensation program for our named executive officers is principally comprised of the following elements of compensation, which compensate the named executive officers not only for their service to our business, but also to other interests of our Manager and its affiliates: (a) a fixed annual base salary, (b) an annual cash bonus payment tied to the performance of the named executive officer and the applicable business functions for which the named executive officer is primarily responsible and (c) participation in various employee benefit plans and programs, including equity grants of TPG.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1939,445,4461,072,1581,170,13897.35%Passed
20252025-05-2044,265,2511,725,241107,38296.25%Passed
20242024-05-1452,284,3731,213,181122,11997.73%Passed
20232023-05-1652,290,0632,526,93586,05595.39%Passed
20222022-05-1751,256,5521,156,86268,68697.79%Passed
20212021-05-1852,977,7721,363,91744,60297.49%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1997.35%a
20252025-05-2096.25%b
20242024-05-1497.73%c

a. Approved under the standard stated in the filing — “Abstentions are not considered votes cast for the foregoing purpose and will not affect the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions are not considered votes cast for the foregoing purpose and will not affect the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions are not considered votes cast for the foregoing purpose and will not affect the outcome of this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Avi BanyaszNot independent · Board Chair$515,599$0$0$0$515,599
Bradley SmithIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance (Chair)147,500118,539000266,039
Michael GillmoreIndependent · Audit (Chair) · Compensation132,500118,539000251,039
Wendy SilversteinIndependent · Audit · Compensation (Chair)130,000118,539000248,539
Todd SchusterIndependent · Audit · Compensation114,429118,539000232,968
Julie HongNot independent118,539000118,539
Edward Ted GoldthorpeIndependent · Audit · Nominating/Governance · Partial-year service · Newly elected22,18719,76000041,947
Doug BouquardEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$118,539
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$546,616
Equity awards (grant-date value)$1,128,054
All other compensation$0
Total cost of the board$1,674,670

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1TPG RE Finance Trust, Inc.2025Doug Bouquard$0$3,915,423$0$0$3,915,423

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

FAQ

Frequently asked questions

Who was the highest-paid executive at TPG RE Finance Trust, Inc. in fiscal 2025?
The highest-paid executive at TPG RE Finance Trust, Inc. in fiscal 2025 was Doug Bouquard, Chief Executive Officer and Director, with total compensation of $3,915,423.
How does TPG RE Finance Trust, Inc.'s chief executive pay compare to its disclosed peer group?
The CEO pay percentile of disclosed peers was not disclosed in this extract.
What is TPG RE Finance Trust, Inc.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was not disclosed in this extract.
How did shareholders vote on TPG RE Finance Trust, Inc.'s executive compensation?
Shareholders supported the executive compensation plan with 97.35% approval in the latest vote.
How much does TPG RE Finance Trust, Inc. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $1,674,670.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Doug BouquardDEF 14A2026-04-080001193125-26-147949Section “Summary Compensation Table”. As printed: 3,915,423. Filing ↗machine: t54 · r2 · c15 · span 261628–261637
2Section 01, Robert FoleyDEF 14A2026-04-080001193125-26-147949Section “Summary Compensation Table” · page 25. As printed: 1,347,343. Filing ↗machine: span 301156–301165
3Section 01, Matthew ColemanDEF 14A2026-04-080001193125-26-147949Section “Summary Compensation Table” · page 29. As printed: 515,599. Filing ↗machine: span 274171–274178
4Section 01, Brandon FoxDEF 14A2026-04-080001193125-26-147949Section “Summary Compensation Table” · page 25. As printed: 293,330. Filing ↗machine: span 288733–288740
5Section 03, Matthew Coleman RSUDEF 14A2026-04-080001193125-26-147949Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r3 · c11 · span 318879–318885
6Section 03, Brandon Fox RSUDEF 14A2026-04-080001193125-26-147949Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r4 · c11 · span 320823–320829
7Section 03, Doug Bouquard RSUDEF 14A2026-04-080001193125-26-147949Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r2 · c11 · span 316950–316957
8Section 03, Robert Foley RSUDEF 14A2026-04-080001193125-26-147949Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r5 · c11 · span 322744–322751
9Section 07, pay ratioDEF 14A2026-04-080001193125-26-147949Section “CEO Pay Ratio”. As printed: —. Filing ↗
10Section 08, Avi BanyaszDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 515,599. Filing ↗machine: t88 · r2 · c7 · span 414124–414131
11Section 08, Bradley SmithDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 266,039. Filing ↗machine: t88 · r9 · c11 · span 421978–421985
12Section 08, Michael GillmoreDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 251,039. Filing ↗machine: t88 · r5 · c11 · span 417681–417688
13Section 08, Wendy SilversteinDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 248,539. Filing ↗machine: t88 · r8 · c11 · span 420922–420929
14Section 08, Todd SchusterDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 232,968. Filing ↗machine: t88 · r7 · c11 · span 419837–419844
15Section 08, Julie HongDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 118,539. Filing ↗machine: t88 · r4 · c7 · span 416362–416369
16Section 08, Edward Ted GoldthorpeDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 41,947. Filing ↗machine: t88 · r6 · c11 · span 418782–418788
17Section 08, Doug BouquardDEF 14A2026-04-080001193125-26-147949Section “Director Compensation”. As printed: 0. Filing ↗machine: t88 · r3 · c11 · span 415525–415532
18Section 02, Michael Gillmore 2026-04-24Form 42026-04-280001193125-26-187399Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Todd Schuster 2026-04-24Form 42026-04-280001193125-26-187325Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Bradley Smith 2026-04-24Form 42026-04-280001193125-26-187384Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Wendy Silverstein 2026-04-24Form 42026-04-280001193125-26-187326Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Doug Bouquard 2026-06-30Form 42026-07-020001193125-26-294551Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Julie Hong 2026-06-30Form 42026-07-020001193125-26-294545Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Brandon Fox 2026-06-30Form 42026-07-020001193125-26-294548Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Avi Banyasz 2026-06-30Form 42026-07-020001193125-26-294557Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Matthew Coleman 2026-06-30Form 42026-07-020001193125-26-294553Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Wendy Silverstein 2026-07-24Form 42026-07-280001193125-26-321006Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Todd Schuster 2026-07-24Form 42026-07-280001193125-26-321008Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Bradley Smith 2026-07-24Form 42026-07-280001193125-26-321005Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Michael Gillmore 2026-07-24Form 42026-07-280001193125-26-321007Insider equity transaction reported since the proxy statement. Filing ↗
31Section 06, 2026 voteForm 8-K2026-05-210001193125-26-234446Item 5.07 · say-on-pay result. As reported: 97.35% (votes for as printed: 39,445,446). Filing ↗
32Section 06, 2025 voteForm 8-K2025-05-210001193125-25-123981Item 5.07 · say-on-pay result. As reported: 96.25% (votes for as printed: 44,265,251). Filing ↗
33Section 06, 2024 voteForm 8-K2024-05-150001193125-24-139375Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 52,284,373). Filing ↗
34Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
35Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
36Section 09b board cost (computed)ComputedcomputedCash 546,616 + equity 1,128,054 + all other 0 = 1,674,670, summed across the director compensation table rows.machine: formula: Σ = 1,674,670
37TPG RE Finance Trust, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-080001193125-26-147949CEO total compensation as printed in TPG RE Finance Trust, Inc.'s own proxy. As printed: 3,915,423. Filing ↗machine: t54 · r2 · c15 · span 261628–261637