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.
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.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Doug Bouquard | $0 | $0 | $3,915,423 | $0 | $0 | $0 | $0 | $3,915,423 |
| Chief Executive Officer and Director | ||||||||
| Robert Foley | 84,375 | 231,188 | 1,026,014 | 0 | 0 | 0 | 5,766 | 1,347,343 |
| Former Chief Financial Officer | ||||||||
| Matthew Coleman | 0 | 0 | 515,599 | 0 | 0 | 0 | 0 | 515,599 |
| President | ||||||||
| Brandon Fox | 21,875 | 31,797 | 236,860 | 0 | 0 | 0 | 2,798 | 293,330 |
| 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Doug Bouquard | $3,915,423 | $3,515,543 | $2,574,570 | +399,880 |
| Robert Foley | 1,347,343 | 1,427,554 | 1,359,166 | −80,211 |
| Matthew Coleman | 515,599 | 376,345 | 274,299 | +139,254 |
| Brandon Fox | 293,330 | 200,718 | 137,149 | +92,612 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Michael Gillmore | Director | 2026-04-24 | A | 1,195 | $8 | $9,094 | Common | Form 4 ↗ |
| Todd Schuster | Director | 2026-04-24 | A | 164 | 8 | 1,248 | Common | Form 4 ↗ |
| Bradley Smith | Director | 2026-04-24 | A | 1,195 | 8 | 9,094 | Common | Form 4 ↗ |
| Wendy Silverstein | Director | 2026-04-24 | A | 1,195 | 8 | 9,094 | Common | Form 4 ↗ |
| Doug Bouquard | Director | 2026-06-30 | D | 223,533 | 8 | 1,891,089 | Common | Form 4 ↗ |
| Julie Hong | Director | 2026-06-30 | D | 6,195 | 8 | 52,410 | Common | Form 4 ↗ |
| Brandon Fox | See Remark (A) | 2026-06-30 | D | 9,011 | 8 | 76,233 | Common | Form 4 ↗ |
| Avi Banyasz | Director | 2026-06-30 | D | 20,539 | 8 | 173,760 | Common | Form 4 ↗ |
| Matthew Coleman | President | 2026-06-30 | D | 34,696 | 8 | 293,528 | Common | Form 4 ↗ |
| Wendy Silverstein | Director | 2026-07-24 | A | 1,109 | 8 | 9,382 | Common | Form 4 ↗ |
| Todd Schuster | Director | 2026-07-24 | A | 152 | 8 | 1,286 | Common | Form 4 ↗ |
| Bradley Smith | Director | 2026-07-24 | A | 1,109 | 8 | 9,382 | Common | Form 4 ↗ |
| Michael Gillmore | Director | 2026-07-24 | A | 1,109 | 8 | 9,382 | Common | Form 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.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Matthew Coleman | RSU | 2025-12-24 | — | — | 56,597 | — | $515,599 |
| Brandon Fox | RSU | 2025-12-24 | — | — | 26,000 | — | 236,860 |
| Doug Bouquard | RSU | 2025-12-24 | — | — | 429,794 | — | 3,915,423 |
| Robert Foley | RSU | 2025-12-24 | — | — | 112,625 | — | 1,026,014 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Matthew Coleman | $515,599 | $0 | $0 | 0.0% |
| Brandon Fox | 236,860 | 0 | 0 | 0.0% |
| Doug Bouquard | 3,915,423 | 0 | 0 | 0.0% |
| Robert Foley | 1,026,014 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Doug Bouquard | RSU | 1,032,461 | — | $8,889,489 |
| Robert Foley | RSU | 307,031 | — | 2,643,537 |
| Brandon Fox | RSU | 61,583 | — | 530,230 |
| Matthew Coleman | RSU | 143,518 | — | 1,235,690 |
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 policy | true |
| Anti-hedging | true |
| Anti-pledging | false |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-19 | 39,445,446 | 1,072,158 | 1,170,138 | 97.35% | Passed |
| 2025 | 2025-05-20 | 44,265,251 | 1,725,241 | 107,382 | 96.25% | Passed |
| 2024 | 2024-05-14 | 52,284,373 | 1,213,181 | 122,119 | 97.73% | Passed |
| 2023 | 2023-05-16 | 52,290,063 | 2,526,935 | 86,055 | 95.39% | Passed |
| 2022 | 2022-05-17 | 51,256,552 | 1,156,862 | 68,686 | 97.79% | Passed |
| 2021 | 2021-05-18 | 52,977,772 | 1,363,917 | 44,602 | 97.49% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-19 | 97.35%a |
| 2025 | 2025-05-20 | 96.25%b |
| 2024 | 2024-05-14 | 97.73%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.
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Avi BanyaszNot independent · Board Chair | — | $515,599 | $0 | $0 | $0 | $515,599 |
| Bradley SmithIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance (Chair) | 147,500 | 118,539 | 0 | 0 | 0 | 266,039 |
| Michael GillmoreIndependent · Audit (Chair) · Compensation | 132,500 | 118,539 | 0 | 0 | 0 | 251,039 |
| Wendy SilversteinIndependent · Audit · Compensation (Chair) | 130,000 | 118,539 | 0 | 0 | 0 | 248,539 |
| Todd SchusterIndependent · Audit · Compensation | 114,429 | 118,539 | 0 | 0 | 0 | 232,968 |
| Julie HongNot independent | — | 118,539 | 0 | 0 | 0 | 118,539 |
| Edward Ted GoldthorpeIndependent · Audit · Nominating/Governance · Partial-year service · Newly elected | 22,187 | 19,760 | 0 | 0 | 0 | 41,947 |
| Doug BouquardEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $118,539 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| 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.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | TPG RE Finance Trust, Inc. | 2025 | Doug 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.
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Doug Bouquard | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Summary Compensation Table”. As printed: 3,915,423. Filing ↗machine: t54 · r2 · c15 · span 261628–261637 |
| 2 | Section 01, Robert Foley | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Summary Compensation Table” · page 25. As printed: 1,347,343. Filing ↗machine: span 301156–301165 |
| 3 | Section 01, Matthew Coleman | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Summary Compensation Table” · page 29. As printed: 515,599. Filing ↗machine: span 274171–274178 |
| 4 | Section 01, Brandon Fox | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Summary Compensation Table” · page 25. As printed: 293,330. Filing ↗machine: span 288733–288740 |
| 5 | Section 03, Matthew Coleman RSU | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r3 · c11 · span 318879–318885 |
| 6 | Section 03, Brandon Fox RSU | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r4 · c11 · span 320823–320829 |
| 7 | Section 03, Doug Bouquard RSU | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r2 · c11 · span 316950–316957 |
| 8 | Section 03, Robert Foley RSU | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Grants of Plan-Based Awards for 2025” · grants of plan-based awards table. Filing ↗machine: t58 · r5 · c11 · span 322744–322751 |
| 9 | Section 07, pay ratio | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 10 | Section 08, Avi Banyasz | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 515,599. Filing ↗machine: t88 · r2 · c7 · span 414124–414131 |
| 11 | Section 08, Bradley Smith | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 266,039. Filing ↗machine: t88 · r9 · c11 · span 421978–421985 |
| 12 | Section 08, Michael Gillmore | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 251,039. Filing ↗machine: t88 · r5 · c11 · span 417681–417688 |
| 13 | Section 08, Wendy Silverstein | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 248,539. Filing ↗machine: t88 · r8 · c11 · span 420922–420929 |
| 14 | Section 08, Todd Schuster | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 232,968. Filing ↗machine: t88 · r7 · c11 · span 419837–419844 |
| 15 | Section 08, Julie Hong | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 118,539. Filing ↗machine: t88 · r4 · c7 · span 416362–416369 |
| 16 | Section 08, Edward Ted Goldthorpe | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 41,947. Filing ↗machine: t88 · r6 · c11 · span 418782–418788 |
| 17 | Section 08, Doug Bouquard | DEF 14A | 2026-04-08 | 0001193125-26-147949 | Section “Director Compensation”. As printed: 0. Filing ↗machine: t88 · r3 · c11 · span 415525–415532 |
| 18 | Section 02, Michael Gillmore 2026-04-24 | Form 4 | 2026-04-28 | 0001193125-26-187399 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, Todd Schuster 2026-04-24 | Form 4 | 2026-04-28 | 0001193125-26-187325 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Bradley Smith 2026-04-24 | Form 4 | 2026-04-28 | 0001193125-26-187384 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, Wendy Silverstein 2026-04-24 | Form 4 | 2026-04-28 | 0001193125-26-187326 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Doug Bouquard 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294551 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Julie Hong 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294545 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, Brandon Fox 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294548 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, Avi Banyasz 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294557 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Matthew Coleman 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294553 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Wendy Silverstein 2026-07-24 | Form 4 | 2026-07-28 | 0001193125-26-321006 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 02, Todd Schuster 2026-07-24 | Form 4 | 2026-07-28 | 0001193125-26-321008 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 29 | Section 02, Bradley Smith 2026-07-24 | Form 4 | 2026-07-28 | 0001193125-26-321005 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, Michael Gillmore 2026-07-24 | Form 4 | 2026-07-28 | 0001193125-26-321007 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 06, 2026 vote | Form 8-K | 2026-05-21 | 0001193125-26-234446 | Item 5.07 · say-on-pay result. As reported: 97.35% (votes for as printed: 39,445,446). Filing ↗ |
| 32 | Section 06, 2025 vote | Form 8-K | 2025-05-21 | 0001193125-25-123981 | Item 5.07 · say-on-pay result. As reported: 96.25% (votes for as printed: 44,265,251). Filing ↗ |
| 33 | Section 06, 2024 vote | Form 8-K | 2024-05-15 | 0001193125-24-139375 | Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 52,284,373). Filing ↗ |
| 34 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 35 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 36 | Section 09b board cost (computed) | Computed | — | computed | Cash 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 |
| 37 | TPG RE Finance Trust, Inc. (subject), Section 10b CEO total | DEF 14A | 2026-04-08 | 0001193125-26-147949 | CEO 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 |