FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Schuster Todd
2. Issuer Name and Ticker or Trading Symbol

TPG RE Finance Trust, Inc. [ TRTX ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

C/O TPG RE FINANCE TRUST, INC., 888 SEVENTH AVENUE, 35TH FLOOR
3. Date of Earliest Transaction (MM/DD/YYYY)

8/2/2021
(Street)

NEW YORK, NY 10106
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 8/2/2021  A  44 (1)A$13.88 3106 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares

Explanation of Responses:
(1) Represents shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") underlying deferred stock units ("DSUs") issued to Mr. Todd Schuster in lieu of dividends payable on DSUs owned by Mr. Schuster. The number of DSUs was calculated by dividing (i) the product of the number of DSUs owned by Mr. Schuster and the $0.20 per share dollar amount of the Common Stock dividend paid by the Issuer on July 23, 2021 by (ii) the closing price of the Issuer's Common Stock as of the record date for the Common Stock dividend paid by the Issuer on July 23, 2021.

Remarks:
(2) Matthew Coleman is signing on behalf of Mr. Schuster pursuant to the power of attorney dated July 15, 2020, which was previously filed with the Securities and Exchange Commission.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Schuster Todd
C/O TPG RE FINANCE TRUST, INC.
888 SEVENTH AVENUE, 35TH FLOOR
NEW YORK, NY 10106
X



Signatures
/s/ Matthew Coleman, **By: Matthew Coleman, on behalf of Todd Schuster (2)8/4/2021
**Signature of Reporting PersonDate

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