DEF 14A of TPG RE Finance Trust, Inc.
Filed Apr 8, 2026 · FY20250001193125-26-147949
NOTICE OF 2026 ANNUAL MEETING OF STOCKHOLDERS
| | Page | | Outstanding Equity Awards at 2025 Fiscal Year End | 26 | | Option Exercises and Stock Vested in Fiscal Year 2025 | 27 | | Pension Benefits | 27 | | Nonqualified Deferred Compensation | 27 | | Potential Payments Upon Termination or Change in Control | 28 | | Pay Ratio Disclosure | 29 | | Pay Versus Performance Disclosure | 29 | | Pay Versus Performance Table* | 29 | | DIRECTOR COMPENSATION | 33 | | EQUITY COMPENSATION PLAN INFORMATION | 36 | | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 37 | | CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS | 39 | | Registration Rights Agreement | 39 | | Management Agreement | 39 | | Trademark License Agreement | 40 | | Indemnification Agreements with Directors and Officers | 40 | | SOP Asset Management Services | 40 | | TPG Capital BD Services | 41 | | Related Party Transaction Policies | 41 | | PROPOSAL 2—RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 42 | | Audit and Non-Audit Fees | 42 | | Audit Committee Pre-Approval Policy | 42 | | Voting Recommendation | 43 | | AUDIT COMMITTEE REPORT | 44 | | PROPOSAL 3—ADVISORY VOTE ON EXECUTIVE COMPENSATION | 46 | | Voting Recommendation | 46 | | ANNUAL REPORT | 47 | | OTHER MATTERS | 47 | | STOCKHOLDER PROPOSALS FOR THE 2027 ANNUAL MEETING | 47 | | HOUSEHOLDING OF PROXY MATERIALS | 47 |
PROPOSAL 1 — ELECTION OF DIRECTORS
PROPOSAL 1 — ELECTION OF DIRECTORS As of the date of this proxy statement, there are eight members of the board of directors. On April 6, 2026, the board of directors, upon the recommendation of its nominating and corporate governance committee, unanimously nominated the eight incumbent directors listed below for re-election to the board of directors at the Annual Meeting. All of the nominees are willing to serve as directors but, if any of them should decline or be unable to act as a director, the individuals designated in the proxy card as proxies will exercise the discretionary authority provided to vote for the election of such substitute nominee selected by our board of directors, unless the board of directors alternatively acts to reduce the size of the board of directors or maintain a vacancy on the board of directors in accordance with our bylaws. The board of directors has no reason to believe that any such nominees will be unable or unwilling to serve.
Nominees for Election as Directors
Nominees for Election as Directors The names, ages as of April 1, 2026 and existing positions with us of the nominees are as follows:
Nominees for Election as Directors
| Name | Age | Office or Position Held | | Avi Banyasz | 53 | Chairman of the Board of Directors and Director | | Doug Bouquard | 45 | Chief Executive Officer and Director | | Julie Hong | 45 | Director | | Michael Gillmore | 69 | Director | | Edward “Ted” Goldthorpe | 49 | Director | | Todd Schuster | 65 | Director | | Wendy Silverstein | 65 | Director | | Bradley Smith | 58 | Director |
Nominees for Election as Directors
The name, principal occupation for the last five years, selected biographical information and the period of service as our director of each of the nominees are set forth below. Avi Banyasz has served as our chairman of the board and one of our directors since December 2014. Mr. Banyasz is a partner of TPG and the co-head of TPG Real Estate, TPG’s real estate investment platform. In this role, Mr. Banyasz co-manages a team of approximately 70 people. Prior to joining TPG in 2011, Mr. Banyasz served as a managing principal and a member of the investment committee of Westbrook Partners, a real estate private equity firm, where he worked for 13 years. Prior to joining Westbrook Partners, Mr. Banyasz worked at Bear Stearns & Co. Mr. Banyasz received a Bachelor of Commerce, with High Distinction, from the University of Toronto. Mr. Banyasz served on the boards of directors of Enlivant from July 2013 to June 2022, Strategic Office Partners from September 2016 to June 2023 and Cinespace from November 2021 to December 2025. Mr. Banyasz’s extensive experience in real estate investment allows Mr. Banyasz to provide valuable insight to us and our board of directors, including with respect to our investing activities, which leads to our conclusion that Mr. Banyasz should serve on our board of directors. Doug Bouquard has served as our chief executive officer and one of our directors since April 2022. Mr. Bouquard is a partner of TPG and TPG Real Estate. Prior to joining TPG in 2022, Mr. Bouquard was a Managing Director and responsible for U.S. Commercial Real Estate Debt within the Global Markets Division of Goldman Sachs. His responsibilities included oversight for commercial real estate debt origination and other real estate securities issuances. Prior to this role, Mr. Bouquard was responsible for various mortgage lending and trading businesses at Goldman Sachs, which he joined in 2004. Mr. Bouquard earned a B.A. degree from Colgate University. Mr. Bouquard’s leadership skills, as well as his deep knowledge and experience in commercial real estate debt origination, securities issuance and mortgage lending and trading lead to our conclusion that Mr. Bouquard should serve on our board of directors. Julie Hong has served as one of our directors since May 2022. Ms. Hong is a partner of TPG, global co-head of the firm’s client and capital formation business, and was previously global head of the firm’s equity capital markets business. Since joining TPG in 2013, Ms. Hong has driven more than 230 equity transactions raising over $80 billion in gross proceeds globally. Prior to joining TPG, Ms. Hong served as a director at Bank of America Merrill Lynch, in the equity capital markets division. Ms. Hong received a B.A. in Economics, cum laude, from Harvard University. Ms. Hong serves on the board of Delinea and has previously served on the boards of Univision Communications, TPG Pace Tech Opportunities Corp, and TPG Pace Solutions Corp. Ms. Hong’s extensive capital formation, capital markets and directorship experience leads to our conclusion that Ms. Hong should serve on our board of directors. Michael Gillmore has served as one of our directors since July 2017. Mr. Gillmore was an audit partner at Ernst & Young LLP (“EY”) and retired on June 30, 2017 after 39 years at EY. Mr. Gillmore served in various leadership positions in EY’s real estate practice during his career, including from 2004 to 2016 as Sector Leader for Real Estate, Hospitality & Construction for the Pacific Southwest Region and the West Region. Mr. Gillmore has served as the lead partner for numerous public and private companies operating in multiple subsectors of the real estate industry. Mr. Gillmore has extensive experience interacting with boards of directors and audit committees. Mr. Gillmore received a B.S. in Business Administration and Accounting from California State University, Fullerton. Mr. Gillmore is a Certified Public Accountant (inactive) and a Certified Management Accountant. Mr. Gillmore served on the Advisory Board of the Lusk Real Estate Center at the University of Southern California until September 2017 and on the Board of Directors of the California Hospital Medical Center Foundation until September 2018. Mr. Gillmore is a member of the National Association of Real Estate Investment Trusts and the National Association of Corporate Directors (“NACD”) and in July 2019 became a member of the Board of Directors of the NACD Pacific Southwest chapter. In November 2021, Mr. Gillmore became NACD Directorship Certified (NACD.DC). The NACD Directorship Certification® program is designed to equip directors with the foundation of knowledge sought by boards to effectively contribute in the boardroom. NACD Directorship Certified directors pass a foundational exam developed by experienced directors and, via continuing recertification requirements, commit to continuing education on governance and emerging issues impacting the businesses they serve. Mr. Gillmore’s comprehensive knowledge of accounting and financial disclosure, extensive audit experience and interactions with the boards of directors and audit committees of multiple companies in the real estate and other industries lead to our conclusion that Mr. Gillmore should serve on our board of directors. Edward “Ted” Goldthorpe has served as one of our directors since October 2025. Mr. Goldthorpe has served as the president and chief executive officer of BCP Investment Corporation, a business development company (“BDC”) formerly known as Portman Ridge Finance Corporation, since April 2019. Mr. Goldthorpe also served as the president and chief executive officer of Logan Ridge Finance Corporation, a BDC (“LRFC”), from April 2019 through July 2025, when LRFC was merged into BCP Investment Corporation. Mr. Goldthorpe has also been the president and chief executive officer of BC Partners Lending Corporation (“BCPL”), a BDC, since April 2018, Alternative Credit Income Fund, an interval fund, since October 2020, and Opportunistic Credit Interval Fund, an interval fund, since 2022. Mr. Goldthorpe also currently serves as the chief executive officer and chairman of Mount Logan Capital Inc., an alternative asset management company, executive officer of Sierra Crest Investment Management LLC, an investment adviser registered with the SEC under the Investment Advisers Act of 1940, and managing partner of BC Partners Credit, an integrated credit platform operating within the BC Partners organization. He was previously the president of Apollo Investment Corporation and the chief investment officer of Apollo Investment Management, where he was the head of its U.S. Opportunistic Platform and also oversaw the Private Origination business from 2012 to 2016. He was also a member of Apollo’s firm-wide Senior Management Committee. Prior to Apollo, Mr. Goldthorpe worked at Goldman Sachs for 13 years where he most recently ran the bank loan distressed investing desk. He was previously the head of Principal Capital Investing for the Special Situations Group. Mr. Goldthorpe launched BC Partners’ credit business in 2017 and oversees a team of experienced credit professionals. Mr. Goldthorpe has served as a director of Mount Logan Capital Inc., since 2018, a director of BCPL since 2010, a director of BCP Investment Corporation since 2019, a trustee of Alternative Credit Income Fund since 2020, a trustee of Special Opportunities Fund since 2021, a trustee of Opportunistic Credit Interval Fund since 2022, a director of South Street Securities, LLC, since 2022, a director of Anthem Media since 2019, a director of Riddell since 2024, a
Nominees for Election as Directors
director of Runway Growth Finance Corp., a BDC, since 2025, and a director and member of the compensation and nominating and corporate governance committees of ContextLogic Holdings, Inc. since 2025. From 2022 to 2024, Mr. Goldthorpe served as a director and member of the audit committee of Kits Eyecare Ltd. From 2017 to 2024, Mr. Goldthorpe served as a director and member of the audit and nominating and corporate governance committees of Crescent Point Energy Corp. Mr. Goldthorpe earned a B.A. in commerce from Queen’s University. Mr. Goldthorpe’s extensive knowledge of and experience in credit markets, managing finance companies, and credit investing lead to our conclusion that Mr. Goldthorpe should serve on our board of directors. Todd Schuster has served as one of our directors since July 2020. Mr. Schuster is the founder and head of Rivrock Group, a stakeholder in a company that manages a hedge fund on behalf of a separate account. From May 2012 to September 2015, Mr. Schuster served in various capacities with Ares Management (NYSE: ARES), an alternative asset manager. From May 2012 through May 2013, Mr. Schuster served as an independent board member and audit committee member of Ares Commercial Real Estate (NYSE: ACRE), a publicly held commercial mortgage real estate investment trust (“REIT”) externally managed by ARES. In June 2013, Mr. Schuster joined ARES as a Senior Partner and Global Head of Real Estate Credit and remained until September 2015. Concurrently, while at ARES, Mr. Schuster was named Chief Executive Officer of ACRE and remained on the board of ACRE during that time. Mr. Schuster also served on the ARES twelve-member Management Committee, as well as on the Investment Committee for all ARES sponsored real estate debt and equity vehicles in the US and Europe/UK. Prior to joining ARES, Mr. Schuster was the Founder, Chief Executive Officer and a Principal of CW Financial Services from its inception in 1992 until 2009. During this time, Mr. Schuster built and led CW Financial Services which was comprised of 400 employees throughout three subsidiaries: CWCapital, its Fannie Mae and Freddie Mac licensed mortgage banking company, CWCapital Investments, a registered investment advisor with approximately $10 billion of assets under management, and CWCapital Asset Management, one of the nation’s largest special servicers and named on CMBS pools, CDOs, CLOs and investment funds with more than $175 billion of underlying collateral. Prior to founding CW Financial Services, Mr. Schuster served in a variety of positions within the commercial mortgage finance units of Salomon Brothers and Bankers Trust, both in New York City. Mr. Schuster graduated with a B.A. from Tufts University. Mr. Schuster’s management experience with both public and private real estate investment companies, deep knowledge and relationships in the real estate sector and extensive capital markets experience lead to our conclusion that Mr. Schuster should serve on our board of directors. Wendy Silverstein has served as one of our directors since July 2017. Ms. Silverstein is the Founder of Gapview Ventures, which focuses on real estate investment and advisory services. Ms. Silverstein co-founded StacomSilverstein, a capital markets real estate advisory firm specializing in asset and corporate level acquisitions, dispositions, debt and equity capital markets, restructuring, and bespoke investing, in February 2025 and serves as co-Chief Executive Officer of StacomSilverstein. She also co-founded Silver Eagle Advisory Group, which specialized in advising clients on real estate debt restructurings. Ms. Silverstein previously served as Chief Investment Officer of WeWork from August 2018 to September 2019. She served as President and Chief Executive Officer of New York REIT, Inc. (NYSE: NYRT) from March 2017 to July 2018. Prior to NYRT, Ms. Silverstein served as Executive Vice President and Co-Head of Acquisitions and Capital Markets for Vornado Realty Trust (NYSE: VNO) (“Vornado”), an owner of commercial real estate in the United States, from 1998 to 2015. During her tenure at Vornado, Ms. Silverstein oversaw Vornado’s debt and equity financings and was responsible for a variety of real estate as well as corporate acquisitions. Ms. Silverstein was a member of the Investment Committee for Vornado’s private equity fund, Vornado Capital Partners, L.P. On behalf of Vornado, she served on the Board of Directors of Toys R Us, Inc. from its leveraged buyout in 2005 until January 2019 and previously served on the Board of LNR Property, LLC, a loan special servicer. Prior to joining Vornado in 1998, Ms. Silverstein spent 12 years at Citicorp. From 1990 to 1998, she was with Citicorp Real Estate in the Corporate Debt Restructuring Group, which she headed from 1994 to 1998. During this time, she led the negotiation and restructuring of debt and equity transactions involving companies in the airline, hospitality, retail, office and residential real estate industries. She served on the Board of Directors of Shuttle, Inc. (d/b/a US Air Shuttle) from 1992 to 1997, Alexander’s, Inc. (NYSE: ALX) from 1992 to 1995 and NYRT from February 2017 to July 2018. From 1986 to 1990, she was with the Leveraged Capital Group at Citibank, N.A., providing sponsor financing for leveraged buyouts. Ms. Silverstein currently serves on the board of Alexander’s, Inc. Ms. Silverstein has served as an independent advisor to Trinity Church regarding its real estate portfolio and is an active member of the Board of Beit Ruth, an educational and therapeutic village for at risk teenage girls in Israel. Ms. Silverstein earned her B.S. in economics, magna cum laude, from The Wharton School of the University of Pennsylvania and an M.B.A. with distinction from The Wharton Graduate School of Business Administration. She is also a Certified Public Accountant. Ms. Silverstein’s management experience with multiple REITs, deep knowledge and relationships in the real estate sector and extensive capital markets experience lead to our conclusion that Ms. Silverstein should serve on our board of directors. Bradley Smith has served as one of our directors since July 2017. Mr. Smith has been a private investor since June 2015. Since May 2023, Mr. Smith has been a director of the James Campbell Company LLC, a privately held real estate company based in Hawaii. Mr. Smith serves as the chair of the compensation committee and a member of the audit committee of James Campbell Company LLC. From February 2002 to May 2015, Mr. Smith served as head of Real Estate and Lodging Equity Capital Markets at Bank of America Merrill Lynch. During his tenure at Bank of America Merrill Lynch, Mr. Smith was responsible for the structuring, marketing and pricing of initial public offerings and other public equity offerings for companies in the real estate, lodging, gaming and real estate finance industries. While at Bank of America Merrill Lynch, Mr. Smith was the lead equity advisor on more than three hundred equity offerings, which raised in excess of $100 billion. Mr. Smith began his career at Lehman Brothers in 1989 and worked there prior to joining Bank of America Merrill Lynch in 2000. Mr. Smith served in a variety of investment banking and equity capital markets positions both in New York and in London while at Lehman Brothers, including acting as the co-head of U.S. Equity syndicate. Mr. Smith earned his B.S. in finance, magna cum laude, from The Wharton School of the University of Pennsylvania. Mr. Smith’s deep knowledge and relationships in the real estate sector, including over 15 years of experience working with companies in the real estate finance sector, and extensive capital markets experience lead to our conclusion that Mr. Smith should serve on our board of directors. Our board of directors unanimously recommends that you vote “for” the election of each of the director nominees named above.
Compensation Committee
| • | evaluates and reviews our financial performance measures used to link executive compensation actually paid, if any, to our chief executive officer and other executive officers for the last completed fiscal year to our performance; |
Compensation Committee
| • | oversees the preparation of the disclosures to be included in response to the “pay versus performance” disclosure requirements as they relate to executive compensation, if applicable; |
Overview
None of our named executive officers are employees of the Company. We do not have any employees, and we are managed by our Manager, TPG RE Finance Trust Management, L.P., pursuant to our Management Agreement. Our Manager is an affiliate of TPG Real Estate. Our named executive officers are TPG Real Estate professionals who are employed by affiliates of our Manager. TPG makes our named executive officers available to our Manager, and our Manager provides them to us pursuant to our Management Agreement. Because our Management Agreement provides that our Manager is responsible for managing our affairs, our executive officers do not receive cash compensation from us or any of our subsidiaries for serving as our executive officers. Instead, we pay our Manager a base management fee equal to the greater of $250,000 per annum and 1.50% per annum of our “equity,” as such term is defined in our Management Agreement. Our Manager may also be entitled to certain incentive compensation, in an amount determined pursuant to our Management Agreement and based on our “core earnings” and “equity,” as such terms are defined in our Management Agreement. No portion of the base management fee or any incentive compensation paid to our Manager is specifically allocated to compensation paid by our Manager or its affiliates to our named executive officers. For further details regarding the payments to our Manager, see “Certain Relationships and Related Person Transactions.” We do not have agreements with any of our executive officers regarding their cash compensation, nor do we make any decisions regarding their cash compensation, employee benefits, or other types of compensation paid to the executives by our Manager and its affiliates. Additionally, our Management Agreement does not require that our named executive officers devote a specific percentage of their time to our business. Notwithstanding the foregoing, we are required by our Management Agreement to reimburse our Manager for the allocable share of the compensation (including, without limitation, annual base salary, bonus, any related tax withholdings, and employee benefits) paid to personnel of the Manager serving as our chief financial officer based on the percentage of his or her time spent managing our affairs. 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. For context of our named executive officers’ compensation, we estimate that the aggregate cash compensation paid by TPG to our named executive officers that may reasonably be associated with their management of us for the year ended December 31, 2025 totaled approximately $3.7 million. This aggregate amount represents approximately 18% of the $20.9 million of base management fees incurred by us to our Manager for the year ended December 31, 2025. During the year ended December 31, 2025, our Manager did not earn an incentive management fee. Of the aggregate cash compensation paid by TPG to our named executive officers in 2025 that was reasonably associated with their management of our company, approximately 48% represents fixed pay (e.g., base salary) and approximately 52% represents variable or incentive pay (e.g., annual cash bonus). Our Manager did not utilize any fixed performance metrics to determine the amount of variable compensation payable to our named executive officers in 2025, but rather considered in a subjective assessment a range of various factors, including but not limited to, the performance of the named executive officers, the performance of the applicable business functions for which the named executive officers are primarily responsible, the overall performance of our common stock, market conditions, growth in our business and the credit quality of our loan investment portfolio. Mr. Foley served as our chief financial officer from August 2015 to October 2025. Since January 2026, Mr. Foley has served as a senior advisor to TPG’s real estate credit business.
Equity-Based Compensation
Equity-Based Compensation In the discretion of our compensation committee, we may also grant equity-based awards pursuant to our 2025 Equity Incentive Plan to our and our affiliates’ directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manager and other entities that provide services to us and our affiliates and the employees of such entities. Our stockholders approved the 2025 Equity Incentive Plan at our 2025 annual meeting of stockholders (the “2025 Annual Meeting”), which had previously been approved by our board of directors. The 2025 Equity Incentive Plan became effective as of April 7, 2025, and since April 1, 2025, no further awards have been or will be granted under our Amended and Restated 2017 Equity Incentive Plan (as amended, the “2017 Equity Incentive Plan” and, together with the 2025 Incentive Plan, the “Incentive Plans”). Each award granted under the 2017 Equity Incentive Plan will continue to be subject to the terms and provisions applicable to such award under the applicable award agreement and the 2017 Equity Incentive Plan. Our 2025 Equity Incentive Plan provides for the grant of equity-based awards relating to our common stock, including options to purchase shares of common stock, stock appreciation rights, common stock, restricted stock, restricted stock units, performance awards, substitute awards and other equity-based awards (including LTIP Units (as defined in the 2025 Equity Incentive Plan)) to our and our affiliates’ directors, officers, employees (if any) and consultants, and the members, officers, directors, employees and consultants of our Manager or its affiliates, as well as to our Manager and other entities that provide services to us and our affiliates and the employees of such entities. These awards are intended (i) to align the interests of the Company’s stockholders and the recipients of awards under the 2025 Equity Incentive Plan by allowing such recipients to acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured with reference to the value of our common stock, thereby strengthening their interest in the Company’s growth and success, (ii) to advance the interests of the Company by attracting and retaining (a) the directors, officers, employees (if any) and consultants of the Company and its affiliates and (b) the members, officers, directors, employees and consultants of the Manager or its affiliates, as well as the Manager and other entities that provide services to the Company and the employees of such entities and (iii) to motivate such persons to act in the long-term best interests of the Company and its stockholders. Our compensation committee determines the types and amounts of any equity-based compensation awards to be granted to our named executive officers under our 2025 Equity Incentive Plan. This determination is not based on any fixed performance metrics, but rather is a subjective determination based on a number of factors, such as the overall financial health of the Company in the previous fiscal year, risk management policies of the Company, progress towards achieving the Company’s strategic goals, state of assets, the performance of our common stock, the performance of each named executive officer, and market conditions. In December 2025, our compensation committee made grants of restricted stock units to our named executive officers pursuant to our 2025 Equity Incentive Plan, which generally vest ratably in four annual installments beginning on June 30, 2026 and include tandem rights to dividend equivalent amounts. The compensation committee’s decision to make these grants was based on the process and factors described above but was also informed by discussions with human capital experts from TPG. These grants are described in more detail below under “Executive Compensation – Grants of Plan-Based Awards for 2025.” We do not currently grant stock options or stock appreciation rights (“SARs”) as part of our equity compensation programs. During 2025, (a) the compensation committee and the board did not award any options or SARs to a named executive officer, and (b) the Company did not time the disclosure of material nonpublic information to affect the value of executive compensation. If stock options or SARs were to be granted in the future, the Company would not grant such awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock.
Summary Compensation Table
Summary Compensation Table The following table sets forth the compensation paid to or accrued by those named executive officers for whom we are able to quantify such compensation for services the named executive officer rendered to us during the fiscal years presented.
Summary Compensation Table
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) (1) | Non-Equity Incentive Plan Compensation ($) | Non-qualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | | Doug Bouquard Chief Executive Officer | 2025 | — | — | $3,915,423 | — | — | — | $3,915,423 | | | 2024 | — | — | $3,515,543 | — | — | — | $3,515,543 | | | 2023 | — | — | $2,574,570 | — | — | — | $2,574,570 | | Matthew Coleman President | 2025 | — | — | $515,599 | — | — | — | $515,599 | | | 2024 | — | — | $376,345 | — | — | — | $376,345 | | | 2023 | — | — | $274,299 | — | — | — | $274,299 | | Brandon Fox (2) Interim Chief Financial Officer and Chief Accounting Officer | 2025 | $21,875 | $31,797 | $236,860 | — | — | $2,798 | $293,330 | | | 2024 | — | — | $200,718 | — | — | — | $200,718 | | | 2023 | — | — | $137,149 | — | — | — | $137,149 | | Robert Foley (2) Former Chief Financial Officer | 2025 | $84,375 | $231,188 | $1,026,014 | — | — | $5,766 | $1,347,343 | | | 2024 | $112,500 | $303,750 | $1,003,582 | — | — | $7,722 | $1,427,554 | | | 2023 | $101,715 | $289,845 | $960,052 | — | — | $7,554 | $1,359,166 |
Summary Compensation Table
| (1) Amounts reported in this column represent the aggregate grant date fair value, determined in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“FASB ASC |
Summary Compensation Table
| Topic 718”), of restricted stock units awarded in 2023, 2024, and 2025 under the Incentive Plans to our named executive officers. The amounts in this column do not correspond to the actual value that will be recognized by the named executive officers. See “Note 2 — Summary of Significant Accounting Policies” and “Note 13 — Stock-based Compensation” to the consolidated financial statements in our 2025 Annual Report on Form 10-K filed with the SEC on February 17, 2026 for additional details regarding assumptions underlying the value of these awards. Pursuant to SEC rules, the amounts shown in the table above exclude the effect of estimated forfeitures. |
Summary Compensation Table
| (2) Each of Mr. Fox and Mr. Foley is or was an employee of an affiliate of our Manager and is or was not paid compensation by us. Amounts in the columns entitled “Salary,” “Bonus,” and “All Other Compensation” are based on a ratio of such individual’s compensation for his service as our interim chief financial officer or chief financial officer, as applicable (in the case of Mr. Fox, from October 1, 2025 through December 31, 2025, and in the case of Mr. Foley, for 2023 and 2024 and from January 1, 2025 to October 1, 2025), paid by an affiliate of our Manager to the total compensation expenses incurred by an affiliate of our Manager for services rendered to us. The amount in the column entitled “All Other Compensation” includes our allocable share of the expenses associated with employer-paid insurance premiums and healthcare benefits. |
Grants of Plan-Based Awards for 2025
Grants of Plan-Based Awards for 2025
Grants of Plan-Based Awards for 2025
| Name | Committee Approval Date | Grant Date | All Other Stock Awards: Number of Shares of Stock or Units (#) (1) | Grant Date Fair Value of Stock Awards ($) (2) | | Doug Bouquard | 12/22/2025 | 12/24/2025 | 429,794 | $3,915,423 | | Matthew Coleman | 12/22/2025 | 12/24/2025 | 56,597 | $515,599 | | Brandon Fox | 12/22/2025 | 12/24/2025 | 26,000 | $236,860 | | Robert Foley | 12/22/2025 | 12/24/2025 | 112,625 | $1,026,014 |
Grants of Plan-Based Awards for 2025
| (1) Represents restricted stock units subject to time-based vesting conditions granted by us under our 2025 Equity Incentive Plan. The terms of these grants are described under “Compensation Discussion and Analysis — Equity-Based Compensation” and under “Potential Payments Upon Termination or Change in Control.” |
Grants of Plan-Based Awards for 2025
| (2) See Note 1 to the Summary Compensation Table above for information on the value of the restricted stock unit awards granted to our named executive officers by us in 2025. |
Outstanding Equity Awards at 2025 Fiscal Year End
Outstanding Equity Awards at 2025 Fiscal Year End
Outstanding Equity Awards at 2025 Fiscal Year End
| | Stock Awards | | | Name | Number of Shares or Units of Stock That Have Not Vested (#) (1) | Market Value of Shares or Units of Stock That Have Not Vested ($) (2) | | Doug Bouquard | 1,032,461 | $8,889,489 | | Matthew Coleman | 143,518 | $1,235,690 | | Brandon Fox | 61,583 | $530,230 | | Robert Foley (3) | 307,031 | $2,643,537 |
Outstanding Equity Awards at 2025 Fiscal Year End
| (1) This column reflects the number of unvested restricted stock units granted by us pursuant to the Incentive Plans and held by each named executive officer on December 31, 2025. These restricted stock units are generally scheduled to vest ratably in four annual installments beginning on the June 30 following the grant date and include the following unvested restricted stock units: |
Outstanding Equity Awards at 2025 Fiscal Year End
| • | Mr. Bouquard — 30,048 restricted stock units (granted May 2022), 65,445 restricted stock units (granted December 2022), 193,286 restricted stock units (granted December 2023), 313,888 restricted stock units (granted December 2024), and 429,794 restricted stock units (granted December 2025); |
Outstanding Equity Awards at 2025 Fiscal Year End
| • | Mr. Coleman — 32,724 restricted stock units (granted December 2022), 20,594 restricted stock units (granted December 2023), 33,603 restricted stock units (granted December 2024), and 56,597 restricted stock units (granted December 2025); |
Outstanding Equity Awards at 2025 Fiscal Year End
| • | Mr. Fox — 7,364 restricted stock units (granted December 2022), 10,297 restricted stock units (granted December 2023), 17,922 restricted stock units (granted December 2024), and 26,000 restricted stock units (granted December 2025); and |
Outstanding Equity Awards at 2025 Fiscal Year End
| • | Mr. Foley — 32,724 restricted stock units (granted December 2022), 72,076 restricted stock units (granted December 2023). 89,606 restricted stock units (granted December 2024), and 112,625 restricted stock units (granted December 2025). |
Outstanding Equity Awards at 2025 Fiscal Year End
| (2) This column reflects the aggregate market value of all unvested restricted stock units granted by us pursuant to the Incentive Plans and held by each named executive officer on December 31, 2025, which value is calculated by multiplying the number of restricted stock units outstanding on December 31, 2025 by the closing price of our common stock on December 31, 2025, which was $8.61 per share. |
Outstanding Equity Awards at 2025 Fiscal Year End
| (3) Mr. Foley retired from his position as chief financial officer on October 1, 2025 and retired from TPG on December 31, 2025. In accordance with the Incentive Plans, the restricted stock units granted to Mr. Foley will continue to vest in accordance with and subject to the retirement terms of the applicable restricted stock unit award agreement. See Potential Payments Upon Termination or Change in Control below for more information. |
Option Exercises and Stock Vested in Fiscal Year 2025
Option Exercises and Stock Vested in Fiscal Year 2025 The following table provides information concerning equity awards granted by us pursuant to our 2017 Equity Incentive Plan that vested or were exercised in 2025. No equity awards granted by us pursuant to our 2025 Equity Incentive Plan vested or were exercised in 2025. None of the named executive officers hold any stock option awards.
Option Exercises and Stock Vested in Fiscal Year 2025
| | Stock Awards | | | Name | Number of Shares Acquired on Vesting (#)(1) | Value Realized on Vesting ($)(2) | | Doug Bouquard | 296,765 | $2,291,026 | | Matthew Coleman | 79,321 | $612,358 | | Brandon Fox | 22,086 | $170,504 | | Robert Foley | 114,060 | $880,543 |
Option Exercises and Stock Vested in Fiscal Year 2025
| (1) The equity awards that vested during the 2025 fiscal year consist of restricted stock units previously granted by us pursuant to our 2017 Equity Incentive Plan and outstanding on January 1, 2025. |
Option Exercises and Stock Vested in Fiscal Year 2025
| (2) The amounts reflected in this column represent the aggregate market value realized by each named executive officer upon vesting of the restricted stock units granted by us pursuant to our 2017 Equity Incentive Plan and held by such named executive officer, computed based on the closing price of our common stock on the vesting date of June 30, 2025, which was $7.72 per share. |
Pension Benefits
Pension Benefits Our named executive officers received no benefits in the 2025 fiscal year from us under any defined benefit or defined contribution plans.
Nonqualified Deferred Compensation
Nonqualified Deferred Compensation The Company does not have a nonqualified deferred compensation plan that provides for deferral of compensation on a basis that is not tax-qualified for our named executive officers.
Potential Payments Upon Termination or Change in Control
Potential Payments Upon Termination or Change in Control Since our named executive officers are employees of our Manager or its affiliates, we generally do not have any obligation to make any payments to any of our named executive officers upon a termination of employment or upon a change of control. However, pursuant to the restricted stock unit award agreements entered into between the Company and our named executive officers, upon a qualifying termination of employment, a named executive officer’s restricted stock unit award will, depending on the nature of the termination, (i) vest in full or (ii) continue to vest through the remainder of the original vesting schedule, subject to the named executive officer’s compliance with certain restrictive covenants. More specifically, if the executive’s termination is under circumstances characterizing him or her as a “Type I Leaver” (which includes, for purposes of the outstanding restricted stock unit awards, a termination (A) due to the executive’s qualifying retirement or (B) by the Company or our Manager or any of their respective subsidiaries or affiliates for any reason other than for “cause,” a breach of restrictive covenants, or as a result of a “constructive departure”), the executive’s restricted stock unit awards will continue to vest pursuant to their terms, subject to the executive’s compliance with certain confidentiality, non-solicitation, non-competition, and other restrictive covenants. In addition, if an executive incurs a disability or upon the cessation of the executive’s services as a result of executive’s death, the restricted stock unit award will become 100% vested immediately. As of December 31, 2025, the number of restricted stock units granted by us pursuant to the Incentive Plans that are subject to these provisions are as follows: 1,032,461 for Mr. Bouquard, 143,518 for Mr. Coleman, 61,583 for Mr. Fox, and 307,031 for Mr. Foley. Had a qualifying termination occurred on December 31, 2025, the value for each of our named executive officers of the number of the restricted stock units granted by us pursuant to the Incentive Plans that would be eligible for the accelerated or continued vesting described in this paragraph is the value reported above in the “Outstanding Equity Awards at 2025 Fiscal Year End” table. For purposes of the foregoing, “cause” means (i) an indictment of a felony or other crime involving moral turpitude, (ii) a material breach of any employment agreement, offer letter, or similar agreement governing the executive’s services with our Manager or its affiliates, (iii) a material failure to perform the duties reasonably assigned to the executive (other than as a result of death or disability), (iv) any misconduct, fraud, embezzlement, theft or misappropriation, or (v) gross negligence in connection with the executive’s services. A “constructive departure” occurs when there is a material and sustained dereliction of duties or other egregious conduct that would customarily result in a termination of services. “Disability” means an executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or be expected to last for a continuous period of not less than 12 months. An executive will be eligible for “retirement” after reaching age 65 with at least five years of service. We are not obligated to make any payments or accelerate vesting of any outstanding equity-based compensation awards upon a change in control, nor upon a named executive officer’s cessation of employment for any reason other than a termination that (a) qualifies the named executive officer as a Type I Leaver, (b) is due to the named executive officer’s disability, or (c) is due to the named executive officer’s death.
Pay Ratio Disclosure
Pay Ratio Disclosure As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of Doug Bouquard, our chief executive officer, to the median annual total compensation of other employees providing services to us. As disclosed in the “Compensation Discussion and Analysis” section above, Mr. Bouquard did not receive any direct cash compensation from us or our Manager allocated solely for services as our chief executive officer, and we did not reimburse our Manager or any of its affiliates for the compensation paid to Mr. Bouquard. Because we did not pay or provide reimbursement of any direct compensation provided to Mr. Bouquard, nor to all other employees providing services to us, we are unable to calculate and provide a ratio of the median employee’s annual total compensation to the total annual compensation of Mr. Bouquard.
Pay Versus Performance Disclosure
Pay Versus Performance Disclosure As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last five completed calendar years. The following disclosure does not include a “Company-Selected Measure,” as outlined by Item 402(v)(2)(vi), or a discussion of any other financial measures that are used to link executive compensation actually paid, as outlined by Item 402(v)(6), as executive compensation decisions are made based on a holistic look of the overall health of the Company and are not based on any fixed performance metrics.
Pay Versus Performance Table*
Pay Versus Performance Table*
Pay Versus Performance Table*
| Year | Summary compensation table total for PEO** | Summary compensation table total for PEO*** | Compensation actually paid to PEO** (11) | Compensation actually paid to PEO*** (11) | Average summary compensation table total for non-PEO named executive officers | Average compensation actually paid to non-PEO named executive officers (11) | Value of initial fixed $100 investment based on: | | Net income | | | | | | | | | Total shareholder return (9) | Peer group total shareholder return (10) | | | 2025 | — | $3,915,423(2) | — | $4,359,501(2) | $718,757(4) | $793,323(4) | $81.07 | $64.72 | $60,319,000 | | 2024 | — | $3,515,543(2) | — | $5,584,743(2) | $668,206(5) | $1,198,939(5) | $80.04 | $62.94 | $74,335,000 | | 2023 | — | $2,574,570(2) | — | $2,902,479(2) | $590,205(6) | $724,842(6) | $61.20 | $70.81 | $(116,630,000) | | 2022 | $1,000,000(1) | $3,250,000(2) | $363,660(1) | $2,891,924(2) | $1,055,446(7) | $665,110(7) | $63.94 | $69.54 | $(60,066,000) | | 2021 | —(3) | $1,220,000(1) | $666,471(3) | $1,508,762(1) | $900,483(8) | $1,092,387(8) | $116.01 | $106.35 | $138,550,000 |
Pay Versus Performance Table*
| * As previously noted, the Summary Compensation Table totals include only the amounts of compensation that we are able to quantify for services rendered to us during the fiscal year. As such, for all PEOs and non-PEOs, it includes only the grant date fair value of the equity compensation awards granted by us, while for the non-PEOs, it also includes amounts (including base salary and bonus) based on a ratio of the compensation paid to the personnel of our Manager serving as our chief financial officer by an affiliate of our Manager to the total compensation expenses incurred by an affiliate of our Manager for services rendered to us. Due to the personnel of our Manager serving as our chief financial officer being the only persons whose compensation numbers include cash compensation, the non-PEO compensation amounts appear higher in certain years than the PEO compensation amounts. Throughout this table, parentheses denote negative numbers. |
Pay Versus Performance Table*
| ** For years in which more than one individual served as PEO for different portions of the year, this column represents disclosure for the individual who served as PEO as of January 1 of such year. |
Pay Versus Performance Table*
| *** This column represents disclosure for the individual who served as PEO as of December 31 of each respective year. |
Pay Versus Performance Table*
| (1) Represents disclosure for Matt Coleman, who served as our principal executive officer, as defined in Item 402(a)(3) of Regulation S-K under the Exchange Act (“PEO”), from April 1, 2021 to April 24, 2022. |
Pay Versus Performance Table*
| (2) Represents disclosure for Doug Bouquard, our PEO since April 25, 2022, and includes, for 2022, the value of his one-time sign-on equity compensation grant in addition to his annual equity compensation grant. |
Pay Versus Performance Table*
| (3) Represents disclosure for Greta Guggenheim, our PEO from January 2016 to March 31, 2021. |
Pay Versus Performance Table*
| (4) Non-PEO named executive officers for 2025 are Matthew Coleman, Robert Foley, and Brandon Fox. |
Pay Versus Performance Table*
| (5) Non-PEO named executive officers for 2024 are Matthew Coleman, Robert Foley, and Brandon Fox. |
Pay Versus Performance Table*
| (6) Non-PEO named executive officers for 2023 are Matthew Coleman, Robert Foley, and Brandon Fox. |
Pay Versus Performance Table*
| (7) Non-PEO named executive officers for 2022 are Robert Foley, Peter Smith, and Deborah Ginsberg. |
Pay Versus Performance Table*
| (8) Non-PEO named executive officers for 2021 are Robert Foley, Peter Smith, and Deborah Ginsberg. |
Pay Versus Performance Table*
| (9) Represents the cumulative total shareholder return over a five-year period (or, if less, the period beginning January 1, 2021 and ending on December 31st of the relevant compensation year). |
Pay Versus Performance Table*
| (10) Represents the cumulative total shareholder return over a five-year period (or, if less, the period beginning January 1, 2021 and ending on December 31st of the relevant compensation year) for the FTSE NAREIT Mortgage REITs Index. |
Pay Versus Performance Table*
| (11) The amounts reported represent the amounts of “compensation actually paid” to our PEO and “average compensation actually paid” to our other NEOs, as calculated in accordance with Item 402(v) of Regulation S-K. In accordance with the requirements of Item 402(v) of Regulation S-K the following adjustments were made to our PEO’s compensation and the average of our other NEO’s compensation as reported in the Summary Compensation Table for each year: |
Pay Versus Performance Table*
| | 2025 | | | Adjustments | PEO (Bouquard) | Average of Other NEOs | | Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table for 2025 | $(3,915,423.34) | $(592,824.14) | | Increase/deduction based on ASC 718 Fair Value of awards granted during 2025 that remain unvested as of year-end 2025, determined as of 12/31/2025 | $3,700,526.34 | $560,287.14 | | Increase/deduction for awards granted during prior fiscal years that were outstanding and unvested as of 12/31/2025, determined based on change in ASC 718 Fair Value from 12/31/2024 to 12/31/2025 | $66,293.37 | $11,620.03 | | Increase/deduction for awards granted during prior fiscal years that vested during 2025, determined based on change in ASC 718 Fair Value from 12/31/2024 to the vesting date | $(231,476.70) | $(56,021.42) | | Increase based on dividends or other earnings paid during the year prior to the vesting date of an award | $824,158.08 | $151,503.68 | | Total Adjustments | $444,077.75 | $74,565.29 | | Summary Compensation Table Total | $3,915,423.34 | $718,757.33 | | Compensation Actually Paid | $4,359,501.09 | $793,322.63 |
Narrative Disclosure to Pay Versus Performance Table
Narrative Disclosure to Pay Versus Performance Table The following charts illustrate the relationship between “Compensation Actually Paid” and performance on the measures identified in the Pay Versus Performance Table above. As previously noted, Mr. Bouquard’s 2022 compensation also includes the value of a one-time sign-on equity compensation grant and does not represent normal cycle annual compensation amounts.
Total Shareholder Return and “Compensation Actually Paid”
Total Shareholder Return and “Compensation Actually Paid”
Net Income and “Compensation Actually Paid”
Net Income and “Compensation Actually Paid”
DIRECTOR COMPENSATION
DIRECTOR COMPENSATION
2025 Director Compensation
2025 Director Compensation Our director compensation program during the fiscal year ended December 31, 2025 consisted of an annual base director’s fee of $217,500 for each of our non-management directors. These annual base director’s fees were paid partly in cash and partly in equity-based awards under our 2025 Equity Incentive Plan. In addition, each non-management director who chaired the audit, compensation, and nominating and corporate governance committees received an additional annual cash payment of $20,000, $15,000 and $10,000, respectively. Members of the audit, compensation, and nominating and corporate governance committees also received an additional annual cash payment of $10,000, $7,500 and $5,000, respectively. We also reimbursed all members of our board of directors for their travel expenses incurred in connection with their attendance at full board and committee meetings. Further, our lead independent director also received an additional annual cash payment of $20,000. The following table reflects information concerning the compensation of our directors earned during the last completed fiscal year ended December 31, 2025. Directors who are also officers of the Company do not receive any additional compensation for their services on our board of directors.
2025 Director Compensation
| Name | Fees Earned or Paid in Cash ($)(1) | Stock Awards(2) | Total ($) | | Avi Banyasz | — | $515,599 | $515,599 | | Doug Bouquard(3) | — | — | — | | Julie Hong | — | $118,539 | $118,539 | | Michael Gillmore | $132,500 | $118,539 | $251,039 | | Edward “Ted” Goldthorpe | $22,187 | $19,760 | $41,947 | | Todd Schuster | $114,429 | $118,539 | $232,968 | | Wendy Silverstein | $130,000 | $118,539 | $248,539 | | Bradley Smith | $147,500 | $118,539 | $266,039 |
2025 Director Compensation
| (1) For additional information regarding the amounts reflected in this column, see “—Fees Earned or Paid in Cash” below. |
2025 Director Compensation
| (2) Amounts reflected in this column represent the aggregate grant date fair value of stock awards computed in accordance with FASB ASC Topic 718. In December 2025, each non-management director was granted 13,012 deferred stock units, other than Mr. Goldthorpe who joined our board of directors on October 22, 2025 and was granted 2,169 deferred stock units in December 2025, in satisfaction of the portion of the base director’s fee for non-management directors paid in equity-based awards under our 2025 Equity Incentive Plan. For additional information regarding the amounts reflected in this column, including a description of the amounts granted to Mr. Banyasz and Ms. Hong and for disclosure of the total number of deferred stock units and restricted stock units outstanding as of December 31, 2025, see “—Stock Awards” below. |
2025 Director Compensation
| (3) Mr. Bouquard did not receive any additional compensation for service on our board of directors. For a description of Mr. Bouquard’s compensation with respect to his services rendered to us as our chief executive officer during 2025, see the Summary Compensation Table above. |
Indemnification Agreements with Directors and Officers
Indemnification Agreements with Directors and Officers We have entered into customary indemnification agreements with each of our directors and officers that obligate us to indemnify them to the maximum extent permitted under Maryland law. The agreements require us to indemnify the director or officer, or the indemnitee, against all judgments, penalties, fines and amounts paid in settlement and all expenses actually and reasonably incurred by the indemnitee or on his or her behalf in connection with a proceeding other than one initiated by or on our behalf and in which the indemnitee is determined in a final adjudication to be liable to us. The indemnitee will not be entitled to indemnification if it is established that one of certain prohibitions on indemnification under Maryland law exists. In addition, each indemnification agreement requires us to advance reasonable expenses incurred by the indemnitee within ten days of the receipt by us of a statement from the indemnitee requesting the advance, provided that the statement evidences the expenses and is accompanied by:
Indemnification Agreements with Directors and Officers
| • | a written affirmation of the indemnitee’s good faith belief that he or she has met the standard of conduct necessary for indemnification; and |
Indemnification Agreements with Directors and Officers
| • | a written undertaking by or on behalf of the indemnitee to repay the amount if it is ultimately determined that the standard of conduct necessary for indemnification was not met. |
Indemnification Agreements with Directors and Officers
Each indemnification agreement also provides for procedures for the determination of entitlement to indemnification, including requiring that such determination be made by independent counsel after a change in control of us.