TPG RE Finance Trust, Inc.
3.70%
2,901,577
1630472
Apr 16, 2026
Apr 21, 2026, 06:22 PM
Reporting Persons (2)
| Name | Type | % of Class | Aggregate | Sole Voting | Shared Voting |
|---|---|---|---|---|---|
| Steve Pei | Individual | 3.70% | 2,901,577 | 116,428 | 2,785,149 |
| Gratia Capital, LLC | Investment Adviser | 3.60% | 2,785,149 | 0 | 2,785,149 |
Disclosure Items (7)
Common Stock, par value $0.001 per share
TPG RE Finance Trust, Inc.
888 Seventh Avenue, 35th Floor, New York, NY, 10106
This Amendment No. 1 to Schedule 13D is being filed by Gratia Capital, LLC, a Delaware limited liability company ("Gratia") and Steve Pei, a United States citizen ("Pei") (each a "Reporting Person" and collectively, the "Reporting Persons").
The principal business address for each of the Reporting Persons is 11835 West Olympic Blvd., Suite 385, Los Angeles, California 90064.
Pei is the managing member of Gratia. The principal business of Gratia is serving as an investment adviser to its clients.
During the last five years, none of the Reporting Persons has been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The Reporting Persons disclaim membership in a group.
This Amendment No. 1 to Schedule 13D is being filed by Gratia Capital, LLC, a Delaware limited liability company ("Gratia") and Steve Pei, a United States citizen ("Pei") (each a "Reporting Person" and collectively, the "Reporting Persons").
The funds for the purchase of the Shares came from the working capital of private funds and separately managed accounts advised by Gratia, over which the Reporting Persons, through their roles described above in Item 2(c), exercise investment discretion and the personal funds of Pei and other affiliates of Gratia. No borrowed funds were used to purchase the Shares, other than borrowed funds used for working capital purposes in the ordinary course of business.
As of the date hereof: (i) Pei may be deemed to be the beneficial owner of 2,901,577 Shares, constituting 3.7% of the Shares* and (ii) Gratia may be deemed to be the beneficial owner of 2,785,149 Shares, constituting 3.6% of the Shares*
Pei: Pei has the sole power to vote or direct the vote of 116,428 Shares; has the shared power to vote or direct the vote of 2,785,149 Shares; has the sole power to dispose or direct the disposition of 116,428 Shares; and has the shared power to dispose or direct the disposition of 2,785,149 Shares. Gratia: Gratia has the sole power to vote or direct the vote of 0 Shares; have the shared power to vote or direct the vote of 2,785,149 Shares; have the sole power to dispose or direct the disposition of 0 Shares; and have the shared power to dispose or direct the disposition of 2,785,149 Shares.
Excluding the transactions disclosed on Exhibit B, the Reporting Persons have not transacted in shares of the Issuer within the previous 60 days.
Except as otherwise disclosed herein, all of the securities reported in this Amendment No. 1 to Schedule 13D are directly owned by advisory clients of Gratia. None of those advisory clients may be deemed to beneficially own more than 5% of the Shares.
4/17/2026 *The outstanding Shares figure reflects 78,354,052 shares issued and outstanding, as reported on the Issuer's 10-K filed on February 17, 2026.
The information set forth in Item 4 above is incorporated by reference in its entirety in this Item 6. The Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer that is not described herein and/or in a previous Schedule 13D filed by the Reporting Persons in respect of the Issuer.
Exhibit A: Joint Filing Agreement Exhibit B: Schedule of Transactions in Shares