Gratia Capital Increases Stake in TPG RE Finance Trust, Inc. to 3.6%

Gratia Capital, LLC, along with its managing member Steve Pei, filed an Amendment No. 1 to Schedule 13D for TPG RE Finance Trust, Inc. (TRTX) on April 21, 2026. The filing reveals that Gratia Capital now beneficially owns 2,785,149 shares, representing approximately 3.6% of the common stock. Steve Pei individually holds an additional 116,428 shares, bringing his total deemed beneficial ownership to 2,901,577 shares or 3.7%. The reporting persons acquired the shares for investment purposes, expressing a belief that the current share price does not reflect the company's long-term prospects. They intend to engage in discussions with management regarding dividend increases, strategic initiatives, and the company's positioning within the mortgage REIT sector. The reporting persons previously engaged in minor transactions, including the sale of 50,000 shares in March 2026 and the expiration of certain option contracts in April 2026. The funds for these acquisitions were sourced from the working capital of private funds and managed accounts.