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TPG Re Finance Trust Executive Compensation (FY25)

TRTX · San Francisco, CA · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 21, 2026
129 figures on this page: 120 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Doug Bouquard, Chief Executive Officer and Director, received $3,915,423 in total compensation for fiscal 2025, and compared with the $3,515,543 reported for fiscal 2024, Bouquard's total was 11.4% higher. Shareholders recorded 97.3% support for the say-on-pay proposal at the meeting held May 19, 2026 for fiscal 2025. The fiscal 2025 disclosure covers 4 named executive officers. The compensation disclosed runs fiscal 2022 through fiscal 2025.
Chief executive, fiscal 2025
◇
Doug Bouquard
Latest say-on-pay support
=
May 19, 2026
This company is not required to report a chief executive pay ratio.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Doug Bouquard: $3,515,543 → $3,915,423 (11.4% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is TPG Re Finance Trust's chief executive and what were they paid?
Doug Bouquard, Chief Executive Officer and Director, received $3,915,423 in total compensation for fiscal 2025. Compared with the $3,515,543 reported for fiscal 2024, Bouquard's total was 11.4% higher.
What was TPG Re Finance Trust's say-on-pay result?
Shareholders recorded 97.3% support for the say-on-pay proposal at the meeting held May 19, 2026 for fiscal 2025.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Doug Bouquard
Chief Executive Officer and Director
——◇————◇
Robert Foley
Chief Financial Officer
◇◇◇———◇◇
Peter Smith
Chief Investment Officer and Vice President
——◇————◇
Matthew Coleman
President
——◇————◇
Deborah Ginsberg
Vice President, General Counsel and Secretary
——◇————◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Doug Bouquard
Chief Executive Officer and Director
——◇————◇
Robert Foley
Chief Financial Officer
◇◇◇———◇◇
Matthew Coleman
President
——◇————◇
Brandon Fox
Chief Accounting Officer
——◇————◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Doug Bouquard
Chief Executive Officer
——◇————◇
Robert Foley
Chief Financial Officer
◇◇◇———◇◇
Matthew Coleman
President
——◇————◇
Brandon Fox
Chief Accounting Officer
——◇————◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Doug Bouquard
Chief Executive Officer and Director
——◇————◇
Robert Foley
Former Chief Financial Officer
Departed during or after this year
◇◇◇———◇◇
Matthew Coleman
President
——◇————◇
Brandon Fox
Interim Chief Financial Officer and Chief Accounting Officer
Served on an interim basis
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brandon FoxRSU◇——◇——◇
Doug BouquardRSU◇——◇——◇
Matthew ColemanRSU◇——◇——◇
Robert FoleyRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Doug BouquardRSU◇◇——
Robert FoleyRSU◇◇——
Brandon FoxRSU◇◇——
Matthew ColemanRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Matthew Coleman
President · Terms as described in the company’s compensation discussion · citing a 2025 filing
Change-in-control trigger◇
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Avi Banyasz
Board chair
—◇————◇
Bradley Smith
Lead independent director
◇◇————◇
Michael Gillmore
◇◇————◇
Wendy Silverstein
◇◇————◇
Todd Schuster
◇◇————◇
Julie Hong
—◇————◇
Edward Ted Goldthorpe
◇◇————◇
Doug Bouquard served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 19, 2026=◇◇◇
2024May 20, 2025=◇◇◇
2023May 14, 2024=◇◇◇
2022May 16, 2023=◇◇◇
2021May 17, 2022=◇◇◇
2020May 18, 2021=◇◇◇
2019June 30, 2020=◇◇◇
2018May 21, 2019=◇◇◇
2017May 23, 2018=◇◇◇
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What this page does not include

Everything above is a fact TPG Re Finance Trust disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
129 figures on this page: 120 cited to the filing that reported them, 9 calculated from figures it prints.
120 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001193125-26-234446
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-147949
    2025 Director Compensation · DIRECTOR COMPENSATION · Grants of Plan-Based Awards for 2025 · Outstanding Equity Awards at 2025 Fiscal Year End · and 1 more section
  3. 0001193125-25-123981
  4. 0001193125-25-076854
    Compensation Discussion and Analysis · Summary Compensation Table
  5. 0001193125-24-139375
  6. 0001193125-24-086036
    Summary Compensation Table
  7. 0001193125-23-149323
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-092232
    Summary Compensation Table
  9. 0001193125-22-156179
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001193125-21-167835
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-20-187870
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-19-154070
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-173623
    Item 5.07 Submission of Matters to a Vote of Security Holders
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This page is free to cite. Attribution we ask for:
Velarion, “TPG Re Finance Trust executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/TRTX (accessed 2026).
Short form: data: Velarion
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy