10-Q – 2025-08-06 – tpg-20250630.htm

Based on information presently known by management, the Company has not recorded a potential liability related to any pending legal proceeding except as disclosed below, and is not subject to any legal proceedings that we expect to have a material impact on our operations, financial positions or cash flows. It is not possible, however, to predict the ultimate outcome of all pending legal proceedings, and the claimants in the matter discussed below seek potentially large and indeterminate amounts. As such, although we do not consider such an outcome likely, given the inherent unpredictability of legal proceedings, it is possible that an adverse outcome in the matter described below or certain other matters could have a material effect on the Company’s financial results in any particular period.
Since 2011, a number of TPG-related entities and individuals, including David Bonderman and Jim Coulter, have been named as defendants/respondents in a series of lawsuits in the United States, United Kingdom, and Luxembourg concerning an investment TPG held from 2005-2007 in a Greek telecommunications company, known then as TIM Hellas (“Hellas”). Entities and individuals related to Apax Partners, a London based investment firm also invested in Hellas at the time, have been named in the lawsuits as well. The cases all allege generally that a late 2006 refinancing of the Hellas group of companies was improper.
To date, most of the lawsuits filed in New York Federal and State courts against TPG and Apax-related defendants have been dismissed, with those dismissals upheld on appeal, or the appeal period has passed. A lawsuit pending in the District Court of Luxembourg against two former TPG partners and two individuals related to Apax involved in the investment has been decided after trial in their favor on all claims and is now on appeal. In February 2018, a High Court case in London against a number of TPG and Apax-related parties and individuals was abandoned by the claimants in the early days of a scheduled six-week trial with costs of $ 9.5 million awarded to the TPG and Apax-related parties, of which $ 3.4 million was awarded to TPG.
In addition to the Luxembourg appeal, there are several cases against TPG and Apax-related parties pending in New York state court. In one case, the Court granted and denied in part motions to dismiss by all defendants, paring back the parties, claims and amounts at issue, and appeals of that decision are pending. In a second case, the Appellate Division recently granted summary judgment to the TPG-related parties on the sole remaining claim in that case, and plaintiffs are appealing that judgement to New York’s Court of Appeals. Finally, a third group of plaintiffs, similarly situated to those in the other cases, recently filed new claims seeking recovery from numerous TPG and Apax-related parties. The prior noted stayed federal actions have now been dismissed with prejudice by court order and stipulation.
The Company believes that the lawsuits related to the Hellas investment are without merit and intends to continue to defend them vigorously.
In October 2022, the Company received a document request from the SEC focusing on the use and retention of business-related electronic communications, which, as has been publicly reported, is part of an industry-wide review. The Company cooperated with the SEC’s investigation and reached a settlement, which was announced and the associated settlement amount was paid in January 2025.
Indemnifications
In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties that provide general indemnifications. In addition, certain of the Company’s funds have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that the Company has made. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of material loss to be remote.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

13. Net Income (Loss) Per Class A Common Share
The Company calculates its basic and diluted income (loss) per share using the two-class method for all periods presented, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines income per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all income (distributed and undistributed) is allocated to common shares and participating securities based on their respective rights to receive dividends.
In computing the dilutive effect that the exchange of TPG Operating Group partnership units would have on net income available to Class A common stock per share, TPG considered that net income (loss) available to holders of shares of Class A common stock would increase due to the elimination of non-controlling interests in the TPG Operating Group, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the TPG Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Numerator:
Net income (loss) $ 30,111   $ ( 57,578 ) $ 117,939   $ ( 66,584 )

Less:

Net loss attributable to non-controlling interests in TPG Operating Group ( 30,865 ) ( 57,292 ) ( 42,964 ) ( 112,329 )
Net income attributable to other non-controlling interests 46,035   13,691   120,569   44,203  
Net income (loss) attributable to Class A Common Stockholders prior to distributions 14,941   ( 13,977 ) 40,334   1,542  
Reallocation of earnings to unvested participating restricted stock units (a)
( 10,591 ) ( 1,637 ) ( 27,474 ) ( 9,197 )
Net income (loss) attributable to Class A Common Stockholders - Basic 4,350   ( 15,614 ) 12,860   ( 7,655 )

Net loss assuming exchange of non-controlling interest ( 24,089 ) ( 51,995 ) ( 31,526 ) ( 98,411 )
Net loss attributable to Class A Common Stockholders - Diluted $ ( 19,739 ) $ ( 67,609 ) $ ( 18,666 ) $ ( 106,066 )
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic 133,404,634 101,690,961 125,450,638 95,402,371
Exchange of Common Units to Class A Common Stock 236,738,149 263,074,137 244,302,400 269,155,636
Weighted-Average Shares of Common Stock Outstanding - Diluted 370,142,783 364,765,098 369,753,038 364,558,007
Net income (loss) available to Class A common stock per share
Basic $ 0.03   $ ( 0.15 ) $ 0.10   $ ( 0.08 )
Diluted $ ( 0.05 ) $ ( 0.19 ) $ ( 0.05 ) $ ( 0.29 )
Dividends declared per share of Class A Common Stock (b)
$ 0.41   $ 0.41   $ 0.94   $ 0.85  

___________
(a) No undistributed losses were allocated to unvested participating RSUs during the three and six months ended June 30, 2025 and 2024, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.
(b) Dividends declared reflects the calendar date of the declaration for each distribution. The second quarter dividends were declared on August 6, 2025 and are payable on September 2, 2025.

14. Equity-Based Compensation
Restricted Stock Unit Awards
Under the Company’s Omnibus Equity Incentive Plan (the “Omnibus Plan”), the Company is permitted to grant equity awards representing ownership interests in TPG Inc.’s Class A common stock. On February 27, 2025, an additional 6,540,183 shares of Class A common stock were registered, increasing the share reserve to 36,496,786 , of which 32,814,833 were available to be issued as of June 30, 2025.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Service Awards
Ordinary Service Awards
In the ordinary course of business, the Company grants equity awards subject to service conditions, granted as part of the Company’s standard incentive structure initiatives. These units generally vest over a term of three to five years . These awards are referred to as (“Ordinary Service Awards”).
From time to time, the Company also grants equity awards that are subject to service conditions, a portion of which are granted on a non-standard basis to reward or incentivize key contributions that advance the Company’s long-term goals of value creation. These non-standard awards are referred to as (“Special Purpose Service Awards,” and collectively with Ordinary Service Awards, “Service Awards”). Dividend equivalents are paid on the vested and unvested portion of the Service Awards when the dividend occurs.
Special Purpose Employee Service Awards
In conjunction with the IPO in 2022, TPG employees, certain of the Company’s executives and certain non-employees received one-time grants of equity-based awards in the form of Special Purpose Service Awards which entitle the holder to one share of Class A common stock upon vesting. These units generally vest over a term of four to six years .
Additionally, in conjunction with the acquisition of TPG Angelo Gordon, the Company agreed to grant an aggregate of 8.4 million Special Purpose Service Awards to former Angelo Gordon employees to promote retention post-closing, of which 6.2 million are outstanding to date. These units generally vest over a term of five years .
Special Purpose IPO Executive Service Awards
Under the Omnibus Plan and in conjunction with the IPO, the Company granted 1.1  million restricted stock units as Special Purpose Service Awards in order to incentivize and retain key members of management and further their alignment with our shareholders (the “IPO Executive Service Awards”). The IPO Executive Service Awards are subject to service-based vesting conditions over a five-year service period with vesting having commenced on the second anniversary of the grant date. Compensation expense for these awards is recognized on a straight-line basis.
Special Purpose CEO Service Award
Under the Omnibus Plan, the Company granted a long-term performance incentive award to the Company’s Chief Executive Officer (the “CEO”) on November 30, 2023, comprised of 2.6  million restricted stock units as Special Purpose Service Awards, intended to incentivize the CEO to drive shareholder value in a manner that is aligned with stockholder interests, reward him for organic and inorganic Company growth, and bring his compensation in-line with peer competitors in order to promote and ensure retention (the “CEO Service Award”). The CEO Service Award is subject to service-based vesting conditions over a four-year service period beginning on January 13, 2025 and each one-year anniversary thereafter. Compensation expense for this award is recognized on a straight-line basis.
The following table summarizes the outstanding RSUs for Service Awards as of June 30, 2025 (in millions, including share data):

Units Outstanding as of June 30, 2025 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Restricted Stock Units
Ordinary Service Awards 9.7 $ 44.1   $ 21.4   $ 86.9   $ 42.3   $ 382.0  
Special Purpose Service Awards 11.5 30.6   33.5   62.7   67.8   261.1  
Total Service Award RSUs 21.2 $ 74.7   $ 54.9   $ 149.6   $ 110.1   $ 643.1  

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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

For the six months ended June 30, 2025 and 2024 the Company granted 3.5 million and 5.3  million Service Awards, respectively. The grant date fair value was the public share price on each respective grant date.
The following table presents the rollforward of the Company’s unvested Service Awards for the six months ended June 30, 2025 (awards in millions):

Service Awards Weighted-Average Grant Date Fair Value
Balance at December 31, 2024 25.3 $ 34.30  
Granted 3.5 60.74
Vested ( 7.1 ) 32.66
Forfeited ( 0.5 ) 32.89
Balance at June 30, 2025 21.2 39.29  

As of June 30, 2025, there was approximately $ 643.1  million of total estimated unrecognized compensation expense related to unvested Service Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.9 years.
Market and Performance Condition Awards
Ordinary Performance Condition Awards
During the ordinary course of business, the Company grants equity awards, subject to a combination of service and performance conditions, as part of the Company’s standard incentive structure initiatives. These awards are referred to as (“Ordinary Performance Condition Awards”).
From time to time, the Company grants equity awards that are subject to a combination of service and market conditions, granted on a non-standard basis to reward or incentivize key contributions that advance the Company’s long-term goals of value creation. These awards are referred to as (“Special Purpose Market Condition Awards,” and collectively with the Ordinary Performance Condition Awards, “Market and Performance Condition Awards”).
Special Purpose IPO Executive Market Condition Awards
Under the Omnibus Plan and in conjunction with the IPO, the Company also granted 1.1  million restricted stock units as Special Purpose Market Condition Awards in order to incentivize and retain key members of management and further their alignment with our shareholders (the “IPO Executive Market Condition Awards”). The IPO Executive Market Condition Awards are subject to both market performance and service based vesting conditions, including (i) a time-based component requiring a five-year service period and (ii) a market price component with a target Class A common stock share price at $ 44.25 within five years and $ 59.00 within eight years. Dividend equivalents accrue on the vested and unvested Special Purpose Service Awards when the dividend occurs. Dividend equivalents accrue for the vested and unvested portions of the IPO Executive Market Condition Awards and are paid only when both the applicable service and market performance conditions are satisfied.
Compensation expense for the IPO Executive Market Condition Awards is recognized using the accelerated attribution method on a tranche-by-tranche basis. During 2024, both market price components of Class A common stock share price of $ 44.25 and $ 59.00 were met. During the six months ended June 30, 2025, 0.2  million IPO Executive Market Condition Awards vested.
Special Purpose CEO Market Conditions Award
The long-term performance incentive award granted to the CEO under the Omnibus Plan on November 30, 2023, is also comprised of 3.9 million restricted stock units as Special Purpose Market Condition Awards, and is intended to incentivize the CEO to drive shareholder value in a manner that is aligned with stockholder interests, reward him for organic and inorganic Company growth, and bring his compensation in line with peer competitors in order to promote and ensure retention (the “CEO Market Conditions Award”).
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The CEO Market Conditions Award is subject to both market performance and service based vesting conditions, including (i) a time-based component requiring a five-year service period and (ii) a market price component that is only achieved when the 30-day volume weighted average trading price of a share of Class A common stock meets or exceeds certain stock price hurdles. 25 % of each service vesting tranche of the CEO Market Conditions Award is eligible to be earned and vest following achievement of each of the following Class A common stock prices: $ 52.50 , $ 58.45 , $ 64.05 and $ 70.00 . These stock price hurdles represent a premium of 150 %, 167 %, 183 % and 200 % of the closing price of a share of Class A common stock on the date of grant. The first market hurdle must be achieved by January 13, 2029, and the remaining hurdles by January 13, 2030. If the applicable market hurdles are not achieved by the specified periods, the applicable portions of the CEO Market Conditions Award will be forfeited. Restricted stock units from the CEO Market Conditions Award that (i) vest prior to January 13, 2029 will be settled promptly following January 13, 2029, and (ii) vest after January 13, 2029 will be settled promptly following January 13, 2030, subject to certain other accelerated settlement conditions. Dividend equivalents accrue for the vested and unvested portions of the CEO Market Conditions Award and are paid only if and when both the applicable service and market conditions are satisfied.
Compensation expense for the CEO Market Conditions Award is recognized using the accelerated attribution method on a tranche-by-tranche basis. During 2024, the first three market hurdles of the CEO Market Conditions Award of Class A common stock share prices of $ 52.50 , $ 58.45 and $ 64.05 were met. As such, 20 % of these tranches have vested or will vest on each of January 13, 2025, 2026, 2027, 2028 and 2029.
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of June 30, 2025 (in millions, including share data):

Units Outstanding as of June 30, 2025 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Restricted Stock Units
Ordinary Performance Condition Awards 1.0 $ 4.6   $ —   $ 6.1   $ ( 1.7 ) $ 33.0  

Special Purpose Market Condition Awards 3.7   6.1   7.8   17.2   13.0   38.1  
Total Market and Performance Condition Award RSUs 4.7   $ 10.7   $ 7.8   $ 23.3   $ 11.3   $ 71.1  

The following table presents the roll forwards of the Company’s unvested Special Purpose Market Condition Awards for the six months ended June 30, 2025 (awards in millions):

Market Condition Awards
Weighted Average Grant Date Fair Value
Balance at December 31, 2024 4.6 $ 20.41  
Granted — —
Vested
( 0.2 ) 16.58
Vested, unsettled ( 0.6 ) 22.01
Forfeited ( 0.1 ) 16.59
Balance at June 30, 2025 3.7 20.45

As of June 30, 2025, there was approximately $ 38.1  million of total estimated unrecognized compensation expense related to unvested Special Purpose Market Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.2 years.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Total Restricted Stock Units
For the three and six months ended June 30, 2025, the Company recorded total restricted stock unit compensation expense of $ 85.4 million and $ 172.9  million, respectively. For the three and six months ended June 30, 2024, the Company recorded total restricted stock unit compensation expense of $ 62.7  million and $ 121.4  million, respectively. The expense associated with awards granted to certain non-employees of the Company is recognized in general, administrative and other in our Condensed Consolidated Statements of Operations and tot aled $ 4.3  million and $ 8.8  million for the three and six months ended June 30, 2025 and $ 0.9  million and $ 1.8  million for the three and six months ended June 30, 2024, respectively.
For the three and six months ended June 30, 2025, the Company had 0.1  million and 7.5  million restricted stock units vest at a fair value of $ 3.6  million and $ 467.2  million, respectively (excluding vested, but unsettled units). The restricted stock units were settled by issuing 44,664 shares of TPG Inc. Class A common stock, net of withholding tax of $ 1.6  million for the three months ended June 30, 2025 and by issuing 4,599,206 shares of TPG Inc. Class A common stock, net of withholding tax of $ 181.7  million (excluding vested, but unsettled units) for the six months ended June 30, 2025. For the three and six months ended June 30, 2024, the Company had 0.1  million and 4.1  million restricted stock units vest at a fair value of $ 2.2  million and $ 161.5  million, respectively (excluding vested, but unsettled units). The restricted stock units were settled by issuing 27,943 shares of TPG Inc. Class A common stock, net of withholding tax of $ 0.9  million (excluding vested, but unsettled units) for the three months ended June 30, 2024 and by issuing 2,513,255 shares of TPG Inc. Class A common stock, net of withholding tax of $ 61.8  million (excluding vested, but unsettled units) for the six months ended June 30, 2024.
The following table summarizes all outstanding restricted stock unit awards as of June 30, 2025 (in millions, including share data):

Units Outstanding as of June 30, 2025 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Restricted Stock Units
Ordinary Awards:
Ordinary Service Awards 9.7 $ 44.1   $ 21.4   $ 86.9   $ 42.3   $ 382.0  
Ordinary Performance Condition Awards 1.0 4.6   —   6.1   ( 1.7 ) 33.0  

Special Purpose Awards:
Special Purpose Service Awards 11.5 30.6   33.5   62.7   67.8   261.1  
Special Purpose Market Condition Awards 3.7 6.1   7.8   17.2   13.0   38.1  

Total Restricted Stock Units 25.9 $ 85.4   $ 62.7   $ 172.9   $ 121.4   $ 714.2  

Other Awards
As a result of the Reorganization and the IPO in 2022, certain of the Company’s current partners hold restricted indirect interests in Common Units through TPG Partner Holdings and indirect economic interests through RemainCo. TPG Partner Holdings and RemainCo are presented as non-controlling interest holders within the Company’s Condensed Consolidated Financial Statements. The interests in TPG Partner Holdings (“TPH Units”) and indirectly in RemainCo (“RPH Units”) are generally subject to service, or, in certain cases, to both service and performance conditions. Holders of these interests participate in distributions regardless of the vesting status. Additionally, in conjunction with the Reorganization, the IPO and the acquisition of NewQuest, certain TPG partners and NewQuest principals were granted Common Units directly at TPG Operating Group and Class A common stock (collectively, the “Other IPO-Related Awards”) subject to both service and performance conditions, some of which are deemed probable of achieving.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

In conjunction with the acquisition of TPG Angelo Gordon, the Company granted 43.8  million of unvested Common Units to former Angelo Gordon partners (included in Common Units below), which are considered compensatory under ASC 718. These units generally vest over a term of five years and participate in distributions at the TPG Operating Group along with all vested equity.
The following table summarizes the outstanding Other Awards as of June 30, 2025 (in millions, including share data):

Unvested Units/Shares Outstanding as of June 30, 2025 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2025
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
TPH and RPH Units
TPH units 25.6 $ 61.1   $ 72.6   $ 114.6   $ 147.3   $ 490.2  
RPH units 0.2 8.4   14.1   13.6   28.8   55.3  
Total TPH and RPH Units 25.8 $ 69.5   $ 86.7   $ 128.2   $ 176.1   $ 545.5  

Common Units and Class A Common Stock
Common Units 35.6 $ 47.7   $ 58.8   $ 100.0   $ 121.9   $ 659.4  
Class A Common Stock — — 4.4 0.4   8.8   —  

Total Common Units and Class A Common Stock 35.6 $ 47.7   $ 63.2   $ 100.4   $ 130.7   $ 659.4  

TPH and RPH Units
The Company accounts for the TPH Units and RPH Units as compensation expense in accordance with ASC 718. The unvested TPH and RPH Units are recognized as equity-based compensation subject to primarily service vesting conditions and in certain cases performance conditions, some of which are deemed probable of achieving. The Company recognized compensation expense of $ 69.5 million and $ 128.2 million for the three and six months ended June 30, 2025, respectively. The Company recognized compensation expense of $ 86.7 million and $ 176.1 million for the three and six months ended June 30, 2024, respectively. There is no additional dilution to our stockholders related to these interests. Contractually these units are only related to non-controlling interest holders of the TPG Operating Group, and there is no impact to the allocation of income and distributions to TPG Inc. Therefore, the Company has allocated these expense amounts to its non-controlling interest holders.
The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 2025 (units in millions):

TPH Units RPH Units
Partnership Units Grant Date Fair Value Partnership Units Grant Date Fair Value
Balance at December 31, 2024 26.1 $ 26.74   0.2 $ 457.10  
Reallocated 0.0 57.90   — —  
Vested ( 0.4 ) 27.54   — —  
Forfeited ( 0.1 ) 25.13   — —  
Balance at June 30, 2025 25.6 26.79   0.2 457.10  

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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Certain forfeited TPH Units were reallocated to certain existing unit holders in accordance with the applicable governing documents. The grant date fair value of the reallocated awards was determined based on the fair value of TPG’s common stock at the time of reallocation. As of June 30, 2025, there was approximately $ 545.5 million of total estimated unrecognized compensation expense related to outstanding unvested awards, of which TPH Units and RPH Units represented $ 490.2 million and $ 55.3 million, respectively.
Common Units and Class A Common Stock
In accordance with ASC 718, all Other Awards are also recognized as equity-based compensation. The Company recognized compensation expense of $ 47.7 million and $ 100.4 million for the three and six months ended June 30, 2025, respectively. The expense for the three and six months ended June 30, 2024 totaled $ 63.2 million and $ 130.7 million, respectively. As TPG Operating Group holders would accrete pro-rata or benefit directly upon forfeiture of those awards, this compensation expense was allocated pro-rata to all controlling and non-controlling interest holders of TPG Inc.
The following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the six months ended June 30, 2025 (awards in millions):

Common Units Class A Common Stock
Partnership Units Grant Date Fair Value Partnership Units Grant Date Fair Value
Balance at December 31, 2024 36.0 $ 25.50   0.3 $ 29.50  
Reallocated — —   — —  
Vested ( 0.4 ) 27.29   ( 0.3 ) 29.50  
Forfeited — —   — —  
Balance at June 30, 2025 35.6 25.48   — —  

Total unrecognized compensation expense related to outstanding unvested awards as of June 30, 2025 wa s $ 659.4 million.
Other Liability Classified Awards
In conjunction with the acquisition of TPG Angelo Gordon, the Company granted liability-classified Common Unit awards to Angelo Gordon partners. Those awards represent the compensatory portion of the Earnout Payment under ASC 718 and as such, require both continuous service over a period of five years and the satisfaction of FRR targets during the period beginning on January 1, 2026 and ending on December 31, 2026.
These liability-classified awards will be settled with a variable number of both vested and unvested Common Units upon the satisfaction of the FRR targets and do not participate in TPG Operating Group distributions before settlement. The fair value of these awards will be remeasured every reporting period and is based on the satisfaction of the respective FRR targets. For the three and six months ended June 30, 2025, the Company recognized compensation expense of $ 9.9  million and $ 19.7  million, respectively, related to its liability-classified awards with a corresponding increase in other liabilities. For the three and six months ended June 30, 2024, the Company recognized compensation expense of $ 12.8  million and $ 21.9  million, respectively, related to its liability-classified awards with a corresponding increase in other liabilities. Compensation expense for those awards is recognized using the accelerated attribution method on a tranche-by-tranche basis. Total unrecognized compensation expense related to these awards as of June 30, 2025 was $ 57.2 million .

TRTX Awards
Certain employees of the Company receive awards (“TRTX Awards”) from TPG RE Finance Trust, Inc. (“TRTX”), a publicly traded real estate investment trust, externally managed and advised by TPG RE Finance Trust Management, L.P., a wholly-owned subsidiary of the Company, for services provided to TRTX. Generally, the TRTX Awards vest over four years for employees and at grant date for directors of TRTX.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The TRTX Awards granted to certain employees of the Company are recorded in other assets and due to affiliates in the Condensed Consolidated Statements of Financial Condition. The grant date fair value of the asset is amortized through equity-based compensation expense on a straight-line basis over the vesting period in the Condensed Consolidated Statements of Operations. Equity-based compensation expense is offset by related management fees earned by the Company from TRTX. During the three and six months ended June 30, 2025, the Company recognized $ 1.5  million and $ 2.9  million, respectively, of management fees and equity-based compensation expense. During the three and six months ended June 30, 2024, the Company recognized $ 2.0  million and $ 4.5  million, respectively, of management fees and equity-based compensation expense.

15. Equity
The Company has three classes of common stock outstanding, Class A common stock, nonvoting Class A common stock and Class B common stock. Class A common stock is traded on the Nasdaq Global Select Market. The Company is authorized to issue 2,240,000,000 shares of Class A common stock with a par value of $ 0.001 per share, 100,000,000 shares of nonvoting Class A common stock, 750,000,000 shares of Class B common stock with a par value of $ 0.001 per share, and 25,000,000 shares of preferred stock, with a par value of $ 0.001 per share. Each share of the Company’s Class A common stock entitles its holder to one vote, and each share of our Class B common stock entitles its holder to ten votes. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. The nonvoting Class A common stock have the same rights and privileges as, rank equally and share ratably with, and are identical in all respects as to all matters to, the Class A common stock, except that the nonvoting Class A common stock have no voting rights other than such rights as may be required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. As of June 30, 2025, 137,990,952 shares of Class A common stock and 6,605,963 shares of nonvoting Class A common stock were outstanding, 224,858,284 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding.
Dividends and distributions
Dividends and distributions are reflected in the Condensed Consolidated Statements of Changes in Equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to holders of non-controlling interests in subsidiaries.
The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of the Board of Directors of the Company.

Date Declared Record Date Payment Date Dividend per Class A Common Share
May 8, 2024 May 20, 2024 June 3, 2024 $ 0.41  
August 6, 2024 August 16, 2024 August 30, 2024 0.42  
November 4, 2024 November 14, 2024 December 2, 2024 0.38  
February 11, 2025 February 21, 2025 March 7, 2025 0.53  
Total 2024 Dividend Year (through Q4 2024)
$ 1.74  

May 7, 2025 May 19, 2025 June 2, 2025 $ 0.41  
August 6, 2025 August 18, 2025 September 2, 2025 0.59  
Total 2025 Dividend Year (through Q2 2025) $ 1.00  

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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Exchanges of Common Units
Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the six months ended June 30, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration as follows:

Exchange Date Class A Common Stock Issued

2024 Exchanges (a)

February 27, 2024 17,704,987
May 21, 2024 1,998,593
August 19, 2024 1,042,119
November 15, 2024 5,155,425

2025 Exchanges (a)

February 24, 2025 9,786,354
May 21, 2025 21,000,000

__________
(a) The issuance of the shares of Class A common stock to such holders of Common Units was registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024.
The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):

Six Months Ended June 30,
2025 2024
Distributions to holders of other non-controlling interests $ 65,288   $ 6,564  
Deferred tax assets 446,633   227,116  
Due to affiliates 113,820   205,373  
Other liabilities 286,083   —  
Additional paid-in-capital 46,730   21,743  
Contributions from holders of other non-controlling interests 67,449   —  
Distributions in-kind to holders of other non-controlling interests 29,925   —  
Deconsolidation of previously consolidated entities 20,208   —  

16. Subsequent Events
Other than the events noted in the footnotes to the Condensed Consolidated Financial Statements, there have been no additional events since June 30, 2025 that require recognition or disclosure in the Condensed Consolidated Financial Statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in our historical financial statements and the related notes included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and elsewhere in this report, particularly in “Cautionary Note Regarding Forward-Looking Statements,” and “Item 1A.—Risk Factors” and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 18, 2025. We assume no obligation to update any of these forward-looking statements.

Overview
TPG is a leading global alternative asset manager with $261.3 billion in assets under management (“AUM”) as of June 30, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth.
We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical growth in our assets under management, all with the support of a scaled infrastructure that provides our business with a high degree of operating leverage.
Our differentiated operating model unites our investment products and global footprint around a cohesive commercial framework. Our team-oriented culture fosters collaboration and alignment, supports our shared investment themes approach to sourcing and executing deals and leads to attractive returns for our investors. Through multiple decades of experience, we have developed an ecosystem of insight, engagement and collaboration across our platforms and products, which currently include more than 400 active portfolio companies, more than 300 real estate properties and over 5,500 credit positions, across more than 30 countries.
Our firm consists of six multi-strategy investment platforms: (1) Capital, (2) Growth, (3) Impact, (4) TPG Angelo Gordon, (5) Real Estate and (6) Market Solutions. Each of our six investment platforms is comprised of a number of products that are complementary to each other and provide our clients with differentiated avenues for capital deployment. Most of our products have raised multiple generations of funds, which we believe highlights the value these products provide to our clients.

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TPG Angelo Gordon
Capital Growth Impact  Credit Real Estate
Real Estate Market Solutions
Platforms
Large-scale, control-oriented private equity investing platform Growth equity and middle market private equity investing platform Private equity investing platform focused on achieving both societal and financial outcomes Expansive yield opportunities across the credit spectrum Diversified portfolio along the value-add spectrum, opportunistic strategies and portfolio of sale-leaseback transactions Real estate investing platform Differentiated strategies built to address specific market opportunities
$76.2 billion
AUM
$29.8 billion
AUM
$28.9 billion
AUM
$80.2 billion
AUM
$18.7 billion
AUM
$18.2 billion
AUM
$9.3 billion
AUM

Products
TPG Capital TPG Growth The Rise Funds
TPG AG Credit Solutions TPG AG U.S. Real Estate TPG Real Estate Partners GP-led Secondaries
TPG Asia TPG Tech Adjacencies
TPG Rise Climate TPG AG Structured Credit & Specialty Finance TPG AG Asia Real Estate Real Estate Thematic Advantage Core Plus TPG Private Equity Opportunities

TPG Healthcare Partners
TPG Digital Media TPG Rise Climate Transition Infrastructure TPG AG Middle Market Direct Lending TPG AG Europe Real Estate Real Estate Credit TPG Peppertree (1)

TPG Life Sciences Innovation
TPG NEXT TPG AG CLOs TPG AG Net Lease Capital Markets
TPG AG Multi-Strategy

_______________
Note: AUM as of June 30, 2025.
(1) Acquired on July 1, 2025.

Platforms
Platform: Capital
Our Capital platform is focused on large-scale, control-oriented private equity investments. We pursue opportunities across geographies and specialize in sectors where we have developed deep thematic expertise over time. Our Capital platform funds are organized in three primary products: (1) TPG Capital, (2) TPG Asia and (3) TPG Healthcare Partners.
The following table presents certain data about our Capital platform as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 76  $ 36  9 $ 14 

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Product: TPG Capital
TPG Capital is our North America and Europe-focused private equity investing business, with $45.2 billion in assets under management as of June 30, 2025. TPG Capital employs a sector-driven, highly thematic approach to sourcing and primarily seeks to invest in traditional buyouts, transformational deals such as corporate carve-outs and large-scale growth equity transactions. We invest in market leaders with fundamentally strong business models that are expected to benefit from long-term secular growth trends. We also seek to help our portfolio companies accelerate their growth under our ownership through a variety of operational improvements, such as by leveraging our human capital team to upgrade or enhance our management teams and boards, and by investing in organic and inorganic growth.
Product: TPG Asia
TPG was one of the first alternative asset management firms to establish a dedicated Asia franchise and began investing in the region in 1994. Currently, TPG Asia focuses on pursuing investments in the Asia-Pacific region, including Australia, India, Korea and Southeast Asia, with $23.2 billion in assets under management as of June 30, 2025. Our distributed regional footprint has provided a foundation for us to pursue highly attractive investing opportunities in the region with both new and existing products and strategies. We invest through a variety of transaction structures, including through partnerships with large corporations and families.
Product: TPG Healthcare Partners
We established TPG Healthcare Partners, or “THP”, in 2019 to pursue healthcare-related investments, primarily in partnership with other TPG funds. THP provides our limited partners with a dedicated healthcare investment platform that touches all areas of healthcare, including providers, payors, pharmaceuticals, medical devices and healthcare technology.
Platform: Growth
TPG Growth is our dedicated growth equity and middle market investing platform. It provides us with a flexible mandate to invest in companies across our core sectors that are earlier in their life cycle, are smaller in size and/or have different profiles than would be considered for our Capital platform. Our Growth funds are organized in four primary products: (1) TPG Growth, (2) TPG Tech Adjacencies, (3) TPG Digital Media and (4) TPG Life Sciences Innovation.
The following table presents certain data about our Growth platform as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 30  $ 15  10 $ 7 

Product: TPG Growth
TPG Growth is our dedicated growth equity and middle market investing product, with $20.2 billion in assets under management as of June 30, 2025. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India.
Product: TPG Tech Adjacencies
TPG Tech Adjacencies, or “TTAD”, with $7.3 billion in assets under management as of June 30, 2025, is a product we developed organically to pursue minority and/or structured investments in internet, software, digital media and other technology sectors. Specifically, TTAD aims to provide flexible capital for founders, employees and early investors seeking liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth.
Product: TPG Digital Media
TPG Digital Media, or “TDM”, is a flexible source of capital focused on pursuing control equity investments in digital media. TDM seeks to pursue investments in businesses in which we have the opportunity to capitalize on our long history of studying and pursuing content-centric themes.
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Product: TPG Life Sciences Innovation
TPG Life Sciences Innovation, or “LSI”, was launched in 2023 and seeks to invest in the life sciences sector in novel therapeutics as well as digital health, medical devices, diagnostics and tech-enabled services. LSI invests across different therapeutic areas and stages, from company creation to IPO, and leverages TPG’s broad experience in the healthcare sector.
Platform: Impact
Our multi-fund Impact platform, which we believe is among the largest in the industry, pursues competitive, non-concessionary financial returns while also providing measurable societal benefits at scale, harnessing the diverse skills of a differentiated group of value-add stakeholders including:
• Y Analytics: A public benefit organization that is wholly owned by TPG and which we founded to provide impact research and rigorous assessment measures for impact investments, and today functions as TPG’s firm-wide Responsible Investing and impact performance arm.
• The TPG Rise Global Advisory Board: A group of experienced investors and global thought leaders with a deep personal and professional commitment to driving social and environmental change consistent with achieving non-concessionary financial returns.
• The TPG Rise Climate Coalition: A partnership between TPG and 32 leading global corporations that are investors in TPG Rise Climate, to accelerate the sharing of knowledge, best practices and investment opportunities arising from the energy transition among the group and more broadly across the TPG Impact platform.
Based on our investment strategy and performance track record, we have demonstrated that our impact investments can deliver profit and positive impact in tandem. Our Impact funds are organized in four primary products: (1) The Rise Funds, (2) TPG Rise Climate, (3) TPG Rise Climate Transition Infrastructure and (4) TPG NEXT.
The following table presents certain data about our Impact platform as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 29  $ 19  9 $ 11 

Product: The Rise Funds
The Rise Funds are our dedicated vehicles for investing globally in companies that generate business performance and strong returns alongside a demonstrable and significant positive societal impact, with $9.6 billion in assets under management as of June 30, 2025. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services.
Product: TPG Rise Climate
Launched in 2021, TPG Rise Climate (“Rise Climate”) is our dedicated climate private equity impact investing product, which has raised $15.0 billion in total commitments. TPG Rise Climate applies TPG’s private equity capabilities to pursue climate-related investments in thematic areas including clean electrons, clean molecules and materials, and adaptive solutions, all without sacrificing our focus on financial returns. TPG Rise Climate has a global focus and invests opportunistically across buyouts and carve-outs and growth equity transactions.
Product: TPG Rise Climate Transition Infrastructure
TPG Rise Climate Transition Infrastructure (“Rise Climate TI”) is our newly formed product focused on investing in infrastructure businesses and assets that we believe have or will have positive climate impact. TPG Rise Climate Transition Infrastructure pursues climate-related investments in thematic areas including clean electrons, clean molecules and materials, and adaptive solutions, seeking to capture return opportunities between core infrastructure and private equity within the energy transition, green mobility, negative emissions and sustainable fuels sectors.
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Product: TPG NEXT
TPG NEXT provides strategic minority capital and custom operational support to help emerging managers establish, build and scale their firms. TPG announced the launch of the inaugural TPG NEXT fund in 2022 to use the power of TPG’s platform—including its capital, network and 30-plus year track record of business building—to accelerate the growth and de-risk the success of the next generation of alternative investment managers. Firms that partner with TPG NEXT gain access to TPG’s network, operational and investment capabilities, and ecosystem to support strategic business building and expansion.
Platform: TPG Angelo Gordon
TPG AG Credit
TPG Angelo Gordon’s alternative credit products (collectively referred to as “TPG AG Credit”) are: (1) TPG AG Credit Solutions, (2) TPG AG Structured Credit & Specialty Finance, (3) TPG AG Middle Market Direct Lending, (4) TPG AG Collateralized Loan Obligations (“CLOs”) and (5) TPG AG Multi-Strategy. TPG AG Credit’s capabilities span private and tradable credit across corporate and asset-backed markets.
The following table presents certain data about our TPG AG Credit as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 80  $ 45  82 $ 16 

Product: TPG AG Credit Solutions
TPG AG Credit Solutions, with $19.5 billion in assets under management as of June 30, 2025, invests in stressed, distressed and special situation corporate credit opportunities, primarily in North America and Europe, and can dynamically pivot between the public and private markets. TPG AG Credit Solutions employs what we believe to be a differentiated, solutions-based approach that is capable of being executed in any market environment. TPG AG Credit Solutions seeks to align with companies, financial sponsors and business owners and to use its structuring skill and flexible capital base to create bespoke, bilaterally-negotiated financing transactions that help resolve complex and idiosyncratic financial challenges. TPG AG Credit Solutions funds may also opportunistically invest in securities acquired at what the investment team believes are discounted prices relative to their intrinsic value and offer the potential for contractual income and/or price appreciation. TPG AG Credit Solutions invests through the Credit Solutions, Essential Housing and Hybrid Solutions closed-end funds, as well as the Corporate Credit Opportunities open-ended fund.
Product: TPG AG Structured Credit & Specialty Finance
TPG AG Structured Credit & Specialty Finance focuses on major non-corporate credit sectors, including consumer, residential and commercial real estate, and specialty lending markets, and also has substantial CLO debt and equity investing capabilities. TPG AG Structured Credit & Specialty Finance invests through a variety of vehicles including the Mortgage Value Partners Fund open-ended hedge fund, the Asset Based Credit closed-end fund series and evergreen vehicle, separately managed accounts (“SMAs”) and AG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), which is an externally managed, publicly traded residential mortgage real estate investment trust. As of June 30, 2025, TPG AG Structured Credit & Specialty Finance had $22.6 billion in assets under management.
Product: TPG AG Middle Market Direct Lending
TPG AG Middle Market Direct Lending (“MMDL”) and TPG Twin Brook Capital Partners focus on sourcing, underwriting and actively managing a diversified portfolio of lower middle market, senior secured loans, including revolvers and first lien debt, and seek to deliver stable and attractive returns while minimizing volatility and protecting the downside. As a direct lender to private equity backed lower middle market companies primarily with $25 million of EBITDA or less, the product focuses on sourcing differentiated opportunities from our long-standing and diverse set of sponsor relationships. TPG AG Middle Market Direct Lending includes the MMDL closed-end fund series and evergreen vehicle and SMAs, as well as a public, non-traded business development company (“BDC”), TPG Twin Brook Capital Income Fund (“TCAP”). As of June 30, 2025, TPG AG Middle Market Direct Lending had $27.8 billion in assets under management.
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Product: TPG AG CLOs
TPG AG CLOs, with $7.8 billion in assets under management as of June 30, 2025 invests predominantly in non-investment grade senior secured bank loans. TPG AG CLO investment team comprises of members in both New York and London. The U.S. CLOs invest in U.S. dollar-denominated broadly syndicated loans, and the European CLOs invest in Euro-denominated loans and secured bonds. Our global platform allows us to provide our investors with diversification across industries and geographies as we construct well diversified, liquid portfolios that are actively traded. In addition to CLOs, the platform also manages bespoke performing credit vehicles and commingled closed end CLO funds.
Product: TPG AG Multi-Strategy
TPG AG Multi-Strategy, with $2.4 billion in assets under management as of June 30, 2025, invests across the breadth of TPG AG Credit, with a geographic focus in the United States and Western Europe. TPG AG Multi-Strategy offers actively managed co-mingled funds, including the Super Fund, in addition to bespoke vehicles and various multi-strategy credit funds of one. These funds invest in public and private investment opportunities sourced from across TPG AG Credit, as well as arbitrage strategies, including convertible arbitrage and merger arbitrage. TPG AG Multi-Strategy funds invest in, among other products, corporate loans and bonds, residential, consumer and asset-based loans and securities, hybrid instruments and derivative securities, including currency and interest rate hedges.
TPG AG Real Estate
TPG Angelo Gordon’s real estate products (collectively referred to as “TPG AG Real Estate”) are (1) TPG AG U.S. Real Estate, (2) TPG AG Asia Real Estate, (3) TPG AG Europe Real Estate and (4) TPG AG Net Lease. TPG AG Real Estate products in the United States, Asia and Europe primarily focus on the acquisition of equity interests of underperforming and undervalued assets, where we can employ our opportunistic and value-add strategies to improve performance. We believe TPG AG Real Estate’s extensive and proprietary network of operating partners across each of the regions where we operate positions us to effectively identify inefficiencies and source opportunities on an off-market basis. TPG AG Net Lease primarily invests in single tenant commercial real estate acquired in simultaneous sale-leaseback transactions.
The following table presents certain data about our TPG AG Real Estate as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 19  $ 15  29 $ 7 

Product: TPG AG U.S. Real Estate
TPG AG U.S. Real Estate, with $5.8 billion in assets under management as of June 30, 2025, manages assets across various product sectors and has been active in many of the major U.S. real estate markets. TPG AG U.S. Real Estate focuses on purchasing what we believe to be underperforming and undervalued real estate assets, where we then execute an active asset management strategy to reposition and stabilize the properties. TPG AG U.S. Real Estate is diversified across property sectors, with a thematic portfolio construction focused on rental residential, industrial, self-storage, life science, student housing and medical office, among other sectors.
Product: TPG AG Asia Real Estate
TPG AG Asia Real Estate, with $5.4 billion in assets under management as of June 30, 2025, manages assets across Asia, with investments primarily in Japan, South Korea, Hong Kong, China and Singapore. TPG AG Asia Real Estate focuses on capitalizing on opportunistic investments primarily created through situations such as a lack of real estate expertise, illiquidity or distress. The TPG AG Asia Real Estate portfolio includes office, industrial, residential, hotel, retail, life science and other asset types.
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Product: TPG AG Europe Real Estate
TPG AG Europe Real Estate, with $5.5 billion in assets under management as of June 30, 2025, manages assets across Europe, with investments primarily located in major cities in Western Europe and the United Kingdom. TPG AG Europe Real Estate focuses on sub-performing and distressed real estate assets. The TPG AG Europe Real Estate portfolio includes industrial, residential, office, hotel, retail, student housing, self-storage and other asset types.
Product: TPG AG Net Lease
TPG AG Net Lease, with $2.0 billion in assets under management as of June 30, 2025, focuses on single tenant commercial real estate, generally leased to non-investment grade tenants, largely acquired in simultaneous sale-leaseback transactions. TPG AG Net Lease primarily purchases existing facilities that are integral to the ongoing operations of the tenants, such as a company’s manufacturing plant or distribution centers. TPG AG Net Lease manages assets primarily located within the United States, with certain assets in the United Kingdom, Western Europe, Canada and Mexico.
Platform: Real Estate
We established our TPG real estate investing practice in 2009 to pursue real estate investments systematically and at significant scale. We invest in real estate through three primary products: (1) TPG Real Estate Partners, (2) TPG Real Estate Thematic Advantage Core-Plus and (3) Real Estate Credit.
The following table presents certain data about our Real Estate platform as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 18  $ 12  5 $ 6 

Product: TPG Real Estate Partners
TPG Real Estate Partners (“TREP”), with $11.3 billion in assets under management as of June 30, 2025, focuses on acquiring and building platforms, which we believe creates more efficient operating structures and ultimately results in scaled investments that may trade at premium entity-level pricing in excess of the net asset value of individual properties. TREP utilizes a distinct theme-based strategy for sourcing and executing proprietary investments and, over time, many of these themes have aligned with TPG’s broader thematic sector expertise, particularly those pertaining to the healthcare and technology sectors.
Product: TPG Real Estate Thematic Advantage Core-Plus
TPG Real Estate Thematic Advantage Core-Plus (“TAC+”), with $1.7 billion in assets under management as of June 30, 2025, is an extension of our opportunistic real estate investment program. TAC+ targets investments in stabilized (or near stabilized) high-quality real estate, particularly in thematic sectors where we have gained significant experience and conviction. The investment strategy is designed to enhance traditional core-plus objectives of capital preservation and reliable current income generation by applying our differentiated thematic approach, strategy and skillset.
Product: Real Estate Credit
TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX”) is externally managed by an affiliate of TPG and directly originates, acquires and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America for its balance sheet. The platform’s objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions. As of June 30, 2025, the TRTX loan investment portfolio consisted of 49 first mortgage loans (or interests therein) and total loan commitments of $3.9 billion.
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TPG Real Estate Credit Opportunities
TPG Real Estate Credit Opportunities (“TRECO”), which was established in 2023, is our opportunistic, real estate credit strategy targeting risk-adjusted returns through investments primarily in real estate-related high-yield senior and subordinate loans and securities. TRECO focuses on select sectors and geographies where we have distinct expertise informed by our longstanding practice around theme development. The fund has a flexible mandate and seeks to invest opportunistically across the credit spectrum.
Platform: Market Solutions
Our Market Solutions platform leverages the broader TPG ecosystem to create differentiated products in order to address specific market opportunities.
The following table presents certain data about our Market Solutions platform as of June 30, 2025 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$ 9  $ 5  9 $ 3 

Product: GP-led Secondaries
Our private markets solutions business provides single asset solutions to private asset owners, typically through continuation vehicles, funds or underlying third-party investment managers who will continue to control such assets in which the funds invest. Our private markets solutions business is organized into two businesses: (1) NewQuest and (2) TPG GP Solutions (“TGS”).
NewQuest Capital Partners
NewQuest seeks to acquire private equity positions on a secondary basis in underlying portfolio companies whose businesses are substantially based in the Asia Pacific region. With $3.4 billion in assets under management as of June 30, 2025, NewQuest is principally focused on complex secondary transactions.
TPG GP Solutions
Established in 2021, TGS was created to invest in high-quality, stable private equity assets, which are principally based in North America and Europe, in partnership with third-party general partners. With $3.2 billion in assets under management as of June 30, 2025, TGS brings a primary private equity approach to the general partner-led secondaries market that leverages the TGS team’s deep investing experience and the insights and expertise of the broader TPG ecosystem.
Product: TPG Private Equity Opportunities
TPG Private Equity Opportunities (“T-POP”) seeks to create an attractive and diversified portfolio of private equity assets primarily through making direct co-investments in transactions executed by TPG’s private equity strategies. Structured as a perpetual investment solution, T-POP is expected to accept fully funded subscriptions monthly and aims to provide limited partners a liquidity option by means of a quarterly redemption program. T-POP launched in June of 2025 and as of June 30, 2025, had $0.3 billion in assets under management.
Product: TPG Peppertree
Peppertree was formed in 2004 and acquired by TPG in July 2025. TPG Peppertree (“Peppertree”) specializes in investing in wireless communication towers within the digital infrastructure space. Peppertree has made more than 175 investments through ten flagship funds, supporting the construction and acquisition of more than 10,000 wireless communication infrastructure assets.
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Product: Capital Markets
Our dedicated capital markets group centralizes our in-house debt and equity advisory expertise and optimizes capital solutions for our investment professionals and portfolio companies. Primary activities include:
• Debt Capital Markets: (i) Structure and execute new deal and acquisition financings across leveraged loans, high yield bonds and mezzanine debt (privately placed and syndicated) and (ii) manage capital structures on an ongoing basis, including re-financings, re-pricings, hedging, amendments and extensions and other services.
• Equity Capital Markets: (i) Act as lead advisor and underwriter on capital raises and the monetization of our ownership stakes in the public equity markets, including initial public offerings, follow-on offerings, equity-linked products and subsequent realizations and (ii) provide dual-track and structured equity solutions advisory, among other services.
Through our capital markets activities, we generate underwriting, placement, arrangement, structuring and advisory fee revenue. During the three and six months ended June 30, 2025, our capital markets business drove $47.1 million and $108.6 million in transaction revenue, respectively. During the three and six months ended June 30, 2024, our capital markets business drove $46.7 million and $92.9 million in transaction revenue, respectively. We believe that the high margin profile of our business coupled with our consistent ability to deliver superior financing outcomes drives significant value to our portfolio companies and our stockholders.

Trends Affecting our Business
Changes in global economic conditions and regulatory or other governmental policies or actions can materially affect the values of funds managed by TPG, as well as our ability to source attractive investments and deploy the capital that we have raised. However, we believe our disciplined investment philosophy across our diversified investment platforms and our shared investment themes focusing on attractive and resilient sectors of the global economy has historically contributed to the stability of our performance throughout market cycles.
Global markets saw significant volatility in the second quarter of 2025 amid trade policy uncertainty, conflicts in the Middle East and better-than-expected economic data. The quarter began with the announcement of sweeping U.S. tariffs on April 2 which caused sharp selloffs in equities, credit, treasuries and commodities. However, a subsequent delay and softening of trade policies helped markets recover by the quarter-end, with most risk assets ultimately generating positive returns in the period.
Equities were particularly volatile in the quarter, falling over 10% in the span of a few days before rebounding and ending the quarter higher. Gains were driven by a recovery in risk sentiment and solid corporate earnings, with the S&P 500 reporting year-over-year first quarter EPS growth of approximately 13%. The S&P 500, Nasdaq and Dow Jones Industrial Average gained 10.6%, 17.7% and 5.0%, respectively, during the three months ended June 30, 2025. Technology, Communications and Materials sectors posted the strongest performance, gaining 23.5%, 18.2% and 12.6%, respectively. Losses were sharpest in the Energy and Healthcare sectors, which fell (9.4%) and (7.6%), respectively. Volatility, as measured by the CBOE Volatility Index, fell to 16.7 as of the end of the quarter versus 22.3 as of the end of the first quarter of 2025 and after touching as high as 60 in early April. Global equity markets performed in-line relative to U.S. equity indices, with the MSCI World Index rising 11.0%.
The impact of trade policies on inflation remains a point of focus. Inflation continued to moderate towards the Federal Reserve’s 2.0% target during the quarter, with the U.S. Consumer Price Index (“CPI”) rising 2.3% year-over-year in April and 2.4% year-over-year in May. Core CPI, which excludes food and energy prices, similarly slowed over the second quarter, coming in at +2.8% and +2.8% year-over-year, respectively, in April and May. The U.S. employment picture remains robust with the economy adding 158,000 payrolls in April, 144,000 in May and 147,000 in June, with the relevant unemployment rate recorded at 4.2%, 4.2% and 4.1%, respectively.
The Federal Reserve elected to maintain the federal funds rate at its current range of 4.25%-4.50% for the second consecutive quarter, signaling a period of policy stability. Market participants remain uncertain about the short- to medium-term direction of the rates, given mixed signals from recent Federal Reserve Meeting Minutes and recent comments from the governors. A notable divide exists within the U.S. monetary policy space, with some advocating for proactive rate cuts to prevent overly restrictive monetary policy, while others call for patience, prioritizing caution against premature policy adjustments.
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During the second quarter of 2025, the U.S. Treasury yield curve continued to steepen, with 30-year Treasury yields rising by +20 basis points over the quarter. Meanwhile, shorter-term government bonds saw declines, as 2-year and 5-year yields each dropped 15 basis points. The middle of the curve remained relatively stable, with 7-year yields lower by 8 basis points and 10-year yields increasing by just 2 basis points. This trend reflects rising concerns over the rapidly increasing U.S. budget deficit and the inflationary pressures linked to tariffs, which have dampened demand for long-dated Treasury bonds while driving increased interest in shorter-term securities.
In corporate credit markets, both U.S. and European high yield generated positive performance in the second quarter of 2025 as a result of strong technicals and receding macroeconomic and geopolitical tensions. According to J.P. Morgan data, U.S. high yield gained 3.7% and the European market returned 2.5% during the three-month period. In the United States, high yield bond spreads tightened by 47 basis points to 337 basis points, while in Europe, high yield spreads compressed 26 basis points to end the quarter at 386 basis points. The high yield default rate, measured on a trailing twelve-month basis, increased from 1.2% to 1.4% in the United States and rose in Europe from 3.6% to 4.0%. Additionally, the J.P. Morgan U.S. Leveraged Loan Index posted a 2.3% return, and the J.P. Morgan European Leveraged Loan Index posted a 1.3% return for the second quarter of 2025. From a spread and yield basis, the U.S. Leveraged Loan Index ended the quarter at a yield of 7.7% and 435 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 7.0% and 477 basis point spread.
We are also closely evaluating the potential impacts to our business of financial, regulatory and other proposals put forth by the current Administration and Congress as well as the One Big Beautiful Bill Act (“OBBBA”) which was signed into law on July 4, 2025.

Organization
We are a holding company and our only business is to act as the owner of the entities serving as the general partner of the TPG Operating Group partnerships and our only material assets are Common Units representing approximately 39% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of June 30, 2025. In our capacity as the sole indirect owner of the entities serving as the general partner of the TPG Operating Group partnerships, we indirectly control all of the TPG Operating Group’s business and affairs.

Operating Segments
We operate our business in a single operating and reportable segment, as our CEO, who is our CODM, manages the business on a consolidated basis. We operate collaboratively across product lines through shared investment themes and shared support functions that span across product lines.

Basis of Accounting
We consolidate the financial results of TPG Inc., TPG Operating Group and its consolidated subsidiaries, management companies, the general partners of funds and entities that meet the definition of a variable interest entity (“VIE”) for which we are considered the primary beneficiary.
When an entity is consolidated, we reflect the accounts of the consolidated entity, including its assets, liabilities, revenues, expenses, investment income, cash flows and other amounts, on a gross basis. While the consolidation of an entity does not impact the amounts of net income attributable to controlling interests, the consolidation does impact the financial statement presentation in accordance with U.S. GAAP. This is a result of the fact that the accounts of the consolidated entities being reflected on a gross basis, with intercompany transactions eliminated, while the allocable share of those amounts that are attributable to third parties are reflected as single line items. The single line items in which the accounts attributable to third parties are recorded are presented as non-controlling interests on the Condensed Consolidated Statements of Financial Condition and net income (loss) attributable to non-controlling interests on the Condensed Consolidated Statements of Operations.
We are not required under U.S. GAAP to consolidate the majority of investment funds we advise in our Condensed Consolidated Financial Statements because we do not have a more than insignificant variable interest.
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Key Financial Measures
Our key financial and operating measures are discussed below:
Revenues
Fees and Other . Fees and other consists primarily of (i) management fees, (ii) monitoring fees, (iii) transaction fees, (iv) incentive fee income and (v) expense reimbursements from unconsolidated funds, portfolio companies and third parties. These fee arrangements are documented within the contractual terms of the governing agreements and are recognized when earned, which generally coincides with the period during which the related services are performed and in the case of transaction fees, upon closing of the transaction. Management fees include catch-up fees resulting from additional capital commitments from limited partners in subsequent closings. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period in which the related transaction closes.
Capital Allocation-Based Income (Loss) . Capital allocation-based income (loss) is earned from our funds when we have (i) a general partner’s capital interest and (ii) performance allocations which entitle us to a disproportionate allocation of investment income or loss from investment funds. We are entitled to a performance allocation (typically 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to the achievement of preferred returns or high water marks, where applicable, in accordance with the terms set forth in the respective fund’s governing documents. We account for our investment balances in the TPG funds, including performance allocations, under the equity method of accounting because we are presumed to have significant influence as the general partner or managing member; however, we do not have control as defined by ASC Topic 810, Consolidation . The Company accounts for its general partner interests in capital allocation-based arrangements as financial instruments under ASC Topic 323, Investments – Equity Method and Joint Ventures as the general partner has significant governance rights in the TPG funds in which it invests which demonstrates significant influence. Accordingly, performance allocations are not deemed to be within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”).
Expenses
Compensation and Benefits . Compensation and benefits expense includes (i) cash-based compensation and benefits, (ii) equity-based compensation and (iii) performance allocation compensation. Bonuses are accrued over the service period to which they relate. In addition, we have equity-based compensation arrangements that require certain TPG executives and employees to vest over a service period of generally one to five years, which under U.S. GAAP will result in compensation charges over current and future periods. In connection with our IPO and subsequent acquisition, we granted restricted stock units (“RSUs”) to executives and employees. Distributions of performance allocations in the legal form of equity made directly or indirectly to our partners and professionals are allocated and distributed, when realized, pro rata based on ownership percentages in the underlying investment partnership. These distributions were accounted for as distributions on the equity held by such partners rather than as compensation and benefits expense prior to the Reorganization and IPO and are now accounted for as performance allocation compensation.
General, Administrative and Other . General and administrative expenses include costs primarily related to professional services, occupancy, travel, communication and information services and other general operating items.
Depreciation and Amortization . Depreciation and amortization of tenant improvements, furniture and equipment and intangible assets are expensed on a straight-line basis over the useful life of the asset.
Interest Expense . Interest expense includes interest paid and accrued on our outstanding debt and the amortization of deferred financing costs.
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Investment Income
Net Gains (Losses) from Investment Activities . Realized gains (losses) may be recognized when we redeem all or a portion of an investment interest or when we receive a distribution of capital. Unrealized gains (losses) result from the appreciation (depreciation) in the fair value of our investments. Fluctuations in net gains (losses) from investment activities between reporting periods are primarily driven by changes in the fair value of our investment portfolio and, to a lesser extent, the gains (losses) on investments disposed of during the period. The fair value of, as well as the ability to recognize gains (losses) from, our investments is significantly impacted by the global financial markets. This impact affects the net gains (losses) from investment activities recognized in any given period. Upon the disposition of an investment, previously recognized unrealized gains (losses) are reversed and an offsetting realized gain (loss) is recognized in the period in which the investment is sold. Since our investments are carried at fair value, fluctuations between periods could be significant due to changes to the inputs to our valuation process over time.
Interest, Dividends and Other . Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established.
Income Tax Expense
The Company is treated as a corporation for U.S. federal and state income tax purposes. We are subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of taxable income generated by the TPG Operating Group partnerships.
Non-Controlling Interests
For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than TPG. The aggregate of the income or loss and corresponding equity that is not owned by us is included in non-controlling interests in the Condensed Consolidated Financial Statements.
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Key Components of our Results of Operations
Results of Operations
The following table provides information regarding our condensed consolidated results of operations for the periods presented:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

(dollars in thousands, except share and per share data)
Revenues
Fees and other $ 569,074  $ 522,800  $ 1,112,529  $ 1,035,095 
Capital allocation-based income 351,463  221,394  842,884  533,170 
Total revenues 920,537  744,194  1,955,413  1,568,265 
Expenses
Compensation and benefits:
Cash-based compensation and benefits 208,621  191,486  432,191  397,822 
Equity-based compensation 209,622  227,542  415,454  455,450 
Performance allocation compensation 233,437  133,753  532,142  330,187 
Total compensation and benefits 651,680  552,781  1,379,787  1,183,459 
General, administrative and other 182,335  170,184  346,646  321,816 
Depreciation and amortization 30,808  32,079  62,190  65,044 
Interest expense 25,308  21,502  49,368  42,624 

Total expenses 890,131  776,546  1,837,991  1,612,943 
Investment income (loss)
Net losses from investment activities (791) (16,652) (2,878) (21,850)
Interest, dividends and other 9,722  13,816  18,970  26,720 

Total investment income (loss) 8,931  (2,836) 16,092  4,870 
Income (loss) before income taxes 39,337  (35,188) 133,514  (39,808)
Income tax expense 9,226  22,390  15,575  26,776 
Net income (loss) 30,111  (57,578) 117,939  (66,584)

Net loss attributable to non-controlling interests in TPG Operating Group (30,865) (57,292) (42,964) (112,329)
Net income attributable to other non-controlling interests 46,035  13,691  120,569  44,203 
Net income (loss) attributable to TPG Inc. $ 14,941  $ (13,977) $ 40,334  $ 1,542 

Net income (loss) per share data:
Net income (loss) available to Class A common stock per share
Basic $ 0.03  $ (0.15) $ 0.10  $ (0.08)
Diluted $ (0.05) $ (0.19) $ (0.05) $ (0.29)
Weighted-average shares of Class A common stock outstanding
Basic 133,404,634 101,690,961 125,450,638 95,402,371
Diluted 370,142,783 364,765,098 369,753,038 364,558,007

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Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Revenues
Revenues consisted of the following for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024 Change %

($ in thousands)
Management fees $ 452,531  $ 413,344  $ 39,187  9  %
Transaction, monitoring and other fees 47,131  46,714  417  1  %
Expense reimbursements and other 69,412  62,742  6,670  11  %
Total fees and other 569,074  522,800  46,274  9  %
Performance allocations 335,789  200,877  134,912  67  %
Capital interests 15,674  20,517  (4,843) (24) %
Total capital allocation-based income 351,463  221,394  130,069  59  %
Total revenues $ 920,537  $ 744,194  $ 176,343  24  %

Fees and other revenues increased $46.3 million, or 9%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change resulted primarily from a $39.2 million increase in management fees and a $6.7 million increase in expense reimbursements and other.
Management Fees . Management fees increased $39.2 million, or 9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily driven by higher management fees from our Growth, Impact, TPG AG Credit and Real Estate platforms, offset by lower management fees from our Capital, TPG AG Real Estate and Market Solutions platforms.
Management fees from our Capital platform decreased $22.9 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change is primarily due to higher catch-up fees earned from Asia VIII during the three months ended June 30, 2024 and a reduction in the fee basis of TPG VII and TPG VIII resulting from the realization of portfolio investments.
Management fees from our Growth platform increased $47.6 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to catch-up fees earned from the subsequent closings of Growth VI during the three months ended June 30, 2025.
Management fees from our Impact platform increased $20.8 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to fees earned from Rise Climate II during the three months ended June 30, 2025, which was activated during the third quarter of 2024, partially offset by a step-down in fee basis of Rise Climate I from committed capital to actively invested capital during the fourth quarter of 2024.
Management fees from TPG AG Credit platform increased $5.2 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to an increase in fee basis from MMDL V as a result of new investments and fees earned from Credit Solutions III, which was activated during the third quarter of 2024. These were partially offset by a reduction in fee basis from MMDL III as a result of lower fee-earning AUM.
Management fees from TPG AG Real Estate platform decreased $2.4 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to Realty IX as the fund ceased paying fees beginning the second quarter of 2025 and a reduction in the fee basis of Net Lease Realty III during the three months ended June 30, 2025.
Management fees from our Real Estate platform increased $0.3 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
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Management fees from our Market Solutions platform decreased $5.8 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to catch-up fees earned as a result of additional capital commitments from limited partners in NewQuest V during the three months ended June 30, 2024 and a decrease in fee-earning AUM of TPEP.
Catch-up management fees totaled $42.9 million during the three months ended June 30, 2025 and primarily consisted of $38.5 million for Growth VI and $2.7 million for Rise Climate II.
Transaction, Monitoring and Other Fees . Transaction, monitoring and other fees increased $0.4 million, or 1%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Expense Reimbursements and Other . Expense reimbursements and other increased $6.7 million, or 11%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to an increase in in-house services and reimbursable expenses.
Performance Allocations. Performance allocations increased $134.9 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Realized performance allocation gains for the three months ended June 30, 2025 and 2024 totaled $438.6 million and $134.2 million, respectively. Unrealized performance allocation losses for the three months ended June 30, 2025 totaled $102.8 million. Unrealized performance allocation gains for the three months ended June 30, 2024 totaled $66.7 million.

The table below highlights performance allocations for the three months ended June 30, 2025 and 2024, and separates the entities listed into two categories to reflect the Reorganization: (i) TPG general partner entities from which the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation and (ii) TPG general partner entities from which the TPG Operating Group Common Unit holders are not expected to receive any performance allocation.

Three Months Ended June 30,
2025 2024 Change %

($ in thousands)
TPG Operating Group Shared:
Capital (1)
$ 202,496  $ 85,956  $ 116,540  136  %
Growth (1)
(1,431) 61,390  (62,821) (102) %
Impact 54,037  38,309  15,728  41  %
TPG Angelo Gordon
TPG AG Credit 56,540  74,777  (18,237) (24) %
TPG AG Real Estate (24,281) (14,066) (10,215) (73) %
Real Estate (22,287) (15,187) (7,100) (47) %
Market Solutions 61,043  (9,353) 70,396  NM
Total TPG Operating Group Shared: $ 326,117  $ 221,826  $ 104,291  47  %
TPG Operating Group Excluded:
Capital $ 4,366  $ (1,930) $ 6,296  326  %
Growth 4,763  (18,418) 23,181  126  %
Real Estate 543  (601) 1,144  190  %
Total TPG Operating Group Excluded (2)
9,672  (20,949) 30,621  146  %
Total Performance Allocations $ 335,789  $ 200,877  $ 134,912  67  %

___________
(1) After the Reorganization, we retained an economic interest in performance allocations from the Growth III and Asia VI general partner entities, which entitles us to a performance allocation equal to 10%; however, we allocate the full amount as performance allocation compensation expense. As such, net income available to controlling interest holders is zero for each of these funds following the Reorganization.
(2) The TPG Operating Group Excluded entities’ performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders will be zero for each of the TPG Operating Group Excluded entities beginning January 1, 2022.
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Performance allocation income was $335.8 million for three months ended June 30, 2025 compared to $200.9 million for three months ended June 30, 2024. This change was primarily driven by higher performance allocations from our Capital, Impact and Market Solutions platforms during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Performance allocation income from our Capital platform was $202.5 million for the three months ended June 30, 2025 compared to $86.0 million for the three months ended June 30, 2024. Performance allocation income for the three months ended June 30, 2025 was largely driven by income of $80.0 million from TPG IX, $46.3 million from Asia VII and $45.5 million from TPG VIII, partially offset by losses of $16.9 million from THP I. Performance allocation income for the three months ended June 30, 2024 was primarily attributable to gains of $148.7 million from TPG VII, $13.3 million from TPG IX and $10.4 million from Asia VI, partially offset by losses of $36.9 million from Asia VII and $36.9 million from TPG VIII.
Performance allocation losses from our Growth platform were $1.4 million for the three months ended June 30, 2025 compared to income of $61.4 million for the three months ended June 30, 2024. Performance allocation losses for the three months ended June 30, 2025 were primarily driven by losses of $36.2 million from Growth III, partially offset by income of $20.8 million from TTAD II, $8.4 million from Growth IV and $2.8 million from TTAD. Performance allocation income for the three months ended June 30, 2024 was primarily driven by $37.7 million from Growth IV, $17.1 million from TTAD II and $9.9 million from Growth V.
Performance allocation income from our Impact platform was $54.0 million for the three months ended June 30, 2025 compared to $38.3 million for the three months ended June 30, 2024. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $39.3 million from Rise III and $26.1 million from Rise Climate I, partially offset by losses of $10.9 million from Rise I. Performance allocation income for the three months ended June 30, 2024 was primarily driven by gains of $28.9 million from Rise III.
Performance allocation income from TPG AG Credit platform was $56.5 million for the three months ended June 30, 2025 compared to $74.8 million for the three months ended June 30, 2024. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $11.5 million from MVP Fund, $8.4 million from MMDL V, $5.9 million from MMDL IV, $4.8 million from Credit Solutions II and $4.5 million from Essential Housing III. Performance allocation income for the three months ended June 30, 2024 was primarily driven by gains of $15.7 million from MVP Fund, $10.4 million from MMDL IV, $8.3 million from Credit Solutions II, $6.7 million from ABC Fund and $5.0 million from MMDL III.
Performance allocation losses from TPG AG Real Estate platform were $24.3 million for the three months ended June 30, 2025 compared to $14.1 million for the three months ended June 30, 2024. Performance allocation losses for the three months ended June 30, 2025 were primarily driven by losses of $16.8 million from Asia Realty IV and $7.2 million from Realty VIII, which were partially offset by net gains of $7.0 million from Net Lease Realty III . Performance allocation losses for the three months ended June 30, 2024 were primarily driven by losses of $14.5 million from Realty Value X and $10.9 million from Europe Realty II, which were partially offset by gains of $8.1 million from Growth Capital Partners I.
Performance allocation losses from our Real Estate platform were $22.3 million for the three months ended June 30, 2025 compared to losses of $15.2 million for the three months ended June 30, 2024, in each case attributable to TREP III.
Performance allocation income of $61.0 million from our Market Solutions platform for the three months ended June 30, 2025 was primarily driven by net gains of $53.3 million from NewQuest IV and $10.5 million from TPEP. Performance allocation losses for the three months ended June 30, 2024 were primarily driven by $7.2 million of loss from NewQuest IV and $3.1 million of loss from NewQuest III, partially offset by net gains of $2.8 million from NewQuest V.
TPG Operating Group Excluded entities generated income of $9.7 million during the three months ended June 30, 2025 compared to losses of $20.9 million during the three months ended June 30, 2024. Performance allocation income for three months ended June 30, 2025 was primarily driven by gains of $3.8 million from Asia V from our Capital platform and $2.1 million from Growth II from our Growth platform. Performance allocation losses for the three months ended June 30, 2024 were primarily driven by losses of $13.1 million from Biotech III from our Growth platform and $3.1 million from MMI from our Capital platform.
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As of June 30, 2025, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $5.8 billion. As of June 30, 2025, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.3 billion.

Capital Interests. Capital interests income decreased $4.8 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily attributable to losses on our investments in Growth III, NewQuest III, Asia VI and Rise I, which were partially offset by gains from our investments in TPG IX, Asia VII and Rise III during the three months ended June 30, 2025. During the three months ended June 30, 2024, we recognized gains on our investments in TPG VII and TRTX, which were partially offset by losses from our investments in Asia VII.
Expenses
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $17.1 million, or 9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily driven by higher salaries and benefits resulting from an overall increase in headcount.
Equity-Based Compensation. Equity-based compensation expense decreased $17.9 million, or 8%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily attributable to the vesting of certain Other Awards during the year ended December 31, 2024 and January 2025, partially offset by an increase in compensatory restricted stock unit grants to TPG employees, as described in Note 14 to the Condensed Consolidated Financial Statements.
Performance Allocation Compensation. Performance allocation compensation increased $99.7 million, or 75% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals.
General, Administrative and Other. General and administrative expenses increased $12.2 million, or 7%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily driven by an increase in rent expense due to the commencement of the New York office lease in 2025, along with increases in professional, administrative and reimbursable expenses.
Depreciation and Amortization . Depreciation and amortization decreased $1.3 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
Interest Expense. Interest expense increased $3.8 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to an increase in borrowings on our Senior Unsecured Revolving Credit Facility.
Net Losses from Investment Activities. Net losses from investment activities were $0.8 million for three months ended June 30, 2025 compared to net losses of $16.7 million for the three months ended June 30, 2024.
Interest, Dividends and Other. Interest, dividends and other decreased $4.1 million, or 30%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily driven by a change in the fair value of contingent liabilities related to the acquisition of TPG Angelo Gordon.
Income Tax Expense . Income tax expense decreased $13.2 million, or 59%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to the tax effects recognized in connection with certain compensation expenses that are not tax deductible during the three months ended June 30, 2024.
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Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Revenues
Revenues consisted of the following for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024 Change %

($ in thousands)
Management fees $ 871,482  $ 820,761  $ 50,721  6  %
Transaction, monitoring and other fees 108,644  92,883  15,761  17  %
Expense reimbursements and other 132,403  121,451  10,952  9  %
Total fees and other 1,112,529  1,035,095  77,434  7  %
Performance allocations 786,349  490,520  295,829  60  %
Capital interests 56,535  42,650  13,885  33  %
Total capital allocation-based income 842,884  533,170  309,714  58  %
Total revenues $ 1,955,413  $ 1,568,265  $ 387,148  25  %

Fees and other revenues increased by $77.4 million, or 7%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change resulted from a $50.7 million increase in management fees, a $15.8 million increase in transaction, monitoring and other fees and an $11.0 million increase in expense reimbursements and other.
Management Fees . Management fees increased $50.7 million, or 6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by higher management fees from our Growth, Impact, TPG AG Credit, TPG AG Real Estate and Real Estate platforms, offset by lower management fees from our Capital and Market Solutions platforms.
Management fees from our Capital platform decreased $39.5 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change is primarily due to catch-up fees from Asia VIII during the six months ended June 30, 2024 and a reduction in the fee basis of TPG VII resulting from the realization of portfolio investments.
Management fees from our Growth platform increased $52.1 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily due to catch-up fees earned from the subsequent closings of Growth VI during the six months ended June 30, 2025.
Management fees from our Impact platform increased $38.4 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to fees earned from Rise Climate II and Rise Climate TI during the six months ended June 30, 2025, which were activated during the third quarter of 2024, partially offset by a step-down in fee basis of Rise Climate I from committed capital to actively invested capital during the fourth quarter of 2024.
Management fees from TPG AG Credit platform increased $10.4 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in fee basis from MMDL V and MMDL Evergreen as a result of new investments and Credit Solutions III, which was activated during the third quarter of 2024. These were partially offset by a reduction in fee basis from MMDL III as a result of lower fee-earning AUM.
Management fees from TPG AG Real Estate platform increased $5.1 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to catch-up fees earned from Europe Realty IV during the six months ended June 30, 2025. This was partially offset by Realty IX as the fund ceased paying fees beginning the second quarter of 2025.
Management fees from our Real Estate platform increased $0.9 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
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Management fees from our Market Solutions platform decreased $8.6 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily as a result of a decrease in TPEP’s fee-earning AUM and catch-up fees earned from NewQuest V during the six months ended June 30, 2024.
Catch-up management fees totaled $50.4 million during the six months ended June 30, 2025 and primarily consisted of $34.8 million for Growth VI.
Transaction, Monitoring and Other Fees . Transaction, monitoring and other fees increased by $15.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by a $9.3 million increase in our Market Solutions platform as a result of increased capital markets activity among our portfolio companies involving our broker-dealer and a $4.6 million increase in fee-related performance revenues for the six months ended June 30, 2025 related to TCAP.
Expense Reimbursements and Other . Expense reimbursements and other increased by $11.0 million, or 9%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in in-house services and reimbursable expenses.
Performance Allocations. Performance allocations increased by $295.8 million, or 60%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Realized performance allocation gains for the six months ended June 30, 2025 and 2024 totaled $651.9 million and $333.0 million, respectively. Unrealized performance allocation gains for the six months ended June 30, 2025 and 2024 totaled $134.4 million and $157.6 million, respectively.
The table below highlights performance allocations for the six months ended June 30, 2025 and 2024, and separates the entities listed into two categories to reflect the Reorganization: (i) TPG general partner entities from which the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation and (ii) TPG general partner entities from which the TPG Operating Group Common Unit holders are not expected to receive any performance allocation.

Six Months Ended June 30,
2025 2024 Change %

($ in thousands)
TPG Operating Group Shared:
Capital (1)
$ 444,405  $ 153,875  $ 290,530  189  %
Growth (1)
46,271  151,008  (104,737) (69) %
Impact 69,605  59,038  10,567  18  %
TPG Angelo Gordon
TPG AG Credit 125,289  176,505  (51,216) (29) %
TPG AG Real Estate (75,655) (35,968) (39,687) (110) %
Real Estate 85,240  12,271  72,969  595  %
Market Solutions 52,683  (24,353) 77,036  316  %
Total TPG Operating Group Shared: $ 747,838  $ 492,376  $ 255,462  52  %
TPG Operating Group Excluded:
Capital $ 6,345  $ 724  $ 5,621  NM
Growth 31,257  (1,412) 32,669  NM
Real Estate 909  (1,168) 2,077  178  %
Total TPG Operating Group Excluded (2)
38,511  (1,856) 40,367  NM
Total Performance Allocations $ 786,349  $ 490,520  $ 295,829  60  %

___________
(1) After the Reorganization, we retained an economic interest in performance allocations from the Growth III and Asia VI general partner entities, which entitles us to a performance allocation equal to 10%; however, we allocate the full amount as performance allocation compensation expense. As such, net income available to controlling interest holders is zero for each of these funds following the Reorganization.
(2) The TPG Operating Group Excluded entities’ performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders will be zero for each of the TPG Operating Group Excluded entities beginning January 1, 2022.
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Performance allocation income was $786.3 million for six months ended June 30, 2025 compared to $490.5 million for six months ended June 30, 2024. This change was primarily driven by higher performance allocations from our Capital, Impact, Real Estate and Market Solutions platforms during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, partially offset by a decrease in performance allocations from our Growth and TPG Angelo Gordon platforms.
Performance allocation income from our Capital platform was $444.4 million for the six months ended June 30, 2025 compared to $153.9 million for the six months ended June 30, 2024. Performance allocation income for the six months ended June 30, 2025 was primarily driven by gains of $190.7 million from TPG IX, $113.4 million from Asia VII, $62.1 million from Asia VIII and $57.7 million from THP II, partially offset by losses of $32.3 million from THP I and $10.8 million from Asia VI. Performance allocation income for the six months ended June 30, 2024 was primarily driven by gains of $146.9 million from TPG VII, $58.8 million from TPG IX and $36.8 million from TPG VIII, partially offset by losses of $88.3 million from Asia VII and $18.7 million from THP I.
Performance allocation income from our Growth platform was $46.3 million for the six months ended June 30, 2025 compared to $151.0 million for the six months ended June 30, 2024. Performance allocation income for the six months ended June 30, 2025 was primarily driven by $25.6 million from TTAD II, $20.9 million from Growth IV and $19.5 million from Growth V, partially offset by losses of $41.4 million from Growth III. Performance allocation income for the six months ended June 30, 2024 was primarily driven by $60.2 million from Growth IV, $55.1 million from TTAD II and $45.0 million from Growth V.
Performance allocation income from our Impact platform was $69.6 million for the six months ended June 30, 2025 compared to $59.0 million for the six months ended June 30, 2024. Performance allocation income for the six months ended June 30, 2025 was primarily driven by gains of $57.4 million from Rise III, $33.4 million from Rise Climate and $6.3 million from Rise II, partially offset by losses of $27.5 million from Rise I. Performance allocation income for the six months ended June 30, 2024 was primarily driven by gains of $36.7 million from Rise Climate and $28.9 million from Rise III, partially offset by losses of $9.8 million from Rise.
Performance allocation income from TPG AG Credit platform was $125.3 million for the six months ended June 30, 2025 compared to $176.5 million for the six months ended June 30, 2024. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $26.3 million from MVP Fund, $15.1 million from MMDL V, $9.5 million from MMDL IV, $12.7 million from Credit Solutions II and $7.3 million from Essential Housing II. Performance allocation income for the six months ended June 30, 2024 was primarily driven by $40.2 million from MVP Fund, $19.2 million from MMDL IV, $25.6 million from Credit Solutions II, $12.9 million from ABC Fund and $11.7 million from MMDL III.
Performance allocation losses from TPG AG Real Estate platform were $75.7 million for the six months ended June 30, 2025 compared to $36.0 million for the six months ended June 30, 2024. Performance allocation losses for the six months ended June 30, 2025 were primarily driven by losses of $35.3 million from Realty X, $27.9 million from Asia Realty IV and $7.4 million from Realty VIII. Performance allocation losses for the six months ended June 30, 2024 were primarily driven by losses of $18.5 million from Realty X, $31.5 million from Europe Realty II and $11.4 million from Realty VIII, which were partially offset by gains of $13.5 million from Net Lease Realty III and $13.4 million from Europe Realty III.
TREP III within the Real Estate platform generated $85.2 million of gains during the six months ended June 30, 2025 compared to a gains of $12.3 million during the six months ended June 30, 2024.
Performance allocation income of $52.7 million from our Market Solutions platform during the six months ended June 30, 2025 was primarily driven by $40.1 million of gains from NewQuest IV and $11.9 million from TPEP. Performance allocation losses for the six months ended June 30, 2024 were primarily driven by losses of $29.4 million from NewQuest III and $11.6 million from NewQuest IV, partially offset by gains of $9.8 million from NewQuest V.
TPG Operating Group Excluded generated performance allocation income of $38.5 million during the six months ended June 30, 2025 compared to losses of $1.9 million during the six months ended June 30, 2024. Performance allocation income for the six months ended June 30, 2025 was primarily driven by gains of $11.2 million from Biotech III, $9.3 million from Gator and $9.0 million from Growth II from our Growth platform and $3.2 million from Asia V from our Capital platform. Performance allocation losses from TPG Operating Group Excluded for the six months ended June 30, 2024 were primarily driven by losses of $11.3 million from Biotech III from our Growth platform and $2.8 million from
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MMI from our Capital platform, partially offset by gains of $6.2 million from Biotech V from our Growth platform and $3.9 million from TPG VI from our Capital platform.
As of June 30, 2025, accrued performance allocations presented as investments in the Consolidated Statement of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $5.8 billion. As of June 30, 2025, accrued performance allocations presented as investments in the Consolidated Statement of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.3 billion.
Capital Interests. Capital interests income increased by $13.9 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily attributable to gains from our investments in TPG IX, Asia VII, Rise III, Asia VIII and THP II, partially offset by losses from our investment in Growth III, Rise I, NewQuest III and THP I during the six months ended June 30, 2025. During the six months ended June 30, 2024, we recognized gains on our investments in TPG VII, TPG IX and TRTX, offset by losses from our investment in Asia VII.
Expenses
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased by $34.4 million, or 9%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by higher salaries and benefits resulting from an overall increase in headcount.
Equity-based Compensation. Equity-based compensation expense decreased by $40.0 million, or 9%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by the vesting of certain Other Awards during the year ended December 31, 2024 and January 2025, partially offset by an increase in compensatory restricted stock unit grants to TPG employees, as described in Note 14 to the Condensed Consolidated Financial Statements.
Performance Allocation Compensation. Performance allocation compensation increased by $202.0 million, or 61%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals.
General, Administrative and Other. General and administrative expenses increased by $24.8 million, or 8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by an increase in rent expense due to the commencement of the New York office lease in 2025, along with increases in professional, administrative and reimbursable expenses.
Depreciation and Amortization. Depreciation and amortization decreased by $2.9 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Interest Expense. Interest expense increased by $6.7 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in borrowings on our Senior Unsecured Revolving Credit Facility.
Net Gains (Losses) from Investment Activities. Net losses from investment activities totaled $2.9 million for the six months ended June 30, 2025 compared to losses of $21.9 million for the six months ended June 30, 2024. This change was primarily attributable to a net loss of $18.6 million from our investments in Nerdy Inc. during the six months ended June 30, 2024.
Interest, Dividends and Other. Interest, dividends and other decreased by $7.8 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by a change in the fair value of contingent liabilities related to the acquisition of TPG Angelo Gordon.
Income Tax Expense. Income tax expense decreased by $11.2 million, or 42%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in income tax benefits recognized during the six months ended June 30, 2025 in connection with restricted stock unit settlements.
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Unaudited Condensed Consolidated Statements of Financial Condition (U.S. GAAP basis)

June 30, 2025 December 31, 2024

($ in thousands)
Assets
Cash and cash equivalents $ 1,112,027  $ 808,017 
Investments 7,932,744  7,503,281 
Due from affiliates 387,745  447,012 
Intangible assets and goodwill 917,311  969,786 
Right-of-use assets 570,486  208,501 
Deferred tax assets 791,969  352,951 
Other assets 254,033  245,561 
Total assets $ 11,966,315  $ 10,535,109 

Liabilities and Equity
Debt obligations $ 1,610,589  $ 1,281,984 
Due to affiliates 634,861  465,137 
Accrued performance allocation compensation 4,507,026  4,376,523 
Operating lease liabilities 602,850  223,131 

Other liabilities 1,051,533  596,345 
Total liabilities 8,406,859  6,943,120 

Equity
Class A common stock $0.001 par value, 2,340,000,000 shares authorized (144,596,915 and 109,211,355 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 145  109 
Class B common stock $0.001 par value, 750,000,000 shares authorized (224,858,284 and 255,756,502 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 225  256 
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of June 30, 2025 and December 31, 2024) —  — 
Additional paid-in-capital 1,258,871  970,719 
Accumulated deficit (267,366) (186,983)

Non-controlling interests 2,567,581  2,807,888 
Total equity 3,559,456  3,591,989 
Total liabilities and equity $ 11,966,315  $ 10,535,109 

Cash and cash equivalents increased $304.0 million during the six months ended June 30, 2025 primarily due to $328.0 million of net proceeds from our debt obligations, partially offset by payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries.
Investments increased $429.5 million during the six months ended June 30, 2025 primarily due to net capital allocation-based income of $842.9 million and purchases of $398.1 million, which were partially offset by proceeds of $906.6 million.
Deferred tax assets increased $439.0 million during the six months ended June 30, 2025 primarily due to excess income tax basis compared to the book basis in the TPG Operating Group resulting from exchanges of Common Units for Class A common stock during the period.
Right-of-use assets and operating lease liabilities increased $362.0 million and $379.7 million, respectively, for the six months ended June 30, 2025 primarily due to the commencement of the New York office lease in 2025.
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Debt obligations increased $328.6 million during the six months ended June 30, 2025 primarily due to borrowings under our Senior Unsecured Revolving Credit Facility and 364-Day Credit Facility.
Due to affiliates increased $169.7 million during the six months ended June 30, 2025 primarily due to an increase of additional payments expected to be made in future years of $113.8 million in connection with certain exchanges of Common Units for Class A common stock subject to our Tax Receivable Agreement.
Accrued performance allocation compensation increased $130.5 million for the six months ended June 30, 2025, primarily attributable to net increases in performance fee compensation expense of $532.1 million, partially offset by settlements of performance allocation compensation of $398.9 million during the six months ended June 30, 2025.
Other liabilities increased $455.2 million during the six months ended June 30, 2025 primarily due to an increase of $286.1 million in expected payments to be made in future years to non-affiliates in connection with certain exchanges of Common Units for Class A common stock subject to our Tax Receivable Agreement.

Non-GAAP Financial Measures
Distributable Earnings. Distributable Earnings (“DE”) is used to assess performance and amounts potentially available for distributions to partners. DE is derived from and reconciled to, but not equivalent to, its most directly comparable U.S. GAAP measure of net income. DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include (i) unrealized performance allocations and related compensation expense, (ii) unrealized investment income, (iii) equity-based compensation expense, (iv) amortization, (v) net income (loss) attributable to non-controlling interests in consolidated entities, or (vi) certain other items, such as contingent reserves.
While we believe that the inclusion or exclusion of the aforementioned U.S. GAAP income statement items provides investors with a meaningful indication of our core operating performance, the use of DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements U.S. GAAP net income and should be considered in addition to and not in lieu of the results of operations presented in accordance with U.S. GAAP discussed further under “—Key Components of our Results of Operations—Results of Operations” prepared in accordance with U.S. GAAP.
After-Tax Distributable Earnings . After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable earnings after reflecting the impact of income taxes. We use it to assess how income tax expense affects amounts available to be distributed to our Class A common stockholders and Common Unit holders. After-tax DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include the items described in the definition of DE herein; however, unlike DE, it does reflect the impact of income taxes. Income taxes, for purposes of determining After-tax DE, represent the total U.S. GAAP income tax expense adjusted to include only the current tax expense (benefit) calculated on U.S. GAAP net income before income tax and includes the current payable under our Tax Receivable Agreement, which is recorded within due to affiliates and other liabilities in our Condensed Consolidated Statements of Financial Condition. Further, the current tax expense (benefit) utilized when determining After-tax DE reflects the benefit of deductions available to the Company on certain expense items that are excluded from the underlying calculation of DE, such as equity-based compensation charges. We believe that including the amount currently payable under the Tax Receivable Agreement and utilizing the current income tax expense (benefit), as described above, when determining After-tax DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders.
We believe that while the inclusion or exclusion of the aforementioned U.S. GAAP income statement items provides investors with a meaningful indication of our core operating performance, the use of After-tax DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements U.S. GAAP net income and should be considered in addition to and not in lieu of the results of operations presented in accordance with U.S. GAAP discussed further under “—Key Components of our Results of Operations—Results of Operations.”
Fee-Related Earnings . Fee-Related Earnings (“FRE”) is a supplemental performance measure and is used to evaluate our business and make resource deployment and other operational decisions. FRE differs from net income computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts to exclude (i) realized performance allocations and related compensation expense, (ii) realized investment income from investments and financial instruments, (iii) net interest (interest expense less interest income), (iv) depreciation, and (v)
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certain non-core income and expenses. We use FRE to measure the ability of our business to cover compensation and operating expenses from fee revenues other than capital allocation-based income. The use of FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein.
Fee-Related Revenues . Fee-related revenues (“FRR”) is a component of FRE. Fee-related revenues is comprised of (i) management fees, (ii) fee-related performance revenues, (iii) transaction, monitoring and other fees, net, and (iv) other income. Fee-related performance revenues refers to incentive fees from perpetual capital vehicles that are: (i) measured and expected to be received on a recurring basis and (ii) not dependent on realization events from the underlying investments. Fee-related revenues differs from revenue computed in accordance with U.S. GAAP in that it excludes certain reimbursement expense arrangements. Refer to “—Reconciliation to U.S. GAAP Measures” to the comparable line items on the Condensed Consolidated Statements of Operations.
Fee-Related Expenses . Fee-related expenses is a component of FRE. Fee-related expenses differs from expenses computed in accordance with U.S. GAAP in that it is net of certain reimbursement arrangements and does not include performance allocation compensation. Fee-related expenses is used in management’s review of the business. Refer to “—Reconciliation to U.S. GAAP Measures” to the comparable line items on the Condensed Consolidated Statements of Operations.
Fee-related revenues and fee-related expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our FRE. The use of fee-related revenues and FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein.
Our calculations of DE, FRE, fee-related revenues and fee-related expenses may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers.

The following table sets forth our total FRE and DE for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in thousands)

Management fees $ 450,463  $ 413,275  $ 863,623  $ 815,959 
Fee-related performance revenues 6,768  4,485  12,969  8,360 
Transaction, monitoring and other fees, net 34,835  34,146  88,808  68,301 
Other income 3,053  7,090  5,983  17,584 
Fee-Related Revenues 495,119  458,996  971,383  910,204 

Cash-based compensation and benefits, net 174,345  164,746  367,894  346,429 
Fee-related performance compensation 3,384  2,242  6,484  4,180 
Operating expenses, net 97,873  90,744  195,926  175,960 
Fee-Related Expenses 275,602  257,732  570,304  526,569 
Fee-Related Earnings 219,517  201,264  401,079  383,635 
Realized performance allocations, net 87,037  25,979  126,658  57,531 
Realized investment income and other, net (5,716) 5,910  (9,678) (3,405)
Depreciation expense (5,157) (4,722) (10,107) (10,337)
Interest expense, net (17,205) (7,672) (31,697) (17,659)
Distributable Earnings 278,476  220,759  476,255  409,765 
Income taxes (10,186) (14,120) (21,229) (22,501)
After-Tax Distributable Earnings $ 268,290  $ 206,639  $ 455,026  $ 387,264 

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Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024
Fee-Related Revenues
Fee-related revenues increased $36.1 million, or 8%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The change was primarily due to additional management fees of $37.2 million and a $2.3 million increase in fee-related performance revenues, partially offset by a decrease in other income of $4.0 million.

Management Fees
The following table presents management fees in our platforms for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
Capital $ 113,804  $ 140,691 
Growth 88,215  39,685 
Impact 66,438  47,795 
TPG Angelo Gordon
TPG AG Credit 81,603  76,722 
TPG AG Real Estate 50,043  52,540 
Real Estate 35,629  35,256 
Market Solutions 14,731  20,586 
Total Management Fees $ 450,463  $ 413,275 

Management fees increased $37.2 million, or 9%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily driven by higher management fees from our Growth and Impact platforms, partially offset by lower management fees from our Capital and Market Solutions platforms.
Management fees from our Capital platform decreased $26.9 million during the three months ended June 30, 2025, primarily due to catch-up fees earned as a result of additional capital commitments from limited partners in Asia VIII during the three months ended June 30, 2024 and a decrease in the fee basis of TPG VII and TPG VIII resulting from the realization of portfolio investments.
Management fees from our Growth platform increased $48.5 million primarily due to catch-up fees earned in Growth VI from subsequent closings during the three months ended June 30, 2025.
Management fees from our Impact platform increased $18.6 million during the three months ended June 30, 2025 compared to three months ended June 30, 2024 primarily due to fees earned from Rise Climate II during the three months ended June 30, 2025, which was activated during the third quarter of 2024, partially offset by a step-down in fee basis of Rise Climate I from committed capital to actively invested capital during the fourth quarter of 2024.
Management fees from TPG AG Credit increased $4.9 million during the three months ended June 30, 2025 compared to three months ended June 30, 2024 primarily due to an increase in fee basis from MMDL V as a result of new investments and fees in Credit Solutions III, which was activated during the third quarter of 2024. These were partially offset by a decrease in fees from MMDL III as a result of lower fee-earning AUM.
Management fees from TPG AG Real Estate decreased $2.5 million during the three months ended June 30, 2025 compared to three months ended June 30, 2024 primarily due to lower fees earned from Realty IX, which ceased paying fees in the second quarter of 2025, and a decrease in the fee basis of Net Lease Realty III.
Management fees from our Real Estate platform increased $0.4 million during the three months ended June 30, 2025 compared to three months ended June 30, 2024.
Management fees from our Market Solutions platform decreased $5.9 million primarily due to lower fees in TPEP as a result of lower fee-earning AUM, and catch-up fees earned in NewQuest V during the three months ended June 30, 2024.
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Catch-up management fees totaled $42.9 million during the three months ended June 30, 2025 and primarily consisted of $38.5 million for Growth VI, $2.7 million for Rise Climate II, and $1.2 million for Rise Climate Global South.

Fee-Related Performance Revenues
The following table presents fee-related performance revenues for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
TPG AG Credit $ 6,768  $ 4,485 

Total Fee-Related Performance Revenues $ 6,768  $ 4,485 

Fee-related performance revenues increased $2.3 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 due to higher incentive fees from TCAP.

Transaction, Monitoring and Other Fees, Net
The following table presents transaction, monitoring and other fees, net in our platforms for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
Capital $ 1,581  $ 1,442 
Growth 344  238 
Impact 2,042  1,192 
TPG Angelo Gordon
TPG AG Credit 1,645  462 
TPG AG Real Estate 1,521  1,302 

Market Solutions 27,702  29,510 
Total Transaction, Monitoring and Other Fees, Net $ 34,835  $ 34,146 

Transaction, monitoring and other fees, net increased $0.7 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Other Income

Total other income decreased $4.0 million, or 57%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to lower income from our former affiliate. As of April 2024, the contracts to provide services to such party have ended.

Fee-Related Expenses
Fee-related expenses increased $17.9 million, or 7%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily due to increases in cash-based compensation and benefits, net of $9.6 million and operating expenses, net of $7.1 million.
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Cash-Based Compensation and Benefits, Net
The following table presents cash-based compensation and benefits, net for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
Salaries $ 93,213  $ 86,466 
Bonuses 76,138  73,891 
Benefits and other 33,934  28,775 
Reimbursements (28,940) (24,386)
Total Cash-Based Compensation and Benefits, Net $ 174,345  $ 164,746 

Cash-based compensation and benefits, net increased $9.6 million, or 6%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily due to higher salaries and benefits resulting from an overall increase in headcount, partially offset by an increase in reimbursements.

Fee-Related Performance Compensation
The following table presents fee-related performance compensation for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
TPG AG Credit $ 3,384  $ 2,242 

Total Fee-related Performance Compensation $ 3,384  $ 2,242 

Total fee-related performance compensation increased $1.1 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This was primarily attributable to the increase in fee-related performance revenues from TCAP that drives compensation attributable to our partners and professionals.

Operating Expenses, Net
Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $7.1 million, or 8%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was primarily due to an increase in professional fees.
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Realized Performance Allocations, Net
The following table presents realized performance allocations, net from our platforms for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
Capital $ 31,124  $ — 
Growth 42,742  2,905 
Impact 15  4,278 
TPG Angelo Gordon
TPG AG Credit 12,154  13,854 
TPG AG Real Estate 1,002  4,041 
Real Estate —  901 

Total Realized Performance Allocations, Net $ 87,037  $ 25,979 

Realized performance allocations, net of $87.0 million for the three months ended June 30, 2025 were generated primarily from realizations of $31.1 million from TPG VII in the Capital platform, $41.7 million from Growth IV in the Growth platform, $3.9 million from Credit Solutions II and $1.3 million from MMDL V in TPG AG Credit. The activity consisted of realizations sourced from portfolio companies including Crunch Fitness and Viking Cruises.
Realized performance allocations, net of $26.0 million for the three months ended June 30, 2024 were generated from realizations of $8.0 million from MMDL IV in TPG AG Credit, $4.3 million from Rise Climate I in the Impact platform, $3.9 million from Growth Capital Partners I in TPG AG Real Estate and $2.9 million from TTAD I in the Growth platform. The activity consisted of realizations sourced from portfolio companies including Nextracker and Visma AS.

Realized Investment Income and Other, Net
The following table presents realized investment income and other, net for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
Investments in funds $ 21,445  $ 11,256 

Non-core income (expense) (27,161) (5,346)
Total Realized Investment Income and Other, Net $ (5,716) $ 5,910 

The change in realized investment income and other, net of $11.6 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 resulted primarily from an increase in our non-core expense, partially offset by realizations from certain investments in our funds. Our non-core activity includes expenses of $10.2 million related to our unoccupied lease space and $8.2 million for acquisition diligence activity for the three months ended June 30, 2025.

Depreciation
Depreciation expense increased $0.4 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
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Interest Expense, Net
The following table presents interest expense, net for the three months ended June 30, 2025 and 2024:

Three Months Ended June 30,
2025 2024

($ in thousands)
Interest expense $ 25,320  $ 21,509 
Interest (income) (8,115) (13,837)
Interest Expense, Net $ 17,205  $ 7,672 

Interest expense, net increased $9.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to an increase in outstanding principal balances on our debt obligations.

Distributable Earnings
The increase in DE for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to an increase in realized performance allocations, net, partially offset by lower realized investment income and other, net.

Income Taxes
Income taxes decreased $3.9 million, or 28%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to the utilization of tax deductions generated in the prior quarter.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024
Fee-Related Revenues
Fee-related revenues increased by $61.2 million, or 7%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily due to additional management fees of $47.7 million and an increase in transaction, monitoring and other fees, net of $20.5 million, partially offset by a decrease in other income of $11.6 million.

Management Fees
The following table presents management fees in our platforms for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
Capital $ 225,378  $ 275,680 
Growth 132,740  79,359 
Impact 130,117  96,185 
TPG Angelo Gordon
TPG AG Credit 164,368  151,470 
TPG AG Real Estate 109,833  104,471 
Real Estate 70,580  69,626 
Market Solutions 30,607  39,168 
Total Management Fees $ 863,623  $ 815,959 

Management fees increased $47.7 million, or 6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by higher management fees from our Growth and Impact platforms, partially offset by lower management fees from our Capital and Market Solutions platforms.
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Management fees from our Capital platform decreased $50.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The change is primarily due to catch-up fees earned as a result of additional capital commitments from limited partners in Asia VIII during the six months ended June 30, 2024 and a decrease in the fee bases of TPG VIII and TPG VII resulting from the realization of portfolio investments.
Management fees from our Growth platform increased $53.4 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to catch-up fees earned from subsequent closings of Growth VI during the six months ended June 30, 2025.
Management fees from our Impact platform increased $33.9 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to catch-up fees earned from Rise Climate II during the six months ended June 30, 2025, which was activated during the third quarter of 2024, partially offset by a step-down in fee basis of Rise Climate I from committed capital to actively invested capital during the fourth quarter of 2024.
Management fees from TPG AG Credit increased $12.9 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to an increase in the fee bases of MMDL V and MMDL Evergreen as a result of new investments and Credit Solutions III, which was activated during the third quarter of 2024. In addition, management fees increased during the six months ended June 30, 2025 due to subsequent closings from TCAP. These were partially offset by a decrease fees from MMDL III as a result of lower fee-earning AUM.
Management fees from TPG AG Real Estate increased $5.4 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to catch-up fees earned from Europe Realty IV during the six months ended June 30, 2025. This was partially offset by Realty IX as the fund ceased paying fees in the second quarter of 2025.
Management fees from our Real Estate platform increased $1.0 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
Management fees from our Market Solutions platform decreased $8.6 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily as a result of a decrease in TPEP’s fee-earning AUM and partially offset by catch-up fees earned as a result of additional capital commitments from limited partners in NewQuest V during the six months ended June 30, 2025.
Catch-up management fees totaled $50.4 million during the six months ended June 30, 2025 and primarily consisted of $34.8 million for Growth VI and $8.9 million for Europe Realty IV.

Fee-Related Performance Revenues
The following table presents fee-related performance revenues for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
TPG AG Credit $ 12,969  $ 8,360 

Total Fee-Related Performance Revenues $ 12,969  $ 8,360 

Fee-related performance revenues increased by $4.6 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to higher incentive fees from TCAP.
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Transaction, Monitoring and Other Fees, Net
The following table presents transaction, monitoring and other fees, net in our platforms for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
Capital $ 3,026  $ 2,854 
Growth 693  437 
Impact 3,940  2,715 
TPG Angelo Gordon
TPG AG Credit 3,509  1,506 
TPG AG Real Estate 2,023  1,726 
Real Estate 481  — 
Market Solutions 75,136  59,063 
Total Transaction, Monitoring and Other Fees, Net $ 88,808  $ 68,301 

Transaction, monitoring and other fees, net increased by $20.5 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily driven by a $16.1 million increase in our Market Solutions platform as a result of capital markets activity among our portfolio companies involving our broker-dealer.

Other Income

Total other income decreased by $11.6 million, or 66%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to lower income from our former affiliate. As of April 2024, the contracts to provide services to such party have ended.

Fee-Related Expenses
Fee-related expenses increased by $43.7 million, or 8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase was primarily comprised of higher compensation and benefits, net of $21.5 million and an increase in operating expenses, net of $20.0 million.

Cash-Based Compensation and Benefits, Net
The following table presents cash-based compensation and benefits, net for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
Salaries $ 185,288  $ 174,183 
Bonuses 157,422  151,078 
Benefits and other 80,573  64,963 
Reimbursements (55,389) (43,795)
Total Cash-Based Compensation and Benefits, Net $ 367,894  $ 346,429 

Total cash-based compensation and benefits, net increased by $21.5 million, or 6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily due to higher salaries and benefits resulting from an overall increase in headcount, partially offset by an increase in reimbursements.
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Fee-Related Performance Compensation
The following table presents fee-related performance compensation for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
TPG AG Credit $ 6,484  $ 4,180 

Total Fee-related Performance Compensation $ 6,484  $ 4,180 

Total fee-related performance compensation increased by $2.3 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This was primarily attributable to the increase in fee-related performance revenues from TCAP that drives compensation attributable to our partners and professionals.

Operating Expenses, Net
Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased by $20.0 million, or 11%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was primarily due to an increase in professional fees.

Realized Performance Allocations, Net
The following table presents realized performance allocations, net from our platforms for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
Capital $ 57,985  $ 18,273 
Growth 42,742  2,905 
Impact 4,534  15,896 
TPG Angelo Gordon
TPG AG Credit 18,302  15,470 
TPG AG Real Estate 1,002  4,086 
Real Estate 2,093  901 

Total Realized Performance Allocations, Net $ 126,658  $ 57,531 

Realized performance allocations, net of $126.7 million for the six months ended June 30, 2025 were largely generated from realizations of $48.0 million from TPG VII and $9.8 million from TPG VIII in the Capital platform, $41.7 million from Growth IV in the Growth platform, $4.5 million from Rise Climate I in the Impact platform, $3.9 million from Credit Solutions II, $3.2 million from MMDL IV and $2.2 million from MMDL V in TPG AG Credit, and $2.1 million from TREP III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Viking Cruises, Crunch Fitness, DirecTV, Q-Centrix and Nextracker.
Realized performance allocations, net of $57.5 million for the six months ended June 30, 2024 were largely generated from realizations of $15.9 million from Rise Climate I in the Impact platform, $13.9 million from TPG VIII and $3.9 million from Asia VII in the Capital platform, $8.0 million from MMDL IV in TPG AG Credit, $3.9 million from Growth Capital Partners I in TPG AG Real Estate, and $2.9 million from TTAD I within the Growth platform. The activity consisted of realizations sourced from portfolio companies including DirecTV, Singlife, Nextracker and Visma AS.
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Realized Investment Income and Other, Net
The following table presents realized investment income and other, net for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
Investments in funds $ 39,005  $ 13,415 

Non-core income (expense) (48,683) (16,820)
Total Realized Investment Income and Other, Net $ (9,678) $ (3,405)

The decrease in realized investment income and other, net of $6.3 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 resulted primarily from an increase in our non-core expense partially offset by realizations from certain investments in our funds. Our non-core activity includes expenses of $19.9 million related to our unoccupied lease space and $17.8 million for acquisition diligence activity during the six months ended June 30, 2025.

Depreciation
Depreciation expense decreased $0.2 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Interest Expense, Net
The following table presents interest expense, net for the six months ended June 30, 2025 and 2024:

Six Months Ended June 30,
2025 2024

($ in thousands)
Interest expense $ 49,375  $ 42,554 
Interest (income) (17,678) (24,895)
Interest Expense, Net $ 31,697  $ 17,659 

Interest expense, net increased by $14.0 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to an increase in outstanding principal balances on our debt obligations.

Distributable Earnings
The increase in DE for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to higher realized performance allocations, net and FRE.

Income Taxes
Income taxes decreased $1.3 million, or 6%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to tax deductions in connection with restricted stock unit settlements during the period.
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Reconciliation to U.S. GAAP Measures
The following tables reconcile the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP to non-GAAP financial measures for the three and six months ended June 30, 2025 and 2024:
Revenue

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in thousands)
GAAP Revenue $ 920,537  $ 744,194  $ 1,955,413  $ 1,568,265 
Capital-allocation based income (351,463) (221,394) (842,884) (533,170)
Expense reimbursements (66,646) (50,227) (126,055) (95,894)
Investment income and other (7,309) (13,577) (15,091) (28,997)
Fee-Related Revenues $ 495,119  $ 458,996  $ 971,383  $ 910,204 

Expenses

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in thousands)
GAAP Expenses $ 890,131  $ 776,546  $ 1,837,991  $ 1,612,943 
Depreciation and amortization expense (30,808) (32,079) (62,190) (65,044)
Interest expense (25,308) (21,502) (49,368) (42,624)

Expense reimbursements (66,646) (50,227) (126,055) (95,894)
Performance allocation compensation (233,437) (133,753) (532,142) (330,187)
Equity-based compensation (209,622) (227,542) (415,454) (455,450)

Non-core expenses and other (48,708) (53,711) (82,478) (97,175)
Fee-Related Expenses $ 275,602  $ 257,732  $ 570,304  $ 526,569 

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Net Income

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in thousands)
Net (loss) income $ 30,111  $ (57,578) $ 117,939  $ (66,584)

Net income attributable to other non-controlling interests (46,035) (13,691) (120,569) (44,203)
Amortization expense 22,959  24,004  46,696  48,002 
Equity-based compensation 213,662  225,919  425,042  451,341 
Unrealized performance allocations, net 13,341  (13,417) (32,484) (37,898)
Unrealized investment income 19,288  (5,344) 1,620  (25,571)

Income taxes (957) 8,585  (5,609) 4,407 

Non-recurring and other 15,921  38,161  22,391  57,770 
After-tax Distributable Earnings $ 268,290  $ 206,639  $ 455,026  $ 387,264 
Income taxes 10,186  14,120  21,229  22,501 
Distributable Earnings $ 278,476  $ 220,759  $ 476,255  $ 409,765 
Realized performance allocations, net (87,037) (25,979) (126,658) (57,531)
Realized investment income and other, net 5,716  (5,910) 9,678  3,405 
Depreciation expense 5,157  4,722  10,107  10,337 
Interest expense, net 17,205  7,672  31,697  17,659 
Fee-Related Earnings $ 219,517  $ 201,264  $ 401,079  $ 383,635 

Net Accrued Performance

June 30, 2025 December 31, 2024

($ in thousands)
GAAP Investments $ 7,932,744  $ 7,503,281 
Equity method and other investments (1,843,471) (1,545,202)
Accrued performance allocation compensation (4,507,026) (4,376,523)
Impact of other consolidated entities (575,419) (607,989)
Net Accrued Performance $ 1,006,828  $ 973,567 

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Operating Metrics
We monitor certain operating metrics that are common to the alternative asset management industry and that we believe provide important data regarding our business. The following operating metrics do not include other investments that are not included in the TPG Operating Group.

Assets Under Management
Assets Under Management (“AUM”) represents the sum of:
i. fair value of the investments and financial instruments held by our private equity, credit and real estate funds (including fund-level asset-related leverage), other than as described below, as well as related co-investment vehicles managed or advised by us, plus the capital that we are entitled to call from investors in those funds and vehicles, pursuant to the terms of their respective capital commitments, net of outstanding leverage associated with subscription-related credit facilities, and including capital commitments to funds that have yet to commence their investment periods;
ii. the gross amount of assets (including leverage where applicable) for our real estate investment trusts and BDCs;
iii. the net asset value of certain of our hedge funds; and
iv. the aggregate par amount of collateral assets, including principal cash, for our collateralized loan obligation vehicles.
Our definition of AUM is not based on any definition of AUM that may be set forth in the agreements governing the investment funds that we manage, or calculated pursuant to any regulatory definitions.
The following table summarizes our AUM by platform as of June 30, 2025 and 2024:

June 30,
2025 2024

($ in millions)
Capital $ 76,245  $ 71,758 
Growth 29,771  26,670 
Impact 28,894  19,350 
TPG Angelo Gordon
TPG AG Credit 80,161  67,486 
TPG AG Real Estate 18,749  18,250 
Real Estate 18,239  17,322 
Market Solutions 9,272  8,138 
AUM as of end of period $ 261,331  $ 228,974 
    
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The table below presents rollforwards of our total AUM for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in millions)
Balance as of Beginning of Period $ 250,621  $ 223,593  $ 245,873  $ 221,623 

Capital Raised 11,303  6,299  17,209  10,959 
Realizations (6,478) (5,363) (10,779) (10,248)
Outflows (1)
(176) (644) (684) (1,092)
Changes in Investment Value and Other (2)
6,061  5,089  9,712  7,732 
AUM as of end of period $ 261,331  $ 228,974  $ 261,331  $ 228,974 
___________
(1) Outflows represent redemptions and withdrawals.
(2) Changes in Investment Value and Other consists of changes in fair value, capital invested, available capital and net fund-level asset related leverage activity plus other investment activities.
AUM increased approximately $10.7 billion during the three months ended June 30, 2025. This change was driven by capital raised of $11.3 billion and net increases in investment value and other of $6.1 billion, partially offset by realizations of $6.5 billion. Capital raised was primarily attributable to fundraising activities of Growth VI within the Growth platform, Rise Climate II within the Impact platform, MMDL VI and Credit Solutions III within TPG AG Credit and TGS II within the Market Solutions platform. These increases were partially offset by realizations primarily attributable to TPG VII within the Capital platform, Growth IV and TTAD II within the Growth platform and MMDL IV within TPG AG Credit.
AUM increased approximately $15.5 billion during the six months ended June 30, 2025. This change was driven by capital raised of $17.2 billion and net increases in investment value and other of $9.7 billion, partially offset by realizations of $10.8 billion. Capital raised was primarily attributable to fundraising activities of Growth VI within the Growth platform, Rise Climate II within the Impact platform, Credit Solutions III and MMDL VI within TPG AG Credit and TGS II within the Market Solutions platform. These increases were partially offset by realizations primarily attributable to TPG VII and TPG VIII within the Capital platform, Growth IV and TTAD II within the Growth platform, Rise Climate I within the Impact platform and MMDL IV within TPG AG Credit.

Fee-Earning Assets Under Management
Fee-earning AUM (“FAUM”) represents only the AUM from which we are entitled to receive management fees. FAUM is the sum of all the individual fee bases that are used to calculate our management fees and differs from AUM in the following respects: (i) assets and commitments from which we are not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which we are entitled to receive only performance allocations or are otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in our credit and real estate funds, have different methodologies for calculating management fees that are not based on the fair value of the respective funds’ underlying investments. We believe this measure is useful to investors as it provides additional insight into the capital base upon which we earn management fees. Our definition of FAUM is not based on any definition of AUM or FAUM that is set forth in the agreements governing the investment funds and products that we manage.
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The following table summarizes our FAUM by platform as of June 30, 2025 and 2024:

June 30,
2025 2024

($ in millions)
Capital $ 35,829  $ 38,200 
Growth 14,520  12,364 
Impact 19,077  13,586 
TPG Angelo Gordon
TPG AG Credit 45,365  41,099 
TPG AG Real Estate 14,590  14,317 
Real Estate 11,951  11,744 
Market Solutions 5,083  5,677 
FAUM as of end of period $ 146,415  $ 136,987 

The table below presents rollforwards of our FAUM for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in millions)
Balance as of Beginning of Period $ 142,794  $ 136,959  $ 141,286  $ 136,794 

Fee-Earning Capital Raised (1)
2,910  1,523  5,398  3,063 
Deployment (2)
2,867  2,882  5,682  5,455 
Realizations (3)
(2,583) (4,319) (5,197) (7,145)
Reduction in Fee Base (4)
(100) (146) (1,311) (694)
Outflows (5)
(175) (619) (680) (1,039)
Market Activity and Other (6)
702  707  1,237  553 
FAUM as of end of period $ 146,415  $ 136,987  $ 146,415  $ 136,987 
___________
In the first quarter of 2025, we began reporting Fee-Earning Deployment and Realizations separately from Net Change in Investment Activity. We believe this additional disclosure is helpful to understand key drivers associated with our FAUM. Updating the presentation did not have any impact on total FAUM.
(1) Fee-Earning Capital Raised represents capital raised by our funds for which management fees calculated based on commitments or subscriptions were activated during the period.
(2) Deployment represents increases in investment cost and CLO collateral assets, as well as capital called for investments.
(3) Realizations represent decreases in investment cost and CLO collateral assets, as well as distributions of investment related proceeds.
(4) Reduction in Fee Base represents decreases in the fee basis for funds where the investment or commitment fee period has expired, and the fee base has reduced from commitment base to actively invested capital. It also includes reductions for funds that are no longer fee paying.
(5) Outflows represent redemptions and withdrawals.
(6) Market Activity and Other represents income activity for our funds for which management fees are calculated based on invested net capital or net asset value, as well as foreign exchange fluctuations.
FAUM increased from $142.8 billion as of March 31, 2025 to $146.4 billion as of June 30, 2025. This was driven by fee-earning capital raised activity totaling $2.9 billion primarily attributable to Growth VI within the Growth platform, which had its final close during the second quarter of 2025. FAUM also increased due to deployment of $2.9 billion primarily driven by MMDL V and Credit Solutions III within TPG AG Credit. These increases were partially offset by realizations of $2.6 billion primarily attributable to TPG VII within the Capital platform, Growth IV and TTAD II within the Growth platform and Essential Housing II within TPG AG Credit.
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FAUM increased from $141.3 billion as of December 31, 2024 to $146.4 billion as of June 30, 2025. This was driven by fee-earning capital raised activity totaling $5.4 billion primarily attributable to Growth VI within the Growth platform, which had its final close during the second quarter of 2025, and subsequent closings of Rise Climate II within the Impact platform. FAUM also increased due to deployment of $5.7 billion primarily driven by TTAD II within Growth platform, MMDL V, Essential Housing III and Credit Solutions III within TPG AG Credit. These increases were partially offset by realizations of $5.2 billion primarily attributable to TPG VII within the Capital platform, Growth IV within the Growth platform and Essential Housing II and MMDL IV within TPG AG Credit. For the six months ended June 30, 2025, annualized weighted average management fees as a percentage of FAUM, which represent annualized management fees divided by the average of each applicable period’s FAUM, were 1.25%.

Net Accrued Performance
Net accrued performance represents both unrealized and undistributed performance allocations and fee-related performance revenues resulting from our general partner interests in investment funds that we manage. We believe this measure is useful to investors as it provides additional insight into the accrued performance to which the TPG Operating Group Common Unit holders are expected to receive.
The tables below summarize our net accrued performance by fund vintage year and platform as of June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024

($ in millions)
Fund Vintage
2019 & Prior
$ 616  $ 684 
2020 128  117 
2021 85  78 
2022 161  87 
2023 9  5 
2024 8  3 
Net Accrued Performance $ 1,007  $ 974 

June 30, 2025 December 31, 2024

($ in millions)
Platform
Capital $ 500  $ 468 
Growth 200  226 
Impact 126  116 
TPG Angelo Gordon
TPG AG Credit 80  73 
TPG AG Real Estate 55  71 
Real Estate 26  11 
Market Solutions 20  9 
Net Accrued Performance $ 1,007  $ 974 

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Net accrued performance was primarily driven by TPG VIII, Asia VII, TPG IX, Growth V and Growth IV as of June 30, 2025 and TPG VII, TPG VIII, Asia VII, Growth IV, Growth V and Rise I as of December 31, 2024.
We also utilize Performance Generating AUM and Performance Eligible AUM as key metrics to understand AUM that could produce performance allocations or fee related performance revenues. Performance Generating AUM refers to the AUM of funds we manage that are currently above their respective hurdle rate or preferred return, and profit of such funds are being allocated to, or earned by, us in accordance with the applicable limited partnership agreements or other governing agreements. Performance Eligible AUM refers to the AUM that is currently, or may eventually, produce performance allocations or fee-related performance revenues. All funds for which we are entitled to receive a performance allocation, incentive fee or fee-related performance revenue are included in Performance Eligible AUM.
Performance Generating AUM totaled $169.3 billion and $163.4 billion as of June 30, 2025 and December 31, 2024, respectively. Across the investment funds that we manage, Performance Eligible AUM totaled $220.0 billion and $209.3 billion as of June 30, 2025 and December 31, 2024, respectively.

AUM Subject to Fee-Earning Growth
AUM Subject to Fee-Earning Growth represents capital commitments that when deployed have the ability to grow our fees through earning new management fees (AUM Not Yet Earning Fees) or when management fees can be charged at a higher rate as capital is invested or for certain funds as management fee rates increase during the life of a fund (FAUM Subject to Step-Up).
AUM Not Yet Earning Fees represents the amount of capital commitments to TPG’s funds and co-investment vehicles that has not yet been invested or considered active, and as this capital is invested or activated, the fee-paying portion will be included in FAUM. FAUM Subject to Step-Up represents capital raised within certain funds where the management fee rate increases once capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up is included within FAUM.
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The table below reflects AUM Subject to Fee-Earning Growth by platform as of as of June 30, 2025 and December 31, 2024:

June 30, 2025 December 31, 2024

($ in millions)
AUM Not Yet Earning Fees:
Capital $ 3,035  $ 3,088 
Growth 2,828  2,796 
Impact 1,673  1,928 
TPG Angelo Gordon
TPG AG Credit 10,058  7,613 
TPG AG Real Estate 919  953 
Real Estate 2,456  2,515 
Market Solutions 1,592  315 
Total AUM Not Yet Earning Fees $ 22,561  $ 19,208 

FAUM Subject to Step-Up:
Capital $ 683  $ 926 
Growth 39  — 
TPG Angelo Gordon
TPG AG Credit 4,381  5,828 
TPG AG Real Estate 2,208  2,183 

Market Solutions 230  — 
Total FAUM Subject to Step-Up: 7,541  8,937 
Total AUM Subject to Fee-Earning Growth $ 30,102  $ 28,145 

As of June 30, 2025, AUM Not Yet Earning Fees was $22.6 billion, which primarily consisted of TPG VIII and Asia VII within the Capital platform, TDM, Growth V and TTAD II within the Growth platform, Rise Climate I within the Impact platform, Credit Solutions III, MMDL V and MMDL VI within TPG AG Credit, TREP III and TAC+ within the Real Estate platform and TGS II within the Market Solutions platform.
Associated with FAUM Subject to Step-Up, management fee rates for these respective underlying funds range between 0.43% and 1.65% and step-up to rates in the range of 0.5% and 2.00% after capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up as of June 30, 2025 relates primarily to TPG IX within the Capital platform, MMDL V and Credit Solutions III within TPG AG Credit and Asia Realty V and Realty Value XI within TPG AG Real Estate.

Capital Raised
Capital raised is the aggregate amount of subscriptions and capital raised by our investment funds and co-investment vehicles during a given period, as well as the senior and subordinated notes issued through our CLOs and equity raised through our perpetual vehicles. We believe this measure is useful to investors as it measures access to capital across TPG and our ability to grow our management fee base.
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The table below presents capital raised by platform for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in millions)
Capital $ 128  $ 888  $ 1,174  $ 2,191 
Growth 2,678  222  3,492  657 
Impact 1,256  113  2,978  191 
TPG Angelo Gordon
TPG AG Credit 5,356  4,513  7,006  6,647 
TPG AG Real Estate 150  334  666  966 
Real Estate 66  36  208  36 
Market Solutions 1,669  193  1,685  271 
Total Capital Raised $ 11,303  $ 6,299  $ 17,209  $ 10,959 

Capital raised totaled approximately $11.3 billion for the three months ended June 30, 2025. This was primarily attributable to the fundraising activities of Growth VI within the Growth platform, Rise Climate II within the Impact platform, MMDL VI and Credit Solutions III within TPG AG Credit and TGS II within the Market Solutions platform during the three months ended June 30, 2025.
Capital raised totaled approximately $17.2 billion for the six months ended June 30, 2025. This was primarily attributable to the fundraising activities of Growth VI within the Growth platform, Rise Climate II within the Impact platform, Credit Solutions III and MMDL VI within TPG AG Credit and TGS II within the Market Solutions platform during the six months ended June 30, 2025.

Available Capital
Available capital is the aggregate amount of unfunded capital commitments and recallable distributions that partners have committed to our funds and co-investment vehicles to fund future investments. Available capital is reduced for investments completed using fund-level subscription-related credit facilities. We believe this measure is useful to investors as it provides additional insight into the amount of capital that is available to our investment funds and co-investment vehicles to make future investments.
The table below presents available capital by platform as of June 30, 2025 and 2024:

June 30,
2025 2024

($ in millions)
Capital $ 13,648  $ 17,078 
Growth 6,701  4,605 
Impact 10,875  4,602 
TPG Angelo Gordon
TPG AG Credit 15,517  11,215 
TPG AG Real Estate 6,873  7,280 
Real Estate 5,902  6,786 
Market Solutions 3,029  1,671 
Available Capital $ 62,545  $ 53,237 

Available capital totaled $62.5 billion as of June 30, 2025. This is primarily attributable to the available capital for TPG IX, Asia VIII, TPG VIII and THP II within the Capital platform, Growth VI within the Growth platform, Rise Climate II, Rise Climate I and Rise Climate TI within the Impact platform, Credit Solutions III, MMDL V, Essential Housing II and MMDL VI within TPG AG Credit, Europe Realty IV, Asia Realty V and Realty Value XI within TPG AG Real Estate, TREP IV within the Real Estate platform, and TGS II and TGS I within the Market Solutions platform.
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Capital Invested
Capital invested is the aggregate amount of capital invested during a given period by our investment funds, co-investment vehicles and CLOs, as well as increases in gross assets of certain perpetual funds. It excludes certain hedge fund activity, but includes investments made using investment financing arrangements like credit facilities, as applicable. We believe this measure is useful to investors as it measures capital deployment across the firm.
The table below presents capital invested by platform for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in millions)
Capital $ 1,677  $ 1,178  $ 3,155  $ 1,949 
Growth 1,414  567  2,104  1,060 
Impact 821  87  1,093  483 
TPG Angelo Gordon
TPG AG Credit 4,336  4,459  8,340  7,577 
TPG AG Real Estate 582  585  1,043  1,103 
Real Estate 948  608  1,137  1,672 
Market Solutions 599  131  850  240 
Capital Invested $ 10,377  $ 7,615  $ 17,722  $ 14,084 

Capital invested was $10.4 billion for the three months ended June 30, 2025, which was primarily attributable to Growth VI within the Growth platform, Rise Climate TI within the Impact platform, ABC Evergreen and ABC Fund II within TPG AG Credit and TRTX within the Real Estate platform.
Capital invested was $17.7 billion for the six months ended June 30, 2025, which was primarily attributable to TPG IX within the Capital platform, Growth VI and TTAD II within the Growth platform, Rise Climate TI within the Impact platform, MMDL V, ABC Fund II and ABC Evergreen within TPG AG Credit, and TRTX within the Real Estate platform.

Realizations
Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds.
The table below presents realizations by platform for the three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024

($ in millions)
Capital $ 2,137  $ 1,308  $ 3,136  $ 3,213 
Growth 2,086  1,061  2,507  1,301 
Impact 212  280  552  919 
TPG Angelo Gordon
TPG AG Credit 1,051  1,740  2,724  3,184 
TPG AG Real Estate 651  576  1,230  1,079 
Real Estate 208  301  439  364 
Market Solutions 133  97  191  188 
Total Realizations $ 6,478  $ 5,363  $ 10,779  $ 10,248 

Realizations were $6.5 billion for the three months ended June 30, 2025. This was primarily attributable to realization activities in TPG VII within the Capital platform, Growth IV and TTAD II within the Growth platform and MMDL IV within TPG AG Credit during the three months ended June 30, 2025.
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Realizations were $10.8 billion for the six months ended June 30, 2025. This was primarily attributable to realization activities in TPG VII and TPG VIII within the Capital platform, Growth IV and TTAD II within the Growth platform, Rise Climate I within the Impact platform and MMDL IV within TPG AG Credit during the six months ended June 30, 2025.
Fund Performance Metrics
Fund performance information for our investment funds as of June 30, 2025 is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of our firmwide performance and is also not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund’s financial results in accordance with U.S. GAAP. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See “Item 1A. — Risk Factors—Risks Related to Our Business—Our funds’ historical returns should not be considered as indicative of our or our funds’ future results or of any returns expected on an investment in our Class A common stock.”
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The following tables reflect the performance of our selected funds as of June 30, 2025 ($ in millions):

Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Platform: Capital
Capital Funds
Air Partners 1993 $ 64  $ 64  $ 697  $ —  $ 697  81 % 10.9x 73 % 8.9x
TPG I 1994 721  696  3,095  —  3,095  47 % 4.4x 36 % 3.5x
TPG II 1997 2,500  2,554  5,010  —  5,010  13 % 2.0x 10 % 1.7x
TPG III 1999 4,497  3,718  12,360  —  12,360  34 % 3.3x 26 % 2.6x
TPG IV 2003 5,800  6,157  13,734  —  13,734  20 % 2.2x 15 % 1.9x
TPG V 2006 15,372  15,564  22,074  —  22,074  6 % 1.4x 5 % 1.4x
TPG VI 2008 18,873  19,220  33,399  129  33,528  14 % 1.7x 10 % 1.5x
TPG VII 2015 10,495  10,255  22,900  2,147  25,047  26 % 2.4x 20 % 2.0x
TPG VIII 2019 11,505  10,738  5,581  14,815  20,396  25 % 1.9x 17 % 1.6x
TPG IX 2022 12,014  8,203  117  11,302  11,419  39 % 1.4x 22 % 1.2x
Capital Funds 81,841  77,169  118,967  28,393  147,360  23 % 1.9x 15 % 1.6x
Asia Funds
Asia I 1994 96  78  71  —  71  (3 %) 0.9x (10 %) 0.7x
Asia II 1998 392  764  1,669  —  1,669  17 % 2.2x 14 % 1.9x
Asia III 2000 724  623  3,316  —  3,316  46 % 5.3x 31 % 3.8x
Asia IV 2005 1,561  1,603  4,089  —  4,089  23 % 2.6x 17 % 2.1x
Asia V 2007 3,841  3,257  5,439  120  5,559  10 % 1.7x 6 % 1.4x
Asia VI 2012 3,270  3,285  4,103  2,366  6,469  13 % 1.9x 9 % 1.6x
Asia VII 2017 4,630  4,584  3,745  4,719  8,464  18 % 1.8x 11 % 1.5x
Asia VIII 2022 5,259  2,681  184  3,622  3,806  36 % 1.5x 17 % 1.2x
Asia Funds 19,773  16,875  22,616  10,827  33,443  20 % 2.0x 14 % 1.6x
Healthcare Funds
THP I 2019 2,704  2,430  889  3,025  3,914  20 % 1.6x 11 % 1.3x
THP II 2022 3,576  1,976  4  2,862  2,866  47 % 1.6x 27 % 1.3x
Healthcare Funds 6,280  4,406  893  5,887  6,780  24 % 1.6x 14 % 1.3x
Continuation Vehicles
TPG AAF 2021 1,317  1,314  2,720  —  2,720  43 % 2.1x 37 % 1.9x
TPG AION 2021 207  207  —  142  142  (9 %) 0.7x (10 %) 0.7x
Continuation Vehicles 1,524  1,521  2,720  142  2,862  35 % 1.9x 29 % 1.7x

Platform: Growth
Growth Funds
STAR 2007 1,264  1,259  1,895  —  1,895  12 % 1.5x 6 % 1.3x
Growth II 2011 2,041  2,185  4,847  515  5,362  21 % 2.6x 15 % 2.0x
Growth III 2015 3,128  3,382  5,044  1,771  6,815  24 % 2.0x 15 % 1.6x
Growth IV 2017 3,739  3,624  4,566  3,290  7,856  20 % 2.1x 14 % 1.7x
Gator 2019 726  686  771  527  1,298  26 % 1.9x 21 % 1.6x
Growth V 2020 3,558  3,280  809  4,873  5,682  21 % 1.7x 14 % 1.4x
Growth VI 2023 4,285  1,456  5  1,819  1,824  85 % 1.4x 31 % 1.1x
Growth Funds 18,741  15,872  17,937  12,795  30,732  19 % 1.9x 13 % 1.6x
Tech Adjacencies Funds
TTAD I 2018 1,574  1,497  1,179  1,517  2,696  20 % 1.8x 15 % 1.5x
TTAD II 2021 3,198  2,642  605  2,936  3,541  18 % 1.4x 13 % 1.3x
TTAD III 420  —  —  —  —  NM NM NM NM
Tech Adjacencies Funds 5,192  4,139  1,784  4,453  6,237  19 % 1.5x 14 % 1.4x
TDM 2017 1,326  593  —  1,061  1,061  12 % 1.8x 9 % 1.5x
LSI 2023 410  180  —  178  178  (15 %) 0.9x (41 %) 0.7x
TECA 2025 555  99  —  99  99  NM NM NM NM

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Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Platform: Impact
The Rise Funds
Rise I 2017 $ 2,106  $ 2,043  $ 1,631  $ 2,075  $ 3,706  15 % 1.8x 9 % 1.4x
Rise II 2020 2,176  2,055  342  2,995  3,337  17 % 1.6x 11 % 1.4x
Rise III 2022 2,700  1,836  68  2,724  2,792  45 % 1.5x 25 % 1.3x
The Rise Funds 6,982  5,934  2,041  7,794  9,835  18 % 1.6x 11 % 1.4x
Rise Climate Funds
Rise Climate I 2021 7,268  5,686  1,458  6,403  7,861  24 % 1.4x 12 % 1.2x
Rise Climate II (11)
5,823  —  —  —  —  NM NM NM NM
Rise Climate Global South (11)
590  —  —  —  —  NM NM NM NM
Rise Climate TI
2025 1,308  410  —  410  410  NM NM NM NM
Rise Climate Funds 14,989  6,096  1,458  6,813  8,271  24 % 1.4x 12 % 1.2x
TSI 2018 333  133  368  —  368  35 % 2.8x 25 % 2.1x
Evercare 2019 621  451  32  499  531  3 % 1.2x (1 %) 1.0x
TPG NEXT (12)
2023 565  19  3  16  19  NM NM NM NM

Platform: Real Estate
TPG Real Estate Partners
TREP II 2014 2,065  2,213  3,556  20  3,576  28 % 1.7x 18 % 1.5x
TREP III 2018 3,722  4,311  3,427  2,506  5,933  14 % 1.5x 9 % 1.3x
TREP IV 2022 6,820  3,687  579  3,854  4,433  19 % 1.2x 6 % 1.1x
TPG Real Estate Partners 12,607  10,211  7,562  6,380  13,942  21 % 1.4x 12 % 1.3x
TAC+ 2021 1,797  1,165  120  1,050  1,170  0 % 1.0x (2 %) 1.0x
TRECO 2024 758  649  398  288  686  22 % 1.2x 7 % 1.1x

Platform: Market Solutions
NewQuest Funds
NewQuest I (12)
2011 390  291  767  —  767  48 % 3.2x 37 % 2.3x
NewQuest II (12)
2013 310  342  667  85  752  24 % 2.3x 19 % 1.8x
NewQuest III (12)
2016 541  543  549  247  796  8 % 1.4x 5 % 1.2x
NewQuest IV (12)
2020 1,000  964  150  1,288  1,438  15 % 1.5x 8 % 1.3x
NewQuest V (12)
2022 673  341  143  389  532  49 % 1.5x 34 % 1.3x
NewQuest Funds 2,914  2,481  2,276  2,009  4,285  33 % 1.8x 19 % 1.4x
TGS I (12)
2022 1,864  665  14  851  865  99 % 1.4x 50 % 1.2x
TGS II (12)
1,301  —  —  —  —  NM NM NM NM
TPG GP Solutions
3,165  665  14  851  865  99 % 1.4x 50 % 1.2x

Platform: TPG Angelo Gordon
Credit Solutions
Credit Solutions
Credit Solutions I 2019 1,805  1,801  1,991  714  2,705  16 % 1.5x 12 % 1.4x
Credit Solutions I Dislocation A 2020 909  602  795  —  795  34 % 1.3x 27 % 1.3x
Credit Solutions I Dislocation B 2020 308  176  211  —  211  28 % 1.2x 21 % 1.2x
Credit Solutions II 2021 3,134  3,040  857  3,002  3,859  15 % 1.3x 11 % 1.2x
Credit Solutions II Dislocation A 2022 1,310  868  901  118  1,019  18 % 1.2x 13 % 1.1x
Credit Solutions III 2024 4,005  505  1  634  635  NM NM NM NM
Credit Solutions 11,471  6,992  4,756  4,468  9,224  17 % 1.4x 12 % 1.3x
Essential Housing
Essential Housing I 2020 642  456  576  1  577  15 % 1.3x 12 % 1.2x
Essential Housing II 2021 2,534  1,071  781  596  1,377  16 % 1.3x 12 % 1.2x
Essential Housing III 2024 1,619  649  —  688  688  13 % 1.1x 10 % 1.1x
Essential Housing 4,795  2,176  1,357  1,285  2,642  16 % 1.2x 12 % 1.2x
Hybrid Solutions 155  —  —  —  —  NM
NM
NM
NM

Structured Credit & Specialty Finance
ABC Fund I
2021 1,005  904  134  1,071  1,205  17 % 1.4x 13 % 1.3x
ABC Fund II
2024 880  305  —  317  317  NM NM NM NM
Structured Credit & Specialty Finance 1,885  1,209  134  1,388  1,522  17 % 1.4x 13 % 1.3x

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Fund Vintage Year (1)
Capital Committed (2)
Capital Invested (3)
Realized Value (4)
Unrealized Value (5)
Total Value (6)
Gross IRR (7)
Gross MoM (7)
Net IRR (8)
Net MoM (9)

Middle Market Direct Lending (13)