10-Q – 2026-05-01 – tpg-20260331.htm

As of March 31, 2026, there was approximately $ 893.6  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 3.3 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 three months ended March 31, 2026, 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 stockholder 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 %, respectively, 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.
Special Purpose Executive Chairman Market Conditions Award
The long-term performance incentive award granted to the Executive Chairman under the Omnibus Plan on August 19, 2025, is also comprised of 0.5  million restricted stock units as Special Purpose Market Condition Awards, and is intended to incentivize the Executive Chairman to drive stockholder value in a manner that is aligned with stockholder interests, including recognizing the Executive Chairman’s role in the establishment of the firm’s Impact platform and incentivizing his continued leadership of the platform (the “Executive Chairman Market Conditions Award”).
The Executive Chairman 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 -trading 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 Executive Chairman Market Conditions Award is eligible to be earned and vest following achievement of each of the following Class A common stock prices: $ 90.98 , $ 101.29 , $ 110.99 and $ 121.30 . These stock price hurdles represent a premium of 150 %, 167 %, 183 % and 200 %, respectively, 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 July 15, 2030, and the remaining hurdles by July 15, 2031. If the applicable market hurdles are not achieved by the specified periods, the applicable portions of the Executive Chairman Market Conditions Award will be forfeited. Restricted stock units from the Executive Chairman Market Conditions Award that (i) vest prior to July 15, 2030, will be settled promptly following July 15, 2030, and (ii) vest after July 15, 2030, will be settled promptly following July 15, 2031, subject to certain other accelerated settlement conditions. Dividend equivalents accrue for the vested and unvested portions of the Executive Chairman Market Conditions Award and are paid only if and when both the applicable service and market conditions are satisfied.
Compensation expense for the Executive Chairman Market Conditions Award is recognized using the accelerated attribution method on a tranche-by-tranche basis.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of March 31, 2026 (in millions, including share data):

Units Outstanding as of March 31, 2026 Compensation Expense for the Three Months Ended, Unrecognized Compensation Expense as of March 31, 2026
March 31, 2026 March 31, 2025
Restricted Stock Units
Ordinary Performance Condition Awards 0.8   $ 3.3   $ 1.5   $ 16.0  

Special Purpose Market Condition Awards 3.4   5.8   11.1   35.7  
Total Market and Performance Condition Award RSUs 4.2   $ 9.1   $ 12.6   $ 51.7  

The following table presents the roll forward of the Company’s unvested Special Purpose Market Condition Awards for the three months ended March 31, 2026 (awards in millions):

Market Condition Awards
Weighted Average Grant Date Fair Value
Balance at December 31, 2025 4.2   $ 22.49  
Granted —   —  
Vested
( 0.2 ) 16.58  
Vested, unsettled ( 0.6 ) 22.01  
Forfeited —   —  
Balance at March 31, 2026 3.4   22.97  

As of March 31, 2026, there was approximately $ 35.7  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.
Total Restricted Stock Units
For the three months ended March 31, 2026 and 2025, the Company recorded total restricted stock unit compensation expense of $ 93.9 million and $ 87.5  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 $ 0.8  million and $ 4.4  million for the three months ended March 31, 2026 and 2025, respectively.
For the three months ended March 31, 2026 and 2025, the Company had 8.0  million and 7.4  million restricted stock units vest at a fair value of $ 529.9  million and $ 463.6  million, respectively (excluding vested, but unsettled units). The restricted stock units were settled by issuing 4,885,329 shares of TPG Inc. Class A common stock, net of withholding tax of $ 209.0  million for the three months ended March 31, 2026 and by issuing 4,554,542 shares of TPG Inc. Class A common stock, net of withholding tax of $ 180.1  million (excluding vested, but unsettled units) for the three months ended March 31, 2025.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The following table summarizes all outstanding restricted stock unit awards as of March 31, 2026 (in millions, including share data):

Units Outstanding as of March 31, 2026 Compensation Expense for the Three Months Ended, Unrecognized Compensation Expense as of March 31, 2026
March 31, 2026 March 31, 2025
Restricted Stock Units
Ordinary Awards:
Ordinary Service Awards 13.1   $ 54.0   $ 42.8   $ 654.0  
Ordinary Performance Condition Awards 0.8   3.3   1.5   16.0  

Special Purpose Awards:
Special Purpose Service Awards 7.9   30.8   32.1   239.6  
Special Purpose Market Condition Awards 3.4   5.8   11.1   35.7  

Total Restricted Stock Units 25.2   $ 93.9   $ 87.5   $ 945.3  

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.
In conjunction with the acquisition of 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.
In conjunction with the acquisition of Peppertree, the Company granted 5.4  million of unvested Common Units to Peppertree Co-Presidents (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.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The following table summarizes the outstanding Other Awards as of March 31, 2026 (in millions, including share data):

Unvested Units/Shares Outstanding as of March 31, 2026 Compensation Expense for the Three Months Ended, Unrecognized Compensation Expense as of March 31, 2026
March 31, 2026 March 31, 2025
TPH and RPH Units
TPH units 16.3   $ 58.7   $ 53.5   $ 353.3  
RPH units 0.1   5.7   5.2   31.1  
Total TPH and RPH Units 16.4   $ 64.4   $ 58.7   $ 384.4  

Common Units and Class A Common Stock
Common Units 30.4   $ 85.5   $ 52.3   $ 713.6  
Class A Common Stock —   — 0.4 —  

Total Common Units and Class A Common Stock 30.4   $ 85.5   $ 52.7   $ 713.6  

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 $ 64.4 million and $ 58.7 million for the three months ended March 31, 2026 and 2025, 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 three months ended March 31, 2026 (units in millions):

TPH Units RPH Units
Partnership Units Grant Date Fair Value Partnership Units Grant Date Fair Value
Balance at December 31, 2025 17.3   $ 29.50   0.1   $ 457.10  
Granted — —   —   —  
Reallocated 0.8   47.18   —   —  
Vested ( 1.0 ) 42.64   —   —  
Forfeited ( 0.8 ) 29.68   ( 0.0 ) 457.10  
Balance at March 31, 2026 16.3   29.55   0.1   457.10  

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 March 31, 2026, there was approximately $ 384.4 million of total estimated unrecognized compensation expense related to outstanding unvested awards, of which TPH Units and RPH Units represented $ 353.3 million and $ 31.1 million, respectively.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

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 $ 85.5 million and $ 52.7 million for the three months ended March 31, 2026 and 2025, 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 three months ended March 31, 2026 (awards in millions):

Common Units
Partnership Units Grant Date Fair Value
Balance at December 31, 2025 31.2   $ 29.28  
Granted —   —  
Reallocated 0.7   45.70  
Vested ( 0.3 ) 45.70  
Forfeited ( 1.2 ) 25.45  
Balance at March 31, 2026 30.4   29.64  

Total unrecognized compensation expense related to outstanding unvested awards as of March 31, 2026 wa s $ 713.6 million.
Other Liability Classified Awards
As discussed in Note 3, the Company granted liability-classified Common Unit awards to certain Peppertree Parties in conjunction with the acquisition of Peppertree, which are considered liability-classified awards under ASC 718. The awards require both continuous service over an estimated period of five years and satisfaction of certain fee-related revenue targets during the period beginning on January 1, 2028 and ending on December 31, 2028 and certain fundraising targets. These liability-classified awards will be settled with a variable number of both vested and unvested Common Units upon the satisfaction of the fee-related revenue targets and do not participate in TPG Operating Group distributions before settlement. For the three months ended March 31, 2026, the Company recognized compensation expense of $ 11.6  million related to these liability-classified awards with a corresponding increase in other liabilities.
In conjunction with the acquisition of 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 fee-related revenue 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 fee-related revenue targets and do not participate in TPG Operating Group distributions before settlement. During 2025, the Company determined that it is not probable the Company will need to settle the Earnout Payment. Accordingly, the Company did not record any compensation expense related to its liability-classified awards for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company recognized compensation expense of $ 9.9  million related to its liability-classified awards with a corresponding increase in other liabilities.
The fair value of the liability-classified awards discussed above will be remeasured every reporting period and are based on the satisfaction of the respective fee-related revenue and fundraising targets, if applicable. Compensation expense for these awards are recognized using the accelerated attribution method on a tranche-by-tranche basis. Total unrecognized compensation expense related to these awards as of March 31, 2026 was $ 131.2 million.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

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.
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 on a straight-line basis over the vesting period as equity-based compensation expense, which is offset by corresponding other investment income (reported in interest, dividends and other) earned by the Company from TRTX. During the three months ended March 31, 2026 and 2025, the Company recognized $ 0.5  million and $ 1.3  million, respectively, of equity-based compensation expense and the related investment income in the Condensed Consolidated Statements of Operations.

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 March 31, 2026, 153,715,203 shares of Class A common stock and 6,605,963 shares of nonvoting Class A common stock were outstanding, 223,852,327 shares of Class B common stock were outstanding, and there were no shares of preferred stock outstanding.
In connection with the Transaction described in Note 4, the Company issued 2,279,109 shares of Class A common stock to a subsidiary of Jackson. The Company determined that the Class A shares issued were not in exchange for a distinct good or service and therefore determined that the shares issued to the customer represents a reduction of transaction price. Accordingly, the Company recognized the issuance of the Class A shares within other assets on the Company’s Condensed Consolidated Statements of Financial Condition which will be amortized as a reduction of fees and other in the Company’s Condensed Consolidated Statements of Operations.
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.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

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 7, 2025 May 19, 2025 June 2, 2025 $ 0.41  
August 6, 2025 August 18, 2025 September 2, 2025 0.59  
November 4, 2025 November 14, 2025 December 1, 2025 0.45  
February 5, 2026 February 19, 2026 March 5, 2026 0.61  
Total 2025 Dividend Year (through Q4 2025) $ 2.06  

May 1, 2026 May 11, 2026 May 26, 2026 $ 0.59  
Total 2026 Dividend Year (through Q1 2026) $ 0.59  

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 three months ended March 31, 2025, 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. Such issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024. During the three months ended March 31, 2026, there were no Common Units exchanged for Class A common stock.
The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):

Three Months Ended March 31,
2026 2025
Distributions to holders of non-controlling interests $ —   $ 35,679  
Deferred tax assets 2,233   146,402  
Due to affiliates —   130,619  

Additional paid-in-capital 2,233   15,783  
Contributions from holders of other non-controlling interests 73,375   —  

Deconsolidation of previously consolidated entities 496,984   —  
Shares issued in connection with Jackson Transaction 113,203   —  

16. Subsequent Events
Other than the events noted in the footnotes to the Condensed Consolidated Financial Statements, there have been no additional events since March 31, 2026 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, 2025 filed with the SEC on February 17, 2026. We assume no obligation to update any of these forward-looking statements.

Overview
TPG is a leading global alternative asset manager with $306.2 billion in assets under management (“AUM”) as of March 31, 2026. 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 increase 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, approximately 300 real estate properties and over 6,500 credit positions, across more than 33 countries.
Our firm consists of six multi-strategy investment platforms: (1) Capital, (2) Growth, (3) Impact, (4) Credit, (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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Capital Growth Impact  Credit Real Estate Market Solutions
Platforms Focused on large scale, control / co-control and thematic investments
Flexible investing platform focused on rapidly growing businesses Leading global impact investing platform pursuing societal benefits & financial returns at scale Diversified solutions across a wide range of credit opportunities Multi-product, diversified real estate investing platform Platform focused on leveraging the TPG ecosystem to address market opportunities
$89.7 billion
AUM
$32.4 billion
AUM
$31.6 billion
AUM
$95.2 billion
AUM
$39.2 billion
AUM
$18.1 billion
AUM

Products TPG Capital TPG Growth The Rise Funds
TPG Credit Solutions
TREP
TPG AG U.S. Real Estate
TPG GP Solutions

TPG Healthcare Partners
TPG Tech Adjacencies
TPG Rise Climate
TPG Direct Lending
TRECO
TPG AG Europe Real Estate
TPG NewQuest

TPG Asia TPG Life Sciences Innovations
TRC Transition Infrastructure TPG Asset Based Finance
TRTX
TPG Asia Real Estate
TPG Peppertree

TPG Emerging Companies Asia
TRC Global South Initiative
TPG CLOs
TAC+
TPG Net Lease
TPG Private Equity Opportunities

TPG Sports
TPG NEXT
TPG Multi-Asset Credit

_________________
Note: AUM as of March 31, 2026.

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 Healthcare Partners and (3) TPG Asia.
The following table presents certain data about our Capital platform as of March 31, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$90 $45 10 $22

Product: TPG Capital
TPG Capital is our North America and Europe-focused private equity investing business, with $57.4 billion in assets under management as of March 31, 2026. 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.
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Product: TPG Healthcare Partners
We established TPG Healthcare Partners (“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.
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 $23.3 billion in assets under management as of March 31, 2026. 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.
Platform: Growth
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 five primary products: (1) TPG Growth, (2) TPG Tech Adjacencies, (3) TPG Life Sciences Innovations, (4) TPG Emerging Companies Asia and (5) TPG Sports.
The following table presents certain data about our Growth platform as of March 31, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$32 $16 12 $6

Product: TPG Growth
TPG Growth is our dedicated growth equity and middle market investing product, with $18.9 billion in assets under management as of March 31, 2026. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India.
Product: TPG Tech Adjacencies
TPG Tech Adjacencies (“TTAD”), with $8.8 billion in assets under management as of March 31, 2026, 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 (“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.
Product: TPG Life Sciences Innovations
TPG Life Sciences Innovations (“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.
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Product: TPG Emerging Companies Asia
TPG Emerging Companies Asia (“TECA”) is our new lower-to-middle market growth buyout strategy focused on developed markets in the APAC region, primarily Australia, New Zealand, Southeast Asia and South Korea. TECA leverages our 30-year track record in Asia and deep sector specialization to invest in profitable companies benefitting from regional tailwinds. TECA targets control-oriented transactions, while selectively pursing minority investments.
Product: TPG Sports
TPG Sports is our dedicated strategy focused on pursuing investment opportunities in the sports ecosystem. TPG Sports aims to provide strategic primary capital and business building capabilities to operating companies and technology providers serving the sports market, and to invest in sports IP (i.e., leagues, teams and events).
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, which functions as TPG’s firm-wide responsible investing and impact performance arm, and among other services, provides impact research and rigorous assessment for impact investments.
• The TPG Rise Global Advisory Board: A group of investors experienced with driving social and environmental change and financial returns.
• The TPG Rise Climate Coalition: A partnership between TPG and 33 leading global enterprises 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.
We have demonstrated that our impact investments can deliver profit and positive impact in tandem. Our Impact funds are organized in five primary products: (1) The Rise Funds, (2) TPG Rise Climate, (3) TPG Rise Climate Transition Infrastructure, (4) TPG Rise Climate Global South Initiative and (5) TPG NEXT.
The following table presents certain data about our Impact platform as of March 31, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$32 $21 10 $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 $10.3 billion in assets under management as of March 31, 2026. 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 $16.2 billion in total commitments. 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. Rise Climate has a global focus and invests opportunistically across buyouts, carve-outs and growth equity transactions.
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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. Rise Climate TI 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.
Product: TPG Rise Climate Global South Initiative
TPG Rise Climate Global South Initiative (“GSI”) is our sidecar product to TPG Rise Climate and a dedicated pool of capital focused on climate-related investments in countries that are not members of the OECD (such non-OECD countries, collectively, the “Global South”). GSI is an expansion of Rise Climate’s strategy and seeks to direct large-scale capital towards ready-to-scale climate solutions to catalyze their adoption by the Global South, in countries where TPG has an existing footprint and investment track record.
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: Credit
TPG’s alternative credit products (collectively referred to as “Credit”) are: (1) TPG Credit Solutions, (2) TPG Direct Lending, (3) TPG Asset Based Finance, (4) TPG CLOs and (5) TPG Multi-Asset Credit. Credit’s capabilities span private and tradable credit across corporate and asset-backed markets.
The following table presents certain data about our Credit platform as of March 31, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$95 $55 96 $19

Product: TPG Credit Solutions
TPG Credit Solutions, with $20.9 billion in assets under management as of March 31, 2026, 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 Credit Solutions employs what we believe to be a differentiated, solutions-based approach that is capable of being executed in any market environment. TPG 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 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 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.
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Product: TPG Direct Lending
TPG Direct Lending focuses on sourcing, underwriting and actively managing a diversified portfolio of lower middle market, senior secured loans, including revolvers and first lien debt, and seeks 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 $25.0 million of EBITDA or less, the product focuses on sourcing differentiated opportunities from our long-standing and diverse set of sponsor relationships. TPG Direct Lending includes the TPG AG Middle Market Direct Lending (“MMDL”) closed-end fund series and evergreen vehicle, SMAs, TPG Advantage Direct Lending (“ADL”), as well as a public, non-traded business development company (“BDC”), TPG Twin Brook Capital Income Fund (“TCAP”). As of March 31, 2026, TPG Direct Lending had $31.5 billion in assets under management.
Product: TPG Asset Based Finance
TPG Asset Based Finance focuses on investment-grade asset-based finance and direct lending, with opportunities to expand through additional strategies over time. TPG Asset Based 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, SMAs and TPG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), which is an externally managed, publicly traded residential mortgage real estate investment trust. As of March 31, 2026, TPG Asset Based Finance had $31.3 billion in assets under management.
Product: TPG CLOs
TPG CLOs, with $8.8 billion in assets under management as of March 31, 2026, invest predominantly in non-investment grade senior secured bank loans. TPG CLOs investment team consists 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 TPG CLOs, the platform also manages bespoke performing credit vehicles and commingled closed end CLO funds.
Product: TPG Multi-Asset Credit
TPG Multi-Asset Credit, with $2.7 billion in assets under management as of March 31, 2026, invests across the breadth of Credit, with a geographic focus in the United States and Western Europe. TPG Multi-Asset Credit offers actively managed co-mingled funds, including the Super Fund, which changed its name to Dynamic Credit Income Fund, effective January 1, 2026, 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 Credit, as well as arbitrage strategies, including convertible arbitrage and merger arbitrage. TPG Multi-Asset Credit 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.
Platform: Real Estate
We established our real estate investing practice in 2009 to pursue real estate investments systematically and at significant scale. TPG’s real estate products (collectively referred to as “Real Estate”) are (1) TPG Real Estate Partners, (2) TPG Real Estate Thematic Advantage Core-Plus, (3) TPG AG U.S. Real Estate, (4) TPG AG Europe Real Estate, (5) TPG Asia Real Estate, (6) TPG Net Lease, (7) TPG RE Finance Trust, Inc. and (8) TPG Real Estate Credit Opportunities. TPG 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 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 Net Lease primarily invests in single tenant commercial real estate acquired in simultaneous sale-leaseback transactions.
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The following table presents certain data about our Real Estate platform as of March 31, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$39 $26 34 $12

Product: TPG Real Estate Partners
TPG Real Estate Partners (“TREP”), with $11.6 billion in assets under management as of March 31, 2026, 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 $2.5 billion in assets under management as of March 31, 2026, 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: TPG AG U.S. Real Estate
TPG AG U.S. Real Estate, with $5.7 billion in assets under management as of March 31, 2026, 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 Europe Real Estate
TPG AG Europe Real Estate, with $5.0 billion in assets under management as of March 31, 2026, 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 Asia Real Estate
TPG Asia Real Estate, with $5.7 billion in assets under management as of March 31, 2026, manages assets across Asia, with investments primarily in Japan, South Korea, Hong Kong, China and Singapore. TPG 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 Asia Real Estate portfolio includes office, industrial, residential, hotel, retail, life science and other asset types.
Product: TPG Net Lease
TPG Net Lease, with $2.2 billion in assets under management as of March 31, 2026, focuses on single tenant commercial real estate, generally leased to non-investment grade tenants, largely acquired in simultaneous sale-leaseback transactions. TPG 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 Net Lease manages assets primarily located within the United States, with certain assets in the United Kingdom, Western Europe, Canada and Mexico.
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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 March 31, 2026, the TRTX loan investment portfolio consisted of 50 first mortgage loans (or interests therein) and total loan commitments of $4.3 billion.
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 March 31, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$18 $11 16 $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
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 $3.1 billion in assets under management as of March 31, 2026, 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 $3.7 billion in assets under management as of March 31, 2026, 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 accepts 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 2025 and as of March 31, 2026, had $1.7 billion in assets under management.
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Product: TPG Peppertree
Peppertree was formed in 2004 and acquired by TPG in July 2025. TPG Peppertree specializes in investing in wireless communication towers within the digital infrastructure space. With $7.8 billion in assets under management as of March 31, 2026, TPG Peppertree has made more than 180 investments through ten flagship funds, supporting the construction and acquisition of more than 11,000 wireless communication infrastructure assets.
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 months ended March 31, 2026 and 2025, our capital markets business drove $83.2 million and $61.5 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.
The first quarter of 2026 was defined by a pivot toward volatility and defensive positioning by investors. Market sentiment was primarily pressured by the dual threats of an escalating Middle Eastern conflict, which disrupted global energy stability and ignited a commodity rally, alongside deepening concerns regarding the disruptive impact of artificial intelligence on legacy business models. Although the U.S. economy displayed underlying strength through steady growth and a resilient labor market, these geopolitical and structural shocks reignited inflationary pressures, forcing the Federal Reserve to halt its easing cycle and adopt a more hawkish stance. Consequently, a climate of strategic caution prevails as market participants maintain a defensive orientation, seeking greater visibility into the eventual resolution of these intersecting geopolitical, secular and macroeconomic uncertainties.
Equities reversed their positive momentum from recent quarters, with the S&P 500 and Dow Jones Industrial Average declining 4.6% and 3.6%, respectively. Performance diverged sharply by sector: energy, materials and utilities surged 37.2%, 9.3% and 7.5%, respectively, on the back of a commodity rally fueled by the Iran conflict. Conversely, financials, information technology and consumer discretionary lagged with declines of 9.8%, 9.3% and 9.3%, respectively, as investors reassessed valuations amid concerns over artificial intelligence disruption to legacy business models and the potential impact of widening conflict on prices and consumer spending. Global equity indices demonstrated relative resilience, with the MSCI Europe Index declining 1.5% and the MSCI Asia Pacific index falling 0.5%, outperformance largely attributable to their lower exposure to technology and software businesses.
Economic indicators in the first quarter of 2026 reflected the impact of geopolitical disruption and persistent inflation. The Consumer Price Index, which had declined toward 2.6% in early February, reversed course following the Middle Eastern conflict, rising to approximately 3.0% to 3.5% by quarter-end as energy and food prices increased. Core inflation, excluding food and energy, remained elevated at 3.2% to 3.4% throughout the quarter. The unemployment rate stood at 4.3% in January and stabilized near 4.4% to 4.5% through March. Monthly job gains averaged 150,000 to 180,000,
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consistent with the low-hire, low-fire labor market environment established in late 2025. U.S. real GDP growth tracked between 2.0% and 3.0% for the quarter according to the Federal Reserve Bank of Atlanta's GDPNow model.
The Federal Reserve held interest rates steady at its March meeting, maintaining the target range at 3.50% to 3.75%. This marked a pause in the easing cycle that began in late 2024, with no rate cuts implemented during Q1 2026. The Board of Governors of the Federal Reserve System (the “Fed”) adopted a more hawkish tone, signaling that rate cuts previously expected for 2026 were now unlikely, influenced by renewed inflation pressures from Middle Eastern conflict and resilient labor market conditions. Market participants shifted from pricing in multiple cuts to pricing in zero cuts for the remainder of the year.
The U.S. Treasury yield curve flattened in the first quarter, driven by a sell-off at the long end of the curve. Following the geopolitical shock and hawkish repricing of Federal Reserve policy, yields across Treasuries rose quarter over quarter. Yields on 10-year and 30-year Treasuries increased by approximately 30 to 40 basis points, while shorter maturities rose by roughly 15 to 20 basis points. Treasury yields reversed their late-2025 decline, moving higher as markets abandoned expectations for near-term rate cuts.
In corporate credit markets, both U.S. and European high yield generated negative performance in the first quarter of 2026. According to J.P. Morgan data, U.S. high yield was down 0.3% and the European market returned 1.5% during the three-month period. In the United States, high yield bond spreads widened by 41 basis points during the quarter to 355 basis points compared to 314 at the start of the year. In Europe, high yield spreads widened by 67 basis points during the quarter to 412 basis points, up from 345 at the beginning of the year. The high yield default rate, measured on a trailing twelve-month basis, increased from 1.9% to 2.1% in the United States and modestly decreased from 3.2% to 3.1% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index posted a (0.4%) return, and the J.P. Morgan European Leveraged Loan Index posted a (1.0%) return for the first quarter of 2026. From a spread and yield basis, the U.S. Leveraged Loan Index ended the quarter at a yield of 8.4% and 484 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 8.3% and 547 basis point spread.

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 42% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of March 31, 2026. 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 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.
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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.
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 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 acquisitions, we granted 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 March 31,
2026 2025
Revenues
Fees and other $ 620,022  $ 543,455 
Capital allocation-based (loss) income (120,016) 491,421 
Total revenues 500,006  1,034,876 
Expenses
Compensation and benefits:
Cash-based compensation and benefits 237,188  223,570 
Equity-based compensation 255,136  205,832 
Performance allocation compensation (66,148) 298,705 
Total compensation and benefits 426,176  728,107 
General, administrative and other 147,941  164,311 
Depreciation and amortization 41,752  31,382 
Interest expense 32,738  24,060 

Total expenses 648,607  947,860 
Investment income (loss)
Net losses from investment activities (1,131) (2,087)
Interest, dividends and other
9,008  9,248 

Total investment income 7,877  7,161 
(Loss) income before income taxes (140,724) 94,177 
Income tax (benefit) expense (17,448) 6,349 
Net (loss) income (123,276) 87,828 
Net (loss) income attributable to non-controlling interests
(121,822) 62,435 
Net (loss) income attributable to TPG Inc. $ (1,454) $ 25,393 

Net income (loss) per share data:
Net (loss) income available to Class A common stock per share
Basic $ (0.05) $ 0.08 
Diluted $ (0.22) $ 0.00 
Weighted-average shares of Class A common stock outstanding
Basic 159,635,235 117,408,263
Diluted 383,711,322 369,358,961

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Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Revenues
Revenues consisted of the following for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025 Change %

($ in thousands)
Management fees $ 479,429  $ 418,951  $ 60,478  14  %
Transaction, monitoring and other fees 83,195  61,513  21,682  35  %
Expense reimbursements and other 57,398  62,991  (5,593) (9) %
Total fees and other 620,022  543,455  76,567  14  %
Performance allocations (138,391) 450,560  (588,951) (131) %
Capital interests 18,375  40,861  (22,486) (55) %
Total capital allocation-based (loss) income (120,016) 491,421  (611,437) (124) %
Total revenues $ 500,006  $ 1,034,876  $ (534,870) (52) %

Fees and other revenues increased $76.6 million, or 14%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change resulted primarily from a $60.5 million increase in management fees and a $21.7 million increase in transaction, monitoring and other fees.
Management Fees . The $60.5 million increase in management fees during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is attributable to:
• an increase of $23.9 million from our Capital platform primarily driven by management fees from TPG X, which was activated in the third quarter of 2025, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025;
• an increase of $3.2 million from our Growth platform primarily due to new capital raised for Growth VI during the last twelve months, resulting in a larger fee-earning commitment base;
• an increase of $9.0 million from our Impact platform primarily due to fees earned from Rise IV following its activation in the first quarter of 2026 and catch-up fees earned from Rise Climate II;
• an increase of $14.6 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Evergreen as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III;
• a decrease of $11.1 million from our Real Estate platform driven by the impact of catch-up fees earned from Europe Realty IV during the three months ended March 31, 2025; and
• an increase of $22.2 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree, which was acquired in July 2025.
Catch-up management fees totaled $6.4 million during the three months ended March 31, 2026 and primarily consisted of $3.4 million for TPG X and $2.9 million for Rise Climate II.
Transaction, Monitoring and Other Fees . Transaction, monitoring and other fees increased $21.7 million, or 35%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by an increase in capital markets activity among our portfolio companies involving our broker-dealer within our Market Solutions platform.
Expense Reimbursements and Other . Expense reimbursements and other decreased $5.6 million, or 9%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by a reduction in reimbursements from TPG funds.
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Performance Allocations. Performance allocations decreased $589.0 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Realized performance allocation gains for the three months ended March 31, 2026 and 2025 totaled $323.4 million and $213.4 million, respectively. Unrealized performance allocation losses for the three months ended March 31, 2026 totaled $461.8 million and unrealized performance allocation gains for the three months ended March 31, 2025 totaled $237.2 million.

The table below highlights performance allocations for the three months ended March 31, 2026 and 2025, 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 March 31,
2026 2025 Change %

($ in thousands)
TPG Operating Group Shared:
Capital (1)
$ (268,647) $ 241,909  $ (510,556) (211) %
Growth (1)
(87,609) 47,702  (135,311) (284) %
Impact (34,323) 15,568  (49,891) (320) %
Credit 88,047  68,749  19,298  28  %
Real Estate 149,823  56,153  93,670  167  %
Market Solutions 15,422  (8,360) 23,782  284  %
Total TPG Operating Group Shared: $ (137,287) $ 421,721  $ (559,008) (133) %
TPG Operating Group Excluded:
Capital $ 2,254  $ 1,980  $ 274  14  %
Growth (1,804) 26,493  (28,297) (107) %
Real Estate (1,554) 366  (1,920) (525) %
Total TPG Operating Group Excluded (2)
(1,104) 28,839  (29,943) (104) %
Total Performance Allocations $ (138,391) $ 450,560  $ (588,951) (131) %

_________________
(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 is zero for each of the TPG Operating Group Excluded entities following January 1, 2022.
The $589.0 million decrease in performance allocation during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is attributable to:
• losses of $268.6 million from our Capital platform for the three months ended March 31, 2026 were primarily driven by losses of $149.1 million from TPG VIII, $78.8 million from TPG IX, $25.9 million from TPG VII and $21.1 million from THP I. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of $110.7 million from TPG IX, $67.1 million from Asia VII and $30.4 million from Asia VIII, partially offset by losses of $15.4 million from THP I;
• losses of $87.6 million from our Growth platform for the three months ended March 31, 2026 were primarily driven by losses of $50.8 million from Growth V, $31.8 million from Growth IV and $20.2 million from Growth III, partially offset by gains of $17.1 million from TPG Atlas. Performance allocation income for the three months ended March 31, 2025 was primarily driven by income of $16.8 million from Growth V, $16.2 million from Growth VI and $12.5 million from Growth IV, partially offset by losses of $5.2 million from Growth III;
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• losses of $34.3 million from our Impact platform for the three months ended March 31, 2026 were primarily driven by losses of $47.9 million from Rise I and $17.1 million from Rise II, partially offset by gains of $19.1 million from Rise III. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of $18.1 million from Rise III, $7.3 million from Rise Climate I and $6.8 million from Rise II, partially offset by losses of $16.6 million from Rise I;
• income of $88.0 million from our Credit platform for the three months ended March 31, 2026 was primarily driven by income of $23.0 million from Credit Solutions III, $17.2 million from Credit Solutions II, $10.8 million from MMDL V and $9.2 million from MVP. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of $14.8 million from MVP Fund, $8.8 million from Credit Solutions III, $7.9 million from Credit Solutions II, $7.2 million from ABC Fund and $6.7 million from MMDL V;
• income of $149.8 million from our Real Estate platform for the three months ended March 31, 2026 was primarily driven by income of $105.8 million from TREP IV, $30.4 million from Asia Realty V and $8.9 million from Realty XI. Performance allocation income for the three months ended March 31, 2025 was largely driven by income of TREP III, partially offset by losses of $30.5 million from Realty X and $12.6 million from Europe Realty III; and
• income of $15.4 million from our Market Solutions platform for the three months ended March 31, 2026 was primarily driven by income of $19.6 million from TGS, partially offset by losses of $8.2 million from Peppertree Fund VIII. Performance allocation losses for the three months ended March 31, 2025 was were primarily driven by $13.3 million of loss from NewQuest IV, partially offset by net gains of $3.4 million from NewQuest V.
TPG Operating Group Excluded entities generated losses of $1.1 million during the three months ended March 31, 2026 compared to income of $28.8 million during the three months ended March 31, 2025. Performance allocation losses for the three months ended March 31, 2026 were primarily driven by losses of $1.6 million from TREP II from our Real Estate platform and $1.0 million from Growth II within our Growth platform, partially offset by gains of $2.0 million from Asia V from our Capital platform. Performance allocation income for three months ended March 31, 2025 was primarily driven by gains of $11.2 million from Biotech III, $7.5 million from Gator and $7.0 million from Growth II from our Growth platform and $2.7 million from TPG VI from our Capital platform.
As of March 31, 2026, 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 $6.6 billion. As of March 31, 2026, 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 $0.2 billion.

Capital Interests. Capital interests income decreased $22.5 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily attributable to losses from our investments in TPG IX and Asia VII, which were partially offset by gains on our investments in TGS and TPG X during the three months ended March 31, 2026. During the three months ended March 31, 2025, we recognized gains on our investments in TPG IX, Asia VII and Asia VIII, which were partially offset by losses from our investments in Rise I and TGS.
Expenses
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $13.6 million, or 6%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily driven by higher salary and benefit costs associated with increased headcount.
Equity-Based Compensation. Equity-based compensation expense increased $49.3 million, or 24%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily attributable to an increase in compensatory Common Unit grants to certain TPG Peppertree partners, as described in Note 14 to the Condensed Consolidated Financial Statements.
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Performance Allocation Compensation. Performance allocation compensation decreased $364.9 million, or 122%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily driven by a decline in performance allocations, which resulted in a corresponding reduction in the related compensation expense for our partners and professionals.
General, Administrative and Other. General and administrative expenses decreased $16.4 million, or 10%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily attributable to lower professional expenses.
Depreciation and Amortization . Depreciation and amortization increased $10.4 million, or 33%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to the amortization of intangible assets resulting from the Peppertree Acquisition in July 2025.
Interest Expense. Interest expense increased $8.7 million, or 36%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.
Net Losses from Investment Activities. Net losses from investment activities were $1.1 million and $2.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
Interest, Dividends and Other. Interest, dividends and other decreased $0.2 million, or 3%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
Income Tax (Benefit) Expense . Income tax expense decreased $23.8 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to a decrease in net income attributable to TPG Inc. for the period ended March 31, 2026.
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Unaudited Condensed Consolidated Statements of Financial Condition (U.S. GAAP basis)

March 31, 2026 December 31, 2025

($ in thousands)
Assets
Cash and cash equivalents $ 851,399  $ 826,105 
Investments 9,049,455  9,211,816 
Due from affiliates 367,663  573,590 
Intangible assets and goodwill 1,121,900  1,158,027 
Right-of-use assets 584,027  552,254 
Deferred tax assets 884,166  860,676 
Other assets 448,736  310,467 
Total assets $ 13,307,346  $ 13,492,935 

Liabilities and Equity
Debt obligations $ 2,342,953  $ 1,722,547 
Due to affiliates 738,623  694,632 
Accrued performance allocation compensation 5,014,659  5,399,750 
Operating lease liabilities 641,992  604,593 

Other liabilities 844,348  935,038 

Total liabilities 9,582,575  9,356,560 

Equity
Class A common stock $0.001 par value, 2,340,000,000 shares authorized (160,321,166 and 153,113,961 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) 160  153 
Class B common stock $0.001 par value, 750,000,000 shares authorized (223,852,327 and 224,331,812 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) 224  224 
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of March 31, 2026 and December 31, 2025) —  — 
Additional paid-in-capital 1,530,686  1,476,444 
Accumulated deficit (397,691) (291,604)

Non-controlling interests 2,591,392  2,951,158 
Total equity 3,724,771  4,136,375 
Total liabilities and equity $ 13,307,346  $ 13,492,935 

Investments decreased $162.4 million during the three months ended March 31, 2026 primarily due to net capital allocation-based loss of $120.0 million, proceeds of $488.2 million and deconsolidation activity of $497.0 million, offset by purchases of investments of $950.4 million.
Other assets increased $138.3 million during the three months ended March 31, 2026 primarily related to the issuance of Class A common stock to a subsidiary of Jackson as described in Note 15.
Debt obligations increased $620.4 million during the three months ended March 31, 2026 primarily due to the issuance of the 2031 Senior Notes and outstanding borrowings on the Senior Unsecured Revolving Credit Facility.
Accrued performance allocation compensation decreased $385.1 million for the three months ended March 31, 2026, primarily attributable to net decreases in performance fee compensation expense of $66.1 million and settlements of performance allocation compensation of $317.5 million during the three months ended March 31, 2026.
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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) 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.
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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 months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)

Management fees $ 475,119  $ 413,160 
Fee-related performance revenues 8,205  6,201 
Transaction, monitoring and other fees, net 73,856  56,903 

Fee-Related Revenues 557,180  476,264 

Cash-based compensation and benefits, net 208,312  193,549 
Fee-related performance compensation 4,103  3,100 
Operating expenses, net 97,872  98,053 
Fee-Related Expenses 310,287  294,702 
Fee-Related Earnings 246,893  181,562 
Realized performance allocations, net 67,745  39,621 
Realized investment income and other, net 12,842  (3,962)
Depreciation expense (5,619) (4,950)
Interest expense, net (25,910) (14,492)
Distributable Earnings 295,951  197,779 
Income taxes (14,321) (11,043)
After-Tax Distributable Earnings $ 281,630  $ 186,736 

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Fee-Related Revenues
Fee-related revenues increased $80.9 million, or 17%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The change was primarily due to additional management fees of $62.0 million and an increase in transaction, monitoring and other fees, net of $17.0 million.
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Management Fees
The following table presents management fees in our platforms for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Capital $ 136,203  $ 111,574 
Growth 47,715  44,525 
Impact 73,014  63,679 
Credit 97,113  82,765 
Real Estate 83,210  94,741 
Market Solutions 37,864  15,876 
Total Management Fees $ 475,119  $ 413,160 

The $62.0 million increase in management fees during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is attributable to:
• an increase of $24.6 million from our Capital platform primarily driven by management fees from TPG X which was activated in the third quarter of 2025, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025;
• an increase of $3.2 million from our Growth platform primarily due to new capital raised for Growth VI during the last twelve months, resulting in a larger fee-earning commitment base;
• an increase of $9.3 million from our Impact platform primarily due to fees earned from Rise IV following its activation in the first quarter of 2026 and catch-up fees earned from Rise Climate II;
• an increase of $14.3 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Evergreen as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III;
• a decrease of $11.5 million from our Real Estate platform primarily driven by the impact of catch-up fees recognized in Europe Realty IV during the three months ended March 31, 2025; and
• an increase of $22.0 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree which was acquired in July 2025.
Catch-up fees totaled $6.4 million during the three months ended March 31, 2026 and primarily consisted of $3.4 million for TPG X and $2.9 million for Rise Climate II.

Fee-Related Performance Revenues
The following table presents fee-related performance revenues for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Credit $ 8,205  $ 6,201 

Total Fee-Related Performance Revenues $ 8,205  $ 6,201 

Fee-related performance revenues increased $2.0 million, or 32%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 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 three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Capital $ 1,467  $ 1,445 
Growth 485  349 
Impact 1,751  1,898 
Credit 2,581  1,864 
Real Estate 1,450  983 
Market Solutions 63,870  47,434 
Subtotal 71,604  53,973 
Other Income 2,252  2,930 
Total Transaction, Monitoring and Other Fees, Net $ 73,856  $ 56,903 

Transaction, monitoring and other fees, net increased $17.0 million, or 30%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily driven by an increase in our Market Solutions platform as a result of capital markets activity among our portfolio companies involving our broker-dealer.

Fee-Related Expenses
Fee-related expenses increased $15.6 million, or 5%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily due to an increase in cash-based compensation and benefits, net of $14.8 million.

Cash-Based Compensation and Benefits, Net
The following table presents cash-based compensation and benefits, net for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Salaries $ 98,567  $ 92,075 
Bonuses 84,247  81,284 
Benefits and other 53,675  46,639 
Reimbursements (28,177) (26,449)
Total Cash-Based Compensation and Benefits, Net $ 208,312  $ 193,549 

Cash-based compensation and benefits, net increased $14.8 million, or 8%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. This change was primarily driven by higher salary and benefit costs associated with increased headcount.
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Fee-Related Performance Compensation
The following table presents fee-related performance compensation for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Credit $ 4,103  $ 3,100 

Total Fee-related Performance Compensation $ 4,103  $ 3,100 

Total fee-related performance compensation increased $1.0 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

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 decreased $0.2 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Realized Performance Allocations, Net
The following table presents realized performance allocations, net from our platforms for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Capital $ 42,928  $ 26,861 
Growth 8,503  — 
Impact 11,475  4,519 
Credit 4,590  6,148 
Real Estate 249  2,093 

Total Realized Performance Allocations, Net $ 67,745  $ 39,621 

Realized performance allocations, net of $67.7 million for the three months ended March 31, 2026 were generated primarily from realizations of $29.0 million from TPG IX and $12.1 million from THP II in the Capital platform, $8.5 million from Growth V in the Growth platform and $11.5 million from Rise Climate I in the Impact platform. The activity consisted of realizations sourced from portfolio companies including OneOncology, Anovo and Intersect Power.
Realized performance allocations, net of $39.6 million for the three months ended March 31, 2025 were generated from realizations of $16.9 million from TPG VII and $9.8 million from TPG VIII in the Capital platform, $4.5 million from Rise Climate I in the Impact platform and $2.5 million from MMDL IV in the Credit platform. The activity consisted of realizations sourced from portfolio companies including Viking Cruises and DirecTV.
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Realized Investment Income and Other, Net
The following table presents realized investment income and other, net for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Investments $ 30,808  $ 17,560 

Non-core expense (17,966) (21,522)
Total Realized Investment Income and Other, Net $ 12,842  $ (3,962)

The change in realized investment income and other, net of $16.8 million during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is primarily due to an increase in realizations from certain investments and a decrease in our non-core expense. Our non-core activity includes expenses of $12.9 million related to our unoccupied lease space and $2.1 million for strategic transaction activity for the three months ended March 31, 2026.

Depreciation
Depreciation expense increased $0.7 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

Interest Expense, Net
The following table presents interest expense, net for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in thousands)
Interest expense $ 32,660  $ 24,055 
Interest (income) (6,750) (9,563)
Interest Expense, Net $ 25,910  $ 14,492 

Interest expense, net increased $11.4 million for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.

Distributable Earnings
The increase in DE for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to an increase in FRE and realized performance allocations, net, partially offset by an increase in interest expense.

Income Taxes
Income taxes increased $3.3 million, or 30%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily due to an increase in the current payable under the Tax Receivable Agreement related to the three months ended March 31, 2026.
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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 months ended March 31, 2026 and 2025:
Revenue

Three Months Ended March 31,
2026 2025

($ in thousands)
GAAP Revenue $ 500,006  $ 1,034,876 
Capital-allocation based loss (income) 120,016  (491,421)
Expense reimbursements (56,684) (59,409)
Investment income and other (6,158) (7,782)
Fee-Related Revenues $ 557,180  $ 476,264 

Expenses

Three Months Ended March 31,
2026 2025

($ in thousands)
GAAP Expenses $ 648,607  $ 947,860 
Depreciation and amortization expense (41,752) (31,382)
Interest expense (32,738) (24,060)

Expense reimbursements (56,684) (59,409)
Performance allocation compensation 66,148  (298,705)
Equity-based compensation (255,136) (205,832)

Non-core expenses and other (18,158) (33,770)
Fee-Related Expenses $ 310,287  $ 294,702 

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Net Income

Three Months Ended March 31,
2026 2025

($ in thousands)
Net (loss) income $ (123,276) $ 87,828 

Net loss (income) attributable to other non-controlling interests 29,242  (74,534)
Amortization expense 33,241  23,737 
Equity-based compensation 256,576  211,380 
Unrealized performance allocations, net 92,147  (45,825)
Unrealized investment income 33,614  (17,668)

Income taxes (31,722) (4,652)

Non-recurring and other (8,192) 6,470 
After-tax Distributable Earnings $ 281,630  $ 186,736 
Income taxes 14,321  11,043 
Distributable Earnings $ 295,951  $ 197,779 
Realized performance allocations, net (67,745) (39,621)
Realized investment income and other, net (12,842) 3,962 
Depreciation expense 5,619  4,950 
Interest expense, net 25,910  14,492 
Fee-Related Earnings $ 246,893  $ 181,562 

Net Accrued Performance

March 31, 2026 December 31, 2025

($ in thousands)
GAAP Investments $ 9,049,455  $ 9,211,816 
Equity method and other investments (2,203,946) (1,902,577)
Accrued performance allocation compensation (5,014,659) (5,399,750)
Impact of other consolidated entities (643,040) (629,734)
Net Accrued Performance $ 1,187,810  $ 1,279,755 

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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 March 31, 2026 and 2025:

March 31,
2026 2025

($ in millions)
Capital $ 89,732  $ 76,016 
Growth 32,366  28,791 
Impact 31,551  28,030 
Credit 95,196  73,430 
Real Estate 39,246  36,686 
Market Solutions 18,091  7,668 
AUM as of end of period $ 306,182  $ 250,621 
    
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The table below presents rollforwards of our total AUM for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in millions)
Balance as of Beginning of Period $ 303,029  $ 245,873 

Capital Raised 10,347  5,906 
Realizations (8,745) (4,302)
Outflows (1)
(635) (508)
Changes in Investment Value and Other (2)
2,186  3,652 
AUM as of end of period $ 306,182  $ 250,621 
_________________
(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 $3.2 billion during the three months ended March 31, 2026. This increase was led by $10.3 billion of capital raised primarily attributable to fundraising activities of TPG X within the Capital platform, Rise IV within the Impact platform, Asset Based Finance within the Credit platform, Net Lease Realty V within the Real Estate platform and T-POP within the Market Solutions platform. These increases were partially offset by realization activities in TPG IX and THP II within the Capital platform, Rise Climate I within the Impact platform and Credit Solutions II within the Credit platform during the three months ended March 31, 2026.

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.
The following table summarizes our FAUM by platform as of March 31, 2026 and 2025:

March 31,
2026 2025

($ in millions)
Capital $ 45,415  $ 36,025 
Growth 16,321  13,120 
Impact 21,285  18,575 
Credit 54,710  43,633 
Real Estate 26,368  26,379 
Market Solutions 11,273  5,062 
FAUM as of end of period $ 175,372  $ 142,794 

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The table below presents rollforwards of our FAUM for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in millions)
Balance as of Beginning of Period $ 170,102  $ 141,286 

Fee-Earning Capital Raised (1)
5,159  2,488 
Deployment (2)
4,696  2,816 
Realizations (3)
(4,228) (2,614)
Reduction in Fee Base (4)
(168) (1,211)
Outflows (5)
(627) (505)
Market Activity and Other (6)
438  534 
FAUM as of end of period $ 175,372  $ 142,794 
_________________
(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 $5.3 billion during the three months ended March 31, 2026, primarily driven by $5.2 billion in fee-earning capital raised. This activity was led by the activation of THP III during the first quarter of 2026 and subsequent closing of TPG X following its activation during the third quarter of 2025 within the Capital platform, the activation of TPG Sports during the first quarter of 2026 within the Growth platform and the initial close for Rise Climate IV during the first quarter of 2026 within the Impact platform. Deployment added $4.7 billion to FAUM primarily driven by TPG Atlas within the Growth platform, MMDL V, ABC Evergreen and ABC Fund II within the Credit platform and TRECO within the Real Estate platform. These increases were partially offset by realizations of $4.2 billion primarily attributable to TPG IX within the Capital platform, Rise Climate I within the Impact platform, and Credit Solutions II, Essential Housing II and MMDL IV within the Credit platform. For the three months ended March 31, 2026, 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 1.10%.

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.
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The tables below summarize our net accrued performance by fund vintage year and platform as of March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

($ in millions)
Fund Vintage
2020 & Prior $ 728  $ 809 
2021 129  136 
2022 257  280 
2023 24  23 
2024 20  12 
2025 30  20 
Net Accrued Performance $ 1,188  $ 1,280 

March 31, 2026 December 31, 2025

($ in millions)
Platform
Capital $ 484  $ 581 
Growth 189  211 
Impact 155  173 
Credit 96  83 
Real Estate 129  100 
Market Solutions 135  132 
Net Accrued Performance $ 1,188  $ 1,280 

Net accrued performance was primarily driven by TPG VIII, TPG IX, Asia VII, Growth IV, Growth V and Rise Climate I as of March 31, 2026 and TPG VIII, TPG IX, Asia VII, Growth V and Growth IV as of December 31, 2025.
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 $208.5 billion and $208.8 billion as of March 31, 2026 and December 31, 2025, respectively. Across the investment funds that we manage, Performance Eligible AUM totaled $252.8 billion and $254.3 billion as of March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025:

March 31, 2026 December 31, 2025

($ in millions)
AUM Not Yet Earning Fees:
Capital $ 5,026  $ 5,481 
Growth 2,732  4,029 
Impact 1,364  981 
Credit 16,594  13,463 
Real Estate 6,075  3,886 
Market Solutions 772  818 
Total AUM Not Yet Earning Fees $ 32,563  $ 28,658 

FAUM Subject to Step-Up:
Capital $ 3,664  $ 4,058 
Growth 29  29 

Credit 5,432  5,118 
Real Estate 1,701  1,713 
Market Solutions 1,227  903 
Total FAUM Subject to Step-Up $ 12,053  $ 11,821 
Total AUM Subject to Fee-Earning Growth $ 44,616  $ 40,479 

As of March 31, 2026, AUM Not Yet Earning Fees was $32.6 billion, which primarily consisted of TPG IX and TPG VIII within the Capital platform, Growth V and TDM within the Growth platform, Rise Climate I within the Impact platform, Credit Solutions III, MMDL VI and MMDL V within the Credit platform and TRECO and Net Lease Realty V within the Real Estate platform.
Associated with FAUM Subject to Step-Up, management fee rates for these respective underlying funds or certain investors range between 0.35% and 1.65% and step-up to rates in the range of 0.47% and 1.8% 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 March 31, 2026 relates primarily to TPG X within the Capital platform, MMDL V, Credit Solutions III and ABC Fund II within the Credit platform, Asia Realty V within the Real Estate platform and T-POP within the Market Solutions platform.

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 months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in millions)
Capital $ 1,980  $ 1,046 
Growth 930  814 
Impact 1,346  1,722 
Credit 4,413  1,650 
Real Estate 1,080  658 
Market Solutions 598  16 
Total Capital Raised $ 10,347  $ 5,906 

Capital raised totaled approximately $10.3 billion for the three months ended March 31, 2026. This was primarily attributable to the fundraising activities of TPG X within the Capital platform, Rise IV within the Impact platform, Asset-Based Finance within the Credit platform, Net Lease V within the Real Estate platform and T-POP within the Market Solutions platform during the three months ended March 31, 2026.

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 March 31, 2026 and 2025:

March 31,
2026 2025

($ in millions)
Capital $ 21,886  $ 13,455 
Growth 6,339  5,220 
Impact 10,616  11,154 
Credit 18,870  12,073 
Real Estate 12,081  13,050 
Market Solutions 2,998  2,047 
Available Capital $ 72,790  $ 56,999 

Available capital totaled $72.8 billion as of March 31, 2026, primarily attributable to TPG X, TPG IX, Asia VIII, THP II and TPG VIII within the Capital platform, Growth VI, Growth V and TPG Sports within the Growth platform, Rise Climate II and Rise Climate I within the Impact platform, Asset-Based Finance, Credit Solutions III and MMDL VI within the Credit platform, TREP IV, Europe Realty IV, TRECO, Asia Realty V and TREP III within the Real Estate platform and TGS II and Peppertree X within the Market Solutions platform.

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.
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The table below presents capital invested by platform for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in millions)
Capital $ 3,438  $ 1,478 
Growth 1,604  690 
Impact 846  272 
Credit 5,679  4,003 
Real Estate 1,843  650 
Market Solutions 963  253 
Capital Invested $ 14,373  $ 7,346 

Capital invested was $14.4 billion for the three months ended March 31, 2026, which was primarily attributable to TPG X within the Capital platform, TPG Atlas within the Growth platform, ABC Evergreen, ABC Fund II and MMDL V within the Credit platform, TREP IV within the Real Estate platform and T-POP within the Market Solutions 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 months ended March 31, 2026 and 2025:

Three Months Ended March 31,
2026 2025

($ in millions)
Capital $ 3,335  $ 1,000 
Growth 316  421 
Impact 1,803  340 
Credit 2,226  1,673 
Real Estate 799  810 
Market Solutions 266  58 
Total Realizations $ 8,745  $ 4,302 

Realizations were $8.7 billion for the three months ended March 31, 2026, primarily attributable to realization activities in TPG IX and THP II within the Capital platform, Rise Climate I within the Impact platform and Credit Solutions II within the Credit platform during the three months ended March 31, 2026.
Fund Performance Metrics
Fund performance information for our investment funds as of March 31, 2026 is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of our firmwide performance and is also not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund’s financial results in accordance with U.S. GAAP. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See “Item 1A. — Risk Factors—Risks Related to Our Business—Our funds’ historical returns should not be considered as indicative of our or our funds’ future results or of any returns expected on an investment in our Class A common stock.”
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The following tables reflect the performance of our selected funds as of March 31, 2026 ($ 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  33,481  61  33,542  14 % 1.7x 10 % 1.5x
TPG VII 2015 10,495  10,275  22,999  1,695  24,694  25 % 2.4x 19 % 1.9x
TPG VIII 2019 11,505  10,738  5,780  13,735  19,515  20 % 1.8x 13 % 1.5x
TPG IX 2022 12,014  10,691  3,021  12,200  15,221  29 % 1.4x 18 % 1.2x
TPG X 2025 11,377  2,570  —  3,091  3,091  NM NM NM NM
Capital Funds 93,218  82,247  122,251  30,782  153,033  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  5,534  10  5,544  10 % 1.7x 6 % 1.4x
Asia VI 2012 3,270  3,285  4,811  1,726  6,537  13 % 2.0x 9 % 1.6x
Asia VII 2017 4,630  4,628  4,123  4,763  8,886  17 % 1.9x 11 % 1.5x
Asia VIII 2022 5,259  3,095  473  4,109  4,582  28 % 1.5x 13 % 1.2x
Asia Funds 19,773  17,333  24,086  10,608  34,694  20 % 2.0x 14 % 1.6x
Healthcare Funds
THP I 2019 2,704  2,457  948  3,037  3,985  16 % 1.6x 10 % 1.3x
THP II 2022 3,576  2,494  1,146  2,685  3,831  38 % 1.5x 24 % 1.3x
THP III 2026 1,274  100  —  100  100  NM NM NM NM
Healthcare Funds 7,554  5,051  2,094  5,822  7,916  21 % 1.6x 13 % 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  —  155  155  (6 %) 0.8x (7 %) 0.7x
Continuation Vehicles 1,524  1,521  2,720  155  2,875  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  491  5,338  21 % 2.5x 15 % 2.0x
Growth III 2015 3,128  3,385  5,121  1,675  6,796  23 % 2.0x 15 % 1.6x
Growth IV 2017 3,739  3,624  4,668  3,030  7,698  19 % 2.1x 13 % 1.6x
Gator 2019 726  686  771  503  1,274  24 % 1.8x 19 % 1.7x
Growth V 2020 3,558  3,310  1,690  3,714  5,404  16 % 1.6x 10 % 1.4x
Growth VI 2023 4,285  2,222  11  2,718  2,729  32 % 1.3x 9 % 1.1x
Growth Funds 18,741  16,671  19,003  12,131  31,134  19 % 1.9x 12 % 1.5x
Tech Adjacencies Funds
TTAD I 2018 1,574  1,497  1,179  1,255  2,434  15 % 1.6x 10 % 1.4x
TTAD II 2021 3,198  3,225  674  3,970  4,644  20 % 1.5x 15 % 1.3x
TTAD III 2025 566  184  —  316  316  NM NM NM NM
Tech Adjacencies Funds 5,338  4,906  1,853  5,541  7,394  17 % 1.5x 12 % 1.3x

TDM 2017 1,326  601  —  1,062  1,062  11 % 1.8x 8 % 1.5x
LSI 2023 410  244  22  343  365  47 % 1.5x 22 % 1.2x
TECA 2025 742  249  2  349  351  NM 2.4x NM 1.8x
TPG Atlas 2025 826  826  —  946  946  NM NM NM NM
TPG Sports 751  —  —  —  —  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  $ 2,053  $ 1,670  $ 2,091  $ 3,761  14 % 1.8x 9 % 1.5x
Rise II 2020 2,176  2,091  854  2,465  3,319  14 % 1.6x 9 % 1.3x
Rise III 2022 2,700  2,459  480  3,377  3,857  36 % 1.5x 21 % 1.3x
Rise IV 2026 925  197  —  197  197  NM NM NM NM
The Rise Funds 7,907  6,800  3,004  8,130  11,134  17 % 1.6x 10 % 1.4x
Rise Climate Funds
Rise Climate I 2021 7,268  6,355  2,596  6,933  9,529  23 % 1.5x 14 % 1.3x
Rise Climate II (11)
2025 6,773  1,459  —  1,512  1,512  NM NM NM NM
Rise Climate Global South (11)
2025 808  46  —  46  46  NM NM NM NM
Rise Climate TI 2025 1,313  410  —  410  410  NM NM NM NM
Rise Climate Funds 16,162  8,270  2,596  8,901  11,497  23 % 1.5x 14 % 1.3x

TSI 2018 333  133  368  —  368  35 % 2.8x 25 % 2.1x
Evercare 2019 621  455  152  416  568  4 % 1.2x 0 % 1.0x
TPG NEXT (12)
2023 565  56  3  61  64  178 % 1.3x (88 %) 0.6x

Platform: Credit
TPG Credit Solutions
Credit Solutions I 2019 1,805  1,801  2,176  574  2,750  16 % 1.6x 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  1,633  2,614  4,247  16 % 1.4x 12 % 1.3x
Credit Solutions II Dislocation A 2022 1,310  868  916  104  1,020  17 % 1.2x 12 % 1.1x
Credit Solutions III 2024 6,214  1,702  133  1,937  2,070  57 % 1.2x 41 % 1.2x
TPG Credit Solutions 13,680  8,189  5,864  5,229  11,093  18 %  1.4x 14 %  1.3x
Essential Housing
Essential Housing I 2020 642  456  577  —  577  15 %  1.3x 12 %  1.2x
Essential Housing II 2021 2,534  1,071  1,108  324  1,432  16 %  1.4x 13 %  1.3x
Essential Housing III 2024 1,619  844  4  965  969  15 %  1.2x 12 %  1.1x
Essential Housing 4,795  2,371  1,689  1,289  2,978  16 %  1.3x 12 %  1.2x

Hybrid Solutions 2025 389  136  7  165  172  NM NM NM NM

TPG Asset Based Finance
ABC Fund I 2021 1,005  904  198  1,071  1,269  15 % 1.4x 12 % 1.3x
ABC Fund II 2024 1,528  1,259  6  1,343  1,349  15 % 1.1x 11 % 1.1x
TPG Asset Based Finance
2,533  2,163  204  2,414  2,618  15 %  1.2x 12 %  1.2x
TPG Direct Lending ( 13)

MMDL I 2015 594  572  846  —  846  14 % 1.6x 10 % 1.4x
MMDL II 2016 1,580  1,563  2,325  —  2,325  14 % 1.7x 10 % 1.5x
MMDL III 2018 2,751  2,547  3,669  —  3,669  13 % 1.6x 10 % 1.5x
MMDL IV 2020 2,671  2,586  1,861  1,735  3,596  14 % 1.5x 10 % 1.4x
MMDL IV Annex 2021 797  767  470  544  1,014  14 % 1.5x 10 % 1.3x
MMDL V 2022 3,924  3,305  534  3,291  3,825  17 % 1.2x 12 % 1.2x
MMDL VI 2025 2,240  120  —  118  118  NM NM NM NM
TPG Direct Lending 14,557  11,460  9,705  5,688  15,393  14 % 1.5x 10 % 1.4x

Continuation Vehicles
MMDL Continuation I 2025 1,207  1,123  47  1,035  1,082  NM NM NM NM
Continuation Vehicles 1,207  1,123  47  1,035  1,082  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: Real Estate
TPG Real Estate Partners
TREP II 2014 $ 2,065  $ 2,213  $ 3,574  $ 2  $ 3,576  28 % 1.7x 18 % 1.5x
TREP III 2018 3,722  4,333  4,084  2,351  6,435  15 % 1.6x 11 % 1.4x
TREP IV 2022 6,820  5,217  814  5,721  6,535  20 % 1.3x 9 % 1.1x
TPG Real Estate Partners 12,607  11,763  8,472  8,074  16,546  21 % 1.5x 13 % 1.3x

TPG AG Realty
Realty I 1994 30  30  65  —  65  27 %  2.2x 20 %  1.9x
Realty II 1995 33  33  81  —  81  31 %  2.4x 22 %  2.2x
Realty III 1997 61  94  120  —  120  5 %  1.3x 3 %  1.3x
Realty IV 1999 255  332  492  —  492  11 %  1.5x 8 %  1.5x
Realty V 2001 333  344  582  —  582  32 %  1.7x 26 %  1.6x
Realty VI 2005 514  558  657  —  657  5 %  1.2x 3 %  1.1x
Realty VII 2007 1,257  1,675  2,544  —  2,544  17 %  1.7x 12 %  1.5x
Realty VIII 2011 1,265  2,142  2,790  88  2,878  15 %  1.6x 11 %  1.4x
Realty IX 2015 1,329  1,987  2,285  224  2,509  8 %  1.4x 5 %  1.3x
Realty Value X 2018 2,775  4,596  4,261  1,420  5,681  11 %  1.3x 7 %  1.2x
Realty Value XI 2022 2,589  2,998  1,295  2,228  3,523  15 %  1.2x 8 %  1.1x
TPG AG Realty 10,441  14,789  15,172  3,960  19,132  14 %  1.4x 9 %  1.3x
TPG AG Core Plus Realty
Core Plus Realty I 2003 534  532  876  —  876  20 %  1.6x 18 %  1.5x
Core Plus Realty II 2006 794  1,112  1,456  —  1,456  11 %  1.4x 8 %  1.3x
Core Plus Realty III 2011 1,014  1,420  2,231  —  2,231  23 %  1.8x 19 %  1.6x
Core Plus Realty IV 2015 1,308  2,021  2,086  223  2,309  5 %  1.2x 2 %  1.1x
TPG AG Core Plus Realty 3,650  5,085  6,649  223  6,872  15 %  1.5x 11 %  1.4x

Asia Realty
Asia Realty I 2006 526  506  645  —  645  6 %  1.3x 3 %  1.2x
Asia Realty II 2010 616  602  1,071  —  1,071  24 %  1.8x 16 %  1.6x
Asia Realty III 2015 847  869  1,025  119  1,144  11 %  1.3x 6 %  1.2x
Asia Realty IV 2018 1,315  1,316  1,389  456  1,845  13 %  1.4x 9 %  1.3x
Asia Realty V 2022 2,007  1,129  169  1,431  1,600  32 %  1.4x 17 %  1.3x
Asia Realty 5,311  4,422  4,299  2,006  6,305  13 %  1.4x 8 %  1.3x
Japan Value
Japan Value (14)
2023 417  265  84  227  311  64 %  1.4x 35 %  1.2x
Japan Value 417  265  84  227  311  64 % 1.4x 35 % 1.2x
TPG AG Europe Real Estate
Europe Realty I 2014 570  1,187  1,718  9  1,727  24 %  2.0x 17 %  1.7x
Europe Realty II 2017 843  1,765  1,829  429  2,258  7 %  1.4x 4 %  1.2x
Europe Realty III (15)
2019 1,515  2,230  1,000  1,117  2,117  3 %  1.1x (1 %)  1.0x
Europe Realty IV (15)
2023 2,270  831  205  792  997  100 %  1.3x 6 %  1.0x
TPG AG Europe Real Estate 5,198  6,013  4,752  2,347  7,099  12 %  1.4x 7 %  1.2x
TPG Net Lease
Net Lease Realty I 2006 159  209  457  —  457  18 %  2.4x 14 %  2.2x
Net Lease Realty II 2010 559  1,060  1,854  —  1,854  16 %  2.4x 11 %  2.0x
Net Lease Realty III 2013 1,026  2,427  3,080  357  3,437  12 %  2.0x 7 %  1.6x
Net Lease Realty IV 2019 997  1,987  1,487  904  2,391  10 %  1.4x 6 %  1.3x
Net Lease Realty V 2024 824  319  221  119  340  NM NM  NM  NM
TPG Net Lease 3,565  6,002  7,099  1,380  8,479  14 %  1.9x 9 %  1.6x

TAC+ 2021 1,797  1,475  157  1,374  1,531  1 % 1.0x 0 % 1.0x
TRECO 2024 1,786  901  537  446  983  34 % 1.3x 12 % 1.1x

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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: Market Solutions
TPG Peppertree Funds
Peppertree I 2004 $ 63  $ 44  $ 95  $ —  $ 95  16 % 2.1x 11 % 1.7x
Peppertree II 2008 24  21  57  —  57  30 % 2.8x 20 % 2.1x
Peppertree III 2011 55  49  105  4  109  16 % 2.2x 11 % 1.8x
Peppertree IV 2014 132  119  215  40  255  15 % 2.1x 11 % 1.7x
Peppertree V 2014 79  63  12  89  101  5 % 1.6x 3 % 1.3x
Peppertree VI 2016 230  204  171  416  587  17 % 2.9x 13 % 2.2x
Peppertree VII 2018 505  460  90  1,140  1,230  16 % 2.7x 12 % 2.1x
Peppertree VIII 2020 1,000  890  60  1,708  1,768  15 % 2.0x 10 % 1.6x
Peppertree IX 2022 1,500  1,299  116  1,759  1,875  13 % 1.4x 9 % 1.3x
Peppertree X 2023 2,040  1,111  2  1,451  1,453  26 % 1.3x 16 % 1.2x
TPG Peppertree Funds 5,628  4,260  923  6,607  7,530  15 % 1.8x 11 % 1.5x
TPG GP Solutions
TGS I (12)
2022 1,864  1,561  194  1,959  2,153  87 % 1.6x 66 % 1.4x
TGS II (12)
2025 1,507  205  —  249  249  NM NM NM NM
TPG GP Solutions 3,371  1,766  194  2,208  2,402  87 % 1.6x 66 % 1.4x
NewQuest Funds
NewQuest I (12)
2011 390  291  767  —  767  48 % 3.2x 37 % 2.3x
NewQuest II (12)
2013 310  342  686  70  756  24 % 2.3x 19 % 1.8x
NewQuest III (12)
2016 541  543  567  185  752  7 % 1.4x 4 % 1.2x
NewQuest IV (12)
2020 1,000  967  275  1,417  1,692  18 % 1.8x 10 % 1.4x
NewQuest V (12)
2022 689  562  143  623  766  33 % 1.5x 20 % 1.2x
NewQuest Funds 2,930  2,705  2,438  2,295  4,733  32 % 1.8x 19 % 1.5x

The following table reflects the performance of our significant perpetual funds as of March 31, 2026 ($ in millions):

Fund Vintage Year (1)
AUM Total Return (10)

Platform: Credit
TPG Credit Solutions
Corporate Credit Opportunities (16)
1988 $ 363  10  %
Essential Housing Evergreen 2026 400  NM
TPG Asset Based Finance
MVP Fund (17)
2009 6,603  11  %
ABC Evergreen (17)
2024 4,046  23  %
TPG Direct Lending
TCAP (18)
2022 4,658  10  %
MMDL Evergreen (17)
2022 4,013  11  %
TPG Advantage Direct Lending 2025 1,039  NM
TPG Multi-Asset Credit
Dynamic Credit Income Fund (17)
1993 1,120  9  %

Platform: Market Solutions
T-POP (19)
2025 1,748  25  %

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_________________
Note:
Past performance is not indicative of future results.
“NM” signifies that the relevant data would not be meaningful. Performance metrics are generally deemed “NM” when, among other reasons, there has been limited time since initial investment.
Performance metrics generally exclude amounts attributable to the fund’s general partner, its affiliated entities and “friends-of-the-firm” entities that generally pay no or reduced management fees and performance allocations. These metrics also represent an average of returns for all included investors and do not necessarily reflect the actual return of any particular investor.
Amounts shown are in U.S. dollars.
Unless otherwise noted, when an investment is made in another currency, (i) Capital Invested is calculated using the exchange rate at the time of the investment, (ii) Unrealized Value is calculated using the exchange rate at the period end and (iii) Realized Value reflects actual U.S. dollar proceeds to the fund.
(1) Vintage Year represents the year in which the fund consummated its first investment (or, if earlier, received its first capital contributions from investors). For platforms other than Credit, for consistency with prior reporting, however, the Vintage Year classification of any fund that held its initial closing before 2018 represents the year of such fund’s initial closing.
(2) Capital Committed represents the amount of inception-to-date commitments a particular fund has received. Certain of our newer vintage funds are actively fundraising and capital committed is subject to change.
(3) Capital Invested represents cash outlays by the fund for its investments, whether funded through investor capital contributions or borrowing under the fund’s credit facility. For Credit funds, Capital Invested represents inception-to-date investor contributed capital net of returned contributions, excluding borrowings under the fund’s credit facility.
(4) Realized Value represents total cash received or earned by the fund in respect of such investment or investments through the period end, including all interest, dividends and other proceeds. For Credit funds, Realized Value represents inception-to-date capital distributed by the fund, including any performance distributions net of recalled distributions, if any.
(5) Unrealized Value, with respect to an investment in a publicly traded security, is based on the closing market price of the security as of the period end on the principal exchange on which the security trades, as adjusted by the general partner for any restrictions on disposition. Unrealized Value, with respect to an investment that is not a publicly traded security, represents the general partner’s estimate of the unrealized fair value of the fund’s investment. Unrealized Value, with respect to Credit funds, represents the ending NAV for such fund, which is the period end ending capital balances of the investors and general partner. Valuations entail a degree of subjectivity, and therefore actual value may differ from such estimated value and these differences may be material and adverse. Except as otherwise noted, valuations are as of the period end.
(6) Total Value is the sum of Realized Value and Unrealized Value of investments.
(7) Gross internal rate of return (“Gross IRR”) and Gross multiple of money (“Gross MoM”) represent investment level performance by the fund and incorporates the impact of fund level credit facilities, to the extent utilized by the fund. Gross IRR and Gross MoM exclude management fees, fund expenses (other than interest expense and other fees arising from amounts borrowed under the fund’s credit facility to fund investments) and performance allocations. Gross IRR is the discount rate at which (i) the present value of all Capital Invested in an investment or investments is equal to (ii) the present value of all realized and unrealized returns from such investment or investments.
(8) Net IRR represents the compound annualized return rate (i.e., the implied discount rate) of a fund, which is calculated using investor cash flows in the fund, including cash received from capital called from investors, cash distributed to investors and the investors’ ending capital balances as of the period end. Net IRR is the discount rate at which (i) the present value of all capital contributed by investors to the fund (which excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital) is equal to (ii) the present value of all cash distributed to investors and the investors’ ending capital balances.
(9) Net MoM represents the multiple-of-money on contributions to the fund by investors. Net MoM is calculated as the sum of cash distributed to investors and the investors’ ending capital balances as of the period end, divided by the amount of capital contributed to the fund by investors (which amount excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital).
(10) Total Return represents net performance data for investors (excluding certain classes/series with special fee arrangements), net of all expenses including actual quarterly management fees payable by the fund and the accrual of carried interest to the general partner.
(11) The Rise Climate Global South Fund excludes a $500 million commitment ($450 million of which was closed as of March 31, 2026) from ALTÉRRA Transformation LP made to a separate vehicle for purposes of deploying catalytic capital in connection with investments located in the Global South made by the Rise Climate II Fund and the Rise Climate Global South Fund.
(12) Unless otherwise specified, the fund performance information presented above for certain funds is, due to the nature of their strategy, as of December 31, 2025.
(13) Each TPG Direct Lending fund is comprised of four vehicles: onshore levered, onshore unlevered, offshore levered and offshore unlevered. Capital Committed, Capital Invested, Realized Value, Unrealized Value and Total Value for each fund are presented on a consolidated basis across the four vehicles. Performance metrics are presented only for the onshore levered vehicle of each fund. The Net IRRs and Net MoMs for TPG Direct Lending funds on a consolidated basis were: (i) for the onshore unlevered vehicles, 7% and 1.3x, (ii) for the offshore levered vehicles, 9% and 1.3x and (iii) for the offshore unlevered vehicles, 7% and 1.2x.
(14) Japanese-Yen denominated fund. Commitments, Capital Invested and Realized Value are calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable.
(15) Includes Euro denominated fund entity with Commitments, Capital Invested and Realized Value calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. Performance metrics only reflects capital committed in U.S. dollars, which represents the majority of capital committed to each fund. Net IRR and Net MoM were: (i) for the euro-denominated vehicle of Europe Realty III, (4%) and 0.9x and (ii) for the euro-denominated vehicle of Europe Realty IV, 4% and 1.0x
(16) Total Return includes onshore investors participating directly through the master fund and investors through the offshore vehicle. Total Return for the offshore vehicle was 5%.
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(17) Total Returns for onshore funds only. Total Returns for the offshore vehicles were: (i) for the MVP Fund, 11%, (ii) for ABC Evergreen, 22%, (iii) for MMDL Offshore Evergreen, 9%, and (iv) for Dynamic Credit Income Fund (formerly Super Fund), 8%. MMDL Lux Offshore was recently launched and does not yet have a meaningful Total Return.
(18) Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Inception-to-date figures for Class I, Class D and Class S shares use the initial offering price per share as the beginning NAV. Total Return presented is for Class I and is prior to the impact of any potential upfront placement fees. An investment in TCAP is subject to a maximum upfront placement fee of 1.5% for Class D and 3.5% for Class S, which would reduce the amount of capital available for investment, if applicable. There are no upfront placement fees for Class I shares. Total Return has been annualized for periods less than or greater than one year.
(19) T-POP Total Return reflects a per unit return based on Class R-I, including reinvestment of any dividends received during the period (if applicable), and no upfront selling commission, net of all fees and expenses incurred by T-POP. Total Return for Class R-S is 24%.
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Liquidity and Capital Resources
We have historically derived revenues primarily from third-party assets under management and have required limited capital resources to support the working capital or operating needs of our business. We believe that our current sources of liquidity described below are sufficient to meet our projected capital needs and other obligations as they arise for at least the next twelve months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through debt financing arrangements. If we raise additional funds by issuing equity securities, the ownership of our existing investors will be diluted. The incurrence of additional debt financing would result in incremental debt service obligations, and any future instruments governing such debt could include operating and financial covenants that could restrict our operations.
As of March 31, 2026, our total liquidity was $2,806.4 million, comprised of $851.4 million of cash and cash equivalents, excluding $13.3 million of restricted cash, as well as $1,625.0 million, $30.0 million and $300.0 million of incremental borrowing capacity under the Senior Unsecured Revolving Credit Facility, Subordinated Credit Facility and 364-Day Credit Facility, respectively. Total cash of $864.7 million as of March 31, 2026 includes $88.7 million of cash that is attributable to the TPG Operating Group and on balance sheet securitization vehicles.
Sources of Liquidity
We have multiple sources of liquidity to meet our capital needs, including:
• cash generated by our operating activities, such as management fees, monitoring, transaction and other fees, realized capital allocation-based income and investment sales from our consolidated funds;
• cash received from investing activities, including amounts received from notes receivable from affiliates; and
• cash received from our financing activities, including cash and funds available under our credit facilities.
Cash, Cash Equivalents and Restricted Cash
Our consolidated cash, cash equivalents and restricted cash totaled approximately $864.7 million at March 31, 2026.
Credit Facilities
Senior Unsecured Revolving Credit Facility
In March 2011, TPG Holdings, L.P. entered into a $400.0 million credit facility. As of March 31, 2026, the Senior Unsecured Revolving Credit Facility, as currently amended, had aggregate revolving commitments of $1.75 billion and a maturity date of May 30, 2030.
Dollar-denominated principal amounts outstanding under the Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.20% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.20%. We are also required to pay a quarterly commitment fee on the unused commitments under the Senior Unsecured Revolving Credit Facility not to exceed 0.15% per annum, as well as certain customary fees for any issued letters of credit.
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Senior Notes
On February 26, 2026, the Notes Issuer completed an offering of $500.0 million aggregate principal amount of Senior Notes due 2031. The 2031 Senior Notes will mature on May 15, 2031, unless earlier accelerated, redeemed or repurchased. The 2031 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2031 Senior Notes bear interest at a rate of 4.875% per annum, which is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026. The 2031 Senior Notes contain certain covenants which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
On August 14, 2025, the Notes Issuer issued in an SEC-registered offering $500.0 million aggregate principal amount of Senior Notes due 2036. The 2036 Senior Notes will mature on January 15, 2036, unless earlier accelerated, redeemed or repurchased. The 2036 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2036 Senior Notes bear interest at a rate of 5.375% per annum. Interest on the 2036 Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The 2036 Senior Notes contain certain covenants, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
On March 5, 2024, the Notes Issuer issued in an SEC-registered offering $600.0 million aggregate principal amount of Senior Notes due 2034. The 2034 Senior Notes will mature on March 5, 2034, unless earlier accelerated, redeemed or repurchased. The 2034 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2034 Senior Notes bear interest at a rate of 5.875% per annum. Interest on the 2034 Senior Notes is payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024. The 2034 Senior Notes contain certain covenants as set forth in the 2034 Senior Notes’ Indenture and First Supplement Indenture, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
The payment of the principal of, premium, if any, and interest on the Senior Notes and the payment of any Senior Notes guarantee will:
• rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor, including indebtedness under the Amended Senior Unsecured Revolving Credit Facility;
• rank senior in right of payment to all existing and future subordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor;
• be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and
• be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations of each subsidiary of the Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor.
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Subordinated Notes
On March 4, 2024, the Notes Issuer issued in an SEC-registered offering $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064. The Subordinated Notes bear interest at a rate of 6.950% per annum. Interest on the Subordinated Notes is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, subject to the Notes Issuer’s right, on one or more occasions, to defer the payment of interest on the notes for up to five consecutive years. The Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and subordinated obligations of the Notes Issuer and the Guarantors. The Subordinated Notes will mature on March 15, 2064, unless earlier accelerated, redeemed or repurchased. The Subordinated Notes may be redeemed at the Notes Issuer’s option (i) in whole at any time or in part from time to time on or after March 15, 2029 at a redemption price equal to their principal amount plus any accrued and unpaid interest, (ii) upon occurrence of a Tax Redemption Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 100% of their principal amount plus any accrued and unpaid interest or (iii) in whole, but not in part, at any time prior to March 15, 2029, upon the occurrence of a Rating Agency Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 102% of their principal amount plus any accrued and unpaid interest. The Subordinated Notes contain certain covenants as set forth in the Subordinated Notes’ Indenture and First Supplemental Indenture, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries.
The payment of the principal of, premium, if any, and interest on the Subordinated Notes and the payment of any Subordinated Notes guarantee will:
• be subordinate and rank junior in right of payment to all existing and future senior indebtedness, including indebtedness under the Senior Unsecured Revolving Credit Facility;
• rank equally in right of payment with all existing and future parity indebtedness;
• be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and
• be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations (including policyholder liabilities and other payables) of each subsidiary of the Notes Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor.
Secured Notes
As of March 31, 2026, we had $250.0 million aggregate principal amount of Secured Notes outstanding. Our Secured Notes are issued using on-balance sheet securitization vehicles. The Secured Notes are required to be repaid only from collections on the underlying securitized equity method investments and restricted cash of the securitization vehicles. The Secured Notes consist of two tranches, both of which mature in June 2038. Tranche A Secured Notes were issued in May 2018 at a fixed rate of 5.33% with an aggregate principal balance of $200.0 million, with interest payable semiannually. Tranche B Secured Notes were issued in October 2019 at a fixed rate of 4.75% with an aggregate principal balance of $50.0 million, with interest payable semiannually. The Secured Notes contain an optional redemption feature giving us the right to call the notes in full or in part. If the Secured Notes are not redeemed on or prior to June 20, 2028, we will pay additional interest equal to 4.00% per annum.
The Secured Notes contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, default provisions and financial covenants and limitations on certain consolidations, mergers and sales of assets. As of March 31, 2026, we were in compliance with these covenants and conditions.
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Subordinated Credit Facility
In August 2014, one of our consolidated subsidiaries entered into two $15.0 million subordinated revolving credit facilities, for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of TPG Operating Group. In August 2025, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2026 to August 2027. The interest rate for borrowings under the Subordinated Credit Facility is calculated at a term Secured Overnight Financing Rate (“SOFR”) rate plus a 0.10% per annum adjustment and 2.25%.
During the three months ended March 31, 2026, the subsidiary did not borrow or make repayments on the Subordinated Credit Facility, resulting in no amounts outstanding as of March 31, 2026.
364-Day Credit Facility
On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. The facility was amended in April 2025 to increase the aggregate principal amount of the existing commitments to $300.0 million and further amended in April 2026 to extend the commitment termination date to April 7, 2027. Borrowings under the 364-Day Credit Facility are subject to one of three interest rates depending on the type of drawdown requested. Alternate Base Rate (“ABR”) loans are denominated in U.S. Dollars and subject to a variable interest rate computed daily as the higher of the Federal Funds Rate plus 0.50% or the one-month Term SOFR plus 1.00%, plus an applicable margin of between 1.00% and 2.00%, depending on the term of the loan. Term Benchmark Loans may be denominated in U.S. Dollars or Euros, and are subject to a fixed interest rate computed as the SOFR rate for a period comparable to the term of the loan in effect two business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. Risk-Free Rate (“RFR”) loans are denominated in Sterling and subject to a fixed interest rate computed daily as the Sterling Overnight Index Average (“SONIA”) in effect five business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. The subsidiary is also required to pay a quarterly facility fee equal to 0.30% per annum of the total facility capacity of $300.0 million, as well as certain customary fees for any issued loans.
The Company entered into an equity commitment letter in connection with the 364-Day Credit Facility, committing to provide capital contributions, if and when required, to the consolidated subsidiary throughout the life of the facility.
During the three months ended March 31, 2026, the subsidiary borrowed $8.0 million and made repayments of $8.0 million on the 364-Day Credit Facility, resulting in no amounts outstanding as of March 31, 2026.
Our Liquidity Needs
We expect that our primary liquidity needs include cash required to:
• support our working capital needs;
• fund cash operating expenses, including compensation and contingencies, including for clawback obligations or litigation matters;
• service debt obligations, including the payment of obligations at maturity, on interest payment dates or upon redemption, as well as any contingent liabilities that may give rise to future cash payments;
• continue growing our businesses, including seeding new strategies, pursuing strategic investments or acquisitions, funding our capital commitments made to existing and future funds and co-investments, meeting any net capital requirements of our broker-dealer or funding obligations of our capital markets business and otherwise supporting investment vehicles that we sponsor;
• pay amounts that may become due under the Tax Receivable Agreement;
• pay earnouts and contingent cash consideration associated with our acquisitions;
• pay cash dividends in accordance with our dividend policy for our Class A common stock;
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• warehouse investments or seed portfolios for the benefit of one or more of our funds or other investment vehicles pending the expected contribution of committed capital by the investors in such vehicles and advance capital to them for other operational needs;
• manage risk retention for CLOs;
• address capital needs of regulated and other subsidiaries, including our broker-dealer;
• settle tax withholding obligations in connection with net share settlements of equity-based awards; and
• exchange Common Units pursuant to the Exchange Agreement or repurchase or redeem other securities issued by us.
Contractual Obligations
In the ordinary course of business, we enter into contractual arrangements that require future cash payments. The following table sets forth information regarding our anticipated future cash payments under our contractual obligations as of March 31, 2026 (in thousands):

Payments Due by Period
Total 2026 2027 2028 2029 2030 2031 and Thereafter
Debt obligations (1)
$ 2,375,000  $ —  $ —  $ —  $ —  $ 125,000  $ 2,250,000 
Interest on debt obligations (2)
2,034,951  86,986  135,810  140,810  145,810  141,816  1,383,719 
Capital commitments (3)
717,039  717,039  —  —  —  —  — 
Operating lease obligations (4)
963,087  (8,325) 85,299  83,409  80,890  75,954  645,860 
Repurchase agreements 86,312  28,527  26,084  31,701  —  —  — 
Total contractual obligations $ 6,176,389  $ 824,227  $ 247,193  $ 255,920  $ 226,700  $ 342,770  $ 4,279,579 

_________________
(1) Debt obligations presented in the table reflect scheduled principal payments related to the Secured Notes, 2034 Senior Notes, 2036 Senior Notes, 2031 Senior Notes, Subordinated Notes and Senior Unsecured Revolving Credit Facility.
(2) Estimated interest payments on our debt obligations include estimated future interest payments based on the terms of the debt agreements. See Note 8 to the Condensed Consolidated Financial Statements for further discussion of these debt obligations.
(3) Capital commitments represent our obligations to provide general partner capital funding to the TPG funds. These amounts are generally due on demand, and accordingly, have been presented as obligations payable in the “2026” column. We generally utilize proceeds from return of capital distributions and proceeds from our Secured Notes to help fund these commitments.
(4) Net of tenant improvement allowances. Operating lease cash flows for 2026 include a net inflow resulting from expected tenant improvement allowance receipts.
Additional Contingent Obligations
As of March 31, 2026 and December 31, 2025, if all investments held by the TPG funds were liquidated at their current unrealized fair value, there would be clawback of $6.2 million and $7.9 million, respectively, primarily related to Asia V, for which a performance allocation reserve was recorded within other liabilities in the Condensed Consolidated Statements of Financial Condition. During the three months ended March 31, 2026, the general partners made no payments on the clawback liability. Additionally, if all remaining investments were deemed worthless, a possibility management views as remote, the amount of performance allocations subject to potential clawback as of March 31, 2026 and December 31, 2025 would be $2,663.4 million and $2,456.5 million, respectively.
As of March 31, 2026 and December 31, 2025, we had guarantees outstanding totaling $84.0 million and $168.4 million, respectively, related to a third-party lending program that enables certain of our eligible employees to obtain financing for capital contributions into TPG funds with a maximum potential exposure of $350.6 million and $348.7 million, respectively.
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Dividends
The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of our Executive Committee and Board of Directors.

Date Declared Record Date Payment Date Dividend per Class A Common Share

May 7, 2025 May 19, 2025 June 2, 2025 $ 0.41
August 6, 2025 August 18, 2025 September 2, 2025 0.59
November 4, 2025 November 14, 2025 December 1, 2025 0.45
February 5, 2026 February 19, 2026 March 5, 2026 0.61
Total 2025 Dividend Year (through Q4 2025) $ 2.06

May 1, 2026 May 11, 2026 May 26, 2026 $ 0.59
Total 2026 Dividend Year (through Q1 2026) $ 0.59

Tax Receivable Agreement
The future exchanges by owners of Common Units for cash from a substantially concurrent public offering, reorganization or private sale (based on the price per share of the Class A common stock on the day before the pricing of such public offering or private sale) or, at our election, for shares of our Class A common stock on a one-for-one basis (or, in certain cases, for shares of nonvoting Class A common stock) are expected to produce or otherwise deliver to us favorable tax attributes that can reduce our taxable income. We (and our wholly-owned subsidiaries) are a party to a tax receivable agreement, under which generally we (or our wholly-owned subsidiaries) are required to pay the beneficiaries of the Tax Receivable Agreement 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that we actually realize or, in certain circumstances, are deemed to realize as a result of the Covered Tax Items. We generally retain the benefit of the remaining 15% of the applicable tax savings. The payment obligations under the Tax Receivable Agreement are obligations of TPG Inc. (or our wholly-owned subsidiaries), and we expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial.
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 three months ended March 31, 2025, 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. Such issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024. During the three months ended March 31, 2026, there were no Common Units exchanged for Class A common stock.
These exchanges resulted in an increase in the tax basis of our investment in the TPG Operating Group and are subject to the Tax Receivable Agreement. During the three months ended March 31, 2026, the Company made payments of $29.9 million in connection with the liability associated with the Tax Receivable Agreement. A portion of this liability is attributed to Related Parties and is recorded in due to affiliates and the remaining portion attributable to non-affiliates is recorded in other liabilities. As of March 31, 2026 and December 31, 2025, the portion included in due to affiliates in the Condensed Consolidated Statements of Financial Condition, was $475.5 million and $495.1 million, respectively. As of March 31, 2026 and December 31, 2025, amounts due to non-affiliates included in other liabilities were $306.7 million and $316.5 million, respectively.
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Net Cash Flows
The following table presents a summary of our cash flows for the periods presented:

Three Months Ended March 31,
2026 2025

($ in thousands)
Net cash provided by operating activities $ 176,549  $ 198,188 
Net cash used in investing activities (516,265) (6,347)
Net cash provided by (used in) financing activities 365,095  (177,777)
Net change in cash, cash equivalents and restricted cash 25,379  14,064 
Cash, cash equivalents and restricted cash, beginning of period 839,271  821,192 
Cash, cash equivalents and restricted cash, end of period $ 864,650  $ 835,256 

Operating Activities
Net cash provided by operating activities was $176.5 million and $198.2 million for the three months ended March 31, 2026 and 2025. Key drivers consisted of performance allocation and investment proceeds totaling $609.4 million, partially offset by purchases of investments of $450.4 million, as well as other changes in operating assets and liabilities during the three months ended March 31, 2026. Cash provided by operating activities consisted of performance allocation and investment proceeds totaling $430.4 million, partially offset by other changes in operating assets and liabilities for the three months ended March 31, 2025.
Investing Activities
Net cash used in investing activities totalled $516.3 million and $6.3 million during the three months ended March 31, 2026 and 2025, respectively. Cash used in investing activities was primarily related to the purchase of Jackson common stock as described in Note 4 to the Condensed Consolidated Financial Statements and purchases of fixed assets. Cash used in investing activities during the three months ended March 31, 2025 was primarily related to the purchases of fixed assets.
Financing Activities
Net cash provided by financing activities was $365.1 million for three months ended March 31, 2026, compared to net cash used in financing activities of $177.8 million for three months ended March 31, 2025, respectively. During the three months ended March 31, 2026, cash provided by financing activities was primarily driven by the issuance of the 2031 Senior Notes in February 2026 and contributions from holders of non-controlling interests, partially offset by the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries and withholding taxes paid on net settlement of equity-based awards. During the three months ended March 31, 2025, cash used by financing activities was primarily related to the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries and withholding taxes paid on net settlement of equity-based awards, partially offset by the proceeds from the Senior Unsecured Revolving Credit Facility.

Supplemental Guarantor Financial Information
The Subordinated Notes issued by the Notes Issuer are guaranteed on a junior, unsecured basis by the Guarantors, and the Senior Notes issued by the Notes Issuer are guaranteed on a senior, unsecured basis by the Guarantors. As used herein, “Obligor Group” means the Notes Issuer and the Guarantors on a combined basis. The Guarantors fully and unconditionally guarantee payments of principal, premium, if any, and interest (i) on the Subordinated Notes on a subordinated, unsecured basis and (ii) on the Senior Notes on a senior, unsecured basis. See Note 8 of the Condensed Consolidated Financial Statements for further discussion on these debt obligations.
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The Obligor Group entities are holding companies in which the primary assets are the ownership interests in certain consolidated subsidiaries. Accordingly, the Obligor Group has no independent means of generating revenue or cash flow, and its ability to service its debt and guarantee obligations depends upon the results of operations and cash flows of its consolidated subsidiaries. As of March 31, 2026 and December 31, 2025, the Obligor Group held investments in its non-guarantor subsidiaries of $3.5 billion and $3.4 billion, respectively, and recognized income from investments in its non-guarantor subsidiaries of $0.2 billion for the three months ended March 31, 2026. In addition, in connection with any distribution by the consolidated subsidiaries, the Obligor Group would only receive its proportionate share of such distribution.
The following summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the Obligor Group and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP. The tables present summarized financial information of the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026.

March 31, 2026 December 31, 2025

($ in thousands)
Summarized Obligor Group Assets and Liabilities
Assets, less receivables from non-guarantor subsidiaries $ 1,324,890  $ 1,250,242 
Due from related parties, excluding non-guarantor subsidiaries 7,581  459 
Due from non-guarantor subsidiaries 244,120  157,758 
Liabilities, less payables to non-guarantor subsidiaries 2,551,038  1,964,844 
Due to related parties, excluding non-guarantor subsidiaries 491,367  511,968 
Due to non-guarantor subsidiaries 30,135  27,508 

Non-controlling interests in Obligor Group Assets and Liabilities (860,663) (633,381)

Three Months Ended March 31, 2026
($ in thousands)
Summarized Obligor Group Revenues, Net Income (Loss) and Non-Controlling Interests
Revenues from Obligor Group $ (2,827)
Net loss from Obligor Group's revenues and expenses (23,539)
Net loss attributable to non-controlling interests associated with Obligor Group's revenues and expenses (20,900)

Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements, as defined in Regulation S-K.

Critical Accounting Estimates
There has been no material change to our critical accounting estimates disclosed in our Annual Report. We prepare our Condensed Consolidated Financial Statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities in our financial statements. We regularly assess these estimates; however, actual amounts could differ from those estimates. The impact of changes in estimates is recorded in the period in which they become known. For a description of our accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Condensed Consolidated Financial Statements included elsewhere in this report and for a discussion of our policies and estimates, see “Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operation” in our Annual Report on Form 10-K for the year ended December 31, 2025.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risks primarily relates to our role as investment advisor or general partner to our TPG funds and the impact of movements in the underlying fair value of their investments. There was no material change in our market risks during the three months ended March 31, 2026. For additional information, refer to our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) are designed to ensure that information required to be disclosed by us in reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the appropriate time periods, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.
In designing and evaluating our disclosure controls and procedures, management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
We, under the supervision of and with participation of our management, including our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of our disclosure controls and procedures were effective as of March 31, 2026.
Changes in Internal Control Over Financial Reporting
There has been no change in our internal control over financial reporting during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION

Item 1. Legal Proceedings
From time to time, we are involved in litigation and claims incidental to the conduct of our business. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. See “Item 1A.—Risk Factors—Risks Related to Our Industry—Extensive regulation of our businesses affects our activities and creates the potential for significant liabilities and penalties. Increased regulatory focus on the alternative asset industry or legislative or regulatory changes could result in additional burdens and expenses on our business” in our Annual Report. We are not currently subject to any pending legal (including judicial, regulatory, administrative or arbitration) proceedings that we expect to have a material impact on our Condensed Consolidated Financial Statements. However, given the inherent unpredictability of these types of proceedings, an adverse outcome in certain matters could have a material effect on TPG’s financial results in any particular period. See Note 12, “Commitments and Contingencies,” to the Condensed Consolidated Financial Statements.

Item 1A. Risk Factors
For a discussion of our potential risks and uncertainties, see the information under “Item 1A.––Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.

Item 3. Defaults Upon Senior Securities
Not applicable.

Item 4. Mine Safety Disclosures
Not applicable.

Item 5. Other Information
Not applicable .

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Item 6. Exhibits
The following is a list of all exhibits filed or furnished as part of this report:
Exhibits are included below.
Exhibit No.
Description

3.1*
Restated Certificate of Incorporation of TPG Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on November 13, 2023).

3.2*
Certificate of Amendment of Restated Certificate of Incorporation of TPG Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on June 6, 2024).

3.3*
Amended and Restated Bylaws of TPG Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on June 12, 2023).

4.1*
T hird S upplemental Indenture, dated as of February 26, 2026 , among TPG Operating Group II, L.P., the Guarantors named therein and U.S. Bank Trust Company, National Association, as trustee. (incorporated by reference to Exhibit 4. 2 to the Company’s Current Report on Form 8-K, filed on February 26 , 202 6 ).

4.2*
Form of 4.875 % Senior Notes due 2031 (incorporated by reference to Exhibit 4. 3 to the Company’s Current Report on Form 8-K, filed on February 26, 2026 ).

10.1*†
Independent Director Compensation Policy (incorporated by reference to Exhibit 10.31 to the Company ’ s Annual Report on Form 10-K, filed on February 17, 2026) .

22.1 List of Notes Issuer and Guarantor Subsidiaries, Senior and Subordinated Notes .

31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1
Certification of Chief Executive Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.