10-Q – 2026-08-04 – tpg-20260630.htm

Legal Actions and Other Proceedings
From time to time, the Company is involved in legal proceedings, litigation and claims incidental to the conduct of our business, including with respect to acquisitions, bankruptcy, insolvency and other types of proceedings. Such lawsuits may involve claims against our portfolio companies that adversely affect the value of certain investments owned by TPG’s funds. The Company’s business is also subject to extensive regulation, which has and may result in the Company becoming subject to examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies, including the SEC, Department of Justice, state attorneys general, Financial Industry Regulatory Authority and the U.K. Financial Conduct Authority. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings or fines against the Company or its personnel.
The Company accrues a liability for legal proceedings in accordance with U.S. GAAP. In particular, the Company establishes an accrued liability for loss contingencies when a settlement arising from a legal proceeding is both probable and reasonably estimable. If the matter is not probable or reasonably estimable, no such liability is recorded. Examples of this include: (i) the proceedings may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved or (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties. Consequently, management is unable to estimate a range of potential loss, if any, related to such matters. Even when the Company accrues a liability for a loss contingency in such cases, there may be an exposure to loss in excess of any amounts accrued. Loss contingencies may be, in part or in whole, subject to insurance or other payments such as contributions and/or indemnity, which may reduce any ultimate loss.
Based on information presently known by management, the Company has not recorded a potential liability related to any pending legal proceeding except as disclosed below, and is not subject to any legal proceedings that we expect to have a material impact on our operations, financial positions or cash flows. It is not possible, however, to predict the ultimate outcome of all pending legal proceedings, and the claimants in the matter discussed below seek potentially large and indeterminate amounts. As such, although we do not consider such an outcome likely, given the inherent unpredictability of legal proceedings, it is possible that an adverse outcome in the matter described below or certain other matters could have a material effect on the Company’s financial results in any particular period.
Since 2011, a number of TPG-related entities and individuals have been named as defendants/respondents in a series of lawsuits in the United States, United Kingdom, and Luxembourg concerning an investment TPG held from 2005-2007 in a Greek telecommunications company, known then as TIM Hellas (“Hellas”). Entities and individuals related to Apax Partners, a London based investment firm also invested in Hellas at the time, have been named in the lawsuits as well. The cases all allege generally that a late 2006 refinancing of the Hellas group of companies was improper. To date, most of the lawsuits have been dismissed, with those dismissals upheld on appeal, or the appeal period has passed. Most recently, in May 2026 the New York Appellate Division dismissed a New York State court case and the deadline to appeal has passed, and in June 2026 the Court of Appeal of Luxembourg rejected the appeal of a District Court case that had been decided in favor of the TPG and Apax-related defendants. Claims filed in 2024 by another group of plaintiffs, similarly situated to those in the other already dismissed cases, remain pending. The Company believes that any remaining claims related to the Hellas investment are without merit and intends to continue to defend them vigorously.
Indemnifications
In the normal course of business, the Company enters into contracts that contain a variety of representations and warranties that provide general indemnifications. In addition, certain of the Company’s funds have provided certain indemnities relating to environmental and other matters and has provided nonrecourse carve-out guarantees for fraud, willful misconduct and other customary wrongful acts, each in connection with the financing of certain real estate investments that the Company has made. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company expects the risk of material loss to be remote.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

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

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Numerator:
Net income $ 319,672   $ 30,111   $ 196,397   $ 117,939  

Less:
Net income attributable to non-controlling interests 226,246   15,170   104,424   77,605  
Net income attributable to Class A Common Stockholders prior to distributions 93,426   14,941   91,973   40,334  
Reallocation of earnings to unvested participating restricted stock units (a)
( 20,740 ) ( 10,591 ) ( 29,814 ) ( 27,474 )
Net income attributable to Class A Common Stockholders - Basic 72,686   4,350   62,159   12,860  

Net income (loss) assuming exchange of non-controlling interest 77,890   ( 24,089 ) 2,277   ( 31,526 )
Net income (loss) attributable to Class A Common Stockholders - Diluted $ 150,576   $ ( 19,739 ) $ 64,436   $ ( 18,666 )
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic 164,670,334 133,404,634 162,166,694 125,450,638
Exchange of Common Units to Class A Common Stock 220,797,816 236,738,149 222,427,895 244,302,400
Weighted-Average Shares of Common Stock Outstanding - Diluted 385,468,150 370,142,783 384,594,589 369,753,038
Net income (loss) available to Class A common stock per share
Basic $ 0.44   $ 0.03   $ 0.38   $ 0.10  
Diluted $ 0.39   $ ( 0.05 ) $ 0.17   $ ( 0.05 )
Dividends declared per share of Class A Common Stock (b)
$ 0.59   $ 0.41   $ 1.20   $ 0.94  

_________________
(a) No undistributed losses were allocated to unvested participating RSUs during the three and six months ended June 30, 2026 and 2025, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.
(b) Dividends declared reflects the calendar date of the declaration for each distribution. The second quarter dividends were declared on August 4, 2026 and are payable on August 28, 2026.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

14. Equity-Based Compensation
Restricted Stock Unit Awards
Under the Company’s Omnibus Equity Incentive Plan (the “Omnibus Plan”), the Company is permitted to grant equity awards representing ownership interests in TPG Inc.’s Class A common stock. On March 3, 2026, an additional 6,383,349 shares of Class A common stock were registered, increasing the share reserve to 37,744,577 , of which 30,533,650 were available to be issued as of June 30, 2026.
Service Awards
Ordinary Service Awards
In the ordinary course of business, the Company grants equity awards subject to service conditions, granted as part of the Company’s standard incentive structure initiatives. These units generally vest over a term of three to five years . These awards are referred to as “Ordinary Service Awards.”
From time to time, the Company also grants equity awards that are subject to service conditions, a portion of which are granted on a non-standard basis to reward or incentivize key contributions that advance the Company’s long-term goals of value creation. These non-standard awards are referred to as “Special Purpose Service Awards,” and collectively with Ordinary Service Awards, “Service Awards.” Dividend equivalents are paid on the vested and unvested portion of the Service Awards when the dividend occurs.
Special Purpose Service Awards
In conjunction with the IPO in 2022, TPG employees, certain of the Company’s executives and certain non-employees received one-time grants of equity-based awards in the form of Special Purpose Service Awards which entitle the holder to one share of Class A common stock upon vesting. These units generally vest over a term of four to six years .
In conjunction with the acquisition of Angelo Gordon, the Company agreed to grant an aggregate of 8.4 million Special Purpose Service Awards to former Angelo Gordon employees to promote retention post-closing, of which 5.0 million are outstanding to date. These units generally vest over a term of five years .
Additionally, in connection with the acquisition of Peppertree, the Company granted 0.3  million Special Purpose Service Awards to former Peppertree employees. These units generally vest over a term of five years .
Special Purpose IPO Executive Service Awards
Under the Omnibus Plan and in conjunction with the IPO, the Company granted 1.1  million restricted stock units as Special Purpose Service Awards in order to incentivize and retain key members of management and further their alignment with our shareholders (the “IPO Executive Service Awards”). The IPO Executive Service Awards are subject to service-based vesting conditions over a five-year service period with vesting having commenced on the second anniversary of the grant date. Compensation expense for these awards is recognized on a straight-line basis.
Special Purpose CEO Service Award
Under the Omnibus Plan, the Company granted a long-term performance incentive award to the Company’s CEO on November 30, 2023, comprised of 2.6  million restricted stock units as Special Purpose Service Awards, intended to incentivize the CEO to drive 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 Service Award”). The CEO Service Award is subject to service-based vesting conditions over a four-year service period and is scheduled to vest 25 % on each of January 13, 2025, 2026, 2027 and 2028. Compensation expense for this award is recognized on a straight-line basis.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Special Purpose Executive Chairman Service Award
Under the Omnibus Plan, the Company granted a long-term performance incentive award to the Company’s Executive Chairman on August 19, 2025, comprised of 0.3 million restricted stock units as Special Purpose Service Awards, 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 Service Award”). The Executive Chairman Service Award is subject to service-based vesting conditions over a four-year service period and is scheduled to vest 25 % on each of July 15, 2026, 2027, 2028 and 2029. Compensation expense for this award is recognized on a straight-line basis.
The following table summarizes the outstanding RSUs for Service Awards as of June 30, 2026 (in millions, including share data):

Units Outstanding as of June 30, 2026 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2026
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Restricted Stock Units
Ordinary Service Awards 13.2 $ 61.2   $ 44.1   $ 115.2   $ 86.9   $ 598.9  
Special Purpose Service Awards 7.8 24.9   30.6   55.7   62.7   214.0  
Total Service Award RSUs 21.0 $ 86.1   $ 74.7   $ 170.9   $ 149.6   $ 812.9  

For the six months ended June 30, 2026 and 2025 the Company granted 7.6  million and 3.5  million Service Awards, respectively. The grant date fair value was the public share price on each respective grant date.
The following table presents the rollforward of the Company’s unvested Service Awards for the six months ended June 30, 2026 (awards in millions):

Service Awards Weighted-Average Grant Date Fair Value
Balance at December 31, 2025 21.6   $ 40.10  
Granted 7.6   57.83  
Vested ( 7.9 ) 36.00  
Forfeited ( 0.3 ) 34.37  
Balance at June 30, 2026 21.0   48.07  

As of June 30, 2026, there was approximately $ 812.9  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 3.2 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”).
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Special Purpose IPO Executive Market Condition Awards
Under the Omnibus Plan and in conjunction with the IPO, the Company also granted 1.1  million restricted stock units as Special Purpose Market Condition Awards in order to incentivize and retain key members of management and further their alignment with our shareholders (the “IPO Executive Market Condition Awards”). The IPO Executive Market Condition Awards are subject to both market performance and service based vesting conditions, including (i) a time-based component requiring a five-year service period and (ii) a market price component with a target Class A common stock share price at $ 44.25 within five years and $ 59.00 within eight years. Dividend equivalents accrue on the vested and unvested Special Purpose Service Awards when the dividend occurs. Dividend equivalents accrue for the vested and unvested portions of the IPO Executive Market Condition Awards and are paid only when both the applicable service and market performance conditions are satisfied.
Compensation expense for the IPO Executive Market Condition Awards is recognized using the accelerated attribution method on a tranche-by-tranche basis. During 2024, both market price components of Class A common stock share price of $ 44.25 and $ 59.00 were met. During the six months ended June 30, 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”).
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”).
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

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.
The following table summarizes the outstanding RSUs for Market and Performance Condition Awards as of June 30, 2026 (in millions, including share data):

Units Outstanding as of June 30, 2026 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2026
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Restricted Stock Units
Ordinary Performance Condition Awards 0.8   $ 2.2   $ 4.6   $ 5.5   $ 6.1   $ 13.8  
Special Purpose Market Condition Awards 3.4   5.7   6.1   11.5   17.2   30.1  
Total Market and Performance Condition Award RSUs 4.2   $ 7.9   $ 10.7   $ 17.0   $ 23.3   $ 43.9  

The following table presents the roll forward of the Company’s unvested Special Purpose Market Condition Awards for the six months ended June 30, 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 June 30, 2026 3.4   22.97  

As of June 30, 2026, there was approximately $ 30.1  million of total estimated unrecognized compensation expense related to unvested Special Purpose Market Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.1 years.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

Total Restricted Stock Units
For the three and six months ended June 30, 2026, the Company recorded total restricted stock unit compensation expense of $ 94.0 million and $ 187.9 million, respectively. For the three and six months ended June 30, 2025, the Company recorded total restricted stock unit compensation expense of $ 85.4  million and $ 172.9  million, respectively. 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 $ 2.0  million and $ 3.0  million for the three and six months ended June 30, 2026, respectively, and $ 4.3  million and $ 8.8  million for the three and six months ended June 30, 2025, respectively.
For the three and six months ended June 30, 2026, the Company had 0.2  million and 8.3  million restricted stock units vest at a fair value of $ 9.3  million and $ 539.2  million, respectively (excluding vested, but unsettled units). The restricted stock units were settled by issuing 139,536 shares of TPG Inc. Class A common stock, net of withholding tax of $ 3.7  million for the three months ended June 30, 2026 and by issuing 5,024,865 shares of TPG Inc. Class A common stock, net of withholding tax of $ 211.0  million (excluding vested, but unsettled units) for the six months ended June 30, 2026. For the three and six months ended June 30, and 2025, the Company had 0.1  million and 7.5  million restricted stock units vest at a fair value of $ 3.6  million and $ 467.2  million, respectively (excluding vested, but unsettled units). The restricted stock units were settled by issuing 44,664 shares of TPG Inc. Class A common stock, net of withholding tax of $ 1.6  million for the three months ended June 30, 2025 and by issuing 4,599,206 shares of TPG Inc. Class A common stock, net of withholding tax of $ 181.7  million (excluding vested, but unsettled units) for the six months ended June 30, 2025.
The following table summarizes all outstanding restricted stock unit awards as of June 30, 2026 (in millions, including share data):

Units Outstanding as of June 30, 2026 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2026
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
Restricted Stock Units
Ordinary Awards:
Ordinary Service Awards 13.2   $ 61.2   $ 44.1   $ 115.2   $ 86.9   $ 598.9  
Ordinary Performance Condition Awards 0.8   2.2   4.6   5.5   6.1   13.8  

Special Purpose Awards:
Special Purpose Service Awards 7.8   24.9   30.6   55.7   62.7   214.0  
Special Purpose Market Condition Awards 3.4   5.7   6.1   11.5   17.2   30.1  
Total Restricted Stock Units 25.2   $ 94.0   $ 85.4   $ 187.9   $ 172.9   $ 856.8  

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

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.
The following table summarizes the outstanding Other Awards as of June 30, 2026 (in millions, including share data):

Unvested Units/Shares Outstanding as of June 30, 2026 Compensation Expense for the Three Months Ended, Compensation Expense for the Six Months Ended, Unrecognized Compensation Expense as of June 30, 2026
June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
TPH and RPH Units
TPH units 16.3   $ 54.6   $ 61.1   $ 113.3   $ 114.6   $ 298.7  
RPH units 0.1   4.9   8.4   10.6   13.6   26.2  
Total TPH and RPH Units 16.4   $ 59.5   $ 69.5   $ 123.9   $ 128.2   $ 324.9  

Acquisition-Related Common Units and Class A Common Stock
Common Units 30.2   $ 65.1   $ 47.7   $ 150.6   $ 100.0   $ 648.8  
Class A Common Stock —   — — —   0.4   —  

Total Acquisition-Related Common Units and Class A Common Stock 30.2   $ 65.1   $ 47.7   $ 150.6   $ 100.4   $ 648.8  

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 $ 59.5 million and $ 123.9 million for the three and six months ended June 30, 2026, respectively. The Company recognized compensation expense of $ 69.5 million and $ 128.2 million for the three and six months ended June 30, 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.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

The following table presents the roll forwards of the Company’s unvested TPH Units and RPH Units for the six months ended June 30, 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 June 30, 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 June 30, 2026, there was approximately $ 324.9 million of total estimated unrecognized compensation expense related to outstanding unvested awards, of which TPH Units and RPH Units represented $ 298.7 million and $ 26.2 million, respectively.
Acquisition-Related 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 $ 65.1 million and $ 150.6 million for the three and six months ended June 30, 2026, respectively. The expense for the three and six months ended June 30, 2025 totaled $ 47.7 million and $ 100.4 million, respectively. As TPG Operating Group holders would accrete pro-rata or benefit directly upon forfeiture of those awards, this compensation expense was allocated pro-rata to all controlling and non-controlling interest holders of TPG Inc.
The following table presents the roll forwards of the Company’s unvested TOG Units and Class A Common Stock Awards for the six months ended June 30, 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   45.57  
Vested ( 0.5 ) 41.76  
Forfeited ( 1.2 ) 25.45  
Balance at June 30, 2026 30.2   29.62  

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

Total unrecognized compensation expense related to outstanding unvested awards as of June 30, 2026 wa s $ 648.8 million.
Other Liability Classified Awards
As discussed in Note 3, the Company granted 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 and fundraising targets and do not participate in TPG Operating Group distributions before settlement. For the six months ended June 30, 2026, the Company recognized compensation expense of $ 23.3  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 has not recognized any compensation expense related to these liability-classified awards since it was determined it was not probable the performance condition will be achieved. For the three and six months ended June 30, 2025, the Company recognized compensation expense of $ 9.9  million and $ 19.7  million, respectively, related to its liability-classified awards with a corresponding increase in other liabilities.
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 June 30, 2026 was $ 119.5 million.

TRTX Awards
Certain employees of the Company receive awards (“TRTX Awards”) from TPG RE Finance Trust, Inc. (“TRTX”), a publicly traded real estate investment trust, externally managed and advised by TPG RE Finance Trust Management, L.P., a wholly-owned subsidiary of the Company, for services provided to TRTX. Generally, the TRTX Awards vest over four years for employees and at grant date for directors of TRTX.
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. During the three and six months ended June 30, 2026, the Company recognized $ 2.8  million and $ 3.3  million, respectively, of equity-based compensation expense in the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2025, the Company recognized $ 1.5  million and $ 2.9  million, respectively, of equity-based compensation expense in the Condensed Consolidated Statements of Operations.
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TPG Inc.
Notes to Condensed Consolidated Financial Statements
(unaudited)

15. Equity
The Company has three classes of common stock outstanding, Class A common stock, nonvoting Class A common stock and Class B common stock. Class A common stock is traded on the Nasdaq Global Select Market. The Company is authorized to issue 2,240,000,000 shares of Class A common stock with a par value of $ 0.001 per share, 100,000,000 shares of nonvoting Class A common stock, 750,000,000 shares of Class B common stock with a par value of $ 0.001 per share, and 25,000,000 shares of preferred stock with a par value of $ 0.001 per share. Each share of the Company’s Class A common stock entitles its holder to one vote, and each share of our Class B common stock entitles its holder to ten votes. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. The nonvoting Class A common stock have the same rights and privileges as, rank equally and share ratably with, and are identical in all respects as to all matters to, the Class A common stock, except that the nonvoting Class A common stock have no voting rights other than such rights as may be required by law. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock. As of June 30, 2026, 159,896,089 shares of Class A common stock and 6,605,963 shares of nonvoting Class A common stock were outstanding, 217,809,708 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 represent a reduction of transaction price associated with the investment management agreement. 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.
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  
August 4, 2026 August 14, 2026 August 28, 2026 0.59  
Total 2026 Dividend Year (through Q2 2026) $ 1.18  

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

Exchanges of Common Units
Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the years ended December 31, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration. 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. For the periods ended June 30, 2026 and December 31, 2025, the following Common Units were exchanged for Class A common stock:

Exchange Date Class A Common Stock Issued

2025 Exchanges (a)

February 24, 2025 9,786,354
May 21, 2025 21,000,000
August 19, 2025 5,153,040

2026 Exchange (a)

May 29, 2026 6,042,619

_________________
(a) The 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.
The supplemental non-cash financing activities related to equity for the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):

Six Months Ended June 30,
2026 2025
Distributions to holders of non-controlling interests $ 23,939   $ 65,288  
Deferred tax assets 76,540   446,633  
Due to affiliates 32,486   113,820  
Other liabilities 33,534   286,083  
Additional paid-in-capital 10,520   46,730  
Contributions from holders of other non-controlling interests 85,299   67,449  
Distributions in-kind to holders of other non-controlling interests —   29,925  
Deconsolidation of previously consolidated entities 804,839   20,208  
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 June 30, 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 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 $326.8 billion in assets under management (“AUM”) as of June 30, 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 450 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
$94.1 billion
AUM
$34.6 billion
AUM
$34.9 billion
AUM
$101.2 billion
AUM
$41.9 billion
AUM
$20.1 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 June 30, 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 June 30, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$94 $46 10 $20

Product: TPG Capital
TPG Capital is our North America and Europe-focused private equity investing business, with $60.7 billion in assets under management as of June 30, 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 $23.6 billion in assets under management as of June 30, 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 June 30, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$35 $17 11 $7

Product: TPG Growth
TPG Growth is our dedicated growth equity and middle market investing product, with $21.2 billion in assets under management as of June 30, 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 $10.1 billion in assets under management as of June 30, 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 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.
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.
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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 June 30, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$35 $22 10 $10

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 $10.9 billion in assets under management as of June 30, 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 $17.1 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.
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
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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 June 30, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$101 $57 96 $22

Product: TPG Credit Solutions
TPG Credit Solutions, with $21.9 billion in assets under management as of June 30, 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.
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 June 30, 2026, TPG Direct Lending had $36.1 billion in assets under management.
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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 June 30, 2026, TPG Asset Based Finance had $32.0 billion in assets under management.
Product: TPG CLOs
TPG CLOs, with $8.7 billion in assets under management as of June 30, 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 $2.5 billion in assets under management as of June 30, 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.
The following table presents certain data about our Real Estate platform as of June 30, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$42 $27 35 $13

Product: TPG Real Estate Partners
TPG Real Estate Partners (“TREP”), with $12.0 billion in assets under management as of June 30, 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.
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Product: TPG Real Estate Thematic Advantage Core-Plus
TPG Real Estate Thematic Advantage Core-Plus (“TAC+”), with $4.0 billion in assets under management as of June 30, 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 June 30, 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 $4.9 billion in assets under management as of June 30, 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 $6.3 billion in assets under management as of June 30, 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 $2.3 billion in assets under management as of June 30, 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.
Product: Real Estate Credit
TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX”) is externally managed by an affiliate of TPG and directly originates, acquires and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America for its balance sheet. The platform’s objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions. As of June 30, 2026, the TRTX loan investment portfolio consisted of 52 first mortgage loans (or interests therein) and total loan commitments of $4.5 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.
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Platform: Market Solutions
Our Market Solutions platform leverages the broader TPG ecosystem to create differentiated products in order to address specific market opportunities.
The following table presents certain data about our Market Solutions platform as of June 30, 2026 (dollars in billions):

AUM Fee-earning AUM Active Funds Available Capital
$20 $12 16 $4

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 June 30, 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 $3.9 billion in assets under management as of June 30, 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 June 30, 2026, had $2.3 billion in assets under management.
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 $8.9 billion in assets under management as of June 30, 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.
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Product: Capital Markets
Our dedicated capital markets group centralizes our in-house debt and equity advisory expertise and optimizes capital solutions for our investment professionals and portfolio companies. Primary activities include:
• Debt Capital Markets: (i) Structure and execute new deal and acquisition financings across leveraged loans, high yield bonds and mezzanine debt (privately placed and syndicated) and (ii) manage capital structures on an ongoing basis, including re-financings, re-pricings, hedging, amendments and extensions and other services.
• Equity Capital Markets: (i) Act as lead advisor and underwriter on capital raises and the monetization of our ownership stakes in the public equity markets, including initial public offerings, follow-on offerings, equity-linked products and subsequent realizations and (ii) provide dual-track and structured equity solutions advisory, among other services.
Through our capital markets activities, we generate underwriting, placement, arrangement, structuring and advisory fee revenue. During the three and six months ended June 30, 2026, our capital markets business drove $113.1 million and $196.3 million in transaction revenue, respectively. During the three and six months ended June 30, 2025, our capital markets business drove $47.1 million and $108.6 million in transaction revenue, respectively. 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 second quarter of 2026 was characterized by a pivot from the defensive orientation of the prior quarter toward a broad-based risk-on environment. Market momentum was driven by a recovery in the technology sector following AI-related volatility in the first quarter and the de-escalation of the Middle East conflict as strong corporate earnings demonstrated durable growth. Despite the Federal Reserve adopting a more hawkish stance, market participants signaled confidence in global economic resilience while remaining mindful of persistent risks.
Global equities staged a powerful advance with major indices recovering the losses sustained in the first three months of the year. Domestic markets reached record highs fueled by strong momentum in growth oriented and small cap segments. The Nasdaq Composite and Russell 2000 gained 21.4% and 21.2%, respectively, for the quarter, while the S&P 500 and Dow Jones Industrial Average rose 14.9% and 12.9%, respectively.
Sector performance diverged sharply as investors rotated aggressively back into technology and technology-adjacent themes. The Technology sector was the primary driver of the rally with a gain of 31.8% for the quarter. This was highlighted by the S&P 500 Semiconductor & Equipment industry group, which rose 46.9% during the period. Conversely, Energy was the worst performing sector with a decline of 13.4% as oil prices fell from Iran war-induced peaks in the first quarter. Other notable sector moves included Industrials, which rose 14.9%, and Consumer Discretionary, which rose 9.3%. Utilities and consumer staples lagged with returns of (0.5%) and 0.3%, respectively. International markets also demonstrated robust momentum as the MSCI Asia Pacific Index rose 21.0% and the MSCI World Index increased by 13.3%. The MSCI Europe Index advanced 10.5%.
Macroeconomic indicators reflected an environment of persistent but stabilizing inflationary pressures. The Consumer Price Index showed prices rose approximately 4.2% year-over-year in the quarter, remaining persistently above the Federal Reserve’s 2% target. Prices were impacted by the flow-through of increased energy and gas prices brought on by tensions in the Middle East; however, core inflation, which excludes food and energy prices, cooled year-over-year. The labor market remained tight but balanced, with the unemployment rate at 4.2% to 4.3% [through June] and monthly job gains consistent with recent trends. Consequently, the Federal Reserve maintained the target range for the federal funds rate at 3.50% to 3.75%. The Board of Governors of the Federal Reserve System (the “Fed”) maintained a hawkish pause as it signaled rate cuts remain unlikely for the remainder of 2026.
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United States Treasury yields rose across the curve in the second quarter, with shorter-term maturities seeing the most significant increases. The 2-Month yield rose 40 basis points, and the 1-Year yield increased 32 basis points quarter over quarter. Intermediate and long-term rates saw more tempered adjustments with the 10-Year yield rising 15 basis points and the 30-Year yield increasing by 4 basis points.
In corporate credit markets, both U.S. and European high yield generated positive performance in the second quarter of 2026. According to J.P. Morgan data, U.S. high yield returned 2.5% and the European market returned 3.9% during the three-month period. In the United States, high yield bond spreads tightened by 49 basis points during the quarter to 306 basis points compared to 355 at the start of the quarter. In Europe, high yield spreads tightened by 62 basis points during the quarter to 350 basis points, down from 412 at the beginning of the quarter. The high yield default rate, measured on a trailing twelve-month basis, increased from 2.1% to 2.7% in the United States and significantly decreased from 3.1% to 1.9% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index returned 2.02%, and the J.P. Morgan European Leveraged Loan Index posted returned (0.95%) for the second quarter of 2026. The U.S. Leveraged Loan Index ended the quarter at a yield of 8.99% and 499 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 7.99% and 529 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 43% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of June 30, 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.
We are not required under U.S. GAAP to consolidate the majority of investment funds we advise in our Condensed Consolidated Financial Statements because we do not have a more than insignificant variable interest.
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Key Financial Measures
Our key financial and operating measures are discussed below:
Revenues
Fees and Other . Fees and other consists primarily of (i) management fees, (ii) monitoring fees, (iii) transaction fees, (iv) incentive fee income and (v) expense reimbursements from unconsolidated funds, portfolio companies and third parties. These fee arrangements are documented within the contractual terms of the governing agreements and are recognized when earned, which generally coincides with the period during which the related services are performed and in the case of transaction fees, upon closing of the transaction. Management fees include catch-up fees resulting from additional capital commitments from limited partners in subsequent closings. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period in which the related transaction closes.
Capital Allocation-Based Income (Loss) . Capital allocation-based income (loss) is earned from our funds when we have (i) a general partner’s capital interest and (ii) performance allocations which entitle us to a disproportionate allocation of investment income or loss from investment funds. We are entitled to a performance allocation (typically 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to the achievement of preferred returns or high water marks, where applicable, in accordance with the terms set forth in the respective fund’s governing documents. We account for our investment balances in the TPG funds, including performance allocations, under the equity method of accounting because we are presumed to have significant influence as the general partner or managing member; however, we do not have control as defined by ASC Topic 810, Consolidation . The Company accounts for its general partner interests in capital allocation-based arrangements as financial instruments under ASC Topic 323, Investments – Equity Method and Joint Ventures as the general partner has significant governance rights in the TPG funds in which it invests which demonstrates significant influence. Accordingly, performance allocations are not deemed to be within the scope of ASC 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 June 30, Six Months Ended June 30,
2026 2025 2026 2025
Revenues
Fees and other $ 704,969  $ 569,074  $ 1,324,991  $ 1,112,529 
Capital allocation-based income 1,136,455  351,463  1,016,439  842,884 
Total revenues 1,841,424  920,537  2,341,430  1,955,413 
Expenses
Compensation and benefits:
Cash-based compensation and benefits 237,025  208,621  474,213  432,191 
Equity-based compensation 231,730  209,622  486,866  415,454 
Performance allocation compensation 776,665  233,437  710,517  532,142 
Total compensation and benefits 1,245,420  651,680  1,671,596  1,379,787 
General, administrative and other 174,357  182,335  322,298  346,646 
Depreciation and amortization 41,342  30,808  83,093  62,190 
Interest expense 36,219  25,308  68,957  49,368 

Total expenses 1,497,338  890,131  2,145,944  1,837,991 
Investment income (loss)
Net losses from investment activities (9,053) (791) (10,184) (2,878)
Interest, dividends and other
20,981  9,722  29,989  18,970 

Total investment income 11,928  8,931  19,805  16,092 
Income before income taxes 356,014  39,337  215,291  133,514 
Income tax expense 36,342  9,226  18,894  15,575 
Net income 319,672  30,111  196,397  117,939 
Net income attributable to non-controlling interests
226,246  15,170  104,424  77,605 
Net income attributable to TPG Inc. $ 93,426  $ 14,941  $ 91,973  $ 40,334 

Net income (loss) per share data:
Net income (loss) available to Class A common stock per share
Basic $ 0.44  $ 0.03  $ 0.38  $ 0.10 
Diluted $ 0.39  $ (0.05) $ 0.17  $ (0.05)
Weighted-average shares of Class A common stock outstanding
Basic 164,670,334 133,404,634 162,166,694 125,450,638
Diluted 385,468,150 370,142,783 384,594,589 369,753,038

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Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Revenues
Revenues consisted of the following for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025 Change %

($ in thousands)
Management fees $ 522,704  $ 452,531  $ 70,173  16  %
Transaction, monitoring and other fees 113,107  47,131  65,976  140  %
Expense reimbursements and other 69,158  69,412  (254) —  %
Total fees and other 704,969  569,074  135,895  24  %
Performance allocations 1,113,115  335,789  777,326  231  %
Capital interests 23,340  15,674  7,666  49  %
Total capital allocation-based income 1,136,455  351,463  784,992  223  %
Total revenues $ 1,841,424  $ 920,537  $ 920,887  100  %

Fees and other revenues increased $135.9 million, or 24%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change resulted primarily from a $70.2 million increase in management fees and a $66.0 million increase in transaction, monitoring and other fees.
Management Fees . The $70.2 million increase in management fees during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to:
• an increase of $37.2 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;
• a decrease of $32.3 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the three months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the three months ended June 30, 2026;
• an increase of $19.6 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the three months ended June 30, 2026;
• an increase of $17.9 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Fund II as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III;
• a decrease of $0.3 million from our Real Estate platform; and
• an increase of $27.5 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree, which was acquired in July 2025, and the activation of TGS II in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025.
Catch-up management fees totaled $33.1 million during the three months ended June 30, 2026 and primarily consisted of $13.2 million for Rise Climate II, $9.3 million for TPG X and $4.2 million for Rise Climate TI.
Transaction, Monitoring and Other Fees . Transaction, monitoring and other fees increased $66.0 million, or 140%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by 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 $0.3 million, or 0%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a reduction in reimbursements from TPG funds.
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Performance Allocations. Performance allocations increased $777.3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Realized performance allocation gains for the three months ended June 30, 2026 and 2025 totaled $189.9 million and $438.6 million, respectively. Unrealized performance allocation gains for the three months ended June 30, 2026 totaled $923.2 million. Unrealized performance allocation losses for three months ended June 30, 2025 totaled $102.8 million .

The table below highlights performance allocations for the three months ended June 30, 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 June 30,
2026 2025 Change %

($ in thousands)
TPG Operating Group Shared:
Capital (1)
$ 468,168  $ 202,496  $ 265,672  131  %
Growth (1)
168,155  (1,431) 169,586  NM
Impact 198,491  54,037  144,454  267  %
Credit 149,792  56,540  93,252  165  %
Real Estate 105,966  (46,568) 152,534  328  %
Market Solutions 22,640  61,043  (38,403) (63) %
Total TPG Operating Group Shared: $ 1,113,212  $ 326,117  $ 787,095  241  %
TPG Operating Group Excluded:
Capital $ (1,252) $ 4,366  $ (5,618) (129) %
Growth 1,280  4,763  (3,483) (73) %
Real Estate (125) 543  (668) (123) %
Total TPG Operating Group Excluded (2)
(97) 9,672  (9,769) (101) %
Total Performance Allocations $ 1,113,115  $ 335,789  $ 777,326  231  %

_________________
(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 $777.3 million increase in performance allocation during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to:
• income of $468.2 million from our Capital platform for the three months ended June 30, 2026 was primarily driven by income of $165.4 million from TPG IX, $116.6 million from TPG VIII, $77.7 million from TPG X, $43.2 million from THP I and $31.5 million from Asia VIII. Performance allocation income for the three months ended June 30, 2025 was largely driven by income of $80.0 million from TPG IX, $46.3 million from Asia VII and $45.5 million from TPG VIII, partially offset by losses of $16.9 million from THP I;
• income of $168.2 million from our Growth platform for the three months ended June 30, 2026 was primarily driven by income of $92.4 million from TTAD II, $43.1 million from TTAD III and $26.1 million from Growth VI, partially offset by losses of $35.1 million from TTAD I. Performance allocation losses for the three months ended June 30, 2025 were primarily driven by losses of $36.2 million from Growth III, partially offset by income of $20.8 million from TTAD II, $8.4 million from Growth IV and $2.8 million from TTAD I;
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• income of $198.5 million from our Impact platform for the three months ended June 30, 2026 was primarily driven by income of $88.6 million from Rise Climate I, $54.6 million from Rise III and $43.7 million from Rise I. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $39.3 million from Rise III and $26.1 million from Rise Climate I, partially offset by losses of $10.9 million from Rise I;
• income of $149.8 million from our Credit platform for the three months ended June 30, 2026 was primarily driven by income of $34.6 million from Credit Solutions III, $14.9 million from MVP, $13.7 million from Credit Solutions II and $11.4 million from MMDL V. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $11.5 million from MVP Fund, $8.4 million from MMDL V, $5.9 million from MMDL IV, $4.8 million from Credit Solutions II and $4.5 million from Essential Housing III;
• income of $106.0 million from our Real Estate platform for the three months ended June 30, 2026 was primarily driven by income of $51.0 million from TREP IV, $20.4 million from Net Lease IV and $16.8 million from Realty XI. Performance allocation losses for the three months ended June 30, 2025 was largely driven by losses of $22.3 million primarily from TREP III, $16.8 million from Asia Realty IV and $7.2 million from Realty VIII, which were partially offset by net gains of $7.0 million from Net Lease Realty III; and
• income of $22.6 million from our Market Solutions platform for the three months ended June 30, 2026 was primarily driven by income of $19.4 million from the T-POP strategy and $5.0 million from Peppertree Fund VIII, partially offset by losses of $8.9 million from NewQuest IV. Performance allocation income for the three months ended June 30, 2025 was primarily driven by net gains of $53.3 million from NewQuest IV and $10.5 million from TPEP.
• TPG Operating Group Excluded entities generated losses of $0.1 million during the three months ended June 30, 2026 compared to income of $9.7 million during the three months ended June 30, 2025. Performance allocation income for three months ended June 30, 2025 was primarily driven by gains of $3.8 million from Asia V from our Capital platform and $2.1 million from Growth II from our Growth platform.
As of June 30, 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 $7.6 billion. As of June 30, 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 increased $7.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to gains from our investments in TPG X and TPG IX, which were partially offset by losses on our investments in TPG VII during the three months ended June 30, 2026. During the three months ended June 30, 2025, we recognized losses on our investments in Growth III, NewQuest III, Asia VI and Rise I, which were partially offset by gains from our investments in TPG IX, Asia VII and Rise III.
Expenses
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $28.4 million, or 14%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by higher salary and benefit costs resulting from an increase in headcount to support our growth.
Equity-Based Compensation. Equity-based compensation expense increased $22.1 million, or 11%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to an increase in compensatory Common Units granted on July 1, 2025 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 increased $543.2 million, or 233%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals.
General, Administrative and Other. General and administrative expenses decreased $8.0 million, or 4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily attributable to lower professional expenses.
Depreciation and Amortization . Depreciation and amortization increased $10.5 million, or 34%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the amortization of intangible assets resulting from the Peppertree Acquisition in July 2025.
Interest Expense. Interest expense increased $10.9 million, or 43%, for the three months ended June 30, 2026 compared to the three months ended June 30, 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 $9.1 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively. This change was primarily attributable to a decrease in the fair value of common stock held in Jackson during the three months ended June 30, 2026.
Interest, Dividends and Other. Interest, dividends and other increased $11.3 million, or 116%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a change in the fair value of contingent liabilities related to acquisitions.
Income Tax Expense . Income tax expense increased $27.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in net income attributable to TPG Inc. for the period ended June 30, 2026.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Revenues
Revenues consisted of the following for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025 Change %

($ in thousands)
Management fees $ 1,002,133  $ 871,482  $ 130,651  15  %
Transaction, monitoring and other fees 196,302  108,644  87,658  81  %
Expense reimbursements and other 126,556  132,403  (5,847) (4) %
Total fees and other 1,324,991  1,112,529  212,462  19  %
Performance allocations 974,724  786,349  188,375  24  %
Capital interests 41,715  56,535  (14,820) (26) %
Total capital allocation-based income 1,016,439  842,884  173,555  21  %
Total revenues $ 2,341,430  $ 1,955,413  $ 386,017  20  %

Fees and other revenues
Fees and other revenues increased $212.5 million, or 19%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change resulted from a $130.7 million increase in management fees and a $87.7 million increase in transaction, monitoring and other fees, partially offset by a $5.8 million decrease in expense reimbursements and other.
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Management Fees . The $130.7 million increase in management fees during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to:
• an increase of $61.1 million from our Capital platform primarily due to fees earned from TPG X, which was activated during the third quarter of 2025, partially offset by a step-down in fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025 and a reduction in the fee basis of TPG VII resulting from the realization of portfolio investments;
• a decrease of $29.1 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the six months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the six months ended June 30, 2026;
• an increase of $28.7 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 and Rise Climate TI during the six months ended June 30, 2026;
• an increase of $32.5 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, ABC Fund II, ABC Evergreen and MMDL V as a result of new investments. These were partially offset by a reduction in fee basis from MMDL III resulting from the realization of portfolio investments;
• a decrease of $11.4 million from our Real Estate platform primarily due to catch-up fees earned from Europe Realty IV during the six months ended June 30, 2025; and
• an increase of $49.5 million from our Market Solutions platform primarily due to additional management fees from TPG Peppertree due to the acquisition in July 2025 and TGS II following its activation in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025.
Catch-up fees totaled $32.5 million during the six months ended June 30, 2026 and primarily consisted of $14.8 million for Rise Climate II, $9.6 million for TPG X and $3.7 million for Rise Climate TI.
Transaction, Monitoring and Other Fees . Transaction, monitoring and other fees increased $87.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily driven by 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 by $5.8 million, or 4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to a reduction in reimbursements from TPG funds.
Capital allocation-based income
Capital allocation-based income increased $173.6 million, or 21%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change resulted from a $188.4 million increase in performance allocations, which was partially offset by a $14.8 million decrease in capital interests income.
Performance Allocations. Performance allocations increased $188.4 million, or 24%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Realized performance allocation gains for the six months ended June 30, 2026 and 2025 totaled $513.3 million and $651.9 million, respectively. Unrealized performance allocation gains for the six months ended June 30, 2026 and 2025 totaled $461.4 million and $134.4 million, respectively.
The table below highlights performance allocations for the six months ended June 30, 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.
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Six Months Ended June 30,
2026 2025 Change %

($ in thousands)
TPG Operating Group Shared:
Capital (1)
$ 199,521  $ 444,405  $ (244,884) (55) %
Growth (1)
80,546  46,271  34,275  74  %
Impact 164,168  69,605  94,563  136  %
Credit 237,839  125,289  112,550  90  %
Real Estate 255,789  9,585  246,204  NM
Market Solutions 38,062  52,683  (14,621) (28) %
Total TPG Operating Group Shared: $ 975,925  $ 747,838  $ 228,087  30  %
TPG Operating Group Excluded:
Capital $ 1,002  $ 6,345  $ (5,343) (84) %
Growth (524) 31,257  (31,781) (102) %
Real Estate (1,679) 909  (2,588) (285) %
Total TPG Operating Group Excluded (2)
(1,201) 38,511  (39,712) (103) %
Total Performance Allocations $ 974,724  $ 786,349  $ 188,375  24  %

_________________
(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 $188.4 million increase in performance allocations during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to:
• income of $199.5 million from our Capital platform for the six months ended June 30, 2026 was primarily driven by income of $86.7 million from TPG IX, $82.3 million from TPG X, $24.3 million from Asia VIII and $22.2 million from THP I, partially offset by losses of $32.5 million from TPG VIII and $20.0 million from TPG VII. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $190.7 million from TPG IX, $113.4 million from Asia VII, $62.1 million from Asia VIII and $57.7 million from THP II, partially offset by losses of $32.3 million from THP I and $10.8 million from Asia VI;
• income of $80.5 million from our Growth platform for the six months ended June 30, 2026 was primarily driven by income of $90.2 million from TTAD II, $49.5 million from TTAD III and $24.6 million from TPG Atlas, partially offset by losses of $48.6 million from TTAD I, $43.4 million from Growth V and $37.4 million from Growth IV. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $25.6 million from TTAD II, $20.9 million from Growth IV and $19.5 million from Growth V, partially offset by losses of $41.4 million from Growth III;
• income of $164.2 million from our Impact platform for the six months ended June 30, 2026 was primarily driven by income of $100.2 million from Rise Climate I and $73.7 million from Rise III, partially offset by losses of $5.6 million from Rise II. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $57.4 million from Rise III, $33.4 million from Rise Climate and $6.3 million from Rise II, partially offset by losses of $27.5 million from Rise I;
• income of $237.8 million from our Credit platform for the six months ended June 30, 2026 was primarily driven by income of $57.6 million from Credit Solutions III, $31.0 million from Credit Solutions II, $24.1 million from MVP and $22.2 million from MMDL V Fund. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $26.3 million from MVP Fund, $15.1 million
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from MMDL V, $9.5 million from MMDL IV, $12.7 million from Credit Solutions II and $7.3 million from Essential Housing II;
• income of $255.8 million from our Real Estate platform for the six months ended June 30, 2026 was primarily driven by income of $156.8 million from TREP IV, $35.7 million from Asia Realty V, $25.7 million from Realty XI and $19.2 million from TREP III, which were partially offset by losses of $4.6 million from Realty VIII and $2.6 million from Japan Value. Performance allocation income for the six months ended June 30, 2025 was primarily driven by by income of $85.2 million from TREP III, which was partially offset by losses of $35.3 million from Realty X, $27.9 million from Asia Realty IV and $7.4 million from Realty VIII; and
• income of $38.1 million from our Market Solutions platform during the six months ended June 30, 2026 was primarily driven by income of $24.5 million from the T-POP strategy and $16.2 million from TGS I. Performance allocation income for the six months ended June 30, 2025 was primarily driven by $40.1 million of income from NewQuest IV and $11.9 million from TPEP.
• TPG Operating Group Excluded entities generated losses of $1.2 million during the six months ended June 30, 2026 compared to income of $38.5 million during the six months ended June 30, 2025. Performance allocation losses for the six months ended June 30, 2026 were primarily driven by losses of $1.9 million from Growth II from our Growth platform and $1.7 million from TREP II from our Real Estate platform, partially offset by income of $1.3 million from Asia V from our Capital platform. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $11.2 million from Biotech III, $9.3 million from Gator and $9.0 million from Growth II from our Growth platform and $3.2 million from Asia V from our Capital platform.
As of June 30, 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 $7.6 billion. As of June 30, 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 $14.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to losses from our investments in TPG VII and Asia VII, partially offset by gains from our investments in TPG X and TGS I during the six months ended June 30, 2026. During the six months ended June 30, 2025, we recognized gains on our investments in TPG IX, Asia VII, Rise III, Asia VIII and THP II, partially offset by losses from our investment in Growth III, Rise I, NewQuest III and THP I.
Expenses
Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $42.0 million, or 10%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulting from an increase in headcount to support our growth.
Equity-Based Compensation. Equity-based compensation expense increased $71.4 million, or 17%, for the six months ended June 30, 2026 compared to the six months ended June 30, 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.
Performance Allocation Compensation. Performance allocation compensation increased $178.4 million, or 34%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals.
General, Administrative and Other. General and administrative expenses decreased $24.3 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily attributable to lower professional expenses.
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Depreciation and Amortization. Depreciation and amortization increased $20.9 million, or 34%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the amortization of intangible assets resulting from the acquisition of Peppertree in July 2025.
Interest Expense. Interest expense increased $19.6 million, or 40%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily attributable to higher average debt outstanding throughout the year.
Net Losses from Investment Activities. Net losses from investment activities totaled $10.2 million for the six months ended June 30, 2026 compared to net losses of $2.9 million for the six months ended June 30, 2025. This change was primarily attributable to a decrease in the fair value of common stock held in Jackson during the six months ended June 30, 2026.
Interest, Dividends and Other. Interest, dividends and other increased $11.0 million, or 58%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by a change in the fair value of contingent liabilities related to acquisitions.
Income Tax Expense. Income tax expense increased by $3.3 million, or 21%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase in income attributable to TPG Inc.
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Unaudited Condensed Consolidated Statements of Financial Condition (U.S. GAAP basis)

June 30, 2026 December 31, 2025

($ in thousands)
Assets
Cash and cash equivalents $ 944,663  $ 826,105 
Investments 9,625,886  9,211,816 
Due from affiliates 427,693  573,590 
Intangible assets and goodwill 1,085,773  1,158,027 
Right-of-use assets 566,441  552,254 
Deferred tax assets 929,788  860,676 
Other assets 447,650  310,467 
Total assets $ 14,027,894  $ 13,492,935 

Liabilities and Equity
Debt obligations $ 2,343,695  $ 1,722,547 
Due to affiliates 686,245  694,632 
Accrued performance allocation compensation 5,631,012  5,399,750 
Operating lease liabilities 644,947  604,593 

Other liabilities 979,760  935,038 

Total liabilities 10,285,659  9,356,560 

Equity
Class A common stock $0.001 par value, 2,340,000,000 shares authorized (166,502,052 and 153,113,961 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 166  153 
Class B common stock $0.001 par value, 750,000,000 shares authorized (217,809,708 and 224,331,812 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 218  224 
Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of June 30, 2026 and December 31, 2025) —  — 
Additional paid-in-capital 1,642,331  1,476,444 
Accumulated deficit (406,304) (291,604)
Accumulated other comprehensive income, net of tax (370) — 

Non-controlling interests 2,506,194  2,951,158 
Total equity 3,742,235  4,136,375 
Total liabilities and equity $ 14,027,894  $ 13,492,935 

Investments increased $414.1 million during the six months ended June 30, 2026 primarily due to purchases of investments of $1,088.3 million and net capital allocation-based income of $1,016.4 million, partially offset by proceeds of $1,001.6 million and deconsolidation activity of $804.8 million.
Other assets increased $137.2 million during the six months ended June 30, 2026 primarily related to the issuance of Class A common stock to a subsidiary of Jackson as described in Note 15.
Debt obligations increased $621.1 million during the six months ended June 30, 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 increased $231.3 million for the six months ended June 30, 2026, primarily attributable to net increases in performance fee compensation expense of $710.5 million and settlements of performance allocation compensation of $477.8 million during the six months ended June 30, 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.
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.
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Fee-Related Expenses . Fee-related expenses is a component of FRE. Fee-related expenses differs from expenses computed in accordance with U.S. GAAP in that it is net of certain reimbursement arrangements and does not include performance allocation compensation. Fee-related expenses is used in management’s review of the business. Refer to “—Reconciliation to U.S. GAAP Measures” to the comparable line items on the Condensed Consolidated Statements of Operations.
Fee-related revenues and fee-related expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our FRE. The use of fee-related revenues and FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein.
Our calculations of DE, FRE, fee-related revenues and fee-related expenses may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers.

The following table sets forth our total FRE and DE for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in thousands)

Management fees $ 516,853  $ 450,463  $ 991,972  $ 863,623 
Fee-related performance revenues 8,950  6,768  17,155  12,969 
Transaction, monitoring and other fees, net 102,389  37,888  176,245  94,791 

Fee-Related Revenues 628,192  495,119  1,185,372  971,383 

Cash-based compensation and benefits, net 206,083  174,345  414,395  367,894 
Fee-related performance compensation 4,475  3,384  8,578  6,484 
Operating expenses, net 102,987  97,873  200,859  195,926 
Fee-Related Expenses 313,545  275,602  623,832  570,304 
Fee-Related Earnings 314,647  219,517  561,540  401,079 
Realized performance allocations, net 35,357  87,037  103,102  126,658 
Realized investment income and other, net (17,813) (5,716) (4,971) (9,678)
Depreciation expense (5,917) (5,157) (11,536) (10,107)
Interest expense, net (29,800) (17,205) (55,710) (31,697)
Distributable Earnings 296,474  278,476  592,425  476,255 
Income taxes (16,229) (10,186) (30,550) (21,229)
After-Tax Distributable Earnings $ 280,245  $ 268,290  $ 561,875  $ 455,026 

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Fee-Related Revenues
Fee-related revenues increased $133.1 million, or 27%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The change was primarily due to additional management fees of $66.4 million and an increase in transaction, monitoring and other fees, net of $64.5 million.
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Management Fees
The following table presents management fees in our platforms for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Capital $ 145,407  $ 113,804 
Growth 55,896  88,215 
Impact 88,067  66,438 
Credit 102,525  81,603 
Real Estate 84,592  85,672 
Market Solutions 40,366  14,731 
Total Management Fees $ 516,853  $ 450,463 

The $66.4 million increase in management fees during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to:
• an increase of $31.6 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;
• a decrease of $32.3 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the three months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the three months ended June 30, 2026;
• an increase of $21.6 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the three months ended June 30, 2026;
• an increase of $20.9 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Fund II as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III;
• a decrease of $1.1 million from our Real Estate platform primarily driven by the decrease in the fee basis of Net Lease Realty III; and
• an increase of $25.6 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree which was acquired in July 2025 and TGS II following its activation in the third quarter of 2025.
Catch-up fees totaled $33.1 million during the three months ended June 30, 2026 and primarily consisted of $13.2 million for Rise Climate II, $9.3 million for TPG X and $4.2 million for Rise Climate TI.

Fee-Related Performance Revenues
The following table presents fee-related performance revenues for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Credit $ 8,950  $ 6,768 

Total Fee-Related Performance Revenues $ 8,950  $ 6,768 

Fee-related performance revenues increased $2.2 million, or 32%, for the three months ended June 30, 2026 compared to the three months ended June 30, 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 June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Capital $ 1,340  $ 1,581 
Growth 574  344 
Impact 1,986  2,042 
Credit 3,277  1,645 
Real Estate 196  1,521 
Market Solutions 92,321  27,702 
Subtotal 99,694  34,835 
Other Income 2,695  3,053 
Total Transaction, Monitoring and Other Fees, Net $ 102,389  $ 37,888 

Transaction, monitoring and other fees, net increased $64.5 million, or 170%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily driven by 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 $37.9 million, or 14%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily due to an increase in cash-based compensation and benefits, net of $31.7 million and an increase in operating expenses, net of $5.1 million.

Cash-Based Compensation and Benefits, Net
The following table presents cash-based compensation and benefits, net for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Salaries $ 97,961  $ 93,213 
Bonuses 83,266  76,138 
Benefits and other 49,928  33,934 
Reimbursements (25,072) (28,940)
Total Cash-Based Compensation and Benefits, Net $ 206,083  $ 174,345 

Total cash-based compensation and benefits, net increased $31.7 million, or 18%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by higher salary and benefit costs resulting from an increase in headcount to support our growth.
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Fee-Related Performance Compensation
The following table presents fee-related performance compensation for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Credit $ 4,475  $ 3,384 

Total Fee-related Performance Compensation $ 4,475  $ 3,384 

Total fee-related performance compensation increased $1.1 million, or 32%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This was primarily attributable to the increase in fee-related performance revenues from TCAP that drive compensation attributable to our partners and professionals.

Operating Expenses, Net
Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $5.1 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily due to an increase in professional fees and travel expenses.

Realized Performance Allocations, Net
The following table presents realized performance allocations, net from our platforms for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Capital $ 4,900  $ 31,124 
Growth 19,217  42,742 
Impact —  15 
Credit 7,879  12,154 
Real Estate 3,361  1,002 

Total Realized Performance Allocations, Net $ 35,357  $ 87,037 

Realized performance allocations, net of $35.4 million for the three months ended June 30, 2026 were generated primarily from realizations of $4.9 million from TPG VII in the Capital platform, $18.1 million from TDM in the Growth platform, $2.1 million from MMDL V in the Credit platform and $3.4 million from Net Lease Realty III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Life Time Group Holdings and Infinidat.
Realized performance allocations, net of $87.0 million for the three months ended June 30, 2025 were generated from realizations of $31.1 million from TPG VII in the Capital platform, $41.7 million from Growth IV in the Growth platform, $3.9 million from Credit Solutions II and $1.3 million from MMDL V in the Credit platform. The activity consisted of realizations sourced from portfolio companies including Crunch Fitness and Viking Cruises.
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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 June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Investments $ 5,877  $ 21,445 

Non-core expense (23,690) (27,161)
Total Realized Investment Income and Other, Net $ (17,813) $ (5,716)

The change in realized investment income and other, net of $12.1 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is primarily due to a decrease in realizations from certain investments, partially offset by a decrease in our non-core expense. Our non-core activity includes expenses of $13.8 million related to our unoccupied lease space and $4.7 million related to strategic transaction and integration activity for the three months ended June 30, 2026.

Depreciation
Depreciation expense increased $0.8 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Interest Expense, Net
The following table presents interest expense, net for the three months ended June 30, 2026 and 2025:

Three Months Ended June 30,
2026 2025

($ in thousands)
Interest expense $ 36,220  $ 25,320 
Interest (income) (6,420) (8,115)
Interest Expense, Net $ 29,800  $ 17,205 

Interest expense, net increased $12.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 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 June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in FRE, partially offset by a decrease in realized performance allocations, net and an increase in interest expense, net.

Income Taxes
Income taxes increased $6.0 million, or 59%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to increases in the current payable under the Tax Receivable Agreement and local statutory taxes.
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Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Fee-Related Revenues
Fee-related revenues increased $214.0 million, or 22%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to additional management fees of $128.3 million and an increase in transaction, monitoring and other fees, net of $81.5 million.

Management Fees
The following table presents management fees in our platforms for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Capital $ 281,610  $ 225,378 
Growth 103,611  132,740 
Impact 161,081  130,117 
Credit 199,638  164,368 
Real Estate 167,802  180,413 
Market Solutions 78,230  30,607 
Total Management Fees $ 991,972  $ 863,623 

The $128.3 million increase in management fees during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to:
• an increase of $56.2 million from our Capital platform primarily due to fees earned from TPG X, which was activated during the third quarter of 2025, partially offset by a step-down in fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025 and a reduction in the fee basis of TPG VII resulting from the realization of portfolio investments;
• a decrease of $29.1 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the six months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the six months ended June 30, 2026;
• an increase of $31.0 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the six months ended June 30, 2026;
• an increase of $35.3 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, ABC Fund II, ABC Evergreen and MMDL V as a result of new investments. These were partially offset by a decline in fee-earning AUM within MMDL III;
• a decrease of $12.6 million from our Real Estate platform primarily due to catch-up fees earned from Europe Realty IV during the six months ended June 30, 2025 and a decrease in the fee basis of Net Lease Realty III; and
• an increase of $47.6 million from our Market Solutions platform primarily due to additional management fees from TPG Peppertree due to the acquisition in July 2025 and TGS II following its activation in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025.
Catch-up fees totaled $32.5 million during the six months ended June 30, 2026 and primarily consisted of $14.8 million for Rise Climate II, $9.6 million for TPG X and $3.7 million for Rise Climate TI.
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Fee-Related Performance Revenues
The following table presents fee-related performance revenues for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Credit $ 17,155  $ 12,969 

Total Fee-Related Performance Revenues $ 17,155  $ 12,969 

Fee-related performance revenues increased $4.2 million, or 32%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to higher incentive fees from TCAP.

Transaction, Monitoring and Other Fees, Net
The following table presents transaction, monitoring and other fees, net in our platforms for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Capital $ 2,807  $ 3,026 
Growth 1,059  693 
Impact 3,737  3,940 
Credit 5,858  3,509 
Real Estate 1,646  2,504 
Market Solutions 156,192  75,136 
Subtotal 171,299  88,808 
Other Income 4,946  5,983 
Total Transaction, Monitoring and Other Fees, Net $ 176,245  $ 94,791 

Transaction, monitoring and other fees, net increased $81.5 million, or 86%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily driven by 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 $53.5 million, or 9%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to an increase in cash-based compensation and benefits, net of $46.5 million and an increase in operating expenses, net of $4.9 million.
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Cash-Based Compensation and Benefits, Net
The following table presents cash-based compensation and benefits, net for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Salaries $ 196,528  $ 185,288 
Bonuses 167,513  157,422 
Benefits and other 103,603  80,573 
Reimbursements (53,249) (55,389)
Total Cash-Based Compensation and Benefits, Net $ 414,395  $ 367,894 

Total cash-based compensation and benefits, net increased $46.5 million, or 13%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulting from an increase in headcount to support our growth.

Fee-Related Performance Compensation
The following table presents fee-related performance compensation for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Credit $ 8,578  $ 6,484 

Total Fee-related Performance Compensation $ 8,578  $ 6,484 

Total fee-related performance compensation increased $2.1 million, or 32%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This was primarily attributable to the increase in fee-related performance revenues from TCAP that drive compensation attributable to our partners and professionals.

Operating Expenses, Net
Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $4.9 million, or 3%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily due to an increase in professional fees and travel expenses.
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Realized Performance Allocations, Net
The following table presents realized performance allocations, net from our platforms for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Capital $ 47,828  $ 57,985 
Growth 27,720  42,742 
Impact 11,475  4,534 
Credit 12,469  18,302 
Real Estate 3,610  3,095 

Total Realized Performance Allocations, Net $ 103,102  $ 126,658 

Realized performance allocations, net of $103.1 million for the six months ended June 30, 2026 were largely generated from realizations of $29.0 million from TPG IX and $12.1 million from THP II in the Capital platform, $18.1 million from TDM in the Growth platform, $11.5 million from Rise Climate I in the Impact platform, $4.2 million from MMDL V in the Credit platform and $3.4 million from Net Lease Realty III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including One Oncology, Intersect Power and Anovo.
Realized performance allocations, net of $126.7 million for the six months ended June 30, 2025 were largely generated from realizations of $48.0 million from TPG VII and $9.8 million from TPG VIII in the Capital platform, $41.7 million from Growth IV in the Growth platform, $4.5 million from Rise Climate I in the Impact platform, $3.9 million from Credit Solutions II, $3.2 million from MMDL IV and $2.2 million from MMDL V in the Credit platform and $2.1 million from TREP III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Viking Cruises, Crunch Fitness, DirecTV, Q-Centrix and Nextracker.

Realized Investment Income and Other, Net
The following table presents realized investment income and other, net for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Investments $ 36,685  $ 39,005 

Non-core expense (41,656) (48,683)
Total Realized Investment Income and Other, Net $ (4,971) $ (9,678)

The increase in realized investment income and other, net of $4.7 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulted primarily from a decrease in our non-core expense, partially offset by a decrease in realizations. Our non-core activity includes expenses of $26.7 million related to our unoccupied lease space and $8.6 million related to strategic transaction and integration activity during the six months ended June 30, 2026.

Depreciation
Depreciation expense increased $1.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
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Interest Expense, Net
The following table presents interest expense, net for the six months ended June 30, 2026 and 2025:

Six Months Ended June 30,
2026 2025

($ in thousands)
Interest expense $ 68,880  $ 49,375 
Interest (income) (13,170) (17,678)
Interest Expense, Net $ 55,710  $ 31,697 

Interest expense, net increased $24.0 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in outstanding principal balances on our debt obligations.

Distributable Earnings
The increase in DE for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to an increase in FRE, partially offset by an increase in interest expense, net.

Income Taxes
Income taxes increased $9.3 million, or 44%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase in our current payable under our Tax Receivable Agreement.

Reconciliation to U.S. GAAP Measures
The following tables reconcile the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP to non-GAAP financial measures for the three and six months ended June 30, 2026 and 2025:
Revenue

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in thousands)
GAAP Revenue $ 1,841,424  $ 920,537  $ 2,341,430  $ 1,955,413 
Capital-allocation based loss (income) (1,136,455) (351,463) (1,016,439) (842,884)
Expense reimbursements (66,601) (66,646) (123,285) (126,055)
Investment income and other (10,176) (7,309) (16,334) (15,091)
Fee-Related Revenues $ 628,192  $ 495,119  $ 1,185,372  $ 971,383 

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Expenses

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in thousands)
GAAP Expenses $ 1,497,338  $ 890,131  $ 2,145,944  $ 1,837,991 
Depreciation and amortization expense (41,342) (30,808) (83,093) (62,190)
Interest expense (36,219) (25,308) (68,957) (49,368)

Expense reimbursements (66,601) (66,646) (123,285) (126,055)
Performance allocation compensation (776,665) (233,437) (710,517) (532,142)
Equity-based compensation (231,730) (209,622) (486,866) (415,454)

Non-core expenses and other (31,236) (48,708) (49,394) (82,478)
Fee-Related Expenses $ 313,545  $ 275,602  $ 623,832  $ 570,304 

Net Income

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in thousands)
Net (loss) income $ 319,672  $ 30,111  $ 196,397  $ 117,939 
Net loss (income) attributable to other non-controlling interests (128,788) (46,035) (99,546) (120,569)
Amortization expense 33,240  22,959  66,481  46,696 
Equity-based compensation 231,730  213,662  488,306  425,042 
Unrealized performance allocations, net (180,418) 13,341  (88,271) (32,484)
Unrealized investment income (5,483) 19,288  28,131  1,620 

Income taxes 20,114  (957) (11,608) (5,609)

Non-recurring and other (9,822) 15,921  (18,015) 22,391 
After-tax Distributable Earnings 280,245  268,290  561,875  455,026 
Income taxes 16,229  10,186  30,550  21,229 
Distributable Earnings 296,474  278,476  592,425  476,255 
Realized performance allocations, net (35,357) (87,037) (103,102) (126,658)
Realized investment income and other, net 17,813  5,716  4,971  9,678 
Depreciation expense 5,917  5,157  11,536  10,107 
Interest expense, net 29,800  17,205  55,710  31,697 
Fee-Related Earnings $ 314,647  $ 219,517  $ 561,540  $ 401,079 

Net Accrued Performance

June 30, 2026 December 31, 2025

($ in thousands)
GAAP Investments $ 9,625,886  $ 9,211,816 
Equity method and other investments (1,856,515) (1,902,577)
Accrued performance allocation compensation (5,631,012) (5,399,750)
Impact of other consolidated entities (769,876) (629,734)
Net Accrued Performance $ 1,368,483  $ 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 June 30, 2026 and 2025:

June 30,
2026 2025

($ in millions)
Capital $ 94,070  $ 76,245 
Growth 34,608  29,771 
Impact 34,890  28,894 
Credit 101,164  80,161 
Real Estate 41,921  36,988 
Market Solutions 20,124  9,272 
AUM as of end of period $ 326,777  $ 261,331 
    
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The table below presents rollforwards of our total AUM for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in millions)
Balance as of Beginning of Period $ 306,182  $ 250,621  $ 303,029  $ 245,873 

Capital Raised 16,125  11,303  26,473  17,209 
Realizations (5,053) (6,478) (13,798) (10,779)
Outflows (1)
(508) (176) (1,142) (684)
Changes in Investment Value and Other (2)
10,031  6,061  12,215  9,712 
AUM as of end of period $ 326,777  $ 261,331  $ 326,777  $ 261,331 
_________________
(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 $20.6 billion during the three months ended June 30, 2026. This increase was led by $16.1 billion of capital raised primarily attributable to fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise Climate II within the Impact platform, TPG Direct Lending within the Credit platform and Peppertree XI within the Market Solutions platform. These increases were partially offset by realization activities in TPG VII, TPG VIII, TPG IX and TPG X within the Capital platform, TDM within the Growth platform, MMDL V and MMDL IV within the Credit platform and Realty Value XI and Net Lease Realty III within the Real Estate platform during the three months ended June 30, 2026. AUM also increased due to investment appreciation during the three months ended June 30, 2026.
AUM increased approximately $23.7 billion during the six months ended June 30, 2026. This increase was led by $26.5 billion of capital raised primarily attributable to fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise IV and Rise Climate II within the Impact platform, TPG Direct Lending and TPG Asset Based Finance within the Credit platform, Net Lease Realty V within the Real Estate platform and Peppertree XI 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, TDM within the Growth platform, Rise Climate I within the Impact platform and Credit Solutions II within the Credit platform during the six months ended June 30, 2026. AUM also increased due to investment appreciation during the three months ended June 30, 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.
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The following table summarizes our FAUM by platform as of June 30, 2026 and 2025:

June 30,
2026 2025

($ in millions)
Capital $ 46,437  $ 35,829 
Growth 17,089  14,520 
Impact 21,944  19,077 
Credit 56,505  45,365 
Real Estate 26,981  26,541 
Market Solutions 12,016  5,083 
FAUM as of end of period $ 180,972  $ 146,415 

The table below presents rollforwards of our FAUM for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in millions)
Balance as of Beginning of Period $ 175,372  $ 142,794  $ 170,102  $ 141,286 

Fee-Earning Capital Raised (1)
3,843  2,910  9,001  5,398 
Deployment (2)
5,423  2,867  10,119  5,682 
Realizations (3)
(1,792) (2,583) (6,020) (5,197)
Reduction in Fee Base (4)
(2,113) (100) (2,281) (1,311)
Outflows (5)
(508) (175) (1,134) (680)
Market Activity and Other (6)
747  702  1,185  1,237 
FAUM as of end of period 180,972  $ 146,415  $ 180,972  $ 146,415 
_________________
(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 $5.6 billion during the three months ended June 30, 2026, primarily driven by $3.8 billion in fee-earning capital raised. This activity was led by additional closings of TPG X and the activation of THP III during the first quarter of 2026 within the Capital platform, the activation of TPG Sports during the first quarter of 2026 within the Growth platform and subsequent closings for Rise Climate II within the Impact platform. Deployment added $5.4 billion to FAUM primarily driven by TPG IX and THP II within the Capital platform and Credit Solutions III and MMDL V within the Credit platform.
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FAUM increased $10.9 billion during the six months ended June 30, 2026, primarily driven by $9.0 billion in fee-earning capital raised. This activity was led by additional closings of TPG X and the activation of THP III during the first quarter of 2026 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 IV during the first quarter of 2026 and subsequent closings for Rise Climate II within the Impact platform. Deployment added $10.1 billion to FAUM primarily driven by TPG IX and THP II within the Capital platform, TPG Atlas within the Growth platform, MMDL V, Credit Solutions III and ABC Evergreen within the Credit platform and TRECO within the Real Estate platform. These increases were partially offset by realizations of $6.0 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 six months ended June 30, 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 1.16%.

Net Accrued Performance
Net accrued performance represents both unrealized and undistributed performance allocations and fee-related performance revenues resulting from our general partner interests in investment funds that we manage. We believe this measure is useful to investors as it provides additional insight into the accrued performance to which the TPG Operating Group Common Unit holders are expected to receive.
The tables below summarize our net accrued performance by fund vintage year and platform as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

($ in millions)
Fund Vintage
2020 & Prior $ 748  $ 809 
2021 168  136 
2022 326  280 
2023 33  23 
2024 31  12 
2025 60  20 
2026 2  — 
Net Accrued Performance $ 1,368  $ 1,280 

June 30, 2026 December 31, 2025

($ in millions)
Platform
Capital $ 568  $ 581 
Growth 200  211 
Impact 195  173 
Credit 118  83 
Real Estate 148  100 
Market Solutions 139  132 
Net Accrued Performance $ 1,368  $ 1,280 

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Net accrued performance was primarily driven by TPG VIII, TPG IX, Asia VII, Growth IV, Growth V and Rise Climate I as of June 30, 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 $222.0 billion and $208.8 billion as of June 30, 2026 and December 31, 2025, respectively. Across the investment funds that we manage, Performance Eligible AUM totaled $273.0 billion and $254.3 billion as of June 30, 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.
The table below reflects AUM Subject to Fee-Earning Growth by platform as of June 30, 2026 and December 31, 2025:

June 30, 2026 December 31, 2025

($ in millions)
AUM Not Yet Earning Fees:
Capital $ 5,326  $ 5,481 
Growth 2,798  4,029 
Impact 1,781  981 
Credit 19,563  13,463 
Real Estate 8,068  3,886 
Market Solutions 1,776  818 
Total AUM Not Yet Earning Fees $ 39,312  $ 28,658 

FAUM Subject to Step-Up:
Capital $ 3,209  $ 4,058 
Growth 27  29 

Credit 5,943  5,118 
Real Estate 1,610  1,713 
Market Solutions 1,553  903 
Total FAUM Subject to Step-Up $ 12,342  $ 11,821 
Total AUM Subject to Fee-Earning Growth $ 51,654  $ 40,479 

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As of June 30, 2026, AUM Not Yet Earning Fees was $39.3 billion, which primarily consisted of TPG IX, TPG VIII and THP II within the Capital platform, Growth V within the Growth platform, Rise Climate I within the Impact platform, Credit Solutions III, TPG Direct Lending and MMDL VI within the Credit platform, TRECO and Net Lease Realty V within the Real Estate platform and Peppertree XI within the Market Solutions 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 1.75% after capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up as of June 30, 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.
The table below presents capital raised by platform for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in millions)
Capital $ 1,859  $ 128  $ 3,839  $ 1,174 
Growth 2,708  2,678  3,639  3,492 
Impact 1,631  1,256  2,977  2,978 
Credit 5,611  5,356  10,024  7,006 
Real Estate 2,535  216  3,615  874 
Market Solutions 1,781  1,669  2,379  1,685 
Total Capital Raised $ 16,125  $ 11,303  $ 26,473  $ 17,209 

Capital raised totaled approximately $16.1 billion for the three months ended June 30, 2026. This was primarily attributable to the fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise Climate II within the Impact platform, TPG Direct Lending within the Credit platform and Peppertree XI within the Market Solutions platform.
Capital raised totaled approximately $26.5 billion for the six months ended June 30, 2026. This was primarily attributable to the fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise IV and Rise Climate II within the Impact platform, TPG Direct Lending and TPG Asset Based Finance within the Credit platform, Net Lease Realty V within the Real Estate platform and Peppertree XI and T-POP within the Market Solutions platform.

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.
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The table below presents available capital by platform as of June 30, 2026 and 2025:

June 30,
2026 2025

($ in millions)
Capital $ 20,499  $ 13,648 
Growth 6,613  6,701 
Impact 9,998  10,875 
Credit 22,142  15,517 
Real Estate 13,085  12,775 
Market Solutions 3,880  3,029 
Available Capital $ 76,217  $ 62,545 

Available capital totaled $76.2 billion as of June 30, 2026, primarily attributable to TPG X, Asia VIII, THP III, TPG IX and TPG VIII within the Capital platform, Growth VI, TPG Sports and Growth V within the Growth platform, Rise Climate II and Rise Climate I within the Impact platform, Credit Solutions III, TPG Direct Lending and MMDL VI within the Credit platform, Europe Realty IV, TREP IV, TRECO, Asia Realty V and TREP III within the Real Estate platform and TGS II and Peppertree XI 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.
The table below presents capital invested by platform for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in millions)
Capital $ 3,362  $ 1,677  $ 6,800  $ 3,155 
Growth 635  1,414  2,239  2,104 
Impact 2,374  821  3,221  1,093 
Credit 4,385  4,336  10,064  8,340 
Real Estate 2,252  1,530  4,094  2,180 
Market Solutions 828  599  1,791  850 
Capital Invested $ 13,836  $ 10,377  $ 28,209  $ 17,722 

Capital invested was $13.8 billion for the three months ended June 30, 2026, which was primarily attributable to TPG X and TPG IX within the Capital platform, Rise Climate II within the Impact platform, Credit Solutions III, MVP Fund and TCAP within the Credit platform, TRTX within the Real Estate platform and Peppertree X within the Market Solutions platform.
Capital invested was $28.2 billion for the six months ended June 30, 2026, which was primarily attributable to TPG X, TPG IX and THP II within the Capital platform, Rise Climate II within the Impact platform, ABC Evergreen, ABC Fund II, MMDL V and Credit Solutions III within the Credit platform and TREP IV and TRTX within the Real Estate platform.
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Realizations
Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds.
The table below presents realizations by platform for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025

($ in millions)
Capital $ 1,358  $ 2,137  $ 4,693  $ 3,136 
Growth 1,452  2,086  1,767  2,507 
Impact 135  212  1,938  552 
Credit 1,253  1,051  3,479  2,724 
Real Estate 809  859  1,609  1,669 
Market Solutions 46  133  312  191 
Total Realizations $ 5,053  $ 6,478  $ 13,798  $ 10,779 

Realizations were $5.1 billion for the three months ended June 30, 2026, primarily attributable to realization activities in TPG VII, TPG VIII, TPG IX and TPG X within the Capital platform, TDM within the Growth platform, MMDL V and MMDL IV within the Credit platform and Realty Value XI and Net Lease Realty III within the Real Estate platform.
Realizations were $13.8 billion for the six months ended June 30, 2026, primarily attributable to realization activities in TPG IX and THP II within the Capital platform, TDM within the Growth platform, Rise Climate I within the Impact platform and Credit Solutions II within the Credit platform.
Fund Performance Metrics
Fund performance information for our investment funds as of June 30, 2026 is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of our firmwide performance and is also not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund’s financial results in accordance with U.S. GAAP. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See “Item 1A. — Risk Factors—Risks Related to Our Business—Our funds’ historical returns should not be considered as indicative of our or our funds’ future results or of any returns expected on an investment in our Class A common stock.”
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The following tables reflect the performance of our selected funds as of June 30, 2026 ($ 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  19,221  33,481  60  33,541  14 % 1.7x 10 % 1.5x
TPG VII 2015 10,495  10,275  23,264  1,466  24,730  25 % 2.4x 19 % 1.9x
TPG VIII 2019 11,505  10,758  6,038  14,134  20,172  20 % 1.8x 13 % 1.5x
TPG IX 2022 12,014  11,605  3,228  13,828  17,056  30 % 1.5x 19 % 1.3x
TPG X 2025 12,274  3,797  182  4,629  4,811  NM NM NM NM
Capital Funds 94,115  84,409  123,163  34,117  157,280  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  5,535  9  5,544  10 % 1.7x 6 % 1.4x
Asia VI 2012 3,270  3,285  4,813  1,812  6,625  13 % 2.0x 9 % 1.6x
Asia VII 2017 4,630  4,628  4,134  4,762  8,896  17 % 1.9x 11 % 1.5x
Asia VIII 2022 5,259  3,095  473  4,323  4,796  28 % 1.6x 14 % 1.2x
Asia Funds 19,773  17,333  24,100  10,906  35,006  20 % 2.0x 14 % 1.6x
Healthcare Funds
THP I 2019 2,704  2,468  1,037  3,190  4,227  17 % 1.7x 10 % 1.4x
THP II 2022 3,576  2,923  1,146  3,193  4,339  35 % 1.5x 22 % 1.3x
THP III 2026 1,795  100  —  119  119  NM NM NM NM
Healthcare Funds 8,075  5,491  2,183  6,502  8,685  21 % 1.6x 13 % 1.4x
Continuation Vehicles
TPG AAF 2021 1,317  1,314  2,720  —  2,720  43 % 2.1x 37 % 1.9x
TPG AION 2021 207  207  —  154  154  (6 %) 0.7x (7 %) 0.7x
Continuation Vehicles 1,524  1,521  2,720  154  2,874  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  4,910  423  5,333  21 % 2.5x 15 % 2.0x
Growth III 2015 3,128  3,385  5,121  1,767  6,888  23 % 2.0x 15 % 1.6x
Growth IV 2017 3,739  3,624  4,689  2,988  7,677  18 % 2.1x 13 % 1.6x
Gator 2019 726  686  839  432  1,271  23 % 1.8x 19 % 1.7x
Growth V 2020 3,558  3,363  1,690  3,820  5,510  15 % 1.6x 10 % 1.4x
Growth VI 2023 4,285  2,246  14  2,935  2,949  34 % 1.3x 13 % 1.1x
Growth Funds 18,741  16,748  19,158  12,365  31,523  18 % 1.9x 12 % 1.5x
Tech Adjacencies Funds
TTAD I 2018 1,574  1,497  1,179  1,217  2,396  14 % 1.6x 10 % 1.4x
TTAD II 2021 3,198  3,225  707  4,512  5,219  24 % 1.6x 19 % 1.5x
TTAD III 2025 878  380  —  789  789  NM NM NM NM
Tech Adjacencies Funds 5,650  5,102  1,886  6,518  8,404  19 % 1.6x 14 % 1.4x

TDM 2017 1,326  603  1,063  —  1,063  10 % 1.8x 8 % 1.5x
LSI 2023 410  283  144  325  469  58 % 1.8x 33 % 1.4x
TECA 2025 988  372  —  505  505  NM 2.7x NM 1.9x
TPG Atlas 2025 867  826  —  997  997  NM NM NM NM
TPG Sports 2026 1,081  130  —  130  130  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  $ 2,055  $ 1,689  $ 2,159  $ 3,848  14 % 1.8x 9 % 1.5x
Rise II 2020 2,176  2,098  866  2,535  3,401  14 % 1.6x 9 % 1.3x
Rise III 2022 2,700  2,487  527  3,656  4,183  37 % 1.6x 23 % 1.4x
Rise IV 2026 965  265  —  265  265  NM NM NM NM
The Rise Funds 7,947  6,905  3,082  8,615  11,697  17 % 1.7x 11 % 1.4x
Rise Climate Funds
Rise Climate I 2021 7,268  6,403  2,644  7,423  10,067  24 % 1.5x 15 % 1.3x
Rise Climate II (11)
2025 7,398  2,669  —  2,929  2,929  NM NM NM NM
Rise Climate Global South (11)
2025 808  47  —  72  72  NM NM NM NM
Rise Climate TI 2025 1,666  765  —  838  838  NM NM NM NM
Rise Climate Funds 17,140  9,884  2,644  11,262  13,906  24 % 1.5x 15 % 1.3x

TSI 2018 333  133  368  —  368  35 % 2.8x 25 % 2.1x
Evercare 2019 621  456  152  441  593  4 % 1.3x 1 % 1.1x
TPG NEXT (12)
2023 565  87  3  94  97  82 % 1.3x (72 %) 0.6x

Platform: Credit
TPG Credit Solutions
Credit Solutions I 2019 1,805  1,801  2,184  565  2,749  15 % 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  1,705  2,615  4,320  16 % 1.5x 12 % 1.3x
Credit Solutions II Dislocation A 2022 1,310  868  916  118  1,034  18 % 1.2x 13 % 1.2x
Credit Solutions III 2024 6,214  1,986  223  2,313  2,536  53 % 1.3x 39 % 1.2x
TPG Credit Solutions 13,680  8,473  6,034  5,611  11,645  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  1,185  257  1,442  16 %  1.4x 13 %  1.3x
Essential Housing III 2024 1,619  911  5  1,069  1,074  15 %  1.2x 12 %  1.2x
Essential Housing 4,795  2,438  1,767  1,326  3,093  16 %  1.3x 13 %  1.2x

Hybrid Solutions 2025 429  150  8  208  216  NM NM NM NM

TPG Asset Based Finance
ABC Fund I 2021 1,005  904  214  1,093  1,307  15 % 1.5x 12 % 1.4x
ABC Fund II 2024 1,588  1,259  6  1,394  1,400  15 % 1.1x 12 % 1.1x
TPG Asset Based Finance
2,593  2,163  220  2,487  2,707  15 %  1.3x 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  3,668  —  3,668  13 % 1.6x 10 % 1.5x
MMDL IV 2020 2,671  2,586  1,966  1,655  3,621  13 % 1.6x 10 % 1.4x
MMDL IV Annex 2021 797  767  503  522  1,025  14 % 1.5x 10 % 1.4x
MMDL V 2022 3,924  3,519  642  3,483  4,125  16 % 1.3x 12 % 1.2x
MMDL VI 2025 2,602  207  —  208  208  NM  NM NM  NM
TPG Direct Lending 14,919  11,761  9,950  5,868  15,818  14 %  1.5x 10 %  1.4x

Continuation Vehicles
MMDL Continuation I 2025 1,207  1,123  61  1,036  1,097  NM NM NM NM
Continuation Vehicles 1,207  1,123  61  1,036  1,097  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  4,132  2,392  6,524  15 % 1.6x 11 % 1.4x
TREP IV 2022 6,820  5,342  838  6,123  6,961  21 % 1.4x 11 % 1.2x
TPG Real Estate Partners 12,607  11,888  8,544  8,517  17,061  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  2,288  221  2,509  8 %  1.4x 5 %  1.3x
Realty Value X 2018 2,775  4,613  4,322  1,366  5,688  11 %  1.3x 7 %  1.2x
Realty Value XI 2022 2,589  3,218  1,404  2,434  3,838  16 %  1.2x 9 %  1.1x
TPG AG Realty 10,441  15,026  15,345  4,109  19,454  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  2,029  2,095  211  2,306  5 %  1.2x 2 %  1.1x
TPG AG Core Plus Realty 3,650  5,093  6,658  211  6,869  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  1,027  121  1,148  11 %  1.3x 6 %  1.2x
Asia Realty IV 2018 1,315  1,320  1,389  467  1,856  13 %  1.4x 9 %  1.3x
Asia Realty V 2022 2,007  1,188  261  1,435  1,696  29 %  1.5x 16 %  1.3x
Asia Realty 5,311  4,485  4,393  2,023  6,416  13 %  1.5x 8 %  1.3x
Japan Value
Japan Value (14)
2023 417  258  99  217  316  70 %  1.4x 41 %  1.2x
Japan Value 417  258  99  217  316  70 % 1.4x 41 % 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  1,774  1,839  419  2,258  6 %  1.3x 4 %  1.2x
Europe Realty III (15)
2019 1,515  2,258  1,026  1,107  2,133  3 %  1.1x (1 %)  0.9x
Europe Realty IV (15)
2023 2,270  938  267  837  1,104  56 %  1.3x 1 %  1.0x
TPG AG Europe Real Estate 5,198  6,157  4,850  2,372  7,222  12 %  1.4x 6 %  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  2,429  3,177  221  3,398  11 %  2.0x 7 %  1.6x
Net Lease Realty IV 2019 997  1,998  1,518  944  2,462  11 %  1.5x 7 %  1.3x
Net Lease Realty V 2024 1,042  549  227  351  578  NM  NM NM  NM
TPG Net Lease 3,783  6,245  7,233  1,516  8,749  14 %  1.9x 9 %  1.6x

TAC+ 2021 1,797  1,368  173  1,221  1,394  0 % 1.0x (1 %) 1.0x
TRECO 2024 1,786  1,037  579  561  1,140  36 % 1.3x 13 % 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)