TPG Inc. (TPG)
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SEC company page: https://www.sec.gov/edgar/browse/?CIK=1880661. Latest filing source: 0001880661-26-000011.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 4,670,212,000 | USD | 2025 | 2026-02-17 |
| Net income | 184,588,000 | USD | 2025 | 2026-02-17 |
| Assets | 13,492,935,000 | USD | 2025 | 2026-02-17 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-17. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001880661.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 2,114,838,000 | 4,976,387,000 | 2,002,887,000 | 2,389,911,000 | 3,500,082,000 | 4,670,212,000 |
| Net income | 0.00 | 0.00 | 92,426,000 | 80,090,000 | 23,483,000 | 184,588,000 |
| Diluted EPS | 0.00 | -0.19 | -0.04 | -0.42 | 0.45 | |
| Operating cash flow | 95,393,000 | 1,474,820,000 | 1,375,878,000 | 720,518,000 | 532,146,000 | 1,032,395,000 |
| Assets | 8,962,013,000 | 7,941,738,000 | 9,369,672,000 | 10,535,109,000 | 13,492,935,000 | |
| Liabilities | 1,700,572,000 | 4,202,232,000 | 6,008,538,000 | 6,943,120,000 | 9,356,560,000 | |
| Stockholders' equity | 3,085,871,000 | 3,361,134,000 | 3,591,989,000 | 4,136,375,000 | ||
| Cash and cash equivalents | 858,220,000 | 972,729,000 | 1,107,484,000 | 665,188,000 | 808,017,000 | 826,105,000 |
Ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net margin | 0.00% | 0.00% | 4.61% | 3.35% | 0.67% | 3.95% |
| Return on equity | 3.00% | 2.38% | 0.65% | 4.46% | ||
| Return on assets | 0.00% | 1.16% | 0.85% | 0.22% | 1.37% | |
| Liabilities / equity | 1.36 | 1.79 | 1.93 | 2.26 |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001880661.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-06-30 | -0.37 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 0.09 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | -0.01 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 603,274,000 | 27,195,000 | 0.02 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 160,355,000 | 14,667,000 | -0.09 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 983,137,000 | 13,173,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 824,071,000 | 15,519,000 | -0.11 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 744,194,000 | -13,977,000 | -0.19 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 855,403,000 | 8,961,000 | -0.08 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,076,414,000 | 12,980,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 1,034,876,000 | 25,393,000 | 0.00 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 920,537,000 | 14,941,000 | -0.05 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,223,517,000 | 67,140,000 | 0.20 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,491,282,000 | 77,114,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 500,006,000 | -1,454,000 | -0.22 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0001880661-26-000033.
Overview TPG is a leading global alternative asset manager with $306.2 billion in assets under management (“AUM”) as of March 31, 2026. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth. We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical increase in our assets under management, all with the support of a scaled infrastructure that provides our business with a high degree of operating leverage. Our differentiated operating model unites our investment products and global footprint around a cohesive commercial framework. Our team-oriented culture fosters collaboration and alignment, supports our shared investment themes approach to sourcing and executing deals and leads to attractive returns for our investors. Through multiple decades of experience, we have developed an ecosystem of insight, engagement and collaboration across our platforms and products, which currently include more than 400 active portfolio companies, approximately 300 real estate properties and over 6,500 credit positions, across more than 33 countries. Our firm consists of six multi-strategy investment platforms: (1) Capital, (2) Growth, (3) Impact, (4) Credit, (5) Real Estate and (6) Market Solutions. Each of our six investment platforms is comprised of a number of products that are complementary to each other and provide our clients with differentiated avenues for capital deployment. Most of our products have raised multiple generations of funds, which we believe highlights the value these products provide to our clients. 51 Table of Contents Capital Growth Impact Credit Real Estate Market Solutions Platforms Focused on large scale, control / co-control and thematic investments Flexible investing platform focused on rapidly growing businesses Leading global impact investing platform pursuing societal benefits & financial returns at scale Diversified solutions across a wide range of credit opportunities Multi-product, diversified real estate investing platform Platform focused on leveraging the TPG ecosystem to address market opportunities $89.7 billion AUM $32.4 billion AUM $31.6 billion AUM $95.2 billion AUM $39.2 billion AUM $18.1 billion AUM Products TPG Capital TPG Growth The Rise Funds TPG Credit Solutions TREP TPG AG U.S. Real Estate TPG GP Solutions TPG Healthcare Partners TPG Tech Adjacencies TPG Rise Climate TPG Direct Lending TRECO TPG AG Europe Real Estate TPG NewQuest TPG Asia TPG Life Sciences Innovations TRC Transition Infrastructure TPG Asset Based Finance TRTX TPG Asia Real Estate TPG Peppertree TPG Emerging Companies Asia TRC Global South Initiative TPG CLOs TAC+ TPG Net Lease TPG Private Equity Opportunities TPG Sports TPG NEXT TPG Multi-Asset Credit _________________ Note: AUM as of March 31, 2026. Platforms Platform: Capital Our Capital platform is focused on large-scale, control-oriented private equity investments. We pursue opportunities across geographies and specialize in sectors where we have developed deep thematic expertise over time. Our Capital platform funds are organized in three primary products: (1) TPG Capital, (2) TPG Healthcare Partners and (3) TPG Asia. The following table presents certain data about our Capital platform as of March 31, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $90 $45 10 $22 Product: TPG Capital TPG Capital is our North America and Europe-focused private equity investing business, with $57.4 billion in assets under management as of March 31, 2026. TPG Capital employs a sector-driven, highly thematic approach to sourcing and primarily seeks to invest in traditional buyouts, transformational deals such as corporate carve-outs and large-scale growth equity transactions. We invest in market leaders with fundamentally strong business models that are expected to benefit from long-term secular growth trends. We also seek to help our portfolio companies accelerate their growth under our ownership through a variety of operational improvements, such as by leveraging our human capital team to upgrade or enhance our management teams and boards, and by investing in organic and inorganic growth. 52 Table of Contents Product: TPG Healthcare Partners We established TPG Healthcare Partners (“THP”) in 2019 to pursue healthcare-related investments, primarily in partnership with other TPG funds. THP provides our limited partners with a dedicated healthcare investment platform that touches all areas of healthcare, including providers, payors, pharmaceuticals, medical devices and healthcare technology. Product: TPG Asia TPG was one of the first alternative asset management firms to establish a dedicated Asia franchise and began investing in the region in 1994. Currently, TPG Asia focuses on pursuing investments in the Asia-Pacific region, including Australia, India, Korea and Southeast Asia, with $23.3 billion in assets under management as of March 31, 2026. Our distributed regional footprint has provided a foundation for us to pursue highly attractive investing opportunities in the region with both new and existing products and strategies. We invest through a variety of transaction structures, including through partnerships with large corporations and families. Platform: Growth Growth is our dedicated growth equity and middle market investing platform. It provides us with a flexible mandate to invest in companies across our core sectors that are earlier in their life cycle, are smaller in size and/or have different profiles than would be considered for our Capital platform. Our Growth funds are organized in five primary products: (1) TPG Growth, (2) TPG Tech Adjacencies, (3) TPG Life Sciences Innovations, (4) TPG Emerging Companies Asia and (5) TPG Sports. The following table presents certain data about our Growth platform as of March 31, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $32 $16 12 $6 Product: TPG Growth TPG Growth is our dedicated growth equity and middle market investing product, with $18.9 billion in assets under management as of March 31, 2026. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India. Product: TPG Tech Adjacencies TPG Tech Adjacencies (“TTAD”), with $8.8 billion in assets under management as of March 31, 2026, is a product we developed organically to pursue minority and/or structured investments in internet, software, digital media and other technology sectors. Specifically, TTAD aims to provide flexible capital for founders, employees and early investors seeking liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth. Product: TPG Digital Media TPG Digital Media (“TDM”) is a flexible source of capital focused on pursuing control equity investments in digital media. TDM seeks to pursue investments in businesses in which we have the opportunity to capitalize on our long history of studying and pursuing content-centric themes. Product: TPG Life Sciences Innovations TPG Life Sciences Innovations (“LSI”) was launched in 2023 and seeks to invest in the life sciences sector in novel therapeutics as well as digital health, medical devices, diagnostics and tech-enabled services. LSI invests across different therapeutic areas and stages, from company creation to IPO, and leverages TPG’s broad experience in the healthcare sector. 53 Table of Contents Product: TPG Emerging Companies Asia TPG Emerging Companies Asia (“TECA”) is our new lower-to-middle market growth buyout strategy focused on developed markets in the APAC region, primarily Australia, New Zealand, Southeast Asia and South Korea. TECA leverages our 30-year track record in Asia and deep sector specialization to invest in profitable companies benefitting from regional tailwinds. TECA targets control-oriented transactions, while selectively pursing minority investments. Product: TPG Sports TPG Sports is our dedicated strategy focused on pursuing investment opportunities in the sports ecosystem. TPG Sports aims to provide strategic primary capital and business building capabilities to operating companies and technology providers serving the sports market, and to invest in sports IP (i.e., leagues, teams and events). Platform: Impact Our multi-fund Impact platform, which we believe is among the largest in the industry, pursues competitive, non-concessionary financial returns while also providing measurable societal benefits at scale, harnessing the diverse skills of a differentiated group of value-add stakeholders including: •Y Analytics: A public benefit organization that is wholly owned by TPG, which functions as TPG’s firm-wide responsible investing and impact performance arm, and among other services, provides impact research and rigorous assessment for impact investments. •The TPG Rise Global Advisory Board: A group of investors experienced with driving social and environmental change and financial returns. •The TPG Rise Climate Coalition: A partnership between TPG and 33 leading global enterprises that are investors in TPG Rise Climate to accelerate the sharing of knowledge, best practices and investment opportunities arising from the energy transition among the group and more broadly across the TPG Impact platform. We have demonstrated that our impact investments can deliver profit and positive impact in tandem. Our Impact funds are organized in five primary products: (1) The Rise Funds, (2) TPG Rise Climate, (3) TPG Rise Climate Transition Infrastructure, (4) TPG Rise Climate Global South Initiative and (5) TPG NEXT. The following table presents certain data about our Impact platform as of March 31, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $32 $21 10 $11 Product: The Rise Funds The Rise Funds are our dedicated vehicles for investing globally in companies that generate business performance and strong returns alongside a demonstrable and significant positive societal impact, with $10.3 billion in assets under management as of March 31, 2026. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services. Product: TPG Rise Climate Launched in 2021, TPG Rise Climate (“Rise Climate”) is our dedicated climate private equity impact investing product, which has raised $16.2 billion in total commitments. Rise Climate applies TPG’s private equity capabilities to pursue climate-related investments in thematic areas including clean electrons, clean molecules and materials and adaptive solutions, all without sacrificing our focus on financial returns. Rise Climate has a global focus and invests opportunistically across buyouts, carve-outs and growth equity transactions. 54 Table of Contents 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 posit [Excerpt truncated for page length; source filing is linked above.]
Latest 10-K MD&A
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in our historical financial statements and the related notes included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and elsewhere in this report, particularly in “Cautionary Note Regarding Forward-Looking Statements,” and “Item 1A.—Risk Factors.” We assume no obligation to update any of these forward-looking statements. We completed the Peppertree Acquisition on July 1, 2025. Accordingly, the results of TPG Peppertree included in our consolidated results of operations for the year ended December 31, 2025 are from July 1, 2025 through December 31, 2025. The following discussion includes a comparison of our results for the years ended December 31, 2025 and 2024. For a discussion of our results for the year ended December 31, 2023 and a comparison of results for the years ended December 31, 2024 and 2023, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, which specific discussion is incorporated herein by reference. Business Overview We are a leading global alternative asset manager with $303.0 billion in assets under management (“AUM”) as of December 31, 2025. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth. 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. 2025 was marked by significant volatility and rapid shifts in market sentiment, driven primarily by trade policy developments, monetary policy adjustments, geopolitical tensions and evolving macroeconomic indicators. The year began with heightened uncertainty due to sweeping tariffs announced by the U.S. administration in the first half, which triggered sharp selloffs across equity, credit and commodities. However, as the year progressed, softening of these policies combined with resilient corporate earnings and moderating inflation contributed to a recovery in risk assets and a generally positive market tone in the latter half. In U.S. equities, the S&P 500, Nasdaq and Dow Jones Industrial Average posted sharp losses in the first quarter amid trade-related uncertainty, but rebounded sharply in the second and third quarters on strong earnings and thematic growth in artificial intelligence and data center investments. For the full year, the S&P 500 returned 16.4%, the Dow Jones Industrial Average 13.0% and the NASDAQ Composite 20.4%. Communication Services, Information Technology and Industrials sectors outperformed with annual returns of 32.4%, 23.3%, and 17.7% respectively. Real Estate, Consumer Staples and Energy were relative laggards, returning (0.3%), 1.3% and 5.0% respectively. Volatility, as measured by the CBOE Volatility Index, spiked in early 2025 but moderated significantly by year-end and closed the year slightly lower on a year-over-year basis. Global equity markets performed in-line or better with U.S. returns, with the MSCI Europe Index rising 16.3%, the MSCI Asia Pacific Index gaining 25.3% and the MSCI World Index rising 19.5% for 2025. 91 Table of Contents Inflation stabilized throughout 2025, though remains stubbornly above the Federal Reserve's 2.0% target. The November Consumer Price Index (“CPI”) was up 2.7% year-over-year, with core CPI, which excludes food and energy, rising slightly lower at 2.6%. The labor market showed signs of weakening as the year progressed. Non-farm payroll additions averaged approximately 111,000 in the first quarter but turned negative in several months during the second half of the year, including a decline of 105,000 jobs in October. The Unemployment Rate ticked up slightly over the course of the year, standing at 4.6% as of November 2025 versus 4.0% as of January 2025. U.S. GDP contracted at a 0.6% annualized rate in Q1, though increased 3.8% and 4.3% in Q2 and Q3 2025, respectively. Amid the economic backdrop and cooling labor market, the Federal Reserve lowered interest rates by 0.25% at September, October, and December FOMC meetings bringing cumulative rate cuts for 2025 to 0.75% compared with the 1.00% of cuts in 2024. Following the most recent cut, the Federal Funds target range is 3.75% to 4.00%. The U.S. Treasury yield curve steepened in 2025, nearly erasing the inversion that had persisted since 2022. Long-term yields climbed while short-term yields declined, influenced by concerns over the U.S. budget deficit and tariff-driven inflation at the long end, and Federal Reserve rate cuts at the short end. Yields at the front end of the curve fell by roughly 60 basis points year-over-year, with the 2-Year Treasury yield ending the year at 3.48%. In contrast, yields at the long end of the curve rose modestly with the 30-Year Treasury finishing the year with a yield of 4.85%, up six basis points year-over-year. In corporate credit markets, both U.S. and European high yield generated positive performance in the fourth quarter of 2025. According to J.P. Morgan data, U.S. high yield gained 1.5% and the European market returned 0.8% during the three-month period. In the United States, high yield bond spreads narrowed by five basis points during the quarter to 314 basis points compared to 325 at the start of the year. In Europe, high yield spreads tightened by 1 basis point during the quarter to 345 basis points, down from 377 at the beginning of the year. The high yield default rate, measured on a trailing twelve-month basis, increased from 1.4% to 1.9% in the United States and modestly decreased from 3.3% to 3.2% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index posted a 1.3% return, and the J.P. Morgan European Leveraged Loan Index posted a 0.9% return for the fourth quarter of 2025. From a spread and yield basis, the U.S. Leveraged Loan Index ended the quarter at a yield of 7.7% and 435 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 7.5% and 500 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 41% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of December 31, 2025. In our capacity as the sole indirect owner of the entities serving as the general partner of the TPG Operating Group partnerships, we indirectly control all of the TPG Operating Group’s business and affairs. Acquisition of Peppertree On July 1, 2025, we acquired the business of Peppertree Capital Management, Inc. pursuant to the terms and subject to the conditions set forth in the Peppertree Transaction Agreement. Pursuant to the Peppertree Transaction Agreement, we acquired Peppertree for both cash and non-cash consideration under U.S. GAAP equal to $389.6 million (the “Peppertree Purchase Price”). See Note 3 to our Consolidated Financial Statements for further details. Operating Segments We operate our business in a single operating and reportable segment, as our CEO, who is our chief operating decision maker (the “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. 92 Table of Contents 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 Consolidated Statements of Financial Condition and net income (loss) attributable to non-controlling interests on the Consolidated Statements of Operations. We are not required under U.S. GAAP to consolidate the majority of investment funds we advise in our Consolidated Financial Statements because we do not have a more than insignificant variable interest. Public SPACs are consolidated pursuant to U.S. GAAP in the relevant periods presented. Management fees and performance allocations from the consolidated Public SPACs are eliminated in the Consolidated Financial Statements. The performance of the consolidated Public SPACs is not necessarily consistent with or representative of the aggregate performance trends of our TPG investment funds. Key Financial Measures Our key financial and operating measures are discussed below: Revenues Fees and Other. Fees and other consists primarily of (i) management fees, (ii) monitoring fees, (iii) transaction fees, (iv) incentive fee income and (v) expense reimbursements from unconsolidated funds, portfolio companies and third parties. These fee arrangements are documented within the contractual terms of the governing agreements and are recognized when earned, which generally coincides with the period during which the related services are performed and in the case of transaction fees, upon closing of the transaction. Management fees include catch-up fees resulting from additional capital commitments from limited partners in subsequent closings. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period in which the related transaction closes. Capital Allocation-Based Income (Loss). Capital allocation-based income (loss) is earned from our funds when we have (i) a general partner’s capital interest and (ii) performance allocations which entitle us to a disproportionate allocation of investment income or loss from investment funds. We are entitled to a performance allocation (typically 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to the achievement of preferred returns or high water marks, where applicable, in accordance with the terms set forth in the respective fund’s governing documents. We account for our investment balances in the TPG funds, including performance allocations, under the equity method of accounting because we are presumed to have significant influence as the general partner or managing member; however, we do not have control as defined by ASC Topic 810, Consolidation. The Company accounts for its general partner interests in capital allocation-based arrangements as financial instruments under ASC Topic 323, Investments – Equity Method and Joint Ventures as the general partner has significant governance rights in the TPG funds in which it invests which demonstrates significant influence. Accordingly, performance allocations are not deemed to be within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Expenses Compensation and Benefits. Compensation and benefits expense includes (i) cash-based compensation and benefits, (ii) equity-based compensation and (iii) performance allocation compensation. Bonuses are accrued over the service period to which they relate. In addition, we have equity-based compensation arrangements that require certain TPG executives and employees to vest over a service period of generally one to five years, which under U.S. GAAP will result in compensation charges over current and future periods. In connection with our IPO and subsequent acquisitions, we granted restricted stock units (“RSUs”) to executives and employees. Distributions of performance allocations in the legal form of equity made directly or indirectly to our partners and professionals are allocated and distributed, when realized, pro rata based on ownership percentages in the underlying investment partnership. These distributions were accounted for as distributions on the equity held by such partners rather than as compensation and benefits expense prior to the Reorganization and IPO and are now accounted for as performance allocation compensation. 93 Table of Contents 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. 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 Consolidated Financial Statements. 94 Table of Contents Key Components of our Results of Operations Results of Operations The following table provides information regarding our consolidated results of operations for the periods presented: Year Ended December 31, 2025 2024 (dollars in thousands, except share and per share data) Revenues Fees and other $ 2,424,138 $ 2,087,076 Capital allocation-based income 2,246,074 1,413,006 Total revenues 4,670,212 3,500,082 Expenses Compensation and benefits: Cash-based compensation and benefits 894,382 835,328 Equity-based compensation 813,741 1,006,312 Performance allocation compensation 1,427,458 930,053 Total compensation and benefits 3,135,581 2,771,693 General, administrative and other 702,173 583,733 Depreciation and amortization 144,542 135,386 Interest expense 112,111 87,511 Total expenses 4,094,407 3,578,323 Investment income (loss) Net (losses) gains from investment activities (2,847) (29,326) Interest, dividends and other 93,620 82,743 Total investment income 90,773 53,417 Income (loss) before income taxes 666,578 (24,824) Income tax expense 66,993 52,091 Net income (loss) 599,585 (76,915) Net income (loss) attributable to non-controlling interests in TPG Operating Group 50,771 (175,927) Net income attributable to other non-controlling interests 364,226 75,529 Net income attributable to TPG Inc. $ 184,588 $ 23,483 Net income (loss) per share data: Net income (loss) available to Class A common stock per share Basic $ 0.89 $ 0.00 Diluted $ 0.45 $ (0.42) Weighted-average shares of Class A common stock outstanding Basic 138,879,433 100,219,905 Diluted 374,125,608 364,725,579 95 Table of Contents Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Revenues Revenues consisted of the following for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 Change % ($ in thousands) Management fees $ 1,826,411 $ 1,637,990 $ 188,421 12 % Transaction, monitoring and other fees 309,693 203,256 106,437 52 % Expense reimbursements and other 288,034 245,830 42,204 17 % Total fees and other 2,424,138 2,087,076 337,062 16 % Performance allocations 2,011,649 1,301,766 709,883 55 % Capital interests 234,425 111,240 123,185 111 % Total capital allocation-based income 2,246,074 1,413,006 833,068 59 % Total revenues $ 4,670,212 $ 3,500,082 $ 1,170,130 33 % Fees and other revenues Fees and other revenues increased $337.1 million, or 16%, during the year ended December 31, 2025 compared to the year ended December 31, 2024. This change resulted from a $188.4 million increase in management fees, a $106.4 million increase in transaction, monitoring and other fees and a $42.2 million increase in expense reimbursements and other. Management Fees. The $188.4 million increase in management fees during the year ended December 31, 2025 compared to the year ended December 31, 2024 is attributable to: •an increase of $0.9 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 reduction in the fee basis of TPG VIII resulting from the realization of portfolio investments, a step-down in fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025 and a decrease in fees from Asia VIII resulting from catch-up fees recognized during the year ended December 31, 2024; •an increase of $68.1 million from our Growth platform primarily due to new capital raised for Growth VI during the last twelve months, resulting in a larger fee-earning commitment base; •an increase of $86.3 million from our Impact platform primarily due to fees earned from Rise Climate II, Rise Climate Global South and Rise Climate TI, which were activated during the third quarter of 2024, partially offset by a step-down in fee basis of Rise Climate I from committed capital to actively invested capital during the fourth quarter of 2024; •an increase of $25.4 million from our Credit platform primarily due to a higher fee base from deployment of capital in MMDL V and Credit Solutions III. These were partially offset by a reduction in fee basis from MMDL III resulting from the realization of portfolio investments; •a decrease of $0.9 million from our Real Estate platform primarily due to Realty IX as the fund ceased paying fees beginning in the second quarter of 2025, partially offset by catch-up fees earned from Europe Realty IV; and •an increase of $16.7 million from our Market Solutions platform primarily due to additional management fees from Peppertree IX and Peppertree X due to the acquisition in July 2025, partially offset by catch-up fees earned from TGS I recognized during the year ended December 31, 2024. Catch-up fees totaled $54.7 million during the year ended December 31, 2025 and primarily consisted of $34.8 million for Growth VI, $8.9 million for Europe Realty IV, and $7.5 million for Rise Climate II. 96 Table of Contents Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $106.4 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily driven by increased capital markets activity among our portfolio companies involving our broker-dealer and crystallization of T-POP fee-related performance revenues in our Market Solutions platform. Expense Reimbursements and Other. Expense reimbursements and other increased by $42.2 million, or 17%, for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in reimbursable expenses from TPG funds. Capital allocation-based income Capital allocation-based income increased $833.1 million, or 59%, during the year ended December 31, 2025 compared to the year ended December 31, 2024. This change resulted from a $709.9 million increase in performance allocations and a $123.2 million increase in capital interests income. Performance Allocations. Performance allocations increased $709.9 million, or 55%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. Realized performance allocation gains for the year ended December 31, 2025 and 2024 totaled $1,168.3 million and $955.4 million, respectively. Unrealized performance allocation gains for the years ended December 31, 2025 and 2024 totaled $843.4 million and $346.4 million, respectively. The table below highlights performance allocations for the years ended December 31, 2025 and 2024, and separates the entities listed into two categories to reflect the Reorganization: (i) TPG general partner entities from which the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation and (ii) TPG general partner entities from which the TPG Operating Group Common Unit holders are not expected to receive any performance allocation. Year Ended December 31, 2025 2024 Change % ($ in thousands) TPG Operating Group Shared: Capital(1) $ 948,072 $ 560,616 $ 387,456 69 % Growth(1) 125,570 362,398 (236,828) (65) % Impact 307,266 135,176 172,090 127 % Credit 373,724 406,537 (32,813) (8) % Real Estate 134,440 (81,866) 216,306 264 % Market Solutions 130,935 (29,734) 160,669 540 % Total TPG Operating Group Shared: $ 2,020,007 $ 1,353,127 $ 666,880 49 % TPG Operating Group Excluded: Capital $ 4,113 $ (18,254) $ 22,367 123 % Growth (14,656) (30,044) 15,388 51 % Real Estate 2,185 (3,063) 5,248 171 % Total TPG Operating Group Excluded(2) (8,358) (51,361) 43,003 84 % Total Performance Allocations $ 2,011,649 $ 1,301,766 $ 709,883 55 % _________________ (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. 97 Table of Contents The $709.9 million increase in performance allocations during the year ended December 31, 2025 compared to the year ended December 31, 2024 is attributable to: •income of $948.1 million from our Capital platform for the year ended December 31, 2025 was primarily driven by gains of $500.3 million from TPG IX, $171.6 million from Asia VII and $135.9 million from THP II. Performance allocation income for the year ended December 31, 2024 was primarily driven by gains of $236.2 million from TPG VIII, $176.9 million from TPG VII and $174.8 million from TPG IX, partially offset by losses of $73.6 million from Asia VI and $56.4 million from Asia VII; •income of $125.6 million from our Growth platform for the year ended December 31, 2025 was primarily driven by gains of $103.7 million from TTAD II, $29.1 million from Growth VI, partially offset by losses of $30.2 million from TTAD I. Performance allocation income for the year ended December 31, 2024 was primarily driven by $156.8 million from Growth IV, $120.8 million from Growth V and $83.6 million from TTAD II; •income of $307.3 million from our Impact platform for the year ended December 31, 2025 was primarily driven by gains of $192.4 million from Rise Climate I and $109.0 million from Rise III. Performance allocation income for the year ended December 31, 2024 was primarily driven by gains of $63.9 million from Rise III, $45.2 million from Rise Climate I and $41.6 million from Rise II, partially offset by losses of $15.5 million from Rise I; •income of $373.7 million from our Credit platform for the year ended December 31, 2025 was primarily driven by gains of $71.4 million from Credit Solutions II, $56.7 million from MVP, $33.0 million from Credit Solutions III Fund and $32.1 million from MMDL V. Performance allocation income for the year ended December 31, 2024 was primarily driven by gains of $81.1 million from Credit Solutions II, $68.8 million from MVP, $37.7 million from MMDL IV, $25.7 million from ABC Fund and $20.8 million from Essential Housing II.; •income of $134.4 million from our Real Estate platform for the year ended December 31, 2025 was primarily driven by gains of $182.7 million from TREP III, $24.1 million from Asia Realty V and $16.5 million from Net Lease IV, which were partially offset by losses of $51.8 million from Asia Realty IV and $38.3 million from Realty X. Performance allocation losses for the year ended December 31, 2024 were primarily driven by losses of $90.2 million from Realty Value X, $31.9 million from Europe Realty II, $29.9 million from Asia Realty IV and $12.5 million from Realty VIII, which were partially offset by gains of $41.8 million from Net Lease Realty III and $21.3 million from TREP III; and •income of $130.9 million from our Market Solutions platform during the year ended December 31, 2025 was primarily driven by gains of $75.3 million from NewQuest IV and $12.7 million from TGS. Performance allocation losses for the year ended December 31, 2024 were primarily driven by losses of $32.1 million from NewQuest IV and $29.4 million from NewQuest III, partially offset by net gains of $16.0 million from TPEP. TPG Operating Group Excluded entities generated losses of $8.4 million during the year ended December 31, 2025 compared to losses of $51.4 million during the year ended December 31, 2024. Performance allocation losses for the year ended December 31, 2025 were primarily driven by losses of $21.2 million from Gator from our Growth platform, partially offset by gains of $4.4 million from TPG VI from our Capital platform. Performance allocation losses from TPG Operating Group Excluded entities for the year ended December 31, 2024 were primarily driven by losses of $27.2 million from Biotech III from our Growth platform and $9.5 million from Asia V from our Capital platform, partially offset by gains of $5.3 million from Biotech V from our Growth platform. As of December 31, 2025, accrued performance allocations presented as investments in the Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $7.1 billion. As of December 31, 2025, accrued performance allocations presented as investments in the Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.2 billion. 98 Table of Contents Capital Interests. Capital interests income increased $123.2 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily attributable to gains from our investments in TPG IX and Asia VII, partially offset by losses from our investments in TPG VII and TPG VIII during the year ended December 31, 2025. During the year ended December 31, 2024, we recognized gains on our investments in TPG VII, TPG IX and TRTX, offset by losses from our investment in Asia VII. Expenses Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $59.1 million, or 7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily driven by higher salaries and benefits resulting from an overall increase in headcount. Equity-Based Compensation. Equity-based compensation expense decreased $192.6 million, or 19%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily attributable to the reversal of previously recognized equity-based compensation related to liability-classified performance awards that are no longer probable of vesting, partially offset by an increase in compensatory RSU grants to certain TPG Peppertree partners, as described in Note 18 to the Consolidated Financial Statements. Performance Allocation Compensation. Performance allocation compensation increased $497.4 million, or 53%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals. General, Administrative and Other. General and administrative expenses increased $118.4 million, or 20%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily driven by an increase in rent expense due to the commencement of a new office lease in 2025, along with increases in reimbursable expenses from TPG funds and professional fees. Depreciation and Amortization. Depreciation and amortization increased $9.2 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to the amortization of intangible assets resulting from the acquisition of Peppertree in July 2025. Interest Expense. Interest expense increased $24.6 million, or 28%, for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily attributable to higher average debt outstanding throughout the year. Net Losses from Investment Activities. Net losses from investment activities totaled $2.8 million for the year ended December 31, 2025 compared to net losses of $29.3 million for the year ended December 31, 2024. This change was primarily attributable to a net loss from our investment in Nerdy Inc. during the year ended December 31, 2024. Interest, Dividends and Other. Interest, dividends and other increased $10.9 million, or 13%, for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by a change in the fair value of contingent liabilities related to acquisitions. Income Tax Expense. Income tax expense increased by $14.9 million, or 29%, for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in income attributable to TPG Inc. partially offset by benefits recognized in connection with equity based compensation as well as a state tax income tax benefit in connection with the remeasurement of deferred tax assets due to a change in the Company’s state effective tax rate. 99 Table of Contents Unaudited Consolidated Statements of Financial Condition (U.S. GAAP basis) December 31, 2025 December 31, 2024 ($ in thousands) Assets Cash and cash equivalents $ 826,105 $ 808,017 Investments 9,211,816 7,503,281 Due from affiliates 573,590 447,012 Intangible assets and goodwill 1,158,027 969,786 Right-of-use assets 552,254 208,501 Deferred tax assets 860,676 352,951 Other assets 310,467 245,561 Total assets $ 13,492,935 $ 10,535,109 Liabilities and Equity Debt obligations $ 1,722,547 $ 1,281,984 Due to affiliates 694,632 465,137 Accrued performance allocation compensation 5,399,750 4,376,523 Operating lease liabilities 604,593 223,131 Other liabilities 935,038 596,345 Total liabilities 9,356,560 6,943,120 Equity Class A common stock $0.001 par value, 2,340,000,000 shares authorized (153,113,961 and 109,211,355 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) 153 109 Class B common stock $0.001 par value, 750,000,000 shares authorized (224,331,812 and 255,756,502 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) 224 256 Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of December 31, 2025 and December 31, 2024) — — Additional paid-in-capital 1,476,444 970,719 Accumulated deficit (291,604) (186,983) Non-controlling interests 2,951,158 2,807,888 Total equity 4,136,375 3,591,989 Total liabilities and equity $ 13,492,935 $ 10,535,109 Investments increased $1,708.5 million during the year ended December 31, 2025 primarily due to net capital allocation-based income of $2,246.1 million, purchases of $1,122.8 million and $561.9 million related to the acquisition of Peppertree, which we completed in July 2025, which were partially offset by proceeds of $2,296.9 million. Intangible assets and goodwill increased $188.2 million during the year ended December 31, 2025 primarily due to the acquisition of Peppertree in July 2025. Right-of-use assets and operating lease liabilities increased $343.8 million and $381.5 million, respectively, for the year ended December 31, 2025 primarily due to the commencement of a new office lease in 2025. Deferred tax assets, net of valuation allowance, increased $507.7 million during the year ended December 31, 2025 primarily due to additional deferred tax assets arising from exchanges of TPG Operating Group Common Units for Class A common stock during the year ended December 31, 2025. Debt obligations increased $440.6 million during the year ended December 31, 2025 primarily due to the issuance of the 2036 Senior Notes. 100 Table of Contents Due to affiliates increased $229.5 million during the year ended December 31, 2025 primarily due to additional payments expected to be made in future years of $189.9 million in connection with certain exchanges of Common Units for Class A common stock subject to our Tax Receivable Agreement. Accrued performance allocation compensation increased $1,023.2 million for the year ended December 31, 2025, primarily attributable to performance fee compensation expense of $1,427.5 million, and a $403.1 million increase in liability related to the acquisition of Peppertree in July 2025, partially offset by settlements of performance allocation compensation of $803.6 million during the year ended December 31, 2025. Other liabilities increased $338.7 million during the year ended December 31, 2025 primarily due to $286.1 million in expected payments to be made in future years to non-affiliates in connection with certain exchanges of Common Units for Class A common stock subject to our Tax Receivable Agreement. Non-GAAP Financial Measures Distributable Earnings. Distributable Earnings (“DE”) is used to assess performance and amounts potentially available for distributions to partners. DE is derived from and reconciled to, but not equivalent to, its most directly comparable U.S. GAAP measure of net income. DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include (i) unrealized performance allocations and related compensation expense, (ii) unrealized investment income, (iii) equity-based compensation expense, (iv) amortization, (v) net income (loss) attributable to non-controlling interests in consolidated entities, or (vi) certain other items, such as contingent reserves. While we believe that the inclusion or exclusion of the aforementioned U.S. GAAP income statement items provides investors with a meaningful indication of our core operating performance, the use of DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements U.S. GAAP net income and should be considered in addition to and not in lieu of the results of operations presented in accordance with U.S. GAAP discussed further under “—Key Components of our Results of Operations—Results of Operations” prepared in accordance with U.S. GAAP. After-Tax Distributable Earnings. After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable earnings after reflecting the impact of income taxes. We use it to assess how income tax expense affects amounts available to be distributed to our Class A common stockholders and Common Unit holders. After-tax DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include the items described in the definition of DE herein; however, unlike DE, it does reflect the impact of income taxes. Income taxes, for purposes of determining After-tax DE, represent the total U.S. GAAP income tax expense adjusted to include only the current tax expense (benefit) calculated on U.S. GAAP net income before income tax and includes the current payable under our Tax Receivable Agreement, which is recorded within due to affiliates and other liabilities in our 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.” 101 Table of Contents 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 Consolidated Statements of Operations. Fee-Related Expenses. Fee-related expenses is a component of FRE. Fee-related expenses differs from expenses computed in accordance with U.S. GAAP in that it is net of certain reimbursement arrangements and does not include performance allocation compensation. Fee-related expenses is used in management’s review of the business. Refer to “—Reconciliation to U.S. GAAP Measures” to the comparable line items on the 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 years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Management fees $ 1,800,061 $ 1,625,710 Fee-related performance revenues 49,287 33,032 Transaction, monitoring and other fees, net 249,348 147,644 Other income 10,559 25,071 Fee-Related Revenues 2,109,255 1,831,457 Cash-based compensation and benefits, net 743,565 689,001 Fee-related performance compensation 24,644 16,516 Operating expenses, net 388,474 361,712 Fee-Related Expenses 1,156,683 1,067,229 Fee-Related Earnings 952,572 764,228 Realized performance allocations, net 204,710 194,582 Realized investment income and other, net (20,660) (7,703) Depreciation expense (20,355) (20,387) Interest expense, net (74,158) (36,109) Distributable Earnings 1,042,109 894,611 Income taxes (68,620) (57,336) After-Tax Distributable Earnings $ 973,489 $ 837,275 102 Table of Contents Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 Fee-Related Revenues Fee-related revenues increased $277.8 million, or 15%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily due to additional management fees of $174.4 million and an increase in transaction, monitoring and other fees, net of $101.7 million, partially offset by a decrease in other income of $14.5 million. Management Fees The following table presents management fees in our platforms for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Capital $ 500,676 $ 514,494 Growth 232,891 167,387 Impact 276,538 198,824 Credit 341,772 311,033 Real Estate 350,077 350,647 Market Solutions 98,107 83,325 Total Management Fees $ 1,800,061 $ 1,625,710 The $174.4 million increase in management fees during the year ended December 31, 2025 compared to the year ended December 31, 2024 is attributable to: •a decrease of $13.8 million from our Capital platform primarily due to catch-up fees from Asia VIII earned during the year ended December 31, 2024, a reduction in the fee basis of TPG VII and TPG VIII resulting from the realization of portfolio investments, a step-down in fee basis of TPG IX from committed capital to invested capital in the fourth quarter of 2025, and Asia VI which ceased paying management fees in 2024, partially offset by fees earned from TPG X, which was activated during the third quarter of 2025; •an increase of $65.5 million from our Growth platform primarily due to new capital raised for Growth VI during the last twelve months, resulting in a larger fee-earning commitment base; •an increase of $77.7 million from our Impact platform primarily due to fees earned from Rise Climate II, Rise Climate Global South and Rise Climate TI, which were activated during the third quarter of 2024, partially offset by a step-down in fee basis of Rise Climate I from committed capital to actively invested capital during the fourth quarter of 2024; •an increase of $30.7 million from our Credit platform primarily due to a higher fee basis from deployment of capital in MMDL V and MMDL Evergreen as well as Credit Solutions III, which was activated during the third quarter of 2024. These were partially offset by a decrease in fees from MMDL III as a result of lower fee earning AUM; •a decrease of $0.6 million from our Real Estate platform primarily due to Realty IX which ceased paying fees beginning in the second quarter of 2025, partially offset by catch-up fees earned from Europe Realty IV; and •an increase of $14.8 million from our Market Solutions platform primarily due to additional management fees from Peppertree IX and Peppertree X which were acquired in July 2025, partially offset by catch-up fees earned from TGS I recognized during the year ended December 31, 2024. Catch-up fees totaled $54.7 million during the year ended December 31, 2025 and primarily consisted of $34.8 million for Growth VI, $8.9 million for Europe Realty IV, and $7.5 million for Rise Climate II. 103 Table of Contents Fee-Related Performance Revenues The following table presents fee-related performance revenues for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Credit $ 28,939 $ 33,032 Market Solutions 20,348 — Total Fee-Related Performance Revenues $ 49,287 $ 33,032 Fee-related performance revenues increased $16.3 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily attributable to the Market Solutions platform driven by the crystallization of T-POP fee-related performance revenues. Transaction, Monitoring and Other Fees, Net The following table presents transaction, monitoring and other fees, net in our platforms for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Capital $ 5,958 $ 6,012 Growth 1,412 1,053 Impact 7,899 6,510 Credit 8,763 4,133 Real Estate 3,316 4,014 Market Solutions 222,000 125,922 Total Transaction, Monitoring and Other Fees, Net $ 249,348 $ 147,644 Transaction, monitoring and other fees, net increased $101.7 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily driven by a $96.1 million increase in our Market Solutions platform as a result of capital markets activity among our portfolio companies involving our broker-dealer. Other Income Year Ended December 31, 2025 2024 ($ in thousands) Former affiliate funds $ — $ 13,254 Other income 10,559 11,817 Total Other Income $ 10,559 $ 25,071 Total other income decreased $14.5 million, or 58%, for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to the expiration of contracts to provide services to our former affiliate in April 2024. 104 Table of Contents Fee-Related Expenses Fee-related expenses increased $89.5 million, or 8%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was primarily comprised of higher cash-based compensation and benefits, net of $54.6 million and an increase in operating expenses, net of $26.8 million. Cash-Based Compensation and Benefits, Net The following table presents cash-based compensation and benefits, net for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Salaries $ 377,511 $ 351,739 Bonuses 317,664 300,833 Benefits and other 163,199 132,918 Reimbursements (114,809) (96,489) Total Cash-Based Compensation and Benefits, Net $ 743,565 $ 689,001 Total cash-based compensation and benefits, net increased $54.6 million, or 8%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily due to higher salaries, benefits and bonuses resulting from an overall increase in headcount, partially offset by an increase in reimbursements. Fee-Related Performance Compensation The following table presents fee-related performance compensation for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Credit $ 14,469 $ 16,516 Market Solutions 10,175 — Total Fee-related Performance Compensation $ 24,644 $ 16,516 Total fee-related performance compensation increased $8.1 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. This was primarily attributable to the increase in fee-related performance revenues from T-POP that drives compensation attributable to our partners and professionals. Operating Expenses, Net Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $26.8 million, or 7%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This change was primarily due to an increase in professional fees. 105 Table of Contents Realized Performance Allocations, Net The following table presents realized performance allocations, net from our platforms for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Capital $ 76,188 $ 64,302 Growth 45,468 32,398 Impact 4,534 17,801 Credit 64,448 66,916 Real Estate 9,443 9,936 Market Solutions 4,629 3,229 Total Realized Performance Allocations, Net $ 204,710 $ 194,582 Realized performance allocations, net of $204.7 million for the year ended December 31, 2025 were largely generated from realizations of $48.0 million from TPG VII, $9.8 million from TPG VIII, $9.5 million from Asia VIII, and $8.6 million from Asia VII in the Capital platform, $42.5 million from Growth IV in the Growth platform, $11.3 million from MVP Fund, $10.6 million from Credit Solutions II, and $5.8 million from MMDL V in the Credit platform, and $6.1 million from Net Lease Realty III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Viking Cruises, Crunch Fitness, DirecTV, Q-Centrix, and Samhwa Co. Realized Investment Income and Other, Net The following table presents realized investment income and other, net for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Investments in funds $ 72,006 $ 27,882 Non-core income (expense) (92,666) (35,585) Total Realized Investment Income and Other, Net $ (20,660) $ (7,703) The decrease in realized investment income and other, net of $13.0 million during the year ended December 31, 2025 compared to the year ended December 31, 2024 resulted primarily from an increase in our non-core expense partially offset by realizations from certain investments in our funds. Our non-core activity includes expenses of $41.0 million related to our unoccupied lease space and $28.9 million for strategic transaction activity during the year ended December 31, 2025. Depreciation Depreciation expense remained flat for the year ended December 31, 2025 compared to the year ended December 31, 2024. 106 Table of Contents Interest Expense, Net The following table presents interest expense, net for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in thousands) Interest expense $ 112,565 $ 87,715 Interest (income) (38,407) (51,606) Interest Expense, Net $ 74,158 $ 36,109 Interest expense, net increased $38.0 million for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily driven by higher average debt outstanding throughout the year. Distributable Earnings The increase in DE for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily due to an increase in FRE, partially offset by an increase in interest expense. Income Taxes Income taxes increased $11.3 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in expected payments under our Tax Receivable Agreement for the year ended December 31, 2025. Reconciliation to U.S. GAAP Measures The following tables reconcile the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP to non-GAAP financial measures for the years ended December 31, 2025 and 2024: Revenue Year Ended December 31, 2025 2024 ($ in thousands) GAAP Revenue $ 4,670,212 $ 3,500,082 Capital-allocation based income (2,246,074) (1,413,006) Expense reimbursements (275,303) (217,049) Investment income and other (39,580) (38,570) Fee-Related Revenues $ 2,109,255 $ 1,831,457 107 Table of Contents Expenses Year Ended December 31, 2025 2024 ($ in thousands) GAAP Expenses $ 4,094,407 $ 3,578,323 Depreciation and amortization expense (144,542) (135,386) Interest expense (112,111) (87,511) Expense reimbursements (275,303) (217,049) Performance allocation compensation (1,427,458) (930,053) Equity-based compensation (813,741) (1,006,312) Acquisition success fee (4,000) — Non-core expenses and other (160,569) (134,783) Fee-Related Expenses $ 1,156,683 $ 1,067,229 Net Income Year Ended December 31, 2025 2024 ($ in thousands) Net income (loss) $ 599,585 $ (76,915) Net income attributable to other non-controlling interests (364,226) (75,529) Amortization expense 113,196 97,585 Equity-based compensation 823,610 1,004,925 Unrealized performance allocations, net (203,587) (79,935) Unrealized investment income 6,018 (77,282) Income taxes (1,579) (5,388) Acquisition success fee 4,000 — Non-recurring and other (3,528) 49,814 After-tax Distributable Earnings $ 973,489 $ 837,275 Income taxes 68,620 57,336 Distributable Earnings $ 1,042,109 $ 894,611 Realized performance allocations, net (204,710) (194,582) Realized investment income and other, net 20,660 7,703 Depreciation expense 20,355 20,387 Interest expense, net 74,158 36,109 Fee-Related Earnings $ 952,572 $ 764,228 Net Accrued Performance Year Ended December 31, 2025 2024 ($ in thousands) GAAP Investments $ 9,211,816 $ 7,503,281 Equity method and other investments (1,902,577) (1,545,202) Accrued performance allocation compensation (5,399,750) (4,376,523) Impact of other consolidated entities (629,734) (607,989) Net Accrued Performance $ 1,279,755 $ 973,567 108 Table of Contents 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 December 31, 2025 and 2024: December 31, 2025 2024 ($ in millions) Capital $ 90,857 $ 74,408 Growth 32,237 28,062 Impact 31,258 26,569 Credit 93,064 72,359 Real Estate 38,168 36,296 Market Solutions 17,445 8,179 AUM as of end of period $ 303,029 $ 245,873 109 Table of Contents The table below presents rollforwards of our total AUM for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in millions) Balance as of Beginning of Period $ 245,873 $ 221,623 Acquisition 7,927 — Capital Raised 51,485 30,123 Realizations (23,371) (22,913) Outflows(1) (2,842) (1,992) Changes in Investment Value and Other(2) 23,957 19,032 AUM as of end of period $ 303,029 $ 245,873 _________________ (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 $57.2 billion during the year ended December 31, 2025. This increase was led by $51.5 billion of capital raised primarily attributable to fundraising activities of TPG X within the Capital platform, Growth VI within the Growth platform, Rise Climate II within the Impact platform, Credit Solutions III, MMDL VI, MMDL Continuation I and ABC Evergreen within the Credit platform, TRECO within the Real Estate platform and TGS II and T-POP within the Market Solutions platform. Investment appreciation of $24.0 billion and the $7.9 billion acquisition of Peppertree in July further contributed to AUM growth during the year ended December 31, 2025. These increases were partially offset by realization activities in TPG VII, TPG IX, Asia VI and Asia VII within the Capital platform, Growth IV and Growth V within the Growth platform, Rise II within the Impact platform, MMDL III, MMDL IV and MMDL II within the Credit platform and TREP III and Net Lease Realty III within the Real Estate platform during the year ended December 31, 2025. Fee-Earning Assets Under Management Fee-earning AUM (“FAUM”) represents only the AUM from which we are entitled to receive management fees. FAUM is the sum of all the individual fee bases that are used to calculate our management fees and differs from AUM in the following respects: (i) assets and commitments from which we are not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which we are entitled to receive only performance allocations or are otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in our credit and real estate funds, have different methodologies for calculating management fees that are not based on the fair value of the respective funds’ underlying investments. We believe this measure is useful to investors as it provides additional insight into the capital base upon which we earn management fees. Our definition of FAUM is not based on any definition of AUM or FAUM that is set forth in the agreements governing the investment funds and products that we manage. The following table summarizes our FAUM by platform as of December 31, 2025 and 2024: December 31, 2025 2024 ($ in millions) Capital $ 44,474 $ 37,075 Growth 15,294 12,334 Impact 20,635 17,357 Credit 52,772 43,005 Real Estate 26,068 26,138 Market Solutions 10,859 5,377 FAUM as of end of period $ 170,102 $ 141,286 110 Table of Contents The table below presents rollforwards of our FAUM for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in millions) Balance as of Beginning of Period $ 141,286 $ 136,794 Acquisition 4,458 — Fee-Earning Capital Raised(1) 22,099 10,882 Deployment(2) 20,517 14,012 Realizations(3) (13,008) (15,980) Reduction in Fee Base(4) (5,070) (3,663) Outflows(5) (2,472) (1,906) Market Activity and Other(6) 2,292 1,147 FAUM as of end of period $ 170,102 $ 141,286 _________________ In the first quarter of 2025, we began reporting Fee-Earning Deployment and Realizations separately from Net Change in Investment Activity. We believe this additional disclosure is helpful to understand key drivers associated with our FAUM. Updating the presentation did not have any impact on total FAUM. (1)Fee-Earning Capital Raised represents capital raised by our funds for which management fees calculated based on commitments or subscriptions were activated during the period. (2)Deployment represents increases in investment cost and CLO collateral assets, as well as capital called for investments. (3)Realizations represent decreases in investment cost and CLO collateral assets, as well as distributions of investment related proceeds. (4)Reduction in Fee Base represents decreases in the fee basis for funds where the investment or commitment fee period has expired, and the fee base has reduced from commitment base to actively invested capital. It also includes reductions for funds that are no longer fee paying. (5)Outflows represent redemptions and withdrawals. (6)Market Activity and Other represents income activity for our funds for which management fees are calculated based on invested net capital or net asset value, as well as foreign exchange fluctuations. FAUM increased $28.8 billion during the year ended December 31, 2025, primarily driven by $22.1 billion in fee-earning capital raised. This activity was led by the activation of TPG X during the third quarter within the Capital platform, the final closing of Growth VI during the second quarter within the Growth platform, subsequent closings for Rise Climate II during the third and fourth quarters within the Impact platform and the activation of TGS II during the third quarter within the Market Solutions platform. Deployment added $20.5 billion to FAUM primarily driven by TPG IX within the Capital platform, TTAD II within Growth platform, Rise Climate I within the Impact platform and MMDL V, MMDL Continuation I, Credit Solutions III, ABC Fund II and MMDL Evergreen within the Credit platform. Acquisition of Peppertree in July 2025 within the Market Solutions platform contributed an additional $4.5 billion of FAUM during the year ended December 31, 2025. These increases were partially offset by realizations of $13.0 billion primarily attributable to TPG VII within the Capital platform, Growth IV within the Growth platform, MMDL III, Essential Housing II, MMDL IV, MMDL II and Credit Solutions II within the Credit platform and Net Lease Realty III and TREP III within the Real Estate platform. For the year ended December 31, 2025, annualized weighted average management fees as a percentage of FAUM, which represent annualized management fees divided by the average of each applicable period’s FAUM were 1.16%. Net Accrued Performance Net accrued performance represents both unrealized and undistributed performance allocations and fee-related performance revenues resulting from our general partner interests in investment funds that we manage. We believe this measure is useful to investors as it provides additional insight into the accrued performance to which the TPG Operating Group Common Unit holders are expected to receive. 111 Table of Contents The tables below summarize our net accrued performance by fund vintage year and platform as of December 31, 2025 and December 31, 2024: December 31, 2025 2024 ($ in millions) Fund Vintage 2020 & Prior $ 809 $ 801 2021 136 78 2022 280 87 2023 23 5 2024 12 3 2025 20 — Net Accrued Performance $ 1,280 $ 974 December 31, 2025 2024 ($ in millions) Platform Capital $ 581 $ 468 Growth 211 226 Impact 173 116 Credit 83 73 Real Estate 100 82 Market Solutions 132 9 Net Accrued Performance $ 1,280 $ 974 Net accrued performance was primarily driven by TPG VIII, TPG IX, Asia VII, Growth V and Growth IV as of December 31, 2025 and TPG VII, TPG VIII, Asia VII, Growth IV, Growth V and Rise I as of December 31, 2024. We also utilize Performance Generating AUM and Performance Eligible AUM as key metrics to understand AUM that could produce performance allocations or fee-related performance revenues. Performance Generating AUM refers to the AUM of funds we manage that are currently above their respective hurdle rate or preferred return, and profit of such funds are being allocated to, or earned by, us in accordance with the applicable limited partnership agreements or other governing agreements. Performance Eligible AUM refers to the AUM that is currently, or may eventually, produce performance allocations or fee-related performance revenues. All funds for which we are entitled to receive a performance allocation, incentive fee or fee-related performance revenue are included in Performance Eligible AUM. Performance Generating AUM totaled $208.8 billion and $163.4 billion as of December 31, 2025 and December 31, 2024, respectively. Across the investment funds that we manage, Performance Eligible AUM totaled $254.3 billion and $209.3 billion as of December 31, 2025 and December 31, 2024, respectively. AUM Subject to Fee-Earning Growth AUM Subject to Fee-Earning Growth represents capital commitments that when deployed have the ability to grow our fees through earning new management fees (AUM Not Yet Earning Fees) or when management fees can be charged at a higher rate as capital is invested or for certain funds as management fee rates increase during the life of a fund (FAUM Subject to Step-Up). AUM Not Yet Earning Fees represents the amount of capital commitments to TPG’s funds and co-investment vehicles that has not yet been invested or considered active, and as this capital is invested or activated, the fee-paying portion will be included in FAUM. FAUM Subject to Step-Up represents capital raised within certain funds where the management fee rate increases once capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up is included within FAUM. 112 Table of Contents The table below reflects AUM Subject to Fee-Earning Growth by platform as of December 31, 2025 and December 31, 2024: December 31, 2025 December 31, 2024 ($ in millions) AUM Not Yet Earning Fees: Capital $ 5,481 $ 3,088 Growth 4,029 2,796 Impact 981 1,928 Credit 13,463 7,613 Real Estate 3,886 3,468 Market Solutions 818 315 Total AUM Not Yet Earning Fees $ 28,658 $ 19,208 FAUM Subject to Step-Up: Capital $ 4,058 $ 926 Growth 29 — Credit 5,118 5,828 Real Estate 1,713 2,183 Market Solutions 903 — Total FAUM Subject to Step-Up 11,821 8,937 Total AUM Subject to Fee-Earning Growth $ 40,479 $ 28,145 As of December 31, 2025, AUM Not Yet Earning Fees was $28.7 billion, which primarily consisted of TPG IX, TPG VIII and THP III within the Capital platform, Growth V, TPG Sports and TDM within the Growth platform, Rise Climate I within the Impact platform, Credit Solutions III, MMDL VI and MMDL V within the Credit platform and TRECO within the Real Estate platform. Associated with FAUM Subject to Step-Up, management fee rates for these respective underlying funds or certain investors range between 0.35% and 1.65% and step-up to rates in the range of 0.47% and 1.75% after capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up as of December 31, 2025 relates primarily to TPG X within the Capital platform, MMDL V and Credit Solutions III within the Credit platform and Asia Realty V within the Real Estate platform. Capital Raised Capital raised is the aggregate amount of subscriptions and capital raised by our investment funds and co-investment vehicles during a given period, as well as the senior and subordinated notes issued through our CLOs and equity raised through our perpetual vehicles. We believe this measure is useful to investors as it measures access to capital across TPG and our ability to grow our management fee base. 113 Table of Contents The table below presents capital raised by platform for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in millions) Capital $ 14,987 $ 5,513 Growth 5,516 1,678 Impact 4,522 6,891 Credit 20,773 12,423 Real Estate 2,651 2,246 Market Solutions 3,036 1,372 Total Capital Raised $ 51,485 $ 30,123 Capital raised totaled approximately $51.5 billion for the year ended December 31, 2025. This was primarily attributable to the fundraising activities of TPG X within the Capital platform, Growth VI within the Growth platform, Rise Climate II within the Impact platform, Credit Solutions III, MMDL VI, MMDL Continuation I and ABC Evergreen within the Credit platform, TRECO within the Real Estate platform and TGS II and T-POP within the Market Solutions platform during the year ended December 31, 2025. Available Capital Available capital is the aggregate amount of unfunded capital commitments and recallable distributions that partners have committed to our funds and co-investment vehicles to fund future investments. Available capital is reduced for investments completed using fund-level subscription-related credit facilities. We believe this measure is useful to investors as it provides additional insight into the amount of capital that is available to our investment funds and co-investment vehicles to make future investments. The table below presents available capital by platform as of December 31, 2025 and 2024: December 31, 2025 2024 ($ in millions) Capital $ 21,776 $ 14,345 Growth 7,050 5,297 Impact 9,564 9,767 Credit 18,268 12,325 Real Estate 12,293 13,376 Market Solutions 3,485 2,492 Available Capital $ 72,436 $ 57,602 Available capital totaled $72.4 billion as of December 31, 2025, primarily attributable to TPG X, Asia VIII, TPG IX, THP II and TPG VIII within the Capital platform, Growth VI and Growth V within the Growth platform, Rise Climate II within the Impact platform, Credit Solutions III, MMDL VI, MMDL V, MMDL III and TPG Advantage Direct Lending within the Credit platform, TREP IV, Europe Realty IV, TRECO and Asia Realty V within the Real Estate platform and TGS II and Peppertree X within the Market Solutions platform. Capital Invested Capital invested is the aggregate amount of capital invested during a given period by our investment funds, co-investment vehicles and CLOs, as well as increases in gross assets of certain perpetual funds. It excludes certain hedge fund activity, but includes investments made using investment financing arrangements like credit facilities, as applicable. We believe this measure is useful to investors as it measures capital deployment across the firm. 114 Table of Contents The table below presents capital invested by platform for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in millions) Capital $ 8,410 $ 5,934 Growth 4,489 1,817 Impact 4,159 2,171 Credit 24,995 16,234 Real Estate 6,115 6,330 Market Solutions 3,740 458 Capital Invested $ 51,908 $ 32,944 Capital invested was $51.9 billion for the year ended December 31, 2025, which was primarily attributable to TPG IX within the Capital platform, Growth VI and TTAD II within the Growth platform, Rise Climate II and Rise Climate I within the Impact platform, ABC Fund II, MMDL V, MITT, ABC Evergreen and MMDL Continuation I within the Credit platform, TRTX and TREP IV within the Real Estate platform and T-POP and TGS I within the Market Solutions platform. Realizations Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds. The table below presents realizations by platform for the years ended December 31, 2025 and 2024: Year Ended December 31, 2025 2024 ($ in millions) Capital $ 6,248 $ 6,706 Growth 3,547 2,785 Impact 1,825 1,408 Credit 7,243 7,506 Real Estate 4,048 3,841 Market Solutions 460 667 Total Realizations $ 23,371 $ 22,913 Realizations were $23.4 billion for the year ended December 31, 2025, primarily attributable to realization activities in TPG VII, TPG IX, Asia VI and Asia VII within the Capital platform, Growth IV and Growth V within the Growth platform, Rise II within the Impact platform, MMDL III, MMDL IV and MMDL II within the Credit platform and TREP III and Net Lease Realty III within the Real Estate platform during the year ended December 31, 2025. Fund Performance Metrics Fund performance information for our investment funds as of December 31, 2025 is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of our firmwide performance and is also not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund’s financial results in accordance with U.S. GAAP. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See “Item 1A.—Risk Factors—Risks Related to Our Business—Our funds’ historical returns should not be considered as indicative of our or our funds’ future results or of any returns expected on an investment in our Class A common stock.” 115 Table of Contents The following tables reflect the performance of our selected funds as of December 31, 2025 ($ in millions): Fund Vintage Year(1) Capital Committed(2) Capital Invested(3) Realized Value(4) Unrealized Value(5) Total Value(6) Gross IRR(7) Gross MoM(7) Net IRR(8) Net MoM(9) Platform: Capital Capital Funds Air Partners 1993 $ 64 $ 64 $ 697 $ — $ 697 81 % 10.9x 73 % 8.9x TPG I 1994 721 696 3,095 — 3,095 47 % 4.4x 36 % 3.5x TPG II 1997 2,500 2,554 5,010 — 5,010 13 % 2.0x 10 % 1.7x TPG III 1999 4,497 3,718 12,360 — 12,360 34 % 3.3x 26 % 2.6x TPG IV 2003 5,800 6,157 13,734 — 13,734 20 % 2.2x 15 % 1.9x TPG V 2006 15,372 15,564 22,074 — 22,074 6 % 1.4x 5 % 1.4x TPG VI 2008 18,873 19,220 33,481 58 33,539 14 % 1.7x 10 % 1.5x TPG VII 2015 10,495 10,275 22,999 1,826 24,825 26 % 2.4x 19 % 2.0x TPG VIII 2019 11,505 10,738 5,663 14,589 20,252 22 % 1.9x 15 % 1.5x TPG IX 2022 12,014 10,511 1,205 14,178 15,383 37 % 1.5x 24 % 1.3x TPG X 2025 10,858 598 — 1,037 1,037 NM NM NM NM Capital Funds 92,699 80,095 120,318 31,688 152,006 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 5,440 114 5,554 10 % 1.7x 6 % 1.4x Asia VI 2012 3,270 3,285 4,810 1,706 6,516 13 % 2.0x 9 % 1.6x Asia VII 2017 4,630 4,636 4,094 4,750 8,844 18 % 1.9x 11 % 1.5x Asia VIII 2022 5,259 3,095 473 4,105 4,578 33 % 1.6x 16 % 1.3x Asia Funds 19,773 17,341 23,962 10,675 34,637 20 % 2.0x 14 % 1.6x Healthcare Funds THP I 2019 2,704 2,457 891 3,195 4,086 18 % 1.6x 11 % 1.4x THP II 2022 3,576 2,013 141 3,217 3,358 45 % 1.6x 29 % 1.4x THP III 1,125 — — — — NM NM NM NM Healthcare Funds 7,405 4,470 1,032 6,412 7,444 24 % 1.6x 14 % 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 — 129 129 (10 %) 0.6x (11 %) 0.6x Continuation Vehicles 1,524 1,521 2,720 129 2,849 35 % 1.9x 29 % 1.7x Platform: Growth Growth Funds STAR 2007 1,264 1,259 1,895 — 1,895 12 % 1.5x 6 % 1.3x Growth II 2011 2,041 2,185 4,847 495 5,342 21 % 2.5x 15 % 2.0x Growth III 2015 3,128 3,382 5,117 1,787 6,904 23 % 2.0x 15 % 1.6x Growth IV 2017 3,739 3,624 4,649 3,208 7,857 20 % 2.1x 14 % 1.7x Gator 2019 726 686 771 508 1,279 24 % 1.9x 20 % 1.7x Growth V 2020 3,558 3,307 1,469 4,158 5,627 18 % 1.7x 12 % 1.4x Growth VI 2023 4,285 2,118 8 2,645 2,653 49 % 1.3x 18 % 1.1x Growth Funds 18,741 16,561 18,756 12,801 31,557 19 % 1.9x 13 % 1.6x Tech Adjacencies Funds TTAD I 2018 1,574 1,497 1,179 1,333 2,512 16 % 1.6x 12 % 1.4x TTAD II 2021 3,198 3,072 656 3,827 4,483 22 % 1.5x 17 % 1.4x TTAD III 2025 566 153 — 244 244 NM NM NM NM Tech Adjacencies Funds 5,338 4,722 1,835 5,404 7,239 19 % 1.6x 14 % 1.4x TDM 2017 1,326 601 — 1,063 1,063 11 % 1.8x 8 % 1.5x LSI 2023 410 217 21 201 222 (5 %) 1.0x (25 %) 0.8x TECA 2025 742 265 — 310 310 NM NM NM NM TPG Atlas 2025 752 427 — 481 481 NM NM NM NM TPG Sports 751 — — — — NM NM NM NM 116 Table of Contents 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 $ 2,045 $ 1,658 $ 2,188 $ 3,846 15 % 1.8x 10 % 1.5x Rise II 2020 2,176 2,077 847 2,538 3,385 15 % 1.6x 10 % 1.4x Rise III 2022 2,700 2,268 285 3,262 3,547 39 % 1.6x 23 % 1.3x The Rise Funds 6,982 6,390 2,790 7,988 10,778 18 % 1.7x 11 % 1.4x Rise Climate Funds Rise Climate I 2021 7,268 6,340 1,498 7,918 9,416 25 % 1.5x 15 % 1.3x Rise Climate II(11) 2025 6,625 1,444 — 1,482 1,482 NM NM NM NM Rise Climate Global South(11) 2025 808 31 — 31 31 NM NM NM NM Rise Climate TI 2025 1,313 410 — 410 410 NM NM NM NM Rise Climate Funds 16,014 8,225 1,498 9,841 11,339 25 % 1.5x 15 % 1.3x TSI 2018 333 133 368 — 368 35 % 2.8x 25 % 2.1x Evercare 2019 621 454 116 429 545 3 % 1.2x 0 % 1.0x TPG NEXT(12) 2023 565 49 3 49 52 NM NM NM NM Platform: Credit TPG Credit Solutions Credit Solutions I 2019 1,805 1,801 2,125 636 2,761 16 % 1.6x 12 % 1.4x Credit Solutions I Dislocation A 2020 909 602 795 — 795 34 % 1.3x 27 % 1.3x Credit Solutions I Dislocation B 2020 308 176 211 — 211 28 % 1.2x 21 % 1.2x Credit Solutions II 2021 3,134 3,040 1,142 3,020 4,162 16 % 1.4x 12 % 1.3x Credit Solutions II Dislocation A 2022 1,310 868 916 120 1,036 19 % 1.2x 14 % 1.2x Credit Solutions III 2024 6,214 1,237 14 1,474 1,488 NM NM NM NM TPG Credit Solutions 13,680 7,724 5,203 5,250 10,453 17 % 1.4x 13 % 1.3x Essential Housing Essential Housing I 2020 642 456 577 — 577 15 % 1.3x 12 % 1.2x Essential Housing II 2021 2,534 1,071 1,108 305 1,413 16 % 1.4x 12 % 1.3x Essential Housing III 2024 1,619 746 4 830 834 14 % 1.1x 11 % 1.1x Essential Housing 4,795 2,273 1,689 1,135 2,824 16 % 1.3x 12 % 1.2x Hybrid Solutions 2025 389 62 — 95 95 NM NM NM NM TPG Asset Based Finance ABC Fund I 2021 1,005 904 178 1,105 1,283 17 % 1.4x 13 % 1.3x ABC Fund II 2024 1,258 932 3 985 988 NM NM NM NM TPG Asset Based Finance 2,263 1,836 181 2,090 2,271 17 % 1.4x 13 % 1.3x TPG Direct Lending(13) MMDL I 2015 594 572 846 — 846 14 % 1.6x 10 % 1.4x MMDL II 2016 1,580 1,563 2,326 — 2,326 14 % 1.7x 10 % 1.5x MMDL III 2018 2,751 2,547 3,669 — 3,669 13 % 1.6x 10 % 1.5x MMDL IV 2020 2,671 2,586 1,726 1,846 3,572 14 % 1.5x 10 % 1.4x MMDL IV Annex 2021 797 767 437 566 1,003 14 % 1.4x 11 % 1.3x MMDL V 2022 3,924 2,853 401 2,892 3,293 17 % 1.2x 13 % 1.2x MMDL VI 2025 2,214 87 — 83 83 NM NM NM NM TPG Direct Lending 14,531 10,975 9,405 5,387 14,792 14 % 1.5x 10 % 1.4x Continuation Vehicles MMDL Continuation I 2025 1,207 1,123 9 1,070 1,079 NM NM NM NM Continuation Vehicles 1,207 1,123 9 1,070 1,079 NM NM NM NM 117 Table of Contents 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 4,324 4,032 2,357 6,389 16 % 1.6x 11 % 1.4x TREP IV 2022 6,820 4,581 806 4,803 5,609 18 % 1.2x 8 % 1.1x TPG Real Estate Partners 12,607 11,118 8,412 7,162 15,574 21 % 1.5x 13 % 1.3x TPG AG U.S. Real Estate 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 2,785 105 2,890 15 % 1.6x 11 % 1.4x Realty IX 2015 1,329 1,986 2,283 226 2,509 8 % 1.4x 5 % 1.3x Realty Value X 2018 2,775 4,588 4,208 1,497 5,705 12 % 1.4x 8 % 1.2x Realty Value XI 2022 2,589 2,865 1,121 2,178 3,299 15 % 1.2x 7 % 1.1x TPG AG Realty 10,441 14,647 14,938 4,006 18,944 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 2,020 2,086 221 2,307 5 % 1.2x 2 % 1.1x TPG AG Core Plus Realty 3,650 5,084 6,649 221 6,870 15 % 1.5x 11 % 1.4x TPG Asia Real Estate 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 1,024 126 1,150 11 % 1.3x 6 % 1.2x Asia Realty IV 2018 1,315 1,313 1,356 493 1,849 14 % 1.4x 9 % 1.3x Asia Realty V 2022 2,007 1,106 145 1,281 1,426 26 % 1.3x 12 % 1.2x Asia Realty 5,311 4,396 4,241 1,900 6,141 13 % 1.4x 8 % 1.3x Japan Value Japan Value(14) 2023 417 253 23 270 293 75 % 1.4x 39 % 1.2x Japan Value 417 253 23 270 293 75 % 1.4x 39 % 1.2x TPG AG Europe Real Estate Europe Realty I 2014 570 1,187 1,719 8 1,727 24 % 2.0x 17 % 1.7x Europe Realty II 2017 843 1,763 1,831 453 2,284 7 % 1.4x 5 % 1.3x Europe Realty III(15) 2019 1,515 2,204 930 1,361 2,291 7 % 1.3x 3 % 1.1x Europe Realty IV(15) 2023 2,270 796 171 782 953 141 % 1.3x 7 % 1.0x TPG AG Europe Real Estate 5,198 5,950 4,651 2,604 7,255 13 % 1.5x 8 % 1.3x 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 2,426 3,038 409 3,447 12 % 2.0x 8 % 1.6x Net Lease Realty IV 2019 997 1,974 1,458 905 2,363 11 % 1.4x 7 % 1.3x Net Lease Realty V 2024 259 317 184 149 333 NM NM NM NM TPG Net Lease 3,000 5,986 6,991 1,463 8,454 14 % 1.9x 10 % 1.6x TAC+ 2021 1,797 1,275 156 1,136 1,292 0 % 1.0x (1 %) 1.0x TRECO 2024 1,786 717 454 326 780 31 % 1.3x 8 % 1.1x 118 Table of Contents Fund Vintage Year(1) Capital Committed(2) Capital Invested(3) Realized Value(4) Unrealized Value(5) Total Value(6) Gross IRR(7) Gross MoM(7) Net IRR(8) Net MoM(9) Platform: Market Solutions TPG Peppertree Funds Peppertree I 2004 $ 63 $ 44 $ 95 $ — $ 95 16 % 2.1x 11 % 1.7x Peppertree II 2008 24 21 57 — 57 30 % 2.8x 20 % 2.1x Peppertree III 2011 55 49 105 4 109 16 % 2.2x 11 % 1.8x Peppertree IV 2014 132 119 215 40 255 16 % 2.1x 11 % 1.7x Peppertree V 2014 79 63 12 90 102 5 % 1.6x 3 % 1.3x Peppertree VI 2016 230 204 146 453 599 18 % 2.9x 13 % 2.2x Peppertree VII 2018 505 460 31 1,236 1,267 17 % 2.8x 13 % 2.2x Peppertree VIII 2020 1,000 890 31 1,774 1,805 16 % 2.0x 11 % 1.7x Peppertree IX 2022 1,500 1,299 81 1,813 1,894 14 % 1.5x 10 % 1.3x Peppertree X 2023 2,040 1,007 — 1,307 1,307 30 % 1.3x 18 % 1.2x TPG Peppertree Funds 5,628 4,156 773 6,717 7,490 16 % 1.8x 12 % 1.5x TPG GP Solutions TGS I(12) 2022 1,864 988 15 1,266 1,281 56 % 1.3x 33 % 1.2x TGS II(12) 1,484 — — — — NM NM NM NM TPG GP Solutions 3,348 988 15 1,266 1,281 56 % 1.3x 33 % 1.2x NewQuest Funds NewQuest I(12) 2011 390 291 767 — 767 48 % 3.2x 37 % 2.3x NewQuest II(12) 2013 310 342 686 78 764 24 % 2.3x 19 % 1.8x NewQuest III(12) 2016 541 543 562 215 777 8 % 1.4x 4 % 1.2x NewQuest IV(12) 2020 1,000 964 273 1,371 1,644 18 % 1.7x 10 % 1.4x NewQuest V(12) 2022 689 467 143 541 684 40 % 1.6x 27 % 1.3x NewQuest Funds 2,930 2,607 2,431 2,205 4,636 33 % 1.9x 19 % 1.5x The following table reflects the performance of our significant perpetual funds as of December 31, 2025 ($ in millions): Fund Vintage Year(1) AUM Total Return(10) Platform: Credit TPG Credit Solutions Corporate Credit Opportunities(16) 1988 $ 371 10 % Essential Housing Evergreen 400 NM TPG Asset Based Finance MVP Fund(17) 2009 6,766 11 % ABC Evergreen(17) 2024 3,309 25 % TPG Direct Lending TCAP(18) 2022 4,513 10 % MMDL Evergreen 2022 2,693 11 % MMDL Offshore Evergreen 2024 1,268 9 % TPG Advantage Direct Lending 2025 933 NM TPG Multi-Asset Credit Dynamic Credit Income Fund(17) 1993 1,109 9 % Platform: Market Solutions T-POP(19) 2025 1,365 23 % 119 Table of Contents _________________ Note: Past performance is not indicative of future results. “NM” signifies that the relevant data would not be meaningful. Performance metrics are generally deemed “NM” when, among other reasons, there has been limited time since initial investment. Performance metrics generally exclude amounts attributable to the fund’s general partner, its affiliated entities and “friends-of-the-firm” entities that generally pay no or reduced management fees and performance allocations. These metrics also represent an average of returns for all included investors and do not necessarily reflect the actual return of any particular investor. Amounts shown are in U.S. dollars. Unless otherwise noted, when an investment is made in another currency, (i) Capital Invested is calculated using the exchange rate at the time of the investment, (ii) Unrealized Value is calculated using the exchange rate at the period end and (iii) Realized Value reflects actual U.S. dollar proceeds to the fund. (1)Vintage Year represents the year in which the fund consummated its first investment (or, if earlier, received its first capital contributions from investors). For platforms other than Credit, for consistency with prior reporting, however, the Vintage Year classification of any fund that held its initial closing before 2018 represents the year of such fund’s initial closing. (2)Capital Committed represents the amount of inception-to-date commitments a particular fund has received. Certain of our newer vintage funds are actively fundraising and capital committed is subject to change. (3)Capital Invested represents cash outlays by the fund for its investments, whether funded through investor capital contributions or borrowing under the fund’s credit facility. For Credit funds, Capital Invested represents inception-to-date investor contributed capital net of returned contributions, excluding borrowings under the fund’s credit facility. (4)Realized Value represents total cash received or earned by the fund in respect of such investment or investments through the period end, including all interest, dividends and other proceeds. For Credit funds, Realized Value represents inception-to-date capital distributed by the fund, including any performance distributions net of recalled distributions, if any. (5)Unrealized Value, with respect to an investment in a publicly traded security, is based on the closing market price of the security as of the period end on the principal exchange on which the security trades, as adjusted by the general partner for any restrictions on disposition. Unrealized Value, with respect to an investment that is not a publicly traded security, represents the general partner’s estimate of the unrealized fair value of the fund’s investment. Unrealized Value, with respect to Credit funds, represents the ending NAV for such fund, which is the period end ending capital balances of the investors and general partner. Valuations entail a degree of subjectivity, and therefore actual value may differ from such estimated value and these differences may be material and adverse. Except as otherwise noted, valuations are as of the period end. (6)Total Value is the sum of Realized Value and Unrealized Value of investments. (7)Gross internal rate of return (“Gross IRR”) and Gross multiple of money (“Gross MoM”) represent investment level performance by the fund and incorporates the impact of fund level credit facilities, to the extent utilized by the fund. Gross IRR and Gross MoM exclude management fees, fund expenses (other than interest expense and other fees arising from amounts borrowed under the fund’s credit facility to fund investments) and performance allocations. Gross IRR is the discount rate at which (i) the present value of all Capital Invested in an investment or investments is equal to (ii) the present value of all realized and unrealized returns from such investment or investments. (8)Net IRR represents the compound annualized return rate (i.e., the implied discount rate) of a fund, which is calculated using investor cash flows in the fund, including cash received from capital called from investors, cash distributed to investors and the investors’ ending capital balances as of the period end. Net IRR is the discount rate at which (i) the present value of all capital contributed by investors to the fund (which excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital) is equal to (ii) the present value of all cash distributed to investors and the investors’ ending capital balances. (9)Net MoM represents the multiple-of-money on contributions to the fund by investors. Net MoM is calculated as the sum of cash distributed to investors and the investors’ ending capital balances as of the period end, divided by the amount of capital contributed to the fund by investors (which amount excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital). (10)Total Return represents net performance data for investors (excluding certain classes/series with special fee arrangements), net of all expenses including actual quarterly management fees payable by the fund and the accrual of carried interest to the general partner. (11)The Rise Climate Global South Fund excludes a $500 million commitment ($444 million of which was closed as of December 31, 2025) from ALTÉRRA Transformation LP made to a separate vehicle for purposes of deploying catalytic capital in connection with investments located in the Global South made by the Rise Climate II Fund and the Rise Climate Global South Fund. (12)Unless otherwise specified, the fund performance information presented above for certain funds is, due to the nature of their strategy, as of September 30, 2025. (13)Each TPG Direct Lending fund is comprised of four vehicles: onshore levered, onshore unlevered, offshore levered and offshore unlevered. Capital Committed, Capital Invested, Realized Value, Unrealized Value and Total Value for each fund are presented on a consolidated basis across the four vehicles. Performance metrics are presented only for the onshore levered vehicle of each fund. The Net IRRs and Net MoMs for TPG Direct Lending funds on a consolidated basis were: (i) for the onshore unlevered vehicles, 7% and 1.3x, (ii) for the offshore levered vehicles, 9% and 1.3x and (iii) for the offshore unlevered vehicles, 7% and 1.2x. (14)Japanese-Yen denominated fund. Commitments, Capital Invested and Realized Value are calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. (15)Includes Euro denominated fund entity with Commitments, Capital Invested and Realized Value calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. Performance metrics only reflects capital committed in U.S. dollars, which represents the majority of capital committed to each fund. Net IRR and Net MoM were: (i) for the euro-denominated vehicle of Europe Realty III, 1% and 1.0x and (ii) for the euro-denominated vehicle of Europe Realty IV, 9% and 1.0x (16)Total Return includes onshore investors participating directly through the master fund and investors through the offshore vehicle. Total Return for the offshore vehicle was 5%. (17)Total Returns for onshore funds only. Total Returns for the offshore vehicles were: (i) for the MVP Fund, 11%, (ii) for ABC Evergreen, 24% and (iii) for Dynamic Credit Income Fund (formerly Super Fund), 8%. 120 Table of Contents (18)Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Inception-to-date figures for Class I, Class D and Class S shares use the initial offering price per share as the beginning NAV. Total Return presented is for Class I and is prior to the impact of any potential upfront placement fees. An investment in TCAP is subject to a maximum upfront placement fee of 1.5% for Class D and 3.5% for Class S, which would reduce the amount of capital available for investment, if applicable. There are no upfront placement fees for Class I shares. Total Return has been annualized for periods less than or greater than one year. (19)T-POP Total Return reflects a per unit return based on Class R-I, including reinvestment of any dividends received during the period (if applicable), and no upfront selling commission, net of all fees and expenses incurred by T-POP. Total Return for Class R-S is 23%. 121 Table of Contents Liquidity and Capital Resources We have historically derived revenues primarily from third-party assets under management and have required limited capital resources to support the working capital or operating needs of our business. We believe that our current sources of liquidity described below are sufficient to meet our projected capital needs and other obligations as they arise for at least the next twelve months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through debt financing arrangements. If we raise additional funds by issuing equity securities, the ownership of our existing investors will be diluted. The incurrence of additional debt financing would result in incremental debt service obligations, and any future instruments governing such debt could include operating and financial covenants that could restrict our operations. As of December 31, 2025, our total liquidity was $2,906.1 million, comprised of $826.1 million of cash and cash equivalents, excluding $13.2 million of restricted cash, as well as $1,750.0 million, $30.0 million and $300.0 million of incremental borrowing capacity under the Senior Unsecured Revolving Credit Facility, Subordinated Credit Facility and 364-Day Credit Facility, respectively. Total cash of $839.3 million as of December 31, 2025 includes $136.4 million of cash that is attributable to the TPG Operating Group and on balance sheet securitization vehicles. Sources of Liquidity We have multiple sources of liquidity to meet our capital needs, including: •cash generated by our operating activities, such as management fees, monitoring, transaction and other fees, realized capital allocation-based income and investment sales from our consolidated funds; •cash received from investing activities, including amounts received from notes receivable from affiliates; and •cash received from our financing activities, including cash and funds available under our credit facilities. Cash, Cash Equivalents and Restricted Cash Our consolidated cash, cash equivalents and restricted cash totaled approximately $839.3 million at December 31, 2025. Credit Facilities Senior Unsecured Revolving Credit Facility In March 2011, TPG Holdings, L.P. entered into a $400.0 million credit facility (as amended, the “Senior Unsecured Revolving Credit Facility”). As of March 31, 2025, the Senior Unsecured Revolving Credit Facility, as amended May 2018, November 2020, November 2021, July 2022, August 2022 and September 2023, had aggregate revolving commitments of $1.2 billion and with a maturity date of September 26, 2028. In May 2025, we amended the Senior Unsecured Revolving Credit Facility to extend the maturity date to May 1, 2030 and increased the size of the Senior Unsecured Revolving Credit Facility to $1.65 billion. In June 2025, we further amended the Senior Unsecured Revolving Credit Facility to increase the size of the Senior Unsecured Revolving Credit Facility to $1.75 billion. During the year ended December 31, 2025, borrowings and repayments under the Senior Unsecured Revolving Credit Facility totaled $630.0 million. In February 2026, we borrowed $400.0 million, resulting in $1.35 billion available to be borrowed under the terms of the Senior Unsecured Revolving Credit Facility. Dollar-denominated principal amounts outstanding under the Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.20% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.20%. We are also required to pay a quarterly commitment fee on the unused commitments under the Senior Unsecured Revolving Credit Facility not to exceed 0.15% per annum, as well as certain customary fees for any issued letters of credit. 122 Table of Contents Senior Notes On August 14, 2025, the Notes Issuer issued in an SEC-registered offering $500.0 million aggregate principal amount of Senior Notes due 2036 (the “2036 Senior Notes”). The 2036 Senior Notes will mature on January 15, 2036, unless earlier accelerated, redeemed or repurchased. The 2036 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2036 Senior Notes bear interest at a rate of 5.375% per annum. Interest on the 2036 Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. The 2036 Senior Notes contain certain covenants, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries. On March 5, 2024, the Notes Issuer issued in an SEC-registered offering $600.0 million aggregate principal amount of Senior Notes due 2034 (the “2034 Senior Notes” and, collectively with the 2036 Senior Notes, the “Senior Notes”). The 2034 Senior Notes will mature on March 5, 2034, unless earlier accelerated, redeemed or repurchased. The 2034 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2034 Senior Notes bear interest at a rate of 5.875% per annum. Interest on the 2034 Senior Notes is payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024. The 2034 Senior Notes contain certain covenants as set forth in the 2034 Senior Notes’ Indenture and First Supplement Indenture, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries. The payment of the principal of, premium, if any, and interest on the Senior Notes and the payment of any Senior Notes guarantee will: •rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor, including indebtedness under the Amended Senior Unsecured Revolving Credit Facility; •rank senior in right of payment to all existing and future subordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor; •be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and •be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations of each subsidiary of the Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor. Subordinated Notes On March 4, 2024, the Notes Issuer issued in an SEC-registered offering $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064 (the “Subordinated Notes”). The Subordinated Notes bear interest at a rate of 6.950% per annum. Interest on the Subordinated Notes is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, subject to the Notes Issuer’s right, on one or more occasions, to defer the payment of interest on the notes for up to five consecutive years. The Subordinated Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and subordinated obligations of the Notes Issuer and the Guarantors. The Subordinated Notes will mature on March 15, 2064, unless earlier accelerated, redeemed or repurchased. The Subordinated Notes may be redeemed at the Notes Issuer’s option (i) in whole at any time or in part from time to time on or after March 15, 2029 at a redemption price equal to their principal amount plus any accrued and unpaid interest, (ii) upon occurrence of a Tax Redemption Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 100% of their principal amount plus any accrued and unpaid interest or (iii) in whole, but not in part, at any time prior to March 15, 2029, upon the occurrence of a Rating Agency Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 102% of their principal amount plus any accrued and unpaid interest. The Subordinated Notes contain certain covenants as set forth in the Subordinated Notes’ Indenture and First Supplemental Indenture, which, subject to certain limitations, restrict the ability of 123 Table of Contents the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries. The payment of the principal of, premium, if any, and interest on the Subordinated Notes and the payment of any Subordinated Notes guarantee will: •be subordinate and rank junior in right of payment to all existing and future senior indebtedness, including indebtedness under the Senior Unsecured Revolving Credit Facility; •rank equally in right of payment with all existing and future parity indebtedness; •be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and •be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations (including policyholder liabilities and other payables) of each subsidiary of the Notes Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor. Secured Notes Our Secured Notes are issued using on-balance sheet securitization vehicles. The Secured Notes are required to be repaid only from collections on the underlying securitized equity method investments and restricted cash of the securitization vehicles. The Secured Notes are separated into two tranches. Tranche A Secured Notes (the “Series A Secured Notes”) were issued in May 2018 at a fixed rate of 5.33% with an aggregate principal balance of $200.0 million due June 20, 2038, with interest payable semiannually. Tranche B Secured Notes (the “Series B Secured Notes” or, collectively with the Series A Secured Notes, the “Secured Notes”) were issued in October 2019 at a fixed rate of 4.75% with an aggregate principal balance of $50.0 million due June 20, 2038, with interest payable semiannually. The Secured Notes contain an optional redemption feature giving us the right to call the notes in full or in part, subject to a prepayment penalty if called before May 2023. If the Secured Notes are not redeemed on or prior to June 20, 2028, we will pay additional interest equal to 4.00% per annum. The Secured Notes contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, default provisions and financial covenants and limitations on certain consolidations, mergers and sales of assets. As of December 31, 2025, we were in compliance with these covenants and conditions. Subordinated Credit Facility In August 2014, one of our consolidated subsidiaries entered into two $15.0 million subordinated revolving credit facilities (collectively, the “Subordinated Credit Facility”), for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of TPG Operating Group. In August 2025, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2026 to August 2027. The interest rate for borrowings under the Subordinated Credit Facility is calculated at a term Secured Overnight Financing Rate (“SOFR”) rate plus a 0.10% per annum adjustment and 2.25%. During the year ended December 31, 2025, the subsidiary borrowed and made repayments of $55.0 million on the Subordinated Credit Facility, resulting in a zero balance outstanding at December 31, 2025. 124 Table of Contents 364-Day Credit Facility On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility (the “364-Day Credit Facility”) with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. Borrowings under the 364-Day Credit Facility are subject to one of three interest rates depending on the type of drawdown requested. Alternate Base Rate (“ABR”) loans are denominated in U.S. Dollars and subject to a variable interest rate computed daily as the higher of the Federal Funds Rate plus 0.50% or the one-month Term SOFR plus 1.00%, plus an applicable margin of between 1.00% and 2.00%, depending on the term of the loan. Term Benchmark Loans may be denominated in U.S. Dollars or Euros, and are subject to a fixed interest rate computed as the SOFR rate for a period comparable to the term of the loan in effect two business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. Risk-Free Rate (“RFR”) loans are denominated in Sterling and subject to a fixed interest rate computed daily as the Sterling Overnight Index Average (“SONIA”) in effect five business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the term of the loan. The subsidiary is also required to a pay a quarterly facility fee equal to 0.30% per annum of the total facility capacity of $150.0 million, as well as certain customary fees for any issued loans. The Company entered into an equity commitment letter in connection with the 364-Day Credit Facility, committing to provide capital contributions, if and when required, to the consolidated subsidiary throughout the life of the facility. In April 2025, the consolidated subsidiary amended the 364-Day Credit Facility to increase the aggregate principal amount of the existing commitments to $300.0 million and extend the commitment termination date to April 11, 2026. During the year ended December 31, 2025, the subsidiary borrowed $154.0 million and made repayments of $206.0 million on the 364-Day Credit Facility, resulting in a zero balance outstanding at December 31, 2025. Our Liquidity Needs We expect that our primary liquidity needs include cash required to: •support our working capital needs; •fund cash operating expenses, including compensation and contingencies, including for clawback obligations or litigation matters; •service debt obligations, including the payment of obligations at maturity, on interest payment dates or upon redemption, as well as any contingent liabilities that may give rise to future cash payments; •continue growing our businesses, including seeding new strategies, pursuing strategic investments or acquisitions, funding our capital commitments made to existing and future funds and co-investments, meeting any net capital requirements of our broker-dealer or funding obligations of our capital markets business and otherwise supporting investment vehicles that we sponsor; •pay amounts that may become due under the Tax Receivable Agreement; •pay earnouts and contingent cash consideration associated with our acquisitions; •pay cash dividends in accordance with our dividend policy for our Class A common stock; •warehouse investments or seed portfolios for the benefit of one or more of our funds or other investment vehicles pending the expected contribution of committed capital by the investors in such vehicles and advance capital to them for other operational needs; •manage risk retention for CLOs; •address capital needs of regulated and other subsidiaries, including our broker-dealer; •settle tax withholding obligations in connection with net share settlements of equity-based awards; and 125 Table of Contents •exchange Common Units pursuant to the Exchange Agreement or repurchase or redeem other securities issued by us. Contractual Obligations In the ordinary course of business, we enter into contractual arrangements that require future cash payments. The following table sets forth information regarding our anticipated future cash payments under our contractual obligations as of December 31, 2025 (in thousands): Payments Due by Period Total 2026 2027 2028 2029 2030 2031 and Thereafter Debt obligations(1) $ 1,750,000 $ — $ — $ — $ — $ — $ 1,750,000 Interest on debt obligations(2) 2,055,663 100,795 102,960 107,960 112,960 262,688 1,368,300 Capital commitments(3) 595,895 595,895 — — — — — Operating lease obligations(4) 898,175 6,020 85,898 88,345 85,749 80,286 551,877 Repurchase agreements 88,195 29,442 26,520 32,233 — — — Total contractual obligations $ 5,387,928 $ 732,152 $ 215,378 $ 228,538 $ 198,709 $ 342,974 $ 3,670,177 _________________ (1)Debt obligations presented in the table reflect scheduled principal payments related to the Secured Notes, 2034 Senior Notes, 2036 Senior Notes and Subordinated Notes. (2)Estimated interest payments on our debt obligations include estimated future interest payments based on the terms of the debt agreements. See Note 11 to the Consolidated Financial Statements for further discussion of these debt obligations. (3)Capital commitments represent our obligations to provide general partner capital funding to the TPG funds. These amounts are generally due on demand, and accordingly, have been presented as obligations payable in the “2026” column. We generally utilize proceeds from return of capital distributions and proceeds from our Secured Notes to help fund these commitments. (4)Net of tenant improvement allowances. Additional Contingent Obligations As of December 31, 2025 and December 31, 2024, if all investments held by the TPG funds were liquidated at their current unrealized fair value, there would be clawback of $7.9 million and $5.5 million, respectively, primarily related to Asia V, for which a performance allocation reserve was recorded within other liabilities in the Consolidated Statements of Financial Condition. During the year ended December 31, 2025, the general partners made no payments on the clawback liability. Additionally, if all remaining investments were deemed worthless, a possibility management views as remote, the amount of performance allocations subject to potential clawback as of December 31, 2025 and December 31, 2024 would be $2,456.5 million and $2,140.4 million, respectively. As of December 31, 2025 and December 31, 2024, we had guarantees outstanding totaling $168.4 million and $137.5 million, respectively, related to a third-party lending program that enables certain of our eligible employees to obtain financing for capital contributions into TPG funds with a maximum potential exposure of $348.7 million and $192.9 million, respectively. 126 Table of Contents Dividends The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of our Executive Committee and Board of Directors. Date Declared Record Date Payment Date Dividend per Class A Common Share May 8, 2024 May 20, 2024 June 3, 2024 $ 0.41 August 6, 2024 August 16, 2024 August 30, 2024 0.42 November 4, 2024 November 14, 2024 December 2, 2024 0.38 February 11, 2025 February 21, 2025 March 7, 2025 0.53 Total 2024 Dividend Year (through Q4 2024) $ 1.74 May 7, 2025 May 19, 2025 June 2, 2025 $ 0.41 August 6, 2025 August 18, 2025 September 2, 2025 0.59 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 Tax Receivable Agreement The future exchanges by owners of Common Units for cash from a substantially concurrent public offering, reorganization or private sale (based on the price per share of the Class A common stock on the day before the pricing of such public offering or private sale) or, at our election, for shares of our Class A common stock on a one-for-one basis (or, in certain cases, for shares of nonvoting Class A common stock) are expected to produce or otherwise deliver to us favorable tax attributes that can reduce our taxable income. We (and our wholly-owned subsidiaries) are a party to a tax receivable agreement, under which generally we (or our wholly-owned subsidiaries) are required to pay the beneficiaries of the Tax Receivable Agreement 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that we actually realize or, in certain circumstances, are deemed to realize as a result of the Covered Tax Items. We generally retain the benefit of the remaining 15% of the applicable tax savings. The payment obligations under the Tax Receivable Agreement are obligations of TPG Inc. (or our wholly-owned subsidiaries), and we expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial. Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the 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 as follows: Exchange Date Class A Common Stock Issued 2024 Exchanges(a) February 27, 2024 17,704,987 May 21, 2024 1,998,593 August 19, 2024 1,042,119 November 15, 2024 5,155,425 2025 Exchanges(a) February 24, 2025 9,786,354 May 21, 2025 21,000,000 August 19, 2025 5,153,040 127 Table of Contents _________________ (a) The issuance of the shares of Class A common stock to such holders of Common Units was registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024. These exchanges resulted in an increase in the tax basis of our investment in the TPG Operating Group and are subject to the Tax Receivable Agreement. During the year ended December 31, 2025, we recognized an additional liability associated with the Tax Receivable Agreement in the amount of $476.1 million in connection with the Exchange Agreement. As of December 31, 2025 and December 31, 2024, Tax Receivable Agreement liability, which is included in due to affiliates in the Consolidated Statements of Financial Condition, was $495.1 million and $308.9 million, respectively. Net Cash Flows The following table presents a summary of our cash flows for the periods presented: Year Ended December 31, 2025 2024 ($ in thousands) Net cash provided by operating activities $ 1,032,395 $ 532,146 Net cash used in investing activities (263,956) (44,465) Net cash used in financing activities (750,360) (344,860) Net change in cash, cash equivalents and restricted cash 18,079 142,821 Cash, cash equivalents and restricted cash, beginning of period 821,192 678,371 Cash, cash equivalents and restricted cash, end of period $ 839,271 $ 821,192 Operating Activities Operating activities provided $1,032.4 million and $532.1 million of cash for the years ended December 31, 2025 and 2024, respectively. Key drivers consisted of performance allocation and co-investment proceeds totaling $2,291.8 million and $1,460.5 million for the years ended December 31, 2025 and 2024, respectively. This was partially offset by other changes in operating assets and liabilities for the years ended December 31, 2025 and 2024. Investing Activities Investing activities used $264.0 million and $44.5 million of cash during the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, cash used in investing activities was primarily related to the acquisition of Peppertree, which was completed in July 2025, and purchases of fixed assets. Cash used in investing activities during the year ended December 31, 2024 was primarily related to the payment of cash consideration to the sellers of Angelo Gordon as a result of post close net working capital adjustments and purchases of fixed assets. Financing Activities Financing activities used $750.4 million and $344.9 million of cash during the years ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2025, cash used by financing activities was primarily related to the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries and withholding taxes paid on net settlement of equity-based awards, partially offset by net proceeds from the issuance of the 2036 Senior Notes in August 2025 and proceeds, net of repayment from the Senior Unsecured Revolving Credit Facility. During the year ended December 31, 2024, cash used by financing activities is primarily related to the 2034 Senior Notes and Subordinated Notes offerings, partially offset by repayment of our outstanding borrowings under our Senior Unsecured Revolving Credit Facility and senior unsecured term loan and by the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries. 128 Table of Contents Supplemental Guarantor Financial Information The Subordinated Notes issued by the Notes Issuer are guaranteed on a junior, unsecured basis by the Guarantors, and the Senior Notes issued by the Notes Issuer are guaranteed on a senior, unsecured basis by the Guarantors. As used herein, “Obligor Group” means the Notes Issuer and the Guarantors on a combined basis. The Guarantors fully and unconditionally guarantee payments of principal, premium, if any, and interest (i) on the Subordinated Notes on a subordinated, unsecured basis and (ii) on the Senior Notes on a senior, unsecured basis. See Note 11 of the Consolidated Financial Statements for further discussion on these debt obligations. The Obligor Group entities are holding companies in which the primary assets are the ownership interests in certain consolidated subsidiaries. Accordingly, the Obligor Group has no independent means of generating revenue or cash flow, and its ability to service its debt and guarantee obligations depends upon the results of operations and cash flows of its consolidated subsidiaries. As of December 31, 2025 and December 31, 2024, the Obligor Group held investments in its non-guarantor subsidiaries of $3.4 billion and $3.1 billion, respectively, and recognized income from investments in its non-guarantor subsidiaries of $1.4 billion for the year ended December 31, 2025. In addition, in connection with any distribution by the consolidated subsidiaries, the Obligor Group would only receive its proportionate share of such distribution. The following summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the Obligor Group and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP. The tables present summarized financial information of the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group as of December 31, 2025 and December 31, 2024 and for the year ended December 31, 2025. December 31, 2025 2024 ($ in thousands) Summarized Obligor Group Assets and Liabilities Assets, less receivables from non-guarantor subsidiaries $ 1,250,242 $ 448,271 Due from related parties, excluding non-guarantor subsidiaries 459 3,006 Due from non-guarantor subsidiaries 157,758 173,709 Liabilities, less payables to non-guarantor subsidiaries 1,964,844 1,265,061 Due to related parties, excluding non-guarantor subsidiaries 511,968 318,952 Due to non-guarantor subsidiaries 27,508 27,119 Non-controlling interests in Obligor Group Assets and Liabilities (633,381) (669,389) Year Ended December 31, 2025 ($ in thousands) Summarized Obligor Group Revenues, Net Income (Loss) and Non-Controlling Interests Revenues from Obligor Group $ (30,264) Net loss from Obligor Group's revenues and expenses (200,544) Net loss attributable to non-controlling interests associated with Obligor Group's revenues and expenses (72,756) Off-Balance Sheet Arrangements We have not entered into any off-balance sheet arrangements, as defined in Regulation S-K. 129 Table of Contents Critical Accounting Estimates The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities in our Consolidated Financial Statements. We regularly assess these estimates; however, actual amounts could differ from those estimates. The impact of changes in estimates is recorded in the period in which they become known. An accounting policy is considered to be critical if the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and the effect of the estimates and assumptions on financial condition or operating performance. The accounting policies we believe to reflect our more significant estimates, judgments and assumptions that are most critical to understanding and evaluating our reported financial results are: revenue recognition, fair value measurements, business combinations and intangible assets. Revenues We recognize revenue in accordance with ASC 606. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. We are required to 1) identify our contracts with customers, 2) identify the performance obligations in a contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract and 5) recognize revenue when (or as) we satisfy a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. When another party is involved in providing goods or services to the customer, the guidance requires us to assess whether we are the principal versus the agent in the arrangement based on the notion of control, which affects recognition of revenue on a gross or net basis. Essentially all of our revenue and operations are directly or indirectly supporting affiliated investment funds and are derived from or related to their underlying investments. Management fees related to our funds are generally based on a fixed percentage of the committed capital, net funded capital commitments, cost of investments or Net Asset Value (“NAV”), or actively invested capital. The corresponding fee calculations are primarily objective in nature and therefore do not require the use of significant estimates or assumptions. Management fee calculations based on NAV depend on the fair value of the underlying investments within the respective investment vehicle. Estimates and assumptions are made when determining the fair value of the underlying investments and could vary depending on the valuation methodology that is used. See “Fair Value Measurements” below for further discussion on the judgment required for determining the fair value of underlying investments. Incentive fees within the scope of the revenue guidance are generally calculated as a percentage of the profits earned in respect of certain accounts for which we are the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the AUM over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. We recognize incentive fee revenue only when these amounts are no longer subject to significant reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period. Incentive fees structured as performance allocations are accounted for under the equity method of accounting. For open-ended funds, we calculate revenue based on a percentage of annual fund profits, reduced by minimum return hurdles, and subject to prior year loss carry-forwards. Performance allocations for open-end funds are either paid in the first quarter following the performance year or during the calendar year if there are investor redemptions, and are generally not subject to repayment by the Company. Performance allocations attributed to certain non-liquid investments (“side pocket investments”) owned by open-ended funds are paid when the associated side pocket investments are realized. For closed-ended funds, Capital Allocation-Based Income is a disproportionate allocation (typically 20%) of performance allocations. Certain funds will allocate performance allocations to us, based on cumulative fund performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to limited partner preferred returns or high watermarks, where applicable, in accordance with the terms set forth in each respective fund’s governing documents. We recognize income attributable to performance allocations from a fund based on the 130 Table of Contents amount that would be due to us pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as performance allocation income reflects our share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. Performance allocations are generally realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. For any given period, performance allocations on our consolidated statements of operations may include reversals of previously recognized amounts due to a decrease in the value of a particular fund that results in a decrease of cumulative performance allocations earned to date. Since fund minimum level of returns are cumulative, previously recognized performance allocations also may be reversed in a period of appreciation that is lower than the particular fund’s minimum return levels. Each fund is considered separately in this regard and, for a given fund, performance allocations can never be negative over the life of a fund. If upon a hypothetical liquidation of a fund’s investments, at their then current fair values, previously recognized and distributed performance allocation would be required to be returned, a liability is established for the potential clawback obligation. Our actual obligation, however, would not become payable or realized until the end of a fund’s life. Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace—including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: •Level I—Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. •Level II—Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments generally classified in this category include securities with less liquidity traded in active markets, securities traded in other than active markets, corporate bonds and loans, and government and agency securities. •Level III—Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument. The fair value of the investments held by TPG funds is the primary input to the calculation of certain of our management fees, incentive fees, capital allocation based income, and performance allocation compensation. The TPG funds are accounted for as investment companies in accordance with ASC 946 and reflect their investments, including majority-owned and controlled investments, at fair value. In the absence of observable market prices, we utilize valuation methodologies applied on a consistent basis and assumptions that we believe market participants would use to determine the fair value of the investments. For investments where little market activity exists, management’s determination of fair value is based on the best information available in the circumstances, which may incorporate management’s own assumptions and involves a significant degree of judgment, and the consideration of a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. TPG has also elected the fair value option for certain other proprietary investments. TPG is required to measure certain financial instruments at fair value, including equity securities and derivatives. 131 Table of Contents Fair Value of Investments or Instruments that are Exchange Traded Securities that are exchange traded and for which a quoted market exists will be valued at the closing price of such securities in the principal market in which the security trades, or in the absence of a principal market, in the most advantageous market on the valuation date. When a quoted price in an active market exists, no block discounts or control premiums are permitted regardless of the size of the public security held. In some cases, securities will include legal restrictions limiting their purchase and sale for a period of time, such as may be required under SEC Rule 144. A discount to publicly traded price may be appropriate in those cases; the amount of the discount, if taken, shall be determined based on the time period that must pass before the restricted security becomes unrestricted or otherwise available for sale. Fair Value of Investments or Instruments that are not Exchange Traded In the absence of observable market prices, we rely on valuation methodologies that primarily employ management’s determination as to fair value based off of available information and management’s own assumptions about the business. These assumptions involve a significant degree of judgement, taking into consideration a combination of internal and external factors. Equity Investments. We determine the fair value of our equity investments using the market approach, income approach or some combination of both. We primarily use the market approach for determining the fair values of our investments. The market approach relies upon valuations for comparable public companies, transactions or assets, and thus requires that we use our discretion to identify comparable companies, transactions and assets. We may also choose to incorporate a secondary methodology, generally used to corroborate the results of the market approach. This would typically be the income approach, which provides an indication of fair value based on the present value of cash flows that a business, security or property is expected to generate in the future. The most widely used methodology under the income approach is the discounted cash flow method, which includes significant assumptions about the underlying investment’s projected net earnings or cash flows, discount rate, capitalization rate or exit multiple. Depending on the facts and circumstances associated with the investment, different primary and secondary methodologies may be used including direct capitalization method, option value, contingent claims or scenario analysis, yield analysis, projected cash flow through maturity or expiration, probability weighted methods or recent round of financing. Credit Investments. The fair values of credit-oriented investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments and various relationships between investments. Investments in distressed debt and corporate loans and bonds, we generally determine fair value by comparing against similar investments. We review and analyze the prices obtained from external pricing sources to evaluate their reliability and accuracy, and at times exclude vendor prices and broker quotations that we believe do not reflect fair value. Certain credit financial instruments may not trade or prices are not readily available, or trade infrequently and, when they are traded, the price may be unobservable and, as a result, multiple external pricing sources may not be available. In such instances, we may use an internal pricing model as either a corroborating or sole data point in determining the price. We generally engage specialized third-party valuation service providers to assess and corroborate the valuation of a selection of the investments on a periodic basis. Management Process on Fair Value Due to the importance of fair value throughout the Consolidated Financial Statements and the significant judgment required to be applied in arriving at those fair values, we have developed a process around valuation that incorporates several levels of approval and review from both internal and external sources. Investments held by TPG funds and investment vehicles are valued on at least a quarterly basis by our internal valuation or asset management teams, which are independent from our investment teams. For investments valued utilizing a forward-looking market approach and/or income method, and where TPG has information rights, we generally have a direct line of communication with each of the portfolio company finance teams and collect financial data used to support projections used in the analysis. The respective product’s valuation team or deal team then analyzes the data received and updates the valuation models, reflecting any changes in the underlying forecast, cash flow projections, weighted-average cost of capital, exit multiple and any other valuation input relevant economic conditions. 132 Table of Contents The results of all valuations of investments held by TPG funds and investment vehicles are initially reviewed and approved by the relevant subcommittee. Each subcommittee is comprised of at least one member who does not participate in the process of making or disposing of investments. The valuations are aggregated and significant matters are presented for final approval by TPG’s Global Valuation Committee, which is comprised of senior employees and includes its Chief Financial Officer, General Counsel, Chief Compliance Officer, Chief Operating Officer and Chief Accounting Officer. Approval by any member of the Valuation Committee is related to such member’s role in the Committee, such that control function members’ (i.e., those members who do not participate in the process of making or disposing of investments) approval, for example, represents their confirmation that the process was run appropriately and that the deliberations were on the merits. Additionally, we will generally engage independent valuation firms to assist with valuations of certain Level III valuations. The respective valuation firm will either perform certain procedures in order to assess the reasonableness of our valuation or provide a valuation range from which we will select a point in the range to determine the final valuation. Business Combinations We account for business combinations using the acquisition method under ASC Topic 805, Business Combinations (“ASC 805”) under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed generally using the fair values determined by management as of the acquisition date. The excess of the consideration transferred, the fair value in any noncontrolling interest in the acquiree, and the fair value of our previously held interest in the acquiree over the net of the acquisition-date values of the identifiable assets and liabilities assumed is recognized as goodwill. Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and may incorporate management’s own assumptions and involve a significant degree of judgment. Management uses its best estimates and assumptions to accurately assign fair value to the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date as well as the useful lives of those acquired intangible assets. Intangible Assets Our intangible assets consist of our interests in future promote of certain funds, our interests in the future management fees of certain funds, acquired investor relationships, acquired technology, and trade names. Examples of critical estimates in valuing certain of the intangible assets we have acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful lives, discount rates and income tax rates. Our estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates we are using to manage the underlying assets acquired. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual results. Finite-lived intangible assets are amortized over their estimated useful lives, which range from 2 years to 20 years, and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the intangible asset may not be recoverable. Amortization expense is included in depreciation and amortization expense in the Consolidated Financial Statements. Recent Accounting Developments Information regarding recent accounting developments and their effects to us can be found in Note 2, “Summary of Significant Accounting Policies,” to our audited Consolidated Financial Statements included elsewhere in this report.