Slide 1: TPG Reports First Quarter 2026 Financial Results
TPG Reports First Quarter 2026 Financial Results Quarter Ended March 31, 2026
Slide 2: TPG Reports First Quarter 2026 Results
TPG Reports First Quarter 2026 Results San Francisco and Fort Worth, Texas – May 1, 2026 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, today reported its unaudited results for the first quarter ended March 31, 2026. A detailed presentation is available through the Inv
Slide 3: Forward Looking Statements; No Offers; Non-GAAP Information
TPG Reports First Quarter 2026 Results Forward Looking Statements; No Offers; Non-GAAP Information This document may contain “forward-looking” statements. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and
Slide 4: First Quarter 2026 Results
First Quarter 2026 Results
Slide 5: GAAP Statements of Operations
GAAP Statements of Operations (Unaudited) ▪ Net loss of $123 million for 1Q’26 compared to net income of $88 million in 1Q’25 ▪ Net loss attributable to TPG Inc. of $1 million for 1Q’26 compared to net income of $25 million in 1Q’25 ($ in thousands, except share and per share amounts) 1Q’25 1Q’26 Re
Slide 6: First Quarter and Last Twelve Months Highlights
First Quarter and Last Twelve Months Highlights ▪ 1Q’26 FRR of $557 million increased 17% versus 1Q’25, with 1Q’26 FRE and After-tax DE of $247 million and $282 million, respectively Non-GAAP Financial 1Q’25 1Q’26 1Q’25 LTM 1Q’26 LTM Measures Fee-Related Revenues (“FRR”) $476 $557 $1,857 $2,190 Fee-
Slide 7: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ FRE increased 36% from $182 million in 1Q’25 to $247 million in 1Q’26; FRE margin increased from 38% in 1Q’25 to 44% in 1Q’26, driven by management fees and our capital markets business ▪ After-tax DE of $282 million in 1Q’26, an increase from $187 million in 1Q’25, pri
Slide 8: Fee-Related Earnings
Fee-Related Earnings ▪ 1Q’26 FRR increased 17% over 1Q’25 primarily driven by management fees and capital markets fees ▪ 1Q’26 FRE margin of 44%, an increase from 38% in 1Q’25; 1Q’26 LTM FRE margin of 46% Fee-Related Earnings Management Fees by Platform(1) ($M) ($M) Capital Growth Impact $247 $1,018
Slide 9: Distributable Earnings
Distributable Earnings ▪ After-tax DE increased from $187 million in 1Q’25 to $282 million for 1Q’26 driven by FRE and realized performance allocations, net After-tax DE Distributable Earnings Mix ($M) 4Q’25 1Q’26 $282 $1,068 $843 3% 17% $187 97% 83% FRE All Other Sources of Pre-tax DE 1Q’25 1Q’26 1
Slide 10: Realized Performance Allocations, Net
Realized Performance Allocations, Net ▪ Realized performance allocations, net were $68 million in 1Q’26, primarily driven by TPG IX and THP II in the Capital platform, Rise Climate I in the Impact platform, and Growth V in the Growth platform ▪ Realized performance allocations, net for 1Q’26 LTM wer
Slide 11: Net Accrued Performance
Net Accrued Performance Investment 1Q’26 Net Accrued Performance Appreciation / (Depreciation)(1) ($M) Platform 1Q’26 1Q’26 LTM Capital (2.3%) 6.7% $135 Growth (1.5%) 2.0% Impact 0.3% 12.5% $129 Credit 2.2% 10.8% $484 Real Estate 1.9% 8.3% Total Market Solutions 1.8% 9.8% $96 $1.2B Loan Level Return
Slide 12: GAAP Balance Sheet
GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $0.9 billion at the end of 1Q’26; debt obligations increased to $2.3 billion primarily due to our Senior Notes offering of $500 million during 1Q’26 ▪ Investments decreased $0.2 billion from $9.2 billion at the end of 4Q’25 to $9.0 b
Slide 13: Non-GAAP Balance Sheet Highlights
Non-GAAP Balance Sheet Highlights ▪ Cash and cash equivalents totaled $89 million at the end of 1Q’26 ▪ At the end of 1Q’26, our net debt was $2.3 billion(1) and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.6 billion ▪ Investments increased to $1.7 billion primarily due to
Slide 14: Operating Metrics
Operating Metrics
Slide 15: Assets Under Management and Fee-Earning AUM
Assets Under Management and Fee-Earning AUM ▪ 1Q’26 AUM rose 22% from 1Q’25 to $306.2 billion, primarily driven by capital raised of $55.9 billion, including $11.4 billion in TPG X in the Capital platform and $3.6 billion in Credit Solutions III in the Credit platform, partially offset by realizatio
Slide 16: Assets Under Management and Fee-Earning AUM Duration
Assets Under Management and Fee-Earning AUM Duration ▪ At the end of 1Q’26, long-dated funds with a duration of 10 or more years(1) totaled $204.5 billion, or 67%, of our AUM; $49.7 billion of our AUM, or 16%, was in perpetual funds(2) ▪ At the end of 1Q’26, long-dated funds with a duration of 10 or
Slide 17: AUM Subject to Fee-Earning Growth
AUM Subject to Fee-Earning Growth ▪ AUM Subject to Fee-Earning Growth totaled $44.6 billion at the end of 1Q’26 and includes AUM Not Yet Earning Fees (capital commitments that generate new management fees once deployed) and FAUM Subject to Step-Up (capital commitments that generate a higher rate of
Slide 18: Performance Eligible and Generating AUM
Performance Eligible and Generating AUM ▪ Performance Eligible AUM refers to AUM that is currently producing, or may eventually produce, performance revenues, and totaled $252.8 billion, or 83% of total AUM, at the end of 1Q’26 ▪ Performance Generating AUM refers to AUM that is currently producing p
Slide 19: AUM Rollforward
AUM Rollforward Three Months Ended March 31, 2026 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total AUM Balance as of Beginning of Period $ 90,857 $ 32,237 $ 31,258 $ 93,064 $ 38,168 $ 17,445 $ 303,029 Capital Raised 1,980 930 1,346 4,413 1,080 598 10,347 Realizations (
Slide 20: FAUM Rollforward
FAUM Rollforward Three Months Ended March 31, 2026 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total FAUM Balance as of Beginning of Period $ 44,474 $ 15,294 $ 20,635 $ 52,772 $ 26,068 $ 10,859 $ 170,102 Fee-Earning Capital Raised(1) 1,744 750 951 1,026 150 538 5,159 De
Slide 21: Other Operating Metrics
Other Operating Metrics ▪ We have invested approximately $58.9 billion during the last twelve months with $72.8 billion of capital available for deployment at the end of 1Q’26 (All tables in $M) 1Q’25 1Q’26 Available Capital 1Q’25 1Q’26 Capital Raised 1Q’25 1Q’26 LTM LTM Capital $ 13,455 $ 21,886 Ca
Slide 22: Supplemental Details
Supplemental Details
Slide 23: GAAP and Non-GAAP Performance Allocations
GAAP and Non-GAAP Performance Allocations Three Months Ended March 31, 2026 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ (266,393) $ (470,767) $ 204,374 $ 161,446 $ 42,928 Growth (89,413) (129,801) 40,388 31,885 8,503 Im
Slide 24: GAAP and Non-GAAP Net Accrued Performance
GAAP and Non-GAAP Net Accrued Performance As of December 31, 2025 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total GAAP Total $ 3,390 $ 1,440 $ 879 $ 415 $ 526 $ 659 $ 7,309 Less: Excluded Assets(1) 50 178 — — 6 — 234 Less: Non-GAAP Adjustments(2) 2,759 1,051 706 332 4
Slide 25: Share Detail
Share Detail Participating Shares Outstanding Estimated Record Date (shares) 12/31/2025 Net Change 3/31/2026 Net Change 5/11/2026(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding(2) 153,113,961 7,207,205 160,321,166 138,851 160,460,017 Common Units exchangeable into Class A co
Slide 26: FRE, After-Tax DE, and Dividends Per Class A Common Stock
FRE, After-Tax DE, and Dividends Per Class A Common Stock ▪ FRE attributable to TPG Inc. of $0.64 per share for 1Q’26, and $2.68 per share for 1Q’26 LTM ▪ After-tax DE attributable to TPG Inc. of $0.70 per share for 1Q’26, and $2.63 per share for 1Q’26 LTM ▪ Declared dividend of $0.59 per share for
Slide 27: Fund Performance Metrics
Fund Performance Metrics ($ in millions, as of 3/31/26) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Capital Capital Funds Air Partners 1993 $ 64 $ 64 $ 697 $ — $ 697 81% 1
Slide 28: Fund Performance Metrics (Cont'd)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/26) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Growth Growth Funds STAR 2007 $ 1,264 $ 1,259 $ 1,895 $ — $ 1,
Slide 29: Fund Performance Metrics (Cont'd)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/26) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Credit TPG Credit Solutions Credit Solutions I 2019 $ 1,805 $
Slide 30: Fund Performance Metrics (Cont'd)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/26) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Real Estate TPG Real Estate Partners TREP II 2014 $ 2,065 $ 2,
Slide 31: Fund Performance Metrics (Cont'd)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/26) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Japan Value Japan Value(14) 2023 $ 417 $ 265 $ 84 $ 227 $ 311 64% 1.4x 3
Slide 32: Fund Performance Metrics (Cont'd)
Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/26) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) TPG GP Solutions TGS I(12) 2022 $ 1,864 $ 1,561 $ 194 $ 1,959 $ 2,153 87
Slide 33: Select Perpetual Funds
Select Perpetual Funds ($ in millions, as of 3/31/26) Vintage Total Fund Year(1) AUM Return(10) Platform: Credit TPG Credit Solutions Corporate Credit Opportunities(16) 1988 $ 363 10% Essential Housing Evergreen 2026 400 NM TPG Asset Based Finance MVP Fund(17) 2009 6,603 11% ABC Evergreen(17) 2024 4
Slide 34: Fund Performance Metrics Notes
Fund Performance Metrics Notes “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 genera
Slide 35: Fund Performance Metrics Notes (Cont'd)
Fund Performance Metrics Notes (Cont’d) 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
Slide 36: GAAP Statements of Operations Expanded
GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 1Q’26 LTM Revenues Fees and other $ 543,455 $ 569,074 $ 596,499 $ 715,110 $ 620,022 $ 2,500,705 Capital allocation-based income (loss) 491,421 351,463 627,018 776,171 (120,016) 1,634,636 Total revenues
Slide 37: Non-GAAP Financial Measures Expanded
Non-GAAP Financial Measures Expanded ($ in thousands) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 1Q’26 LTM Fee-Related Revenues Management fees $ 413,160 $ 450,463 $ 461,338 $ 475,100 $ 475,119 $ 1,862,020 Fee-related performance revenues 6,201 6,768 7,340 28,978 8,205 51,291 Transaction, monitoring and other fe
Slide 38: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 39: GAAP to Non-GAAP Financial Measures Reconciliation
GAAP to Non-GAAP Financial Measures Reconciliation ($ in thousands) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 1Q’26 LTM GAAP Revenue $ 1,034,876 $ 920,537 $ 1,223,517 $ 1,491,281 $ 500,006 $ 4,135,341 Capital-allocation based loss (income) (491,421) (351,463) (627,018) (776,171) 120,016 (1,634,636) Expense reim
Slide 40: GAAP to Non-GAAP Balance Sheet Highlights Reconciliation
GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 4Q’25 1Q’26 Cash and cash equivalents - GAAP $ 826,105 $ 851,399 Impact of other consolidated entities (689,673) (762,736) Cash and cash equivalents - Non-GAAP 136,432 88,663 Investments - GAAP 9,211,816 9,049,455 Equity metho
Slide 41: Additional Information
Additional Information Dividend Policy Our current intention is to pay holders of our Class A common stock and nonvoting Class A common stock a quarterly dividend representing at least 85% of TPG Inc.’s share of distributable earnings attributable to the TPG Operating Group, subject to adjustment as
Slide 42: Definitions
Definitions Acquisition refers to the Company’s acquisition of the business of Peppertree Capital Management, Inc. (“Peppertree” and, after the Acquisition, “TPG Peppertree”) on July 1, 2025. After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable ear
Slide 43: Definitions (Cont'd)
Definitions (Cont’d) 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 i
Slide 44: Definitions (Cont'd)
Definitions (Cont’d) Operating profit margin is defined as U.S. GAAP net income divided by U.S. GAAP total revenue. 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 entitle