Slide 1: TPG Reports Second Quarter 2026 Financial Results
TPG Reports Second Quarter 2026 Financial Results Quarter Ended June 30, 2026
Slide 2: TPG Reports Second Quarter 2026 Results
TPG Reports Second Quarter 2026 Results San Francisco and Fort Worth, Texas – August 4, 2026 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, today reported its unaudited results for the second quarter ended June 30, 2026. A detailed presentation is available through the
Slide 3: Forward Looking Statements; No Offers; Non-GAAP Information
TPG Reports Second 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: Second Quarter 2026 Results
Second Quarter 2026 Results
Slide 5: GAAP Statements of Operations (Unaudited)
GAAP Statements of Operations (Unaudited) ▪ Net income of $320 million for 2Q’26 compared to net income of $30 million in 2Q’25 ▪ Net income attributable to TPG Inc. of $93 million for 2Q’26 compared to net income of $15 million in 2Q’25 ($ in thousands, except share and per share amounts) 2Q’25 2Q’
Slide 6: Second Quarter and Year to Date Highlights
Second Quarter and Year to Date Highlights ▪ 2Q’26 FRR of $628 million increased 27% versus 2Q’25, with 2Q’26 FRE and After-tax DE of $315 million and $280 million, respectively Non-GAAP Financial 2Q’25 2Q’26 2Q’25 YTD 2Q’26 YTD Measures Fee-Related Revenues (“FRR”) $495 $628 $971 $1,185 Fee-Related
Slide 7: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ FRE increased 43% from $220 million in 2Q’25 to $315 million in 2Q’26; FRE margin grew from 44% in 2Q’25 to 50% in 2Q’26, driven by management fees and our capital markets business ▪ After-tax DE of $280 million in 2Q’26, an increase from $268 million in 2Q’25, primaril
Slide 8: Fee-Related Earnings
Fee-Related Earnings ▪ 2Q’26 FRR increased 27% over 2Q’25 primarily driven by management fees and capital markets fees ▪ 2Q’26 FRE margin of 50%, an increase from 44% in 2Q’25; 2Q’26 YTD FRE margin of 47% Fee-Related Earnings Management Fees by Platform(1) ($M) ($M) Capital Growth Impact $315 $562 C
Slide 9: Distributable Earnings
Distributable Earnings ▪ After-tax DE increased from $268 million in 2Q’25 to $280 million for 2Q’26 primarily driven by FRE growth After-tax DE Distributable Earnings Mix ($M) (% of Pre-tax DE) $562 1Q’26 2Q’26 $280 $268 $455 17% 106% 83% FRE All Other Sources of Pre-tax DE 2Q’25 2Q’26 2Q’25 YTD 2Q
Slide 10: Realized Performance Allocations, Net
Realized Performance Allocations, Net ▪ Realized performance allocations, net were $35 million in 2Q’26, primarily driven by TDM in the Growth platform, TPG VII in the Capital platform, Net Lease Realty III in the Real Estate platform, and MMDL V in the Credit platform ▪ Realized performance allocat
Slide 11: Net Accrued Performance
Net Accrued Performance Investment 2Q’26 Net Accrued Performance Appreciation / (Depreciation)(1) ($M) Platform 2Q’26 2Q’26 YTD Capital 5.7% 3.1% $139 Growth 6.2% 4.5% Impact 7.2% 7.2% $148 Credit 3.3% 5.6% $568 Real Estate 2.5% 4.4% Total $118 Market Solutions 3.4% 5.2% $1.4B Loan Level Return CLOs
Slide 12: GAAP Balance Sheet (Unaudited)
GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $0.9 billion at the end of 2Q’26; debt obligations increased to $2.3 billion primarily due to our Senior Notes offering of $500 million during 1Q’26 ▪ Investments increased $0.4 billion from $9.2 billion at the end of 4Q’25 to $9.6 b
Slide 13: Non-GAAP Balance Sheet Highlights
Non-GAAP Balance Sheet Highlights ▪ Cash and cash equivalents totaled $192 million at the end of 2Q’26 ▪ At the end of 2Q’26, our net debt was $2.2 billion(1) and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.6 billion ▪ Our borrowings primarily include our Senior and Subord
Slide 14: Operating Metrics
Operating Metrics
Slide 15: Assets Under Management and Fee-Earning AUM
Assets Under Management and Fee-Earning AUM ▪ 2Q’26 AUM rose 25% from 2Q’25 to $326.8 billion, primarily driven by capital raised of $60.7 billion, including $12.3 billion in TPG X in the Capital platform and $9.3 billion in TPG Direct Lending in the Credit platform, partially offset by realizations
Slide 16: Assets Under Management and Fee-Earning AUM Duration
Assets Under Management and Fee-Earning AUM Duration ▪ At the end of 2Q’26, long-dated funds with a duration of 10 or more years(1) totaled $220.7 billion, or 68%, of our AUM; $53.4 billion of our AUM, or 16%, was in perpetual funds(2) ▪ At the end of 2Q’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 $51.7 billion at the end of 2Q’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 $273.0 billion, or 84% of total AUM, at the end of 2Q’26 ▪ Performance Generating AUM refers to AUM that is currently producing p
Slide 19: AUM Rollforward
AUM Rollforward Three Months Ended June 30, 2026 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total AUM Balance as of Beginning of Period $ 89,732 $ 32,366 $ 31,551 $ 95,196 $ 39,246 $ 18,091 $ 306,182 Capital Raised 1,859 2,708 1,631 5,611 2,535 1,781 16,125 Realization
Slide 20: FAUM Rollforward
FAUM Rollforward Three Months Ended June 30, 2026 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total FAUM Balance as of Beginning of Period $ 45,415 $ 16,321 $ 21,285 $ 54,710 $ 26,368 $ 11,273 $ 175,372 Fee-Earning Capital Raised(1) 1,378 566 965 276 — 656 3,843 Deploym
Slide 21: Other Operating Metrics
Other Operating Metrics ▪ We have invested approximately $62.4 billion during the last twelve months with $76.2 billion of capital available for deployment at the end of 2Q’26 (All tables in $M) 2Q’25 2Q’26 Available Capital 2Q’25 2Q’26 Capital Raised 2Q’25 2Q’26 YTD YTD Capital $ 13,648 $ 20,499 Ca
Slide 22: Supplemental Details
Supplemental Details
Slide 23: GAAP and Non-GAAP Performance Allocations
GAAP and Non-GAAP Performance Allocations Three Months Ended June 30, 2026 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ 466,916 $ 443,630 $ 23,286 $ 18,386 $ 4,900 Growth 169,435 59,918 109,517 90,300 19,217 Impact 198,4
Slide 24: GAAP and Non-GAAP Net Accrued Performance
GAAP and Non-GAAP Net Accrued Performance As of March 31, 2026 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total GAAP Total $ 2,917 $ 1,310 $ 790 $ 481 $ 673 $ 674 $ 6,845 Less: Excluded Assets(1) 50 176 — — 4 — 230 Less: Non-GAAP Adjustments(2) 2,384 945 635 385 539 53
Slide 25: Share Detail
Share Detail Participating Shares Outstanding Estimated Record Date (shares) 3/31/2026 Net Change 6/30/2026 Net Change 8/14/2026(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 160,321,166 6,180,886 166,502,052 212,969 166,715,021 Common Units exchangeable into Class A common
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 $0.82 per share for 2Q’26, and $1.46 per share for 2Q’26 YTD ▪ After-tax DE attributable to TPG Inc. of $0.69 per share for 2Q’26, and $1.39 per share for 2Q’26 YTD ▪ Declared dividend of $0.59 per share for
Slide 27: Fund Performance Metrics
Fund Performance Metrics ($ in millions, as of 6/30/26) 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 6/30/26) 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 6/30/26) 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 6/30/26) 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 6/30/26) 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 $ 258 $ 99 $ 217 $ 316 70% 1.4x 4
Slide 32: Fund Performance Metrics (Cont'd)
Fund Performance Metrics (Cont’d) ($ in millions, as of 6/30/26) 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 $ 1,573 $ 222 $ 1,927 $ 2,149 61
Slide 33: Select Perpetual Funds
Select Perpetual Funds ($ in millions, as of 6/30/26) Vintage Total Fund Year(1) AUM Return(10) Platform: Credit TPG Credit Solutions Corporate Credit Opportunities(16) 1988 $ 395 10% Essential Housing Evergreen 2026 502 NM TPG Asset Based Finance MVP Fund(17) 2009 6,984 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 (Unaudited)
GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 2Q’26 YTD Revenues Fees and other $ 569,074 $ 596,499 $ 715,110 $ 620,022 $ 704,969 $ 1,324,991 Capital allocation-based income (loss) 351,463 627,018 776,171 (120,016) 1,136,455 1,016,439 Total revenue
Slide 37: Non-GAAP Financial Measures Expanded
Non-GAAP Financial Measures Expanded ($ in thousands) 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 2Q’26 YTD 2Q’26 LTM Fee-Related Revenues Management fees $ 450,463 $ 461,338 $ 475,100 $ 475,119 $ 516,853 $ 991,972 $ 1,928,410 Fee-related performance revenues 6,768 7,340 28,978 8,205 8,950 17,155 53,473 Transacti
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) 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 2Q’26 YTD 2Q’26 LTM GAAP Revenue $ 920,537 $ 1,223,517 $ 1,491,281 $ 500,006 $ 1,841,424 $ 2,341,430 $ 5,056,228 Capital-allocation based loss (income) (351,463) (627,018) (776,171) 120,016 (1,136,455)
Slide 40: GAAP to Non-GAAP Balance Sheet Highlights Reconciliation
GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 1Q’26 2Q’26 Cash and cash equivalents - GAAP $ 851,399 $ 944,663 Impact of other consolidated entities (762,736) (752,715) Cash and cash equivalents - Non-GAAP 88,663 191,948 Investments - GAAP 9,049,455 9,625,886 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