Slide 1: TPG Reports Fourth Quarter and Full Year 2025 Financial Results
TPG Reports Fourth Quarter and Full Year 2025 Financial Results Year Ended December 31, 2025
Slide 2: TPG Reports Fourth Quarter and Full Year 2025 Results
TPG Reports Fourth Quarter and Full Year 2025 Results San Francisco and Fort Worth, Texas – February 5, 2026 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, today reported its unaudited results for the fourth quarter and full year ended December 31, 2025. A detailed pre
Slide 3: Forward Looking Statements; No Offers; Non-GAAP Information
TPG Reports Fourth Quarter and Full Year 2025 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,”
Slide 4: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results
Slide 5: GAAP Statements of Operations (Unaudited)
GAAP Statements of Operations (Unaudited) ▪ Net income of $282 million for 4Q’25 compared to $11 million in 4Q’24 ▪ Net income attributable to TPG Inc. of $77 million for 4Q’25 compared to $13 million in 4Q’24 ($ in thousands, except share and per share amounts) 4Q’24 4Q’25 FY’24 FY’25 Revenues Fees
Slide 6: Fourth Quarter and Full Year Highlights
Fourth Quarter and Full Year Highlights ▪ 4Q’25 FRR of $628 million increased 36% versus 4Q’24, with 4Q’25 FRE and After-tax DE of $326 million and $304 million, respectively Non-GAAP Financial 4Q’24 4Q’25 FY’24 FY’25 Measures Fee-Related Revenues (“FRR”) $461 $628 $1,831 $2,109 Fee-Related Earnings
Slide 7: Non-GAAP Financial Measures
Non-GAAP Financial Measures ▪ FRE increased 72% from $190 million in 4Q’24 to $326 million in 4Q’25; FRE margin increased from 41% in 4Q’24 to 52% in 4Q’25, driven by the further scaling of our strategies as well as our capital markets business ▪ After-tax DE of $304 million in 4Q’25, an increase fr
Slide 8: Fee-Related Earnings
Fee-Related Earnings ▪ 4Q’25 FRR increased 36% over 4Q’24 primarily driven by capital markets fees and management fees ▪ 4Q’25 FRE margin of 52%, an increase from 41% in 4Q’24; FY’25 FRE margin of 45% Fee-Related Earnings Management Fees by Platform(1) ($M) ($M) Capital Growth Impact $953 Credit Rea
Slide 9: Distributable Earnings
Distributable Earnings ▪ After-tax DE increased from $261 million in 4Q’24 to $304 million for 4Q’25 driven by FRE, partially offset by a decrease in realized performance allocations, net After-tax DE Distributable Earnings Mix ($M) 3Q’25 4Q’25 $304 $973 $261 $837 2% 3% 98% 97% FRE All Other Sources
Slide 10: Realized Performance Allocations, Net
Realized Performance Allocations, Net ▪ Realized performance allocations, net were $48 million in 4Q’25, primarily driven by MVP Fund, Credit Solutions II, and Credit Solutions III in the Credit platform, and Net Lease Realty III in the Real Estate platform ▪ Realized performance allocations, net fo
Slide 11: Net Accrued Performance
Net Accrued Performance Investment 4Q’25 Net Accrued Performance Appreciation / (Depreciation)(1) ($M) Platform 4Q’25 FY’25 Capital 2.7% 12.6% $132 Growth 2.2% 5.6% $100 Impact 6.5% 12.8% Credit 2.8% 11.2% $83 Real Estate 2.8% 9.3% Total $581 Market Solutions 3.3% 11.3% $1.3B $173 Loan Level Return
Slide 12: GAAP Balance Sheet (Unaudited)
GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $0.8 billion at the end of 4Q’25; debt obligations increased to $1.7 billion primarily due to our Senior Notes offering of $500 million during 3Q’25 ▪ Investments increased $1.7 billion from $7.5 billion at the end of 4Q’24 to $9.2 b
Slide 13: Non-GAAP Balance Sheet Highlights
Non-GAAP Balance Sheet Highlights ▪ Cash and cash equivalents totaled $136 million at the end of 4Q’25 ▪ At the end of 4Q’25, our net debt was $1.6 billion(1) and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.75 billion ▪ Our borrowings include our Senior and Subordinated No
Slide 14: Operating Metrics
Operating Metrics
Slide 15: Assets Under Management and Fee-Earning AUM
Assets Under Management and Fee-Earning AUM ▪ 4Q’25 AUM rose 23% from 4Q’24 to $303.0 billion, primarily driven by capital raised of $51.5 billion, including $10.9 billion in TPG X in the Capital platform and $4.0 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 4Q’25, long-dated funds with a duration of 10 or more years(1) totaled $204.1 billion, or 67%, of our AUM; $46.4 billion of our AUM, or 15%, was in perpetual funds(2) ▪ At the end of 4Q’25, 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 $40.5 billion at the end of 4Q’25 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 $254.3 billion, or 84% of total AUM, at the end of 4Q’25 ▪ Performance Generating AUM refers to AUM that is currently producing p
Slide 19: AUM Rollforward
AUM Rollforward Three Months Ended December 31, 2025 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total AUM Balance as of Beginning of Period $ 87,460 $ 30,627 $ 29,225 $ 85,640 $ 37,663 $ 15,783 $ 286,398 Capital Raised 3,212 1,169 1,105 8,963 748 972 16,169 Realization
Slide 20: FAUM Rollforward
FAUM Rollforward Three Months Ended December 31, 2025 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total FAUM Balance as of Beginning of Period $ 44,468 $ 14,952 $ 19,574 $ 47,591 $ 26,644 $ 9,820 $ 163,049 Fee-Earning Capital Raised(1) 1,730 144 740 1,871 — 819 5,304 De
Slide 21: Other Operating Metrics
Other Operating Metrics ▪ We have invested approximately $51.9 billion during the last twelve months with $72.4 billion of capital available for deployment at the end of 4Q’25 (All tables in $M) Capital Raised 4Q’24 4Q’25 FY’24 FY’25 Available Capital 4Q’24 4Q’25 Capital $ 14,345 $ 21,776 Capital $
Slide 22: Supplemental Details
Supplemental Details
Slide 23: GAAP and Non-GAAP Performance Allocations
GAAP and Non-GAAP Performance Allocations Three Months Ended December 31, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ 197,054 $ 196,555 $ 499 $ 499 $ — Growth 25,955 22,432 3,523 2,782 741 Impact 181,548 181,548 —
Slide 24: GAAP and Non-GAAP Net Accrued Performance
GAAP and Non-GAAP Net Accrued Performance As of September 30, 2025 Real Market ($ in millions) Capital Growth Impact Credit Estate Solutions Total GAAP Total $ 3,193 $ 1,417 $ 697 $ 491 $ 496 $ 620 $ 6,914 Less: Excluded Assets(1) 48 215 — — 5 — 268 Less: Non-GAAP Adjustments(2) 2,604 1,003 560 393
Slide 25: Participating Shares Outstanding
Participating Shares Outstanding Estimated Record Date (shares) 9/30/2025 Net Change 12/31/2025 Net Change 2/19/2026(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 152,807,493 306,468 153,113,961 4,928,096 158,042,057 Common Units exchangeable into Class A common stock 224,9
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 $0.85 per share for 4Q’25, and $2.53 per share for FY’25 ▪ After-tax DE attributable to TPG Inc. of $0.71 per share for 4Q’25, and $2.41 per share for FY’25 ▪ Declared dividend of $0.61 per share for 4Q’25 on
Slide 27: Equity-Based Compensation Summary
Equity-Based Compensation Summary ▪ Equity-based compensation related to TPG Inc. Ordinary Service Awards totaled $44 million in 4Q’25; the total unrecognized compensation expense related to these Ordinary Service Awards amounted to $326 million at the end of 4Q’25, and is expected to be recognized
Slide 28: Fund Performance Metrics
Fund Performance Metrics ($ in millions, as of 12/31/25) 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%
Slide 29: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 12/31/25) 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 30: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 12/31/25) 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 31: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 12/31/25) 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 32: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 12/31/25) 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 $ 253 $ 23 $ 270 $ 293 75% 1.4x
Slide 33: Fund Performance Metrics (Cont’d)
Fund Performance Metrics (Cont’d) ($ in millions, as of 12/31/25) 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 $ 988 $ 15 $ 1,266 $ 1,281 56%
Slide 34: Select Perpetual Funds
Select Perpetual Funds ($ in millions, as of 12/31/25) Vintage Total Fund Year(1) AUM 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
Slide 35: 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 36: 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 37: GAAP Statements of Operations Expanded (Unaudited)
GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 Revenues Fees and other $ 527,248 $ 543,455 $ 569,074 $ 596,499 $ 715,110 $ 2,424,138 Capital allocation-based income 549,166 491,421 351,463 627,018 776,171 2,246,074 Total revenues 1,076,414 1,0
Slide 38: Non-GAAP Financial Measures Expanded
Non-GAAP Financial Measures Expanded ($ in thousands) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 Fee-Related Revenues Management fees $ 402,588 $ 413,160 $ 450,463 $ 461,338 $ 475,100 $ 1,800,061 Fee-related performance revenues 19,116 6,201 6,768 7,340 28,978 49,287 Transaction, monitoring and other fees,
Slide 39: Reconciliations and Disclosures
Reconciliations and Disclosures
Slide 40: GAAP to Non-GAAP Financial Measures Reconciliation
GAAP to Non-GAAP Financial Measures Reconciliation ($ in thousands) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 GAAP Revenue $ 1,076,414 $ 1,034,876 $ 920,537 $ 1,223,517 $ 1,491,281 $ 4,670,212 Capital-allocation based income (549,166) (491,421) (351,463) (627,018) (776,171) (2,246,074) Expense reimburseme
Slide 41: GAAP to Non-GAAP Balance Sheet Highlights Reconciliation
GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 3Q’25 4Q’25 Cash and cash equivalents - GAAP $ 1,080,304 $ 826,105 Impact of other consolidated entities (927,021) (689,673) Cash and cash equivalents - Non-GAAP 153,283 136,432 GAAP Investments 8,686,758 9,211,816 Equity meth
Slide 42: 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 43: 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 44: 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 45: 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