Note: Past performance is not indicative of future results. See notes on the following pages. TPG | 30 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------|-------|-------|-----------------------------------------------------|-----------|-------|-----------|-------|-----------| | ($ in thousands) \n Fee-Related Revenues | | 3Q'22 | 3Q'23 | 3Q'22 YTD | | 3Q'23 YTD | | 3Q'23 LTM | | Management fees | | | $ 254,510 $ 278,503 $ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 TPG Inc. (Exact name of registrant as specified in its charter) Delaware 87-2063362 (I.R.S. Employer ...

Financial Data and Key Metrics Changes - The company finished the second quarter with $139 billion in assets under management, up 9% year-over-year, driven by $15 billion of capital raised and $7 billion in value creation, partially offset by $10 billion in realizations over the past 12 months [15] - Fee-earning AUM was $79 billion at the end of Q2, which grew 17% from a year ago [16] - Management fees totaled $257 million in the second quarter, which grew 15% year-over-year, while total fee-related revenue for the quarter was $286 million, up 8% sequentially and 12% compared to Q2 '22 [16][17] Business Line Data and Key Metrics Changes - The company reported fee-related earnings of $125 million in the second quarter, which increased 23% year-over-year, with a FRE margin of 44% [17] - The inaugural Life Sciences fund raised over $250 million and completed 2 investments in the second quarter, targeting a $500 million fund [10] - The private real estate credit strategy, Treco, has visibility to raising over $750 million for its first close [11] Market Data and Key Metrics Changes - The company is seeing a notable increase in transaction activity across its platforms, deploying $2.3 billion in Q1 and $2.8 billion in Q2, with an additional $5.5 billion of capital expected to be deployed from signed but not yet closed investments [7] - There has been a significant uptick in corporate restructuring and divestitures, creating more opportunities for carve-outs and strategic partnerships [83][84] Company Strategy and Development Direction - The company is focused on organic growth initiatives and building new investment platforms with substantial growth potential, emphasizing the importance of organic innovation for future growth [8][23] - The acquisition of Angelo Gordon is expected to enhance the company's capabilities and expand its market reach, with integration planning involving over 150 people [49][70] - The company is actively engaging with LPs to capitalize on organic growth initiatives and has begun raising its sixth growth fund [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate additional fee-earning assets and build long-term shareholder value, particularly through the integration of Angelo Gordon [23] - The current macroeconomic environment is seen as favorable for deploying capital, with a narrowing bid-ask spread among buyers and sellers [79] - Management noted that the fundraising environment remains challenging but is optimistic about the quality of discussions with LPs [21] Other Important Information - The company closed a $1.5 billion transaction in partnership with Digital Realty Trust for a portfolio of high-quality data center assets [6] - The company declared a dividend of $0.22 per share of Class A common stock, payable on September 1 [47] Q&A Session Summary Question: Focus on fundraising and LP commitments - Management clarified that they need to raise $5 billion to $6 billion to reach revised targets and emphasized the strength of their long-term relationships with LPs [25][27] Question: Concerns about Rise III performance - Management acknowledged the complexities of early fund performance and assured that the anomalies observed do not reflect the ongoing progress of the fund [29][90] Question: Fundraising metrics and expectations - Management provided insights on the aggregate fundraising targets, indicating a need to raise $4 billion to $5 billion for flagship funds and $4 billion for the new growth fund [33][34] Question: Deployment pipeline composition - Management discussed the increasing opportunities in the deployment pipeline, particularly in corporate carve-outs and strategic partnerships, while maintaining expectations for strong returns [40][86] Question: Climate fund deployment and future plans - Management indicated that deployment for the Rise Climate fund is progressing well, with plans to launch Rise Climate 2 as they approach 75% deployment [121]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 TPG Inc. (Exact name of registrant as specified in its charter) Delaware 87-2063362 (State or other juris ...

Financial Data and Key Metrics Changes - The company reported GAAP net income attributable to TPG Inc. of $25 million and after-tax distributable earnings of $88 million or $0.24 per share of Class A common stock [39] - Total assets under management (AUM) increased by 14% year-over-year to $137 billion, driven by $27 billion of capital raised and value creation of $3 billion, partially offset by $13 billion of realizations [48] - Fee-earning AUM increased by 23% year-over-year to $79 billion at the end of Q1 [49] - Last twelve months (LTM) FRE of $461 million grew by 31% compared to the pro-forma last 12 months ended Q1 '22 [51] - The first quarter FRE margin was 37%, impacted by lower capital markets revenue and a step-down in Asia, with a run-rate FRE margin of 42% over the last 12 months [51] Business Line Data and Key Metrics Changes - The company deployed $2 billion in the first quarter and $14 billion over the last 12 months, with a significant pickup in deal pipelines recently [28] - The impact platform continues to deploy capital at a healthy pace, with investments in companies like Palmetto Clean Technology [30] - The company reported a 3% appreciation in aggregate portfolio company revenue growth across all platforms in the first quarter [47] Market Data and Key Metrics Changes - The company noted that fundraising and deal activity were impacted by market volatility and increased macro uncertainty, but they remain optimistic about long-term growth [26] - The company raised $27 billion of capital over the last 12 months, representing a 9% increase compared to the previous year, while industry fundraising was down 11% [41] Company Strategy and Development Direction - The acquisition of Angelo Gordon is expected to enhance TPG's position as a diversified global alternative asset manager, with a focus on strategic diversification since the IPO [24][66] - The transaction is anticipated to be mid to high single-digit accretive on an FRE and after-tax DE per share basis in 2024, before any revenue or cost synergies [67] - The company aims to expand its product set and client relationships significantly, increasing institutional client relationships by over 60% [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic environment, highlighting opportunities arising from capital structure re-balancing and refinancing [12] - The company is cautious about the overall environment but feels well-positioned due to its long-term, patient investment approach [43] - Management acknowledged the challenges in near-term fundraising but emphasized strong engagement with both new and existing limited partners [53] Other Important Information - The company announced a quarterly cash dividend of $0.20 per share of Class A common stock, representing 85% of after-tax distributable earnings [62] - Non-core expenses related to the acquisition of Angelo Gordon totaled approximately $11 million, impacting distributable earnings for the quarter [50] Q&A Session Summary Question: What was FRE? What was DE? What multiple do you feel you're paying for this business you bought? - Management provided a framework for calculating FRE but did not disclose an acquisition multiple, stating they feel good about the buy-in price [143] Question: Can you give a rough breakdown of Angelo Gordon's credit business? - The $55 billion in credit is broadly divided into corporate credit and multi-strategy, with significant components in Credit Solutions and performing loans [131] Question: What is the expected FRE margin for Angelo Gordon? - Angelo Gordon's FRE margin is expected to be in the mid to high 20s, with opportunities for margin expansion post-closing [110][149] Question: How will the transaction structure ensure alignment of interests? - The structure includes significant equity consideration for non-founding partners, ensuring alignment with TPG's growth objectives [116][118]

Part I [Part I: Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) This section presents TPG's unaudited financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the first quarter of 2023 [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements) TPG's Q1 2023 financial statements reflect significantly lower revenues and net income compared to Q1 2022, primarily due to reduced capital allocation-based income, with total assets slightly increasing [Condensed Consolidated Statements of Financial Condition](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) Financial Condition Highlights (as of March 31, 2023 vs. December 31, 2022) | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $7.97 billion | $7.94 billion | | Cash and cash equivalents | $931.9 million | $1.11 billion | | Investments | $5.53 billion | $5.33 billion | | **Total Liabilities** | $4.31 billion | $4.20 billion | | Accrued performance allocation compensation | $3.23 billion | $3.27 billion | | Debt obligations | $444.7 million | $444.6 million | | **Total Equity** | $3.00 billion | $3.09 billion | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Highlights (Three Months Ended March 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Total Revenues** | $643.1 million | $1.11 billion | | Fees and other | $311.5 million | $273.0 million | | Capital allocation-based income | $331.7 million | $837.7 million | | **Total Expenses** | $620.1 million | $942.5 million | | Performance allocation compensation | $221.3 million | $523.1 million | | **Net Income** | $35.7 million | $162.8 million | | **Net Income Attributable to TPG Inc.** | $25.1 million | $41.3 million | | **Diluted EPS** | $(0.01) | $0.11 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Three Months Ended March 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $35.8 million | $713.6 million | | Net cash used in investing activities | $(0.9) million | $(0.6) million | | Net cash used in financing activities | $(210.3) million | $(231.1) million | | **Net change in cash** | **$(175.4) million** | **$481.9 million** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail TPG's reorganization, accounting policies, investment breakdowns, and significant events including a contingent clawback obligation and the subsequent Angelo Gordon acquisition - As of March 31, 2023, TPG Inc.'s ownership of the TPG Operating Group was approximately **26%**[34](index=34&type=chunk) - If all investments held by TPG funds were liquidated at their current unrealized fair value as of March 31, 2023, there would be a potential clawback obligation of **$58.3 million**, net of tax, but if all remaining investments were deemed worthless, the potential clawback would be **$1.86 billion**[196](index=196&type=chunk)[197](index=197&type=chunk) - On May 15, 2023, TPG announced the acquisition of Angelo, Gordon & Co., L.P., a credit and real estate investment firm, for approximately **$970.0 million** in cash and up to **62.5 million** Common Units and RSUs, plus a potential earnout of up to **$400.0 million**[243](index=243&type=chunk) [Management's Discussion and Analysis (MD&A)](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2023 revenue and net income decline to lower performance allocations, while Fee-Related Earnings grew 8% and AUM increased to $137.1 billion, with the Angelo Gordon acquisition announced as a key subsequent event [Business Overview and Trends](index=45&type=section&id=Business%20Overview%20and%20Trends) TPG, a global alternative asset manager with $137.1 billion in AUM, navigated Q1 2023 market volatility with a 3% portfolio appreciation, anticipating continued favorable trends for alternative investments - TPG is a leading global alternative asset manager with approximately **$137.1 billion** in AUM as of March 31, 2023[248](index=248&type=chunk) - The company's investment portfolio appreciated by **3%** in the first quarter of 2023, reflecting strong operating performance and value creation initiatives[258](index=258&type=chunk) [Results of Operations (GAAP)](index=51&type=section&id=Results%20of%20Operations%20%28GAAP%29) Q1 2023 GAAP revenues decreased 42% to $643.1 million, primarily due to a 60% decline in capital allocation-based income, despite a 14% increase in fees and other revenues Revenue Breakdown (Three Months Ended March 31) | Revenue Component | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Management fees | $250.6M | $204.8M | +22% | | Transaction, monitoring and other fees, net | $4.7M | $24.9M | -81% | | Performance allocations | $315.7M | $800.0M | -61% | | Capital interests | $16.0M | $37.7M | -58% | | **Total Revenues** | **$643.1M** | **$1,110.7M** | **-42%** | - The decrease in performance allocations was driven by lower realized and unrealized appreciation in major funds like TPG VII, TPG VIII, and TREP III, partially offset by gains in Rise Climate and Growth III[290](index=290&type=chunk) [Non-GAAP Financial Measures](index=57&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics show Q1 2023 Fee-Related Earnings increased 8% to $99.3 million, while Distributable Earnings sharply declined to $97.0 million due to a significant drop in realized performance allocations Key Non-GAAP Metrics (Three Months Ended March 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | $99.3 million | $92.0 million | | Distributable Earnings (DE) | $97.0 million | $215.5 million | | After-Tax Distributable Earnings | $87.8 million | $199.0 million | - The increase in FRE was driven by a **$45.3 million (22%)** rise in management fees, primarily from the activation of funds like TPG IX, Asia VIII, and TREP IV[318](index=318&type=chunk) - The sharp decline in DE was caused by a drop in realized performance allocations, which were only **$5.0 million** in Q1 2023 compared to **$122.2 million** in Q1 2022[325](index=325&type=chunk) [Operating Metrics](index=66&type=section&id=Operating%20Metrics) As of March 31, 2023, AUM grew to $137.1 billion and FAUM to $78.8 billion, with $2.0 billion raised and $2.3 billion invested, and available capital at $42.7 billion Key Operating Metrics (as of March 31, 2023) | Metric | Value | Change from Q4 2022 | | :--- | :--- | :--- | | Assets Under Management (AUM) | $137.1 billion | +$2.1 billion | | Fee Earning AUM (FAUM) | $78.8 billion | +$0.9 billion | | Available Capital | $42.7 billion | -$0.3 billion | | Net Accrued Performance Allocations | $709 million | +$66 million | - In Q1 2023, TPG raised **$2.0 billion**, invested **$2.3 billion**, and had realizations of **$2.3 billion**[360](index=360&type=chunk)[363](index=363&type=chunk)[364](index=364&type=chunk) - Performance Allocation Generating AUM (funds above their hurdle rate) increased to **$93.6 billion** from **$85.3 billion** at the end of 2022[354](index=354&type=chunk) [Liquidity and Capital Resources](index=77&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2023, TPG maintained $1.66 billion in total liquidity, including cash and available credit, while managing debt obligations and a Tax Receivable Agreement liability, and declared a $0.20 per share dividend for Q1 2023 - Total liquidity as of March 31, 2023 was **$1.66 billion**, consisting of **$931.9 million** in cash and **$730 million** in available credit[376](index=376&type=chunk) - The company has a Tax Receivable Agreement (TRA) obligating it to pay **85%** of realized tax savings to beneficiaries, and an exchange of **1 million** units in Q1 2023 increased the TRA liability by **$8.1 million**[397](index=397&type=chunk)[398](index=398&type=chunk) - A dividend of **$0.20** per Class A common share for Q1 2023 was declared on May 15, 2023[406](index=406&type=chunk) [Market Risk Disclosures](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk relates to investment fair value movements, with no material changes observed during Q1 2023 - There was no material change in the company's market risks during the three months ended March 31, 2023[409](index=409&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[412](index=412&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[413](index=413&type=chunk) Part II [Part II: Other Information](index=83&type=section&id=Part%20II.%20Other%20Information) This section covers TPG's legal proceedings and unregistered sales of equity securities [Legal Proceedings](index=83&type=section&id=Item%201.%20Legal%20Proceedings) TPG is involved in ongoing litigation regarding a past investment and is cooperating with an SEC document request, but does not anticipate a material financial impact from current proceedings - The company is involved in ongoing lawsuits concerning a past investment in Hellas, but believes the claims are without merit and is defending them vigorously[203](index=203&type=chunk)[206](index=206&type=chunk) - In October 2022, TPG received a document request from the SEC regarding the use and retention of business-related electronic communications, as part of a broader industry review, and is cooperating[206](index=206&type=chunk) [Unregistered Sales of Equity Securities](index=83&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2023, 1 million Common Units were exchanged for Class A common shares by a pre-IPO investor, a transaction exempt from registration - In Q1 2023, **1 million** Common Units were exchanged for **1 million** shares of Class A common stock by a pre-IPO investor in a transaction exempt from registration[418](index=418&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-04321 TPG Inc. (Exact name of registrant as specified in its charter) Delaware 87-2063362 (State or other jurisdict ...

TPG Inc. (NASDAQ:TPG) Q4 2022 Results Conference Call February 15, 2023 11:00 AM ET Company Participants Gary Stein - Head, IR Jon Winkelried - CEO Jack Weingart - CFO Conference Call Participants Glenn Schorr - Evercore Ken Worthington - JP Morgan Brian Bedell - Deutsche Bank Gerald O'Hara - Jefferies Michael Cyprys - Morgan Stanley Michael Brown - KBW Alex Blostein - Goldman Sachs Brian McKenna - JMP Securities Adam Beatty - UBS Finian O'shea - Wells Fargo Rufus Hone - BMO Capital Markets Luke Mason - B ...

TPG Inc. (NASDAQ:TPG) Q3 2022 Earnings Conference Call November 9, 2022 11:00 AM ET Company Participants Gary Stein - Head of Investor Relations Jon Winkelried - Chief Executive Officer Jack Weingart - Chief Financial Officer Todd Sisitsky - President James Coulter - Executive Chairman and Co-Founder Conference Call Participants Craig Siegenthaler - Bank of America Alexander Blostein - Goldman Sachs Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley Brian McKenna - JMP Securities Glenn Schorr - Ever ...

Financial Performance - Total assets under management reached $127 billion as of June 30, 2022, a 17% increase compared to $108 billion as of June 30, 2021[4,9] - Fee-Related Earnings for the second quarter of 2022 were $102 million, more than double the pro forma $45 million for the same period in 2021[4] - After-tax Distributable Earnings for Q2 2022 tripled to $162 million, or $0.46 per share, compared to $53 million pro forma in 2021[4] - The company declared a dividend of $0.39 per share of Class A common stock for the second quarter of 2022[4,6] Assets and Capital - Fee Earning Assets Under Management increased by 28% to $67 billion[23] - The company raised $13 billion during the second quarter and a record $31 billion over the last twelve months[5] - Available capital reached $39 billion, the highest in the firm's history[5] Portfolio and Investment Activity - Capital raised was $12708 million in 2Q22 and $18156 million in 2Q22 YTD[71,76] - Capital invested was $3841 million in 2Q22 and $8289 million in 2Q22 YTD[76] - Realizations were $4402 million in 2Q22 and $9189 million in 2Q22 YTD[71,76]