Financial Performance - GAAP net income attributable to TPG Inc. was $16 million for Q1 2024, with basic net income per share of $0.09[7]. - After-tax Distributable Earnings (DE) increased to $181 million in Q1 2024, up from $88 million in Q1 2023[23]. - The company reported a GAAP total of $289.643 million for the three months ended March 31, 2024, with realized performance allocations of $198.805 million[64]. - Non-GAAP total for the same period was $405 million, reflecting adjustments for unrealized gains and other factors[66]. - Net income for Q4'23 was $42,412, compared to a net loss of $94,712 in Q3'23, indicating a strong recovery[86]. - Distributable Earnings for Q4'23 were $215,473, up from $206,586 in Q3'23, showing a steady performance[91]. Assets Under Management (AUM) - Total assets under management (AUM) reached $224 billion as of March 31, 2024, an increase of 63% compared to $137 billion in the previous year[7]. - In Q1'24, Assets Under Management (AUM) increased by 63% year-over-year to $223.6 billion, primarily due to the inclusion of TPG AG following its acquisition[44]. - Performance Eligible AUM reached $192.9 billion, representing 86% of total AUM at the end of Q1'24[53]. - AUM subject to fee earning growth totaled $25.0 billion at the end of Q1'24, representing 18% of Fee Earning AUM[50]. Revenue and Earnings Growth - Fee-Related Earnings (FRE) for Q1 2024 were $182 million, an increase of 84% year-over-year, with a FRE margin of 40%[7][19]. - Fee-Related Revenues (FRR) for Q1 2024 were $451 million, a 70% increase compared to $265 million in Q1 2023[16]. - Total revenues for Q4'23 reached $983,137, a significant increase from $160,355 in Q3'23[86]. - Fee-Related Revenues for Q4'23 were $464,727, up from $321,342 in Q3'23, reflecting a growth of approximately 44.6%[88]. Capital Activity - Capital raised in Q1 2024 was $4.7 billion, compared to $2.0 billion in Q1 2023[16]. - Capital invested in Q1 2024 was $6.5 billion, up from $2.3 billion in Q1 2023[16]. - Capital raised in the last twelve months totaled $18.4 billion, with $9.3 billion from the Capital platform and $2.8 billion from TPG AG Credit[56]. - The company reported capital raised during the period, which is essential for expanding its management fee base[100]. Strategic Acquisitions - The strategic acquisition of Angelo Gordon has significantly enhanced TPG's scale and diversification[4]. - The acquisition of TPG AG is expected to contribute to future growth starting November 1, 2023[87]. - The company completed the acquisition of Angelo Gordon, enhancing its asset management capabilities[95]. Dividend Policy - TPG declared a quarterly dividend of $0.41 per share of Class A common stock, payable on June 3, 2024[5]. - The declared dividend for Q1'24 is $0.41 per share, with total dividends declared amounting to $1.55 per share for the last twelve months[73]. - The company plans to maintain a dividend policy of at least 85% of earnings attributable to the TPG Operating Group, subject to board discretion[93]. Debt and Financial Obligations - The company’s debt obligations increased to $1.2 billion, with a net debt of $959 million at the end of Q1'24[40]. - Cash and cash equivalents rose to $1.1 billion at the end of Q1'24, driven by net proceeds from subordinated notes offerings[37]. Investment Performance - The company reported realized gains and other value creation of $56 million in Q1'24, with total value creation amounting to $915 million[31]. - The Market Solutions platform achieved a 4.3% appreciation in Q1'24, with a 6.4% return over the last twelve months[29]. - Investment Appreciation reflects fund performance, crucial for assessing the company's investment strategy effectiveness[109]. Shareholder Information - The diluted Class A common stock outstanding increased to 364.679 million shares as of March 31, 2024, up from 362.254 million shares at the end of 2023[68]. - The company issued 17,704,987 shares of Class A common stock in February 2024, impacting the total shares outstanding[68]. - Total participating shares include various classes of shares and rights to dividends, impacting shareholder returns[116].

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering TPG Inc. (TPG) , which belongs to the Zacks Financial - Investment Management industry.This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 42.20%.For the last reported quarter, TPG Inc. Came out with earnings of $0.51 per share versus the Zac ...

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced that on March 15, 2024, the Company’s Board of Directors declared a cash dividend of $0.24 per share of common stock for the first quarter of 2024. The dividend will be payable on April 25, 2024 to common stockholders of record as of March 28, 2024. ABOUT TRTX TRTX is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutio ...

NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced the Company’s Board of Directors declared a cash dividend of $0.3906 per share of 6.25% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) for the first quarter of 2024. The Series C Preferred Stock dividend is payable on March 28, 2024 to preferred stockholders of record as of March 18, 2024. ABOUT TRTX TRTX is a commercial real estate finance company that originates, ...

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. (“TPG” or the “Company”) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that TPG Operating Group II, L.P. (the “Issuer”), an indirect subsidiary of TPG, priced a registered public offering of $600 million aggregate principal amount of 5.875% senior notes due 2034 (the “notes”). The notes will be fully and unconditionally guaranteed by TPG and certain of the Issuer’s direct subsidiaries. The offering is expected ...

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. (“TPG” or the “Company”) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that TPG Operating Group II, L.P. (the “Issuer”), an indirect subsidiary of TPG, priced a registered public offering of $400 million aggregate principal amount of 6.950% fixed-rate junior subordinated notes due 2064 (the “notes”). The notes will be fully and unconditionally guaranteed by TPG and certain of the Issuer’s direct subsidiaries. T ...

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. (“TPG” or the “Company”) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that TPG Operating Group II, L.P. (the “Issuer”), an indirect subsidiary of TPG, intends to offer senior notes due 2034 (the “senior notes”) and fixed-rate junior subordinated notes due 2064 (the “junior subordinated notes”) in separate registered public offerings, subject to market and other conditions. The senior notes and junior subordina ...

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. (“TPG” or the “Company”) (Nasdaq: TPG), a leading global alternative asset management firm, today announced the pricing of a secondary underwritten public offering of 15,526,915 shares of TPG’s Class A common stock, par value $0.001 per share (the “Common Stock”), pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The offering consists entirely of secondary shares to be sold by certain stockho ...

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. (“TPG” or the “Company”) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that certain stockholders of the Company (the “Selling Stockholders”) intend to offer 15,526,915 shares of TPG’s Class A common stock, par value $0.001 per share (the “Common Stock”), pursuant to a shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The offering consists entirely of secondary shares to ...

PART I [Item 1. Business](index=9&type=section&id=Item%201.%20Business) TPG is a global alternative asset manager with $221.6 billion AUM, specializing in diverse strategies and emphasizing ESG integration - TPG is a leading global alternative asset manager with **$221.6 billion in AUM** as of December 31, 2023, specializing in complex asset classes like private equity, credit, real estate, and public market strategies[24](index=24&type=chunk) - The firm's AUM grew **160.7% from $85.0 billion in 2019 to $221.6 billion** by December 31, 2023, supported by successful innovation, strong investment performance, and strategic inorganic growth, including the acquisition of Angelo Gordon[25](index=25&type=chunk)[26](index=26&type=chunk) - TPG operates **six multi-strategy investment platforms**: Capital, Growth, Impact, TPG Angelo Gordon (acquired Nov 1, 2023), Real Estate, and Market Solutions[26](index=26&type=chunk) - TPG has a longstanding practice of integrating material ESG factors into its investment process, adopting its first ESG policy in 2012 and becoming a signatory to UN Principles for Responsible Investment in 2013[83](index=83&type=chunk) - As of December 31, 2023, TPG employed approximately **1,850 full-time employees**, including over **650 investment and operations professionals**, across 16 countries[25](index=25&type=chunk)[92](index=92&type=chunk) Assets Under Management (AUM) Growth (2019-2023) | Year | AUM ($ in Billions) | | :--- | :------------------:| | 2019 | 85 | | 2020 | 90 | | 2021 | 114 | | 2022 | 135 | | 2023 | 222 | [Overview](index=9&type=section&id=Overview) [Platforms](index=9&type=section&id=Platforms) [Organizational Structure](index=17&type=section&id=Organizational%20Structure) [Environmental, Social and Governance ("ESG")](index=18&type=section&id=Environmental%2C%20Social%20and%20Governance%20%28%22ESG%22%29) [Human Capital Resources](index=19&type=section&id=Human%20Capital%20Resources) [Corporate Social Responsibility](index=21&type=section&id=Corporate%20Social%20Responsibility) [Investment Process](index=21&type=section&id=Investment%20Process) [Structure and Operation of Our Funds](index=23&type=section&id=Structure%20and%20Operation%20of%20Our%20Funds) [Incentive Arrangements and Fee Structure](index=24&type=section&id=Incentive%20Arrangements%20and%20Fee%20Structure) [Competition](index=25&type=section&id=Competition) [Legal and Compliance](index=26&type=section&id=Legal%20and%20Compliance) [Website and Availability of SEC Filings](index=28&type=section&id=Website%20and%20Availability%20of%20SEC%20Filings) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) TPG faces risks from key personnel dependence, fund performance, Angelo Gordon integration, operational issues, conflicts of interest, and regulatory challenges - Dependence on senior leadership and key investment professionals is a critical risk; loss of their services or investor confidence could materially harm operations and AUM[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - Poor fund performance can lead to a decline in revenue, potential clawback obligations, and negatively impact the ability to raise capital for future funds[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - The acquisition of Angelo Gordon introduces integration risks, potential for increased costs, diversion of management time, and new financial/regulatory risks related to credit and real estate investments[176](index=176&type=chunk)[177](index=177&type=chunk)[179](index=179&type=chunk) - Operational risks, including reliance on information systems and technology, and cybersecurity threats, could disrupt business, lead to financial losses, and harm reputation[237](index=237&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - Conflicts of interest may arise from investment allocations, fee structures, shared investments, and relationships with partners/advisors, potentially damaging reputation and business performance[256](index=256&type=chunk)[257](index=257&type=chunk)[280](index=280&type=chunk) - The company's holding company structure makes it dependent on distributions from the TPG Operating Group to pay taxes, Tax Receivable Agreement obligations, and dividends[341](index=341&type=chunk) - Extensive and increasing regulation in the U.S. and internationally (e.g., SEC, AIFMD, ESG disclosures) creates potential for significant liabilities, penalties, and increased compliance costs[424](index=424&type=chunk)[427](index=427&type=chunk)[428](index=428&type=chunk) - The investment management business is intensely competitive, with factors like fund performance, fees, and ability to attract talent driving competition, potentially impacting TPG's profitability[403](index=403&type=chunk)[407](index=407&type=chunk) [Risks Related to Our Business](index=29&type=section&id=Risks%20Related%20to%20Our%20Business) [Risks Related to Our Organizational Structure](index=64&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure) [Risks Related to Our Indebtedness](index=73&type=section&id=Risks%20Related%20to%20Our%20Indebtedness) [Risks Related to Our Industry](index=79&type=section&id=Risks%20Related%20to%20Our%20Industry) [Risks Related to Taxation](index=92&type=section&id=Risks%20Related%20to%20Taxation) [Item 1B. Unresolved Staff Comments](index=89&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company has no unresolved staff comments from the SEC - There are no unresolved staff comments[487](index=487&type=chunk) [Item 1C. Cybersecurity](index=89&type=section&id=Item%201C.%20Cybersecurity) TPG manages cybersecurity risks through established frameworks and committees, with no material incidents reported as of the report date - TPG employs processes to identify, assess, and manage material cybersecurity risks, utilizing frameworks like NIST Cybersecurity Framework and CIS Critical Security Controls[487](index=487&type=chunk) - Cybersecurity governance involves an Enterprise Risk Committee (ERC) led by the CEO and an Operational Risk Committee (ORC), with the Chief Information Security Officer (CISO) reporting to the ORC and Audit Committee[489](index=489&type=chunk)[490](index=490&type=chunk)[491](index=491&type=chunk) - As of December 31, 2023, the company is not aware of any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[492](index=492&type=chunk) [Risk Management and Strategy](index=94&type=section&id=Risk%20Management%20and%20Strategy) [Governance](index=94&type=section&id=Governance) [Item 2. Properties](index=95&type=section&id=Item%202.%20Properties) TPG's principal offices are leased in Fort Worth, Texas, with additional leased offices in 16 countries, owning no real property - TPG's principal executive offices are in Fort Worth, Texas, and it leases office space in **16 countries globally**[493](index=493&type=chunk) - The company does not own any real property, relying solely on leased facilities[493](index=493&type=chunk) [Item 3. Legal Proceedings](index=95&type=section&id=Item%203.%20Legal%20Proceedings) TPG is engaged in various legal and regulatory proceedings, including defending TIM Hellas lawsuits and cooperating with an SEC inquiry, with no expected material financial impact - TPG is involved in legal proceedings and regulatory inquiries, but currently expects no material impact on its consolidated financial statements[494](index=494&type=chunk) - The company is actively defending lawsuits related to a 2005-2007 investment in TIM Hellas, with most New York cases dismissed or pared back, and a Luxembourg case decided in its favor (on appeal)[1175](index=1175&type=chunk)[1176](index=1176&type=chunk)[1177](index=1177&type=chunk)[1178](index=1178&type=chunk) - TPG is cooperating with an SEC document request concerning business-related electronic communications, part of an industry-wide review[1180](index=1180&type=chunk) [Item 4. Mine Safety Disclosures](index=95&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to TPG Inc - Mine Safety Disclosures are not applicable to the registrant[495](index=495&type=chunk) PART II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=95&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) TPG Inc.'s Class A common stock trades on Nasdaq, with 77 record holders, and the company targets a quarterly dividend of at least 85% of distributable earnings - TPG Inc.'s Class A common stock is listed on the Nasdaq Global Select Market under the symbol **'TPG'**[497](index=497&type=chunk) - As of February 20, 2024, there were **77 holders of record** for the common stock[497](index=497&type=chunk) - The company's current intention is to pay a quarterly dividend representing at least **85% of TPG Inc.'s share of distributable earnings (DE)** attributable to the TPG Operating Group, subject to board discretion[498](index=498&type=chunk)[499](index=499&type=chunk) - In connection with the Angelo Gordon acquisition on November 1, 2023, TPG issued **53.0 million Common Units** and **53.0 million shares of Class B common stock**, which are subject to transfer restrictions and customary registration rights[503](index=503&type=chunk) [Dividend Policy](index=95&type=section&id=Dividend%20Policy) [Recent Sales of Unregistered Securities](index=97&type=section&id=Recent%20Sales%20of%20Unregistered%20Securities) [Issuer Purchases of Equity Securities](index=97&type=section&id=Issuer%20Purchases%20of%20Equity%20Securities) [Item 6. [Removed and Reserved]](index=92&type=section&id=Item%206.%20%5BRemoved%20and%20Reserved%5D) This item has been removed and reserved in the Form 10-K [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=98&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This MD&A analyzes TPG's financial condition, operations, and key trends, including the Angelo Gordon acquisition's impact on AUM, revenues, expenses, and non-GAAP measures - TPG's AUM increased from **$135.0 billion** as of December 31, 2022, to **$221.6 billion** as of December 31, 2023, primarily due to the **$75.3 billion** from the Angelo Gordon acquisition[729](index=729&type=chunk) - Management fees increased by **$268.1 million (29%)** in 2023 compared to 2022, driven by new fund activations (TPG IX, Asia VIII, THP II, Rise III) and the Angelo Gordon acquisition[546](index=546&type=chunk) - Performance allocations increased by **$88.1 million (12%)** in 2023, reaching **$808.2 million**, primarily from TPG VIII, THP I, Growth IV, Growth V, Rise Climate, and Rise II, and **$127.3 million** from TPG Angelo Gordon Credit[550](index=550&type=chunk)[558](index=558&type=chunk) - Net cash provided by operating activities decreased from **$1,375.9 million** in 2022 to **$720.5 million** in 2023, mainly due to lower performance allocation and co-investment proceeds[805](index=805&type=chunk) - Total liquidity as of December 31, 2023, was **$1,544.2 million**, comprising **$665.2 million** in cash and cash equivalents, and **$699.0 million** and **$30.0 million** in available borrowing capacity under the Senior Unsecured Revolving Credit Facility and Subordinated Credit Facility, respectively, plus **$150.0 million** from a 364-day revolving credit facility[776](index=776&type=chunk) Consolidated Revenues (2021-2023) | Revenue Type | 2023 ($ in thousands) | 2022 ($ in thousands) | 2021 ($ in thousands) | | :---------------------------- | :-------------------- | :-------------------- | :-------------------- | | Fees and other | 1,534,626 | 1,246,635 | 977,904 | | Capital allocation-based income | 855,285 | 756,252 | 3,998,483 | | **Total revenues** | **2,389,911** | **2,002,887** | **4,976,387** | Consolidated Expenses (2021-2023) | Expense Type | 2023 ($ in thousands) | 2022 ($ in thousands) | 2021 ($ in thousands) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Cash-based compensation & benefits | 547,377 | 473,696 | 579,698 | | Equity-based compensation | 654,922 | 627,714 | — | | Performance allocation compensation | 591,676 | 416,556 | — | | **Total compensation & benefits** | **1,793,975** | **1,517,966** | **579,698** | | General, administrative & other | 482,574 | 368,915 | 278,590 | | Depreciation & amortization | 47,673 | 32,990 | 21,223 | | Interest expense | 38,528 | 21,612 | 16,291 | | Expenses of consolidated TPG Funds & Public SPACs | 1,053 | 3,316 | 20,764 | | **Total expenses** | **2,363,803** | **1,944,799** | **916,566** | Fee-Related Earnings (FRE) and Distributable Earnings (DE) (2021-2023) | Metric | 2023 ($ in thousands) | 2022 ($ in thousands) | 2021 ($ in thousands) | | :------------------------ | :-------------------- | :-------------------- | :-------------------- | | Fee-Related Revenues | 1,337,254 | 1,086,007 | 867,078 | | Fee-Related Expenses | 730,923 | 632,157 | 688,527 | | **Fee-Related Earnings** | **606,331** | **453,850** | **178,551** | | **Distributable Earnings**| **627,929** | **759,886** | **1,249,171** | | **After-Tax DE** | **585,306** | **700,263** | **1,239,863** | [Business Overview](index=98&type=section&id=Business%20Overview) [Trends Affecting our Business](index=98&type=section&id=Trends%20Affecting%20our%20Business) [Organization](index=99&type=section&id=Organization) [Acquisition of Angelo Gordon](index=99&type=section&id=Acquisition%20of%20Angelo%20Gordon) [Operating Segments](index=100&type=section&id=Operating%20Segments) [Basis of Accounting](index=100&type=section&id=Basis%20of%20Accounting) [Key Financial Measures](index=100&type=section&id=Key%20Financial%20Measures) [Key Components of our Results of Operations](index=103&type=section&id=Key%20Components%20of%20our%20Results%20of%20Operations) [Unaudited Condensed Consolidated Statements of Financial Condition (U.S. GAAP basis)](index=114&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Financial%20Condition%20%28U.S.%20GAAP%20basis%29) [Non-GAAP Financial Measures](index=116&type=section&id=Non-GAAP%20Financial%20Measures) [Unaudited Non-GAAP Balance Sheet Measures](index=126&type=section&id=Unaudited%20Non-GAAP%20Balance%20Sheet%20Measures) [Reconciliation to U.S. GAAP Measures](index=128&type=section&id=Reconciliation%20to%20U.S.%20GAAP%20Measures) [SUPPLEMENTAL UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION AND OTHER DATA](index=132&type=section&id=SUPPLEMENTAL%20UNAUDITED%20PRO%20FORMA%20CONDENSED%20COMBINED%20FINANCIAL%20INFORMATION%20AND%20OTHER%20DATA) [Operating Metrics](index=142&type=section&id=Operating%20Metrics) [Liquidity and Capital Resources](index=155&type=section&id=Liquidity%20and%20Capital%20Resources) [Critical Accounting Estimates](index=160&type=section&id=Critical%20Accounting%20Estimates) [Recent Accounting Developments](index=164&type=section&id=Recent%20Accounting%20Developments) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=159&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) TPG's market risk is driven by investment fair value, market conditions, and currency fluctuations, impacting fees and investment income, with interest rate risk on variable debt - TPG's market risk exposure is primarily linked to the fair value movements of its funds' underlying investments, affecting management fees, performance allocations, and net investment gains[835](index=835&type=chunk) - A hypothetical **10% decline** in the fair value of investments would decrease performance allocations by **$1,900.6 million** (or **$335.9 million net of compensation**) and investment income by **$91.7 million**[838](index=838&type=chunk)[839](index=839&type=chunk) - A **10% strengthening of the USD** against foreign currencies would decrease performance allocations by **$446.3 million** (or **$59.9 million net of compensation**) and net gains from investments by **$22.5 million**[840](index=840&type=chunk) - Interest rate risk from variable-rate debt obligations could increase annual interest expense by approximately **$2.9 million** for every one percentage point increase in interest rates[841](index=841&type=chunk) [Effect on Management Fees](index=164&type=section&id=Effect%20on%20Management%20Fees) [Effect on Performance Allocations](index=164&type=section&id=Effect%20on%20Performance%20Allocations) [Effect on Investment Income](index=165&type=section&id=Effect%20on%20Investment%20Income) [Exchange Rate Risk](index=165&type=section&id=Exchange%20Rate%20Risk) [Interest Rate Risk](index=165&type=section&id=Interest%20Rate%20Risk) [Credit Risk](index=165&type=section&id=Credit%20Risk) [Item 8. Financial Statements and Supplementary Data](index=161&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item provides TPG's audited consolidated financial statements, auditor's report, and notes, detailing financial condition, operations, and the Angelo Gordon acquisition's impact - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on TPG Inc.'s financial statements and the effectiveness of its internal control over financial reporting as of December 31, 2023[848](index=848&type=chunk)[849](index=849&type=chunk) - The audit of internal control over financial reporting excluded the recently acquired Angelo Gordon, which constituted **19.2% of total assets** and **9.8% of total revenues** as of and for the year ended December 31, 2023[850](index=850&type=chunk)[1241](index=1241&type=chunk) - The Angelo Gordon acquisition on November 1, 2023, resulted in the recognition of **$547.5 million** in identifiable intangible assets and **$205.9 million** in goodwill[1026](index=1026&type=chunk)[1025](index=1025&type=chunk) - Total intangible assets increased from **$136.2 million** in 2022 to **$649.5 million** in 2023, primarily due to the Angelo Gordon acquisition[1063](index=1063&type=chunk) - Equity-based compensation expense was **$654.9 million** in 2023, up from **$627.7 million** in 2022, reflecting grants related to the IPO and Angelo Gordon acquisition[874](index=874&type=chunk)[1194](index=1194&type=chunk) Consolidated Statements of Financial Condition (December 31, 2023 vs. 2022) | Item | 2023 ($ in thousands) | 2022 ($ in thousands) | | :------------------------------------ | :-------------------- | :-------------------- | | Cash and cash equivalents | 665,188 | 1,107,484 | | Investments | 6,724,112 | 5,329,868 | | Intangible assets | 649,508 | 136,187 | | Goodwill | 436,079 | 230,194 | | Total assets | 9,369,672 | 7,941,738 | | Debt obligations | 945,052 | 444,566 | | Accrued performance allocation compensation | 4,096,052 | 3,269,889 | | Total liabilities | 6,008,538 | 4,202,232 | | Total equity | 3,361,134 | 3,085,871 | [Report of Independent Registered Public Accounting Firm](index=167&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm%20%28PCAOB%20ID%20No.%2034%29) [Consolidated Statements of Financial Condition](index=171&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition%20as%20of%20December%2031%2C%202023%20and%202022) [Consolidated Statements of Operations](index=172&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20Years%20Ended%20December%2031%2C%202023%2C%202022%20and%202021) [Consolidated Statements of Changes in Equity](index=173&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity%20for%20the%20Years%20Ended%20December%2031%2C%202023%2C%202022%20and%202021) [Consolidated Statements of Cash Flows](index=177&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Years%20Ended%20December%2031%2C%202023%2C%202022%20and%202021) [Notes to Consolidated Financial Statements](index=179&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures](index=225&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosures) TPG Inc. reports no changes in or disagreements with its accountants on accounting and financial disclosures - There are no changes in or disagreements with accountants on accounting and financial disclosures[1234](index=1234&type=chunk) [Item 9A. Controls and Procedures](index=225&type=section&id=Item%209A.%20Controls%20and%20Procedures) TPG's management deemed disclosure controls and internal control over financial reporting effective as of December 31, 2023, excluding the Angelo Gordon acquisition - TPG's disclosure controls and procedures were evaluated and deemed effective as of December 31, 2023[1237](index=1237&type=chunk) - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2023, and determined it was effective[1242](index=1242&type=chunk) - The assessment of internal control over financial reporting excluded the recently acquired TPG Angelo Gordon, which represented **19.2% of total assets** and **9.8% of total revenues**[1241](index=1241&type=chunk) - There have been no material changes in internal control over financial reporting during the fiscal quarter ended December 31, 2023[1244](index=1244&type=chunk) [Item 9B. Other Information](index=226&type=section&id=Item%209B.%20Other%20Information) TPG directors and officers may use Rule 10b5-1 trading plans, with independent director Deborah Messemer adopting one for 10,479 Class A common shares - Directors and officers may use Rule 10b5-1 plans for stock transactions[1246](index=1246&type=chunk) Rule 10b5-1 Plan Adoption (Deborah Messemer) | Name | Title | Type of Trading Arrangement | Security | Date of Action | Duration of Trading Arrangement | Aggregate Number of Securities Covered | | :-------------- | :---------------- | :-------------------------- | :--------------- | :--------------- | :--------------------------------- | :------------------------------------- | | Deborah Messemer| Independent Director | Rule 10b5-1 | Class A common stock | November 17, 2023| February 28, 2024 to July 31, 2024 | 10,479 shares of Class A common stock | [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=226&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to TPG Inc - Disclosure regarding foreign jurisdictions that prevent inspections is not applicable[1247](index=1247&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=226&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on TPG's directors, executive officers, and corporate governance, including the code of conduct, is incorporated by reference from the 2024 Proxy Statement - Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Proxy Statement[1249](index=1249&type=chunk) - TPG has a code of conduct and ethics applicable to all directors, employees, and officers, available on its website[1250](index=1250&type=chunk) - Corporate governance guidelines, in accordance with Nasdaq rules, are also available on the company's website[1252](index=1252&type=chunk) [Item 11. Executive Compensation](index=227&type=section&id=Item%2011.%20Executive%20Compensation) Executive officer and director compensation details are incorporated by reference from TPG's 2024 Proxy Statement - Information on executive officer and director compensation is incorporated by reference from the 2024 Proxy Statement[1253](index=1253&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters](index=227&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owner%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information for beneficial owners and management, and equity compensation plans, is incorporated by reference from the 2024 Proxy Statement - Information on security ownership of certain beneficial owners and management, and equity compensation plans, is incorporated by reference from the 2024 Proxy Statement[1254](index=1254&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=227&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from TPG's 2024 Proxy Statement - Information on certain relationships, related transactions, and director independence is incorporated by reference from the 2024 Proxy Statement[1255](index=1255&type=chunk) [Item 14. Principal Accounting Fees and Services](index=227&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from TPG's 2024 Proxy Statement - Information on principal accounting fees and services is incorporated by reference from the 2024 Proxy Statement[1256](index=1256&type=chunk) PART IV [Item 15. Exhibits, Financial Statement Schedules](index=228&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This item lists all exhibits and financial statement schedules, with financial statements referenced from Item 8 and schedules omitted, providing a comprehensive exhibit list - Financial statements are filed as part of this annual report, as detailed in Item 8[1260](index=1260&type=chunk) - All financial statement schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or notes[1261](index=1261&type=chunk) - A list of exhibits, including the Transaction Agreement for Angelo Gordon, various credit agreements, and equity incentive plans, is provided[1262](index=1262&type=chunk)[1263](index=1263&type=chunk)[1264](index=1264&type=chunk)[1266](index=1266&type=chunk) [Item 16. Form 10-K Summary](index=231&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to TPG Inc - Form 10-K Summary is not applicable[1267](index=1267&type=chunk) [Signatures](index=232&type=section&id=Signatures) The report is signed by Jon Winkelried, CEO and Director, along with other key personnel, as of February 23, 2024 - The report is signed by Jon Winkelried, Chief Executive Officer and Director, and other key personnel including founding partners and principal officers[1270](index=1270&type=chunk)[1271](index=1271&type=chunk) - The signing date for the report is February 23, 2024[1270](index=1270&type=chunk)[1271](index=1271&type=chunk)