Financial Data and Key Metrics Changes - Fee earning AUM increased 74% year-over-year to $137 billion, with over $51 billion of dry powder, representing 37% of fee earning AUM [13][96] - Fee-related revenue in Q1 was $451 million, up 70% year-over-year, primarily driven by the acquisition of Angelo Gordon, with TPG growing fee-related revenue 20% organically year-over-year [13][104] - After-tax distributable earnings for Q1 totaled $181 million or $0.49 per share, with an effective corporate tax rate lower than usual due to tax benefits from the IPO [105] Business Line Data and Key Metrics Changes - The credit platform raised more than $2 billion in the first quarter and over $800 million since quarter end, driven by middle market direct lending and credit solutions [6][10] - TPG's real estate portfolio appreciated approximately 4% in Q1 and 1% over the last 12 months, with TPG AG's real estate portfolio appreciating 40 basis points in Q1 [15][100] - The corporate credit strategy continues to rotate its portfolio in response to changing market conditions, focusing on private opportunities as spreads have tightened [28] Market Data and Key Metrics Changes - Fundraising for TPG AG credit is expected to exceed $10 billion in 2024, more than doubling the capital raised by the platform last year [16] - The deployment pace in private equity and real estate has more than doubled in the second half of 2023 compared to the first half and remained strong through Q1 2024 [26] - The investment portfolio generated positive value creation across all platforms for Q1, with the private equity portfolio appreciating approximately 2% in Q1 and 7% over the last 12 months [107] Company Strategy and Development Direction - The company is focused on expanding its global distribution capabilities in private wealth and developing products tailored for this channel, aiming to grow capital raised from $1 billion to $2 billion annually [8] - The integration of Angelo Gordon is progressing well, with a focus on cross-marketing and collaboration between private equity and credit businesses [39][41] - The company plans to launch semi-liquid funds beginning with private equity, targeting retail investors with differentiated products [99] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the outlook for potential realizations as the pipeline gradually builds, with selective monetization opportunities expected [11] - The company anticipates a successful first close for its climate infrastructure strategy later this year, with significant capital needs for energy transition [98] - Management highlighted the importance of selectivity in deal flow and the potential for increased sponsor-to-sponsor activity due to pressures on sponsors to return capital [34][35] Other Important Information - The company issued long-term bonds for the first time, raising $1 billion through the issuance of senior notes and subordinated notes, maintaining a conservatively capitalized balance sheet [14] - The company is actively working on structuring and preparing a semi-liquid private wealth product, with plans to launch it early next year [46][80] Q&A Session All Questions and Answers Question: How are your investment pipelines tracking in the legacy TPG businesses? - Management indicated a strong pipeline and differentiated deal flow, with a steady pace of investment activity in legacy businesses [32][33] Question: Can you provide more color on the integration of Angelo Gordon? - Management noted that the integration is going extremely well, with a focus on collaboration between TPG and Angelo Gordon teams [38][39] Question: What are the growth expectations for the credit business on a multiyear basis? - Management expects to maintain or grow the $10 billion pace in credit fundraising, with opportunities across various credit strategies [49][50] Question: How should we think about the ramp of fee earning AUM inflows throughout 2024 for the AG segment? - Management stated that deployment will primarily drive fee earning AUM, with fundraising this year setting up for growth next year [75] Question: Can you elaborate on the wealth management channel and product development? - Management highlighted the focus on expanding the wealth platform and the development of semi-liquid products to meet client demand [45][80]

Part I. Financial Information This section details TPG Inc.'s unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents TPG Inc.'s unaudited condensed consolidated financial statements, including financial condition, operations, equity, cash flows, and detailed notes [Condensed Consolidated Statements of Financial Condition](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) TPG Inc.'s financial condition as of March 31, 2024, shows total assets increased to **$9.94 billion**, liabilities rose to **$6.64 billion**, and total equity slightly decreased Key Financial Condition Metrics | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | **Assets** | | | | Cash and cash equivalents | $1,090,713 | $665,188 | | Investments | $6,834,809 | $6,724,112 | | Total assets | $9,939,449 | $9,369,672 | | **Liabilities** | | | | Debt obligations | $1,229,230 | $945,052 | | Accrued performance allocation compensation | $4,144,452 | $4,096,052 | | Total liabilities | $6,643,131 | $6,008,538 | | **Equity** | | | | Total equity | $3,296,318 | $3,361,134 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, total revenues increased by **28%** to **$824.1 million**, but net income attributable to TPG Inc. decreased by **38%** to **$15.5 million** due to rising expenses Key Operating Metrics | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | Change (%) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :-------------------- | :--------- | | Total revenues | $824,071 | $643,145 | $180,926 | 28% | | Total expenses | $836,397 | $620,117 | $216,280 | 35% | | Net (loss) income | $(9,006) | $35,674 | $(44,680) | -125% | | Net income attributable to TPG Inc. | $15,519 | $25,055 | $(9,536) | -38% | | Basic EPS | $0.09 | $0.27 | $(0.18) | -67% | | Diluted EPS | $(0.11) | $(0.01) | $(0.10) | -1000% | [Condensed Consolidated Statements of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased from **$3.36 billion** to **$3.30 billion**, influenced by net income, equity compensation, dividends, and Common Unit exchanges for Class A Common Stock Key Equity Movements | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total TPG Inc. Equity (End of Period) | $720,358 | $579,157 | | Other Non-Controlling Interests (End of Period) | $2,575,960 | $2,781,977 | | Total Equity (End of Period) | $3,296,318 | $3,361,134 | | Net income (loss) attributable to TPG Inc. | $15,519 | N/A | | Equity-based compensation | $37,285 | N/A | | Dividends/distributions | $(40,358) | N/A | | Exchange of Common Units to TPG Inc. Class A Common stock | $16,555 | N/A | - A significant exchange of **17,704,987** Common Units for an equal number of Class A Common Stock occurred, leading to an increase in Class A shares and a decrease in Class B shares[23](index=23&type=chunk)[268](index=268&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$436.7 million** in Q1 2024, while investing activities used **$25.3 million**, and financing activities provided **$14.3 million** Key Cash Flow Activities | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Net cash provided by operating activities | $436,713 | $35,800 | | Net cash used in investing activities | $(25,341) | $(896) | | Net cash provided by (used in) financing activities | $14,297 | $(210,331) | | Net change in cash, cash equivalents and restricted cash | $425,669 | $(175,427) | | Cash, cash equivalents and restricted cash, end of period | $1,104,040 | $945,223 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering organization, accounting policies, acquisitions, investments, debt, and equity [Note 1. Organization](index=12&type=section&id=Note%201.%20Organization) TPG Inc. operates as a leading global alternative asset manager, consolidating various entities, and held approximately **28%** of the TPG Operating Group's Common Units - TPG Inc. is a leading global alternative asset manager, consolidating various entities including management companies and general partners of pooled investment entities[31](index=31&type=chunk) - As of March 31, 2024, TPG Inc. held approximately **28%** of the outstanding Common Units of the TPG Operating Group[32](index=32&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=12&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines TPG's accounting practices, including U.S. GAAP adherence, VIE/VOE consolidation, revenue recognition for fees and capital allocation-based income, and investment valuation - Financial statements are prepared in accordance with U.S. GAAP, requiring management estimates and assumptions[33](index=33&type=chunk)[37](index=37&type=chunk) - TPG consolidates Variable Interest Entities (VIEs) where it is the primary beneficiary and Voting Interest Entities (VOEs) it controls through a majority voting interest[40](index=40&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Revenue streams include management fees, monitoring fees, transaction fees, incentive fees, and expense reimbursements (accounted for under ASC 606), and capital allocation-based income (accounted for under equity method)[65](index=65&type=chunk)[76](index=76&type=chunk) Revenue by Type | Revenue Type | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Management fees | $407,417 | $250,000 | | Monitoring fees | $6,108 | $2,756 | | Transaction fees | $36,186 | $2,473 | | Incentive fees | $3,875 | $0 | | Expense reimbursements and other | $58,709 | $56,242 | | Performance allocations | $289,643 | $315,707 | | Capital interests | $22,133 | $15,967 | [Note 3. Acquisitions](index=26&type=section&id=Note%203.%20Acquisitions) TPG acquired Angelo Gordon on November 1, 2023, for **$1.14 billion**, expanding into credit and real estate, and recognizing **$205.9 million** in goodwill - TPG completed the acquisition of Angelo Gordon on November 1, 2023, expanding into credit and real estate investing[130](index=130&type=chunk) Angelo Gordon Purchase Price Components | Purchase Price Component | Amount (in thousands) | | :-------------------------------- | :-------------------- | | Cash | $740,703 | | Amounts payable to seller | $15,677 | | Common Units | $233,894 | | Fair value of Aggregate Annual Cash Holdback Amount | $125,158 | | Fair value of Earnout Payment | $27,315 | | **Total Purchase Price** | **$1,142,747** | - The acquisition resulted in **$205.9 million** of goodwill, primarily attributed to scale, skill sets, operations, and expected synergies[137](index=137&type=chunk)[138](index=138&type=chunk) [Note 4. Investments](index=29&type=section&id=Note%204.%20Investments) TPG's investments include equity method and

TPG Inc. (TPG) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.95%. A quarter ago, it was expected that this company would post earnings of $0.41 per share when it actually produced earnings of $0.51, delivering a surprise of 24.39%.Over the last four quarters, the company has surp ...

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 ...