TPG

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information presented in our historical financial statements and the related notes included elsewhere in this report. In addition to historical information, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources that involve risks, uncertainties and assumptions. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause or contribute to these differences include those identified below and elsewhere in this report, particularly in “Cautionary Note Regarding Forward-Looking Statements,” and “Item 1A.—Risk Factors” and should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 17, 2026. We assume no obligation to update any of these forward-looking statements. Overview TPG is a leading global alternative asset manager with $326.8 billion in assets under management (“AUM”) as of June 30, 2026. We have built our firm through years of successful innovation and growth, and believe that we have delivered attractive risk-adjusted returns to our clients and established a premier investment business focused on the fastest-growing segments of the alternative asset management industry. We believe our distinctive business approach and diversified array of innovative investment platforms position us well to continue generating highly profitable, sustainable growth. We offer a broad range of investment strategies across the alternative asset management landscape, primarily in private equity, credit and real estate, and have constructed a high-quality base of assets under management within attractive sub-segments of these asset classes. The strength of our investment performance and our proven ability to innovate within our business, together with our ongoing focus on strategic, inorganic growth has led to consistent historical increase in our assets under management, all with the support of a scaled infrastructure that provides our business with a high degree of operating leverage. Our differentiated operating model unites our investment products and global footprint around a cohesive commercial framework. Our team-oriented culture fosters collaboration and alignment, supports our shared investment themes approach to sourcing and executing deals and leads to attractive returns for our investors. Through multiple decades of experience, we have developed an ecosystem of insight, engagement and collaboration across our platforms and products, which currently include more than 450 active portfolio companies, approximately 300 real estate properties and over 6,500 credit positions, across more than 33 countries. Our firm consists of six multi-strategy investment platforms: (1) Capital, (2) Growth, (3) Impact, (4) Credit, (5) Real Estate and (6) Market Solutions. Each of our six investment platforms is comprised of a number of products that are complementary to each other and provide our clients with differentiated avenues for capital deployment. Most of our products have raised multiple generations of funds, which we believe highlights the value these products provide to our clients. 54 Table of Contents Capital Growth Impact Credit Real Estate Market Solutions Platforms Focused on large scale, control / co-control and thematic investments Flexible investing platform focused on rapidly growing businesses Leading global impact investing platform pursuing societal benefits & financial returns at scale Diversified solutions across a wide range of credit opportunities Multi-product, diversified real estate investing platform Platform focused on leveraging the TPG ecosystem to address market opportunities $94.1 billion AUM $34.6 billion AUM $34.9 billion AUM $101.2 billion AUM $41.9 billion AUM $20.1 billion AUM Products TPG Capital TPG Growth The Rise Funds TPG Credit Solutions TREP TPG AG U.S. Real Estate TPG GP Solutions TPG Healthcare Partners TPG Tech Adjacencies TPG Rise Climate TPG Direct Lending TRECO TPG AG Europe Real Estate TPG NewQuest TPG Asia TPG Life Sciences Innovations TRC Transition Infrastructure TPG Asset Based Finance TRTX TPG Asia Real Estate TPG Peppertree TPG Emerging Companies Asia TRC Global South Initiative TPG CLOs TAC+ TPG Net Lease TPG Private Equity Opportunities TPG Sports TPG NEXT TPG Multi-Asset Credit _________________ Note: AUM as of June 30, 2026. Platforms Platform: Capital Our Capital platform is focused on large-scale, control-oriented private equity investments. We pursue opportunities across geographies and specialize in sectors where we have developed deep thematic expertise over time. Our Capital platform funds are organized in three primary products: (1) TPG Capital, (2) TPG Healthcare Partners and (3) TPG Asia. The following table presents certain data about our Capital platform as of June 30, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $94 $46 10 $20 Product: TPG Capital TPG Capital is our North America and Europe-focused private equity investing business, with $60.7 billion in assets under management as of June 30, 2026. TPG Capital employs a sector-driven, highly thematic approach to sourcing and primarily seeks to invest in traditional buyouts, transformational deals such as corporate carve-outs and large-scale growth equity transactions. We invest in market leaders with fundamentally strong business models that are expected to benefit from long-term secular growth trends. We also seek to help our portfolio companies accelerate their growth under our ownership through a variety of operational improvements, such as by leveraging our human capital team to upgrade or enhance our management teams and boards, and by investing in organic and inorganic growth. 55 Table of Contents Product: TPG Healthcare Partners We established TPG Healthcare Partners (“THP”) in 2019 to pursue healthcare-related investments, primarily in partnership with other TPG funds. THP provides our limited partners with a dedicated healthcare investment platform that touches all areas of healthcare, including providers, payors, pharmaceuticals, medical devices and healthcare technology. Product: TPG Asia TPG was one of the first alternative asset management firms to establish a dedicated Asia franchise and began investing in the region in 1994. Currently, TPG Asia focuses on pursuing investments in the Asia-Pacific region, including Australia, India, Korea and Southeast Asia, with $23.6 billion in assets under management as of June 30, 2026. Our distributed regional footprint has provided a foundation for us to pursue highly attractive investing opportunities in the region with both new and existing products and strategies. We invest through a variety of transaction structures, including through partnerships with large corporations and families. Platform: Growth Growth is our dedicated growth equity and middle market investing platform. It provides us with a flexible mandate to invest in companies across our core sectors that are earlier in their life cycle, are smaller in size and/or have different profiles than would be considered for our Capital platform. Our Growth funds are organized in five primary products: (1) TPG Growth, (2) TPG Tech Adjacencies, (3) TPG Life Sciences Innovations, (4) TPG Emerging Companies Asia and (5) TPG Sports. The following table presents certain data about our Growth platform as of June 30, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $35 $17 11 $7 Product: TPG Growth TPG Growth is our dedicated growth equity and middle market investing product, with $21.2 billion in assets under management as of June 30, 2026. TPG Growth seeks to make growth buyout and growth equity investments, primarily in North America and India. Product: TPG Tech Adjacencies TPG Tech Adjacencies (“TTAD”), with $10.1 billion in assets under management as of June 30, 2026, is a product we developed organically to pursue minority and/or structured investments in internet, software, digital media and other technology sectors. Specifically, TTAD aims to provide flexible capital for founders, employees and early investors seeking liquidity, as well as primary structured equity solutions for companies looking for additional, creative capital for growth. Product: TPG Life Sciences Innovations TPG Life Sciences Innovations (“LSI”) was launched in 2023 and seeks to invest in the life sciences sector in novel therapeutics as well as digital health, medical devices, diagnostics and tech-enabled services. LSI invests across different therapeutic areas and stages, from company creation to IPO, and leverages TPG’s broad experience in the healthcare sector. Product: TPG Emerging Companies Asia TPG Emerging Companies Asia (“TECA”) is our new lower-to-middle market growth buyout strategy focused on developed markets in the APAC region, primarily Australia, New Zealand, Southeast Asia and South Korea. TECA leverages our 30-year track record in Asia and deep sector specialization to invest in profitable companies benefitting from regional tailwinds. TECA targets control-oriented transactions, while selectively pursing minority investments. 56 Table of Contents Product: TPG Sports TPG Sports is our dedicated strategy focused on pursuing investment opportunities in the sports ecosystem. TPG Sports aims to provide strategic primary capital and business building capabilities to operating companies and technology providers serving the sports market, and to invest in sports IP (i.e., leagues, teams and events). Platform: Impact Our multi-fund Impact platform, which we believe is among the largest in the industry, pursues competitive, non-concessionary financial returns while also providing measurable societal benefits at scale, harnessing the diverse skills of a differentiated group of value-add stakeholders including: •Y Analytics: A public benefit organization that is wholly owned by TPG, which functions as TPG’s firm-wide responsible investing and impact performance arm, and among other services, provides impact research and rigorous assessment for impact investments. •The TPG Rise Global Advisory Board: A group of investors experienced with driving social and environmental change and financial returns. •The TPG Rise Climate Coalition: A partnership between TPG and 33 leading global enterprises that are investors in TPG Rise Climate to accelerate the sharing of knowledge, best practices and investment opportunities arising from the energy transition among the group and more broadly across the TPG Impact platform. We have demonstrated that our impact investments can deliver profit and positive impact in tandem. Our Impact funds are organized in five primary products: (1) The Rise Funds, (2) TPG Rise Climate, (3) TPG Rise Climate Transition Infrastructure, (4) TPG Rise Climate Global South Initiative and (5) TPG NEXT. The following table presents certain data about our Impact platform as of June 30, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $35 $22 10 $10 Product: The Rise Funds The Rise Funds are our dedicated vehicles for investing globally in companies that generate business performance and strong returns alongside a demonstrable and significant positive societal impact, with $10.9 billion in assets under management as of June 30, 2026. The Rise Funds’ core areas of focus include climate and conservation, education, financial inclusion, food and agriculture, healthcare and impact services. Product: TPG Rise Climate Launched in 2021, TPG Rise Climate (“Rise Climate”) is our dedicated climate private equity impact investing product, which has raised $17.1 billion in total commitments. Rise Climate applies TPG’s private equity capabilities to pursue climate-related investments in thematic areas including clean electrons, clean molecules and materials and adaptive solutions, all without sacrificing our focus on financial returns. Rise Climate has a global focus and invests opportunistically across buyouts, carve-outs and growth equity transactions. Product: TPG Rise Climate Transition Infrastructure TPG Rise Climate Transition Infrastructure (“Rise Climate TI”) is our newly formed product focused on investing in infrastructure businesses and assets that we believe have or will have positive climate impact. Rise Climate TI pursues climate-related investments in thematic areas including clean electrons, clean molecules and materials and adaptive 57 Table of Contents solutions, seeking to capture return opportunities between core infrastructure and private equity within the energy transition, green mobility, negative emissions and sustainable fuels sectors. Product: TPG Rise Climate Global South Initiative TPG Rise Climate Global South Initiative (“GSI”) is our sidecar product to TPG Rise Climate and a dedicated pool of capital focused on climate-related investments in countries that are not members of the OECD (such non-OECD countries, collectively, the “Global South”). GSI is an expansion of Rise Climate’s strategy and seeks to direct large-scale capital towards ready-to-scale climate solutions to catalyze their adoption by the Global South, in countries where TPG has an existing footprint and investment track record. Product: TPG NEXT TPG NEXT provides strategic minority capital and custom operational support to help emerging managers establish, build and scale their firms. TPG announced the launch of the inaugural TPG NEXT fund in 2022 to use the power of TPG’s platform—including its capital, network and 30-plus year track record of business building—to accelerate the growth and de-risk the success of the next generation of alternative investment managers. Firms that partner with TPG NEXT gain access to TPG’s network, operational and investment capabilities, and ecosystem to support strategic business building and expansion. Platform: Credit TPG’s alternative credit products (collectively referred to as “Credit”) are: (1) TPG Credit Solutions, (2) TPG Direct Lending, (3) TPG Asset Based Finance, (4) TPG CLOs and (5) TPG Multi-Asset Credit. Credit’s capabilities span private and tradable credit across corporate and asset-backed markets. The following table presents certain data about our Credit platform as of June 30, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $101 $57 96 $22 Product: TPG Credit Solutions TPG Credit Solutions, with $21.9 billion in assets under management as of June 30, 2026, invests in stressed, distressed and special situation corporate credit opportunities, primarily in North America and Europe, and can dynamically pivot between the public and private markets. TPG Credit Solutions employs what we believe to be a differentiated, solutions-based approach that is capable of being executed in any market environment. TPG Credit Solutions seeks to align with companies, financial sponsors and business owners and to use its structuring skill and flexible capital base to create bespoke, bilaterally-negotiated financing transactions that help resolve complex and idiosyncratic financial challenges. TPG Credit Solutions funds may also opportunistically invest in securities acquired at what the investment team believes are discounted prices relative to their intrinsic value and offer the potential for contractual income and/or price appreciation. TPG Credit Solutions invests through the Credit Solutions, Essential Housing and Hybrid Solutions closed-end funds, as well as the Corporate Credit Opportunities open-ended fund. Product: TPG Direct Lending TPG Direct Lending focuses on sourcing, underwriting and actively managing a diversified portfolio of lower middle market, senior secured loans, including revolvers and first lien debt, and seeks to deliver stable and attractive returns while minimizing volatility and protecting the downside. As a direct lender to private equity backed lower middle market companies primarily with $25.0 million of EBITDA or less, the product focuses on sourcing differentiated opportunities from our long-standing and diverse set of sponsor relationships. TPG Direct Lending includes the TPG AG Middle Market Direct Lending (“MMDL”) closed-end fund series and evergreen vehicle, SMAs, TPG Advantage Direct Lending (“ADL”), as well as a public, non-traded business development company (“BDC”), TPG Twin Brook Capital Income Fund (“TCAP”). As of June 30, 2026, TPG Direct Lending had $36.1 billion in assets under management. 58 Table of Contents Product: TPG Asset Based Finance TPG Asset Based Finance focuses on investment-grade asset-based finance and direct lending, with opportunities to expand through additional strategies over time. TPG Asset Based Finance invests through a variety of vehicles including the Mortgage Value Partners Fund open-ended hedge fund, the Asset Based Credit closed-end fund series and evergreen vehicle, SMAs and TPG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), which is an externally managed, publicly traded residential mortgage real estate investment trust. As of June 30, 2026, TPG Asset Based Finance had $32.0 billion in assets under management. Product: TPG CLOs TPG CLOs, with $8.7 billion in assets under management as of June 30, 2026, invest predominantly in non-investment grade senior secured bank loans. TPG CLOs investment team consists of members in both New York and London. The U.S. CLOs invest in U.S. dollar-denominated broadly syndicated loans, and the European CLOs invest in Euro-denominated loans and secured bonds. Our global platform allows us to provide our investors with diversification across industries and geographies as we construct well diversified, liquid portfolios that are actively traded. In addition to TPG CLOs, the platform also manages bespoke performing credit vehicles and commingled closed end CLO funds. Product: TPG Multi-Asset Credit TPG Multi-Asset Credit, with $2.5 billion in assets under management as of June 30, 2026, invests across the breadth of Credit, with a geographic focus in the United States and Western Europe. TPG Multi-Asset Credit offers actively managed co-mingled funds, including the Super Fund, which changed its name to Dynamic Credit Income Fund, effective January 1, 2026, in addition to bespoke vehicles and various multi-strategy credit funds-of-one. These funds invest in public and private investment opportunities sourced from across Credit, as well as arbitrage strategies, including convertible arbitrage and merger arbitrage. TPG Multi-Asset Credit funds invest in, among other products, corporate loans and bonds, residential, consumer and asset-based loans and securities, hybrid instruments and derivative securities, including currency and interest rate hedges. Platform: Real Estate We established our real estate investing practice in 2009 to pursue real estate investments systematically and at significant scale. TPG’s real estate products (collectively referred to as “Real Estate”) are (1) TPG Real Estate Partners, (2) TPG Real Estate Thematic Advantage Core-Plus, (3) TPG AG U.S. Real Estate, (4) TPG AG Europe Real Estate, (5) TPG Asia Real Estate, (6) TPG Net Lease, (7) TPG RE Finance Trust, Inc. and (8) TPG Real Estate Credit Opportunities. TPG Real Estate products in the United States, Asia and Europe primarily focus on the acquisition of equity interests of underperforming and undervalued assets, where we can employ our opportunistic and value-add strategies to improve performance. We believe Real Estate’s extensive and proprietary network of operating partners across each of the regions where we operate positions us to effectively identify inefficiencies and source opportunities on an off-market basis. TPG Net Lease primarily invests in single tenant commercial real estate acquired in simultaneous sale-leaseback transactions. The following table presents certain data about our Real Estate platform as of June 30, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $42 $27 35 $13 Product: TPG Real Estate Partners TPG Real Estate Partners (“TREP”), with $12.0 billion in assets under management as of June 30, 2026, focuses on acquiring and building platforms, which we believe creates more efficient operating structures and ultimately results in scaled investments that may trade at premium entity-level pricing in excess of the net asset value of individual properties. TREP utilizes a distinct theme-based strategy for sourcing and executing proprietary investments and, over time, many of these themes have aligned with TPG’s broader thematic sector expertise, particularly those pertaining to the healthcare and technology sectors. 59 Table of Contents Product: TPG Real Estate Thematic Advantage Core-Plus TPG Real Estate Thematic Advantage Core-Plus (“TAC+”), with $4.0 billion in assets under management as of June 30, 2026, is an extension of our opportunistic real estate investment program. TAC+ targets investments in stabilized (or near stabilized) high-quality real estate, particularly in thematic sectors where we have gained significant experience and conviction. The investment strategy is designed to enhance traditional core-plus objectives of capital preservation and reliable current income generation by applying our differentiated thematic approach, strategy and skillset. Product: TPG AG U.S. Real Estate TPG AG U.S. Real Estate, with $5.7 billion in assets under management as of June 30, 2026, manages assets across various product sectors and has been active in many of the major U.S. real estate markets. TPG AG U.S. Real Estate focuses on purchasing what we believe to be underperforming and undervalued real estate assets, where we then execute an active asset management strategy to reposition and stabilize the properties. TPG AG U.S. Real Estate is diversified across property sectors, with a thematic portfolio construction focused on rental residential, industrial, self-storage, life science, student housing and medical office, among other sectors. Product: TPG AG Europe Real Estate TPG AG Europe Real Estate, with $4.9 billion in assets under management as of June 30, 2026, manages assets across Europe, with investments primarily located in major cities in Western Europe and the United Kingdom. TPG AG Europe Real Estate focuses on sub-performing and distressed real estate assets. The TPG AG Europe Real Estate portfolio includes industrial, residential, office, hotel, retail, student housing, self-storage and other asset types. Product: TPG Asia Real Estate TPG Asia Real Estate, with $6.3 billion in assets under management as of June 30, 2026, manages assets across Asia, with investments primarily in Japan, South Korea, Hong Kong, China and Singapore. TPG Asia Real Estate focuses on capitalizing on opportunistic investments primarily created through situations such as a lack of real estate expertise, illiquidity or distress. The TPG Asia Real Estate portfolio includes office, industrial, residential, hotel, retail, life science and other asset types. Product: TPG Net Lease TPG Net Lease, with $2.3 billion in assets under management as of June 30, 2026, focuses on single tenant commercial real estate, generally leased to non-investment grade tenants, largely acquired in simultaneous sale-leaseback transactions. TPG Net Lease primarily purchases existing facilities that are integral to the ongoing operations of the tenants, such as a company’s manufacturing plant or distribution centers. TPG Net Lease manages assets primarily located within the United States, with certain assets in the United Kingdom, Western Europe, Canada and Mexico. Product: Real Estate Credit TPG RE Finance Trust, Inc. TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX”) is externally managed by an affiliate of TPG and directly originates, acquires and manages commercial mortgage loans and other commercial real estate-related debt instruments in North America for its balance sheet. The platform’s objective is to provide attractive risk-adjusted returns to its stockholders over time through cash distributions. As of June 30, 2026, the TRTX loan investment portfolio consisted of 52 first mortgage loans (or interests therein) and total loan commitments of $4.5 billion. TPG Real Estate Credit Opportunities TPG Real Estate Credit Opportunities (“TRECO”), which was established in 2023, is our opportunistic, real estate credit strategy targeting risk-adjusted returns through investments primarily in real estate-related high-yield senior and subordinate loans and securities. TRECO focuses on select sectors and geographies where we have distinct expertise informed by our longstanding practice around theme development. The fund has a flexible mandate and seeks to invest opportunistically across the credit spectrum. 60 Table of Contents Platform: Market Solutions Our Market Solutions platform leverages the broader TPG ecosystem to create differentiated products in order to address specific market opportunities. The following table presents certain data about our Market Solutions platform as of June 30, 2026 (dollars in billions): AUM Fee-earning AUM Active Funds Available Capital $20 $12 16 $4 Product: GP-led Secondaries Our private markets solutions business provides single asset solutions to private asset owners, typically through continuation vehicles, funds or underlying third-party investment managers who will continue to control such assets in which the funds invest. Our private markets solutions business is organized into two businesses: (1) NewQuest and (2) TPG GP Solutions (“TGS”). NewQuest Capital NewQuest seeks to acquire private equity positions on a secondary basis in underlying portfolio companies whose businesses are substantially based in the Asia Pacific region. With $3.1 billion in assets under management as of June 30, 2026, NewQuest is principally focused on complex secondary transactions. TPG GP Solutions Established in 2021, TGS was created to invest in high-quality, stable private equity assets, which are principally based in North America and Europe, in partnership with third-party general partners. With $3.9 billion in assets under management as of June 30, 2026, TGS brings a primary private equity approach to the general partner-led secondaries market that leverages the TGS team’s deep investing experience and the insights and expertise of the broader TPG ecosystem. Product: TPG Private Equity Opportunities TPG Private Equity Opportunities (“T-POP”) seeks to create an attractive and diversified portfolio of private equity assets primarily through making direct co-investments in transactions executed by TPG’s private equity strategies. Structured as a perpetual investment solution, T-POP accepts fully funded subscriptions monthly and aims to provide limited partners a liquidity option by means of a quarterly redemption program. T-POP launched in June 2025 and as of June 30, 2026, had $2.3 billion in assets under management. Product: TPG Peppertree Peppertree was formed in 2004 and acquired by TPG in July 2025. TPG Peppertree specializes in investing in wireless communication towers within the digital infrastructure space. With $8.9 billion in assets under management as of June 30, 2026, TPG Peppertree has made more than 180 investments through ten flagship funds, supporting the construction and acquisition of more than 11,000 wireless communication infrastructure assets. 61 Table of Contents Product: Capital Markets Our dedicated capital markets group centralizes our in-house debt and equity advisory expertise and optimizes capital solutions for our investment professionals and portfolio companies. Primary activities include: • Debt Capital Markets: (i) Structure and execute new deal and acquisition financings across leveraged loans, high yield bonds and mezzanine debt (privately placed and syndicated) and (ii) manage capital structures on an ongoing basis, including re-financings, re-pricings, hedging, amendments and extensions and other services. • Equity Capital Markets: (i) Act as lead advisor and underwriter on capital raises and the monetization of our ownership stakes in the public equity markets, including initial public offerings, follow-on offerings, equity-linked products and subsequent realizations and (ii) provide dual-track and structured equity solutions advisory, among other services. Through our capital markets activities, we generate underwriting, placement, arrangement, structuring and advisory fee revenue. During the three and six months ended June 30, 2026, our capital markets business drove $113.1 million and $196.3 million in transaction revenue, respectively. During the three and six months ended June 30, 2025, our capital markets business drove $47.1 million and $108.6 million in transaction revenue, respectively. We believe that the high margin profile of our business coupled with our consistent ability to deliver superior financing outcomes drives significant value to our portfolio companies and our stockholders. Trends Affecting our Business Changes in global economic conditions and regulatory or other governmental policies or actions can materially affect the values of funds managed by TPG, as well as our ability to source attractive investments and deploy the capital that we have raised. However, we believe our disciplined investment philosophy across our diversified investment platforms and our shared investment themes focusing on attractive and resilient sectors of the global economy has historically contributed to the stability of our performance throughout market cycles. The second quarter of 2026 was characterized by a pivot from the defensive orientation of the prior quarter toward a broad-based risk-on environment. Market momentum was driven by a recovery in the technology sector following AI-related volatility in the first quarter and the de-escalation of the Middle East conflict as strong corporate earnings demonstrated durable growth. Despite the Federal Reserve adopting a more hawkish stance, market participants signaled confidence in global economic resilience while remaining mindful of persistent risks. Global equities staged a powerful advance with major indices recovering the losses sustained in the first three months of the year. Domestic markets reached record highs fueled by strong momentum in growth oriented and small cap segments. The Nasdaq Composite and Russell 2000 gained 21.4% and 21.2%, respectively, for the quarter, while the S&P 500 and Dow Jones Industrial Average rose 14.9% and 12.9%, respectively. Sector performance diverged sharply as investors rotated aggressively back into technology and technology-adjacent themes. The Technology sector was the primary driver of the rally with a gain of 31.8% for the quarter. This was highlighted by the S&P 500 Semiconductor & Equipment industry group, which rose 46.9% during the period. Conversely, Energy was the worst performing sector with a decline of 13.4% as oil prices fell from Iran war-induced peaks in the first quarter. Other notable sector moves included Industrials, which rose 14.9%, and Consumer Discretionary, which rose 9.3%. Utilities and consumer staples lagged with returns of (0.5%) and 0.3%, respectively. International markets also demonstrated robust momentum as the MSCI Asia Pacific Index rose 21.0% and the MSCI World Index increased by 13.3%. The MSCI Europe Index advanced 10.5%. Macroeconomic indicators reflected an environment of persistent but stabilizing inflationary pressures. The Consumer Price Index showed prices rose approximately 4.2% year-over-year in the quarter, remaining persistently above the Federal Reserve’s 2% target. Prices were impacted by the flow-through of increased energy and gas prices brought on by tensions in the Middle East; however, core inflation, which excludes food and energy prices, cooled year-over-year. The labor market remained tight but balanced, with the unemployment rate at 4.2% to 4.3% [through June] and monthly job gains consistent with recent trends. Consequently, the Federal Reserve maintained the target range for the federal funds rate at 3.50% to 3.75%. The Board of Governors of the Federal Reserve System (the “Fed”) maintained a hawkish pause as it signaled rate cuts remain unlikely for the remainder of 2026. 62 Table of Contents United States Treasury yields rose across the curve in the second quarter, with shorter-term maturities seeing the most significant increases. The 2-Month yield rose 40 basis points, and the 1-Year yield increased 32 basis points quarter over quarter. Intermediate and long-term rates saw more tempered adjustments with the 10-Year yield rising 15 basis points and the 30-Year yield increasing by 4 basis points. In corporate credit markets, both U.S. and European high yield generated positive performance in the second quarter of 2026. According to J.P. Morgan data, U.S. high yield returned 2.5% and the European market returned 3.9% during the three-month period. In the United States, high yield bond spreads tightened by 49 basis points during the quarter to 306 basis points compared to 355 at the start of the quarter. In Europe, high yield spreads tightened by 62 basis points during the quarter to 350 basis points, down from 412 at the beginning of the quarter. The high yield default rate, measured on a trailing twelve-month basis, increased from 2.1% to 2.7% in the United States and significantly decreased from 3.1% to 1.9% in Europe. Additionally, the J.P. Morgan U.S. Leveraged Loan Index returned 2.02%, and the J.P. Morgan European Leveraged Loan Index posted returned (0.95%) for the second quarter of 2026. The U.S. Leveraged Loan Index ended the quarter at a yield of 8.99% and 499 basis point spread, while the European Leverage Loan Index ended the quarter at a yield of 7.99% and 529 basis point spread. Organization We are a holding company and our only business is to act as the owner of the entities serving as the general partner of the TPG Operating Group partnerships and our only material assets are Common Units representing approximately 43% of the outstanding Common Units and 100% of the interests in certain intermediate holding companies as of June 30, 2026. In our capacity as the sole indirect owner of the entities serving as the general partner of the TPG Operating Group partnerships, we indirectly control all of the TPG Operating Group’s business and affairs. Operating Segments We operate our business in a single operating and reportable segment, as our CEO, who is our CODM, manages the business on a consolidated basis. We operate collaboratively across product lines through shared investment themes and shared support functions that span across product lines. Basis of Accounting We consolidate the financial results of TPG Inc., TPG Operating Group and its consolidated subsidiaries, management companies, the general partners of funds and entities that meet the definition of a variable interest entity for which we are considered the primary beneficiary. When an entity is consolidated, we reflect the accounts of the consolidated entity, including its assets, liabilities, revenues, expenses, investment income, cash flows and other amounts, on a gross basis. While the consolidation of an entity does not impact the amounts of net income attributable to controlling interests, the consolidation does impact the financial statement presentation in accordance with U.S. GAAP. This is a result of the fact that the accounts of the consolidated entities being reflected on a gross basis, with intercompany transactions eliminated, while the allocable share of those amounts that are attributable to third parties are reflected as single line items. The single line items in which the accounts attributable to third parties are recorded are presented as non-controlling interests on the Condensed Consolidated Statements of Financial Condition and net income (loss) attributable to non-controlling interests on the Condensed Consolidated Statements of Operations. We are not required under U.S. GAAP to consolidate the majority of investment funds we advise in our Condensed Consolidated Financial Statements because we do not have a more than insignificant variable interest. 63 Table of Contents Key Financial Measures Our key financial and operating measures are discussed below: Revenues Fees and Other. Fees and other consists primarily of (i) management fees, (ii) monitoring fees, (iii) transaction fees, (iv) incentive fee income and (v) expense reimbursements from unconsolidated funds, portfolio companies and third parties. These fee arrangements are documented within the contractual terms of the governing agreements and are recognized when earned, which generally coincides with the period during which the related services are performed and in the case of transaction fees, upon closing of the transaction. Management fees include catch-up fees resulting from additional capital commitments from limited partners in subsequent closings. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period in which the related transaction closes. Capital Allocation-Based Income (Loss). Capital allocation-based income (loss) is earned from our funds when we have (i) a general partner’s capital interest and (ii) performance allocations which entitle us to a disproportionate allocation of investment income or loss from investment funds. We are entitled to a performance allocation (typically 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These performance allocations are subject to the achievement of preferred returns or high water marks, where applicable, in accordance with the terms set forth in the respective fund’s governing documents. We account for our investment balances in the TPG funds, including performance allocations, under the equity method of accounting because we are presumed to have significant influence as the general partner or managing member; however, we do not have control as defined by ASC Topic 810, Consolidation. The Company accounts for its general partner interests in capital allocation-based arrangements as financial instruments under ASC Topic 323, Investments – Equity Method and Joint Ventures as the general partner has significant governance rights in the TPG funds in which it invests which demonstrates significant influence. Accordingly, performance allocations are not deemed to be within the scope of ASC 606. Expenses Compensation and Benefits. Compensation and benefits expense includes (i) cash-based compensation and benefits, (ii) equity-based compensation and (iii) performance allocation compensation. Bonuses are accrued over the service period to which they relate. In addition, we have equity-based compensation arrangements that require certain TPG executives and employees to vest over a service period of generally one to five years, which under U.S. GAAP will result in compensation charges over current and future periods. In connection with our IPO and subsequent acquisitions, we granted RSUs to executives and employees. Distributions of performance allocations in the legal form of equity made directly or indirectly to our partners and professionals are allocated and distributed, when realized, pro rata based on ownership percentages in the underlying investment partnership. These distributions were accounted for as distributions on the equity held by such partners rather than as compensation and benefits expense prior to the Reorganization and IPO and are now accounted for as performance allocation compensation. General, Administrative and Other. General and administrative expenses include costs primarily related to professional services, occupancy, travel, communication and information services and other general operating items. Depreciation and Amortization. Depreciation and amortization of tenant improvements, furniture and equipment and intangible assets are expensed on a straight-line basis over the useful life of the asset. Interest Expense. Interest expense includes interest paid and accrued on our outstanding debt and the amortization of deferred financing costs. 64 Table of Contents Investment Income Net Gains (Losses) from Investment Activities. Realized gains (losses) may be recognized when we redeem all or a portion of an investment interest or when we receive a distribution of capital. Unrealized gains (losses) result from the appreciation (depreciation) in the fair value of our investments. Fluctuations in net gains (losses) from investment activities between reporting periods are primarily driven by changes in the fair value of our investment portfolio and, to a lesser extent, the gains (losses) on investments disposed of during the period. The fair value of, as well as the ability to recognize gains (losses) from, our investments is significantly impacted by the global financial markets. This impact affects the net gains (losses) from investment activities recognized in any given period. Upon the disposition of an investment, previously recognized unrealized gains (losses) are reversed and an offsetting realized gain (loss) is recognized in the period in which the investment is sold. Since our investments are carried at fair value, fluctuations between periods could be significant due to changes to the inputs to our valuation process over time. Interest, Dividends and Other. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established. Income Tax Expense The Company is treated as a corporation for U.S. federal and state income tax purposes. We are subject to U.S. federal and state income taxes, in addition to local and foreign income taxes, with respect to our allocable share of taxable income generated by the TPG Operating Group partnerships. Non-Controlling Interests For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than TPG. The aggregate of the income or loss and corresponding equity that is not owned by us is included in non-controlling interests in the Condensed Consolidated Financial Statements. 65 Table of Contents Key Components of our Results of Operations Results of Operations The following table provides information regarding our condensed consolidated results of operations for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Fees and other $ 704,969 $ 569,074 $ 1,324,991 $ 1,112,529 Capital allocation-based income 1,136,455 351,463 1,016,439 842,884 Total revenues 1,841,424 920,537 2,341,430 1,955,413 Expenses Compensation and benefits: Cash-based compensation and benefits 237,025 208,621 474,213 432,191 Equity-based compensation 231,730 209,622 486,866 415,454 Performance allocation compensation 776,665 233,437 710,517 532,142 Total compensation and benefits 1,245,420 651,680 1,671,596 1,379,787 General, administrative and other 174,357 182,335 322,298 346,646 Depreciation and amortization 41,342 30,808 83,093 62,190 Interest expense 36,219 25,308 68,957 49,368 Total expenses 1,497,338 890,131 2,145,944 1,837,991 Investment income (loss) Net losses from investment activities (9,053) (791) (10,184) (2,878) Interest, dividends and other 20,981 9,722 29,989 18,970 Total investment income 11,928 8,931 19,805 16,092 Income before income taxes 356,014 39,337 215,291 133,514 Income tax expense 36,342 9,226 18,894 15,575 Net income 319,672 30,111 196,397 117,939 Net income attributable to non-controlling interests 226,246 15,170 104,424 77,605 Net income attributable to TPG Inc. $ 93,426 $ 14,941 $ 91,973 $ 40,334 Net income (loss) per share data: Net income (loss) available to Class A common stock per share Basic $ 0.44 $ 0.03 $ 0.38 $ 0.10 Diluted $ 0.39 $ (0.05) $ 0.17 $ (0.05) Weighted-average shares of Class A common stock outstanding Basic 164,670,334 133,404,634 162,166,694 125,450,638 Diluted 385,468,150 370,142,783 384,594,589 369,753,038 66 Table of Contents Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Revenues Revenues consisted of the following for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 Change % ($ in thousands) Management fees $ 522,704 $ 452,531 $ 70,173 16 % Transaction, monitoring and other fees 113,107 47,131 65,976 140 % Expense reimbursements and other 69,158 69,412 (254) — % Total fees and other 704,969 569,074 135,895 24 % Performance allocations 1,113,115 335,789 777,326 231 % Capital interests 23,340 15,674 7,666 49 % Total capital allocation-based income 1,136,455 351,463 784,992 223 % Total revenues $ 1,841,424 $ 920,537 $ 920,887 100 % Fees and other revenues increased $135.9 million, or 24%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change resulted primarily from a $70.2 million increase in management fees and a $66.0 million increase in transaction, monitoring and other fees. Management Fees. The $70.2 million increase in management fees during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to: •an increase of $37.2 million from our Capital platform primarily driven by management fees from TPG X, which was activated in the third quarter of 2025, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025; •a decrease of $32.3 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the three months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the three months ended June 30, 2026; •an increase of $19.6 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the three months ended June 30, 2026; •an increase of $17.9 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Fund II as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III; •a decrease of $0.3 million from our Real Estate platform; and •an increase of $27.5 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree, which was acquired in July 2025, and the activation of TGS II in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025. Catch-up management fees totaled $33.1 million during the three months ended June 30, 2026 and primarily consisted of $13.2 million for Rise Climate II, $9.3 million for TPG X and $4.2 million for Rise Climate TI. Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $66.0 million, or 140%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by capital markets activity among our portfolio companies involving our broker-dealer within our Market Solutions platform. Expense Reimbursements and Other. Expense reimbursements and other decreased $0.3 million, or 0%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a reduction in reimbursements from TPG funds. 67 Table of Contents Performance Allocations. Performance allocations increased $777.3 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Realized performance allocation gains for the three months ended June 30, 2026 and 2025 totaled $189.9 million and $438.6 million, respectively. Unrealized performance allocation gains for the three months ended June 30, 2026 totaled $923.2 million. Unrealized performance allocation losses for three months ended June 30, 2025 totaled $102.8 million. The table below highlights performance allocations for the three months ended June 30, 2026 and 2025, and separates the entities listed into two categories to reflect the Reorganization: (i) TPG general partner entities from which the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation and (ii) TPG general partner entities from which the TPG Operating Group Common Unit holders are not expected to receive any performance allocation. Three Months Ended June 30, 2026 2025 Change % ($ in thousands) TPG Operating Group Shared: Capital(1) $ 468,168 $ 202,496 $ 265,672 131 % Growth(1) 168,155 (1,431) 169,586 NM Impact 198,491 54,037 144,454 267 % Credit 149,792 56,540 93,252 165 % Real Estate 105,966 (46,568) 152,534 328 % Market Solutions 22,640 61,043 (38,403) (63) % Total TPG Operating Group Shared: $ 1,113,212 $ 326,117 $ 787,095 241 % TPG Operating Group Excluded: Capital $ (1,252) $ 4,366 $ (5,618) (129) % Growth 1,280 4,763 (3,483) (73) % Real Estate (125) 543 (668) (123) % Total TPG Operating Group Excluded(2) (97) 9,672 (9,769) (101) % Total Performance Allocations $ 1,113,115 $ 335,789 $ 777,326 231 % _________________ (1)After the Reorganization, we retained an economic interest in performance allocations from the Growth III and Asia VI general partner entities, which entitles us to a performance allocation equal to 10%; however, we allocate the full amount as performance allocation compensation expense. As such, net income available to controlling interest holders is zero for each of these funds following the Reorganization. (2)The TPG Operating Group Excluded entities’ performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders is zero for each of the TPG Operating Group Excluded entities following January 1, 2022. The $777.3 million increase in performance allocation during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to: •income of $468.2 million from our Capital platform for the three months ended June 30, 2026 was primarily driven by income of $165.4 million from TPG IX, $116.6 million from TPG VIII, $77.7 million from TPG X, $43.2 million from THP I and $31.5 million from Asia VIII. Performance allocation income for the three months ended June 30, 2025 was largely driven by income of $80.0 million from TPG IX, $46.3 million from Asia VII and $45.5 million from TPG VIII, partially offset by losses of $16.9 million from THP I; •income of $168.2 million from our Growth platform for the three months ended June 30, 2026 was primarily driven by income of $92.4 million from TTAD II, $43.1 million from TTAD III and $26.1 million from Growth VI, partially offset by losses of $35.1 million from TTAD I. Performance allocation losses for the three months ended June 30, 2025 were primarily driven by losses of $36.2 million from Growth III, partially offset by income of $20.8 million from TTAD II, $8.4 million from Growth IV and $2.8 million from TTAD I; 68 Table of Contents •income of $198.5 million from our Impact platform for the three months ended June 30, 2026 was primarily driven by income of $88.6 million from Rise Climate I, $54.6 million from Rise III and $43.7 million from Rise I. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $39.3 million from Rise III and $26.1 million from Rise Climate I, partially offset by losses of $10.9 million from Rise I; •income of $149.8 million from our Credit platform for the three months ended June 30, 2026 was primarily driven by income of $34.6 million from Credit Solutions III, $14.9 million from MVP, $13.7 million from Credit Solutions II and $11.4 million from MMDL V. Performance allocation income for the three months ended June 30, 2025 was primarily driven by income of $11.5 million from MVP Fund, $8.4 million from MMDL V, $5.9 million from MMDL IV, $4.8 million from Credit Solutions II and $4.5 million from Essential Housing III; •income of $106.0 million from our Real Estate platform for the three months ended June 30, 2026 was primarily driven by income of $51.0 million from TREP IV, $20.4 million from Net Lease IV and $16.8 million from Realty XI. Performance allocation losses for the three months ended June 30, 2025 was largely driven by losses of $22.3 million primarily from TREP III, $16.8 million from Asia Realty IV and $7.2 million from Realty VIII, which were partially offset by net gains of $7.0 million from Net Lease Realty III; and •income of $22.6 million from our Market Solutions platform for the three months ended June 30, 2026 was primarily driven by income of $19.4 million from the T-POP strategy and $5.0 million from Peppertree Fund VIII, partially offset by losses of $8.9 million from NewQuest IV. Performance allocation income for the three months ended June 30, 2025 was primarily driven by net gains of $53.3 million from NewQuest IV and $10.5 million from TPEP. •TPG Operating Group Excluded entities generated losses of $0.1 million during the three months ended June 30, 2026 compared to income of $9.7 million during the three months ended June 30, 2025. Performance allocation income for three months ended June 30, 2025 was primarily driven by gains of $3.8 million from Asia V from our Capital platform and $2.1 million from Growth II from our Growth platform. As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $7.6 billion. As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.2 billion. Capital Interests. Capital interests income increased $7.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to gains from our investments in TPG X and TPG IX, which were partially offset by losses on our investments in TPG VII during the three months ended June 30, 2026. During the three months ended June 30, 2025, we recognized losses on our investments in Growth III, NewQuest III, Asia VI and Rise I, which were partially offset by gains from our investments in TPG IX, Asia VII and Rise III. Expenses Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $28.4 million, or 14%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by higher salary and benefit costs resulting from an increase in headcount to support our growth. Equity-Based Compensation. Equity-based compensation expense increased $22.1 million, or 11%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to an increase in compensatory Common Units granted on July 1, 2025 to certain TPG Peppertree partners, as described in Note 14 to the Condensed Consolidated Financial Statements. 69 Table of Contents Performance Allocation Compensation. Performance allocation compensation increased $543.2 million, or 233%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals. General, Administrative and Other. General and administrative expenses decreased $8.0 million, or 4%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily attributable to lower professional expenses. Depreciation and Amortization. Depreciation and amortization increased $10.5 million, or 34%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the amortization of intangible assets resulting from the Peppertree Acquisition in July 2025. Interest Expense. Interest expense increased $10.9 million, or 43%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in outstanding principal balances on our debt obligations. Net Losses from Investment Activities. Net losses from investment activities were $9.1 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively. This change was primarily attributable to a decrease in the fair value of common stock held in Jackson during the three months ended June 30, 2026. Interest, Dividends and Other. Interest, dividends and other increased $11.3 million, or 116%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by a change in the fair value of contingent liabilities related to acquisitions. Income Tax Expense. Income tax expense increased $27.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in net income attributable to TPG Inc. for the period ended June 30, 2026. Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Revenues Revenues consisted of the following for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 Change % ($ in thousands) Management fees $ 1,002,133 $ 871,482 $ 130,651 15 % Transaction, monitoring and other fees 196,302 108,644 87,658 81 % Expense reimbursements and other 126,556 132,403 (5,847) (4) % Total fees and other 1,324,991 1,112,529 212,462 19 % Performance allocations 974,724 786,349 188,375 24 % Capital interests 41,715 56,535 (14,820) (26) % Total capital allocation-based income 1,016,439 842,884 173,555 21 % Total revenues $ 2,341,430 $ 1,955,413 $ 386,017 20 % Fees and other revenues Fees and other revenues increased $212.5 million, or 19%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change resulted from a $130.7 million increase in management fees and a $87.7 million increase in transaction, monitoring and other fees, partially offset by a $5.8 million decrease in expense reimbursements and other. 70 Table of Contents Management Fees. The $130.7 million increase in management fees during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to: •an increase of $61.1 million from our Capital platform primarily due to fees earned from TPG X, which was activated during the third quarter of 2025, partially offset by a step-down in fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025 and a reduction in the fee basis of TPG VII resulting from the realization of portfolio investments; •a decrease of $29.1 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the six months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the six months ended June 30, 2026; •an increase of $28.7 million from our Impact platform primarily due to fees earned from Rise IV following its activation in the first quarter of 2026 and catch-up fees earned from Rise Climate II and Rise Climate TI during the six months ended June 30, 2026; •an increase of $32.5 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, ABC Fund II, ABC Evergreen and MMDL V as a result of new investments. These were partially offset by a reduction in fee basis from MMDL III resulting from the realization of portfolio investments; •a decrease of $11.4 million from our Real Estate platform primarily due to catch-up fees earned from Europe Realty IV during the six months ended June 30, 2025; and •an increase of $49.5 million from our Market Solutions platform primarily due to additional management fees from TPG Peppertree due to the acquisition in July 2025 and TGS II following its activation in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025. Catch-up fees totaled $32.5 million during the six months ended June 30, 2026 and primarily consisted of $14.8 million for Rise Climate II, $9.6 million for TPG X and $3.7 million for Rise Climate TI. Transaction, Monitoring and Other Fees. Transaction, monitoring and other fees increased $87.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily driven by capital markets activity among our portfolio companies involving our broker-dealer within our Market Solutions platform. Expense Reimbursements and Other. Expense reimbursements and other decreased by $5.8 million, or 4%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to a reduction in reimbursements from TPG funds. Capital allocation-based income Capital allocation-based income increased $173.6 million, or 21%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change resulted from a $188.4 million increase in performance allocations, which was partially offset by a $14.8 million decrease in capital interests income. Performance Allocations. Performance allocations increased $188.4 million, or 24%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Realized performance allocation gains for the six months ended June 30, 2026 and 2025 totaled $513.3 million and $651.9 million, respectively. Unrealized performance allocation gains for the six months ended June 30, 2026 and 2025 totaled $461.4 million and $134.4 million, respectively. The table below highlights performance allocations for the six months ended June 30, 2026 and 2025, and separates the entities listed into two categories to reflect the Reorganization: (i) TPG general partner entities from which the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation and (ii) TPG general partner entities from which the TPG Operating Group Common Unit holders are not expected to receive any performance allocation. 71 Table of Contents Six Months Ended June 30, 2026 2025 Change % ($ in thousands) TPG Operating Group Shared: Capital(1) $ 199,521 $ 444,405 $ (244,884) (55) % Growth(1) 80,546 46,271 34,275 74 % Impact 164,168 69,605 94,563 136 % Credit 237,839 125,289 112,550 90 % Real Estate 255,789 9,585 246,204 NM Market Solutions 38,062 52,683 (14,621) (28) % Total TPG Operating Group Shared: $ 975,925 $ 747,838 $ 228,087 30 % TPG Operating Group Excluded: Capital $ 1,002 $ 6,345 $ (5,343) (84) % Growth (524) 31,257 (31,781) (102) % Real Estate (1,679) 909 (2,588) (285) % Total TPG Operating Group Excluded(2) (1,201) 38,511 (39,712) (103) % Total Performance Allocations $ 974,724 $ 786,349 $ 188,375 24 % _________________ (1)After the Reorganization, we retained an economic interest in performance allocations from the Growth III and Asia VI general partner entities, which entitles us to a performance allocation equal to 10%; however, we allocate the full amount as performance allocation compensation expense. As such, net income available to controlling interest holders is zero for each of these funds following the Reorganization. (2)The TPG Operating Group Excluded entities’ performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders is zero for each of the TPG Operating Group Excluded entities following January 1, 2022. The $188.4 million increase in performance allocations during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to: •income of $199.5 million from our Capital platform for the six months ended June 30, 2026 was primarily driven by income of $86.7 million from TPG IX, $82.3 million from TPG X, $24.3 million from Asia VIII and $22.2 million from THP I, partially offset by losses of $32.5 million from TPG VIII and $20.0 million from TPG VII. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $190.7 million from TPG IX, $113.4 million from Asia VII, $62.1 million from Asia VIII and $57.7 million from THP II, partially offset by losses of $32.3 million from THP I and $10.8 million from Asia VI; •income of $80.5 million from our Growth platform for the six months ended June 30, 2026 was primarily driven by income of $90.2 million from TTAD II, $49.5 million from TTAD III and $24.6 million from TPG Atlas, partially offset by losses of $48.6 million from TTAD I, $43.4 million from Growth V and $37.4 million from Growth IV. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $25.6 million from TTAD II, $20.9 million from Growth IV and $19.5 million from Growth V, partially offset by losses of $41.4 million from Growth III; •income of $164.2 million from our Impact platform for the six months ended June 30, 2026 was primarily driven by income of $100.2 million from Rise Climate I and $73.7 million from Rise III, partially offset by losses of $5.6 million from Rise II. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $57.4 million from Rise III, $33.4 million from Rise Climate and $6.3 million from Rise II, partially offset by losses of $27.5 million from Rise I; •income of $237.8 million from our Credit platform for the six months ended June 30, 2026 was primarily driven by income of $57.6 million from Credit Solutions III, $31.0 million from Credit Solutions II, $24.1 million from MVP and $22.2 million from MMDL V Fund. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $26.3 million from MVP Fund, $15.1 million 72 Table of Contents from MMDL V, $9.5 million from MMDL IV, $12.7 million from Credit Solutions II and $7.3 million from Essential Housing II; •income of $255.8 million from our Real Estate platform for the six months ended June 30, 2026 was primarily driven by income of $156.8 million from TREP IV, $35.7 million from Asia Realty V, $25.7 million from Realty XI and $19.2 million from TREP III, which were partially offset by losses of $4.6 million from Realty VIII and $2.6 million from Japan Value. Performance allocation income for the six months ended June 30, 2025 was primarily driven by by income of $85.2 million from TREP III, which was partially offset by losses of $35.3 million from Realty X, $27.9 million from Asia Realty IV and $7.4 million from Realty VIII; and •income of $38.1 million from our Market Solutions platform during the six months ended June 30, 2026 was primarily driven by income of $24.5 million from the T-POP strategy and $16.2 million from TGS I. Performance allocation income for the six months ended June 30, 2025 was primarily driven by $40.1 million of income from NewQuest IV and $11.9 million from TPEP. •TPG Operating Group Excluded entities generated losses of $1.2 million during the six months ended June 30, 2026 compared to income of $38.5 million during the six months ended June 30, 2025. Performance allocation losses for the six months ended June 30, 2026 were primarily driven by losses of $1.9 million from Growth II from our Growth platform and $1.7 million from TREP II from our Real Estate platform, partially offset by income of $1.3 million from Asia V from our Capital platform. Performance allocation income for the six months ended June 30, 2025 was primarily driven by income of $11.2 million from Biotech III, $9.3 million from Gator and $9.0 million from Growth II from our Growth platform and $3.2 million from Asia V from our Capital platform. As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group shared TPG general partner entities totaled $7.6 billion. As of June 30, 2026, accrued performance allocations presented as investments in the Condensed Consolidated Statements of Financial Condition for Common Unit holders TPG Operating Group excluded TPG general partner entities totaled $0.2 billion. Capital Interests. Capital interests income decreased $14.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to losses from our investments in TPG VII and Asia VII, partially offset by gains from our investments in TPG X and TGS I during the six months ended June 30, 2026. During the six months ended June 30, 2025, we recognized gains on our investments in TPG IX, Asia VII, Rise III, Asia VIII and THP II, partially offset by losses from our investment in Growth III, Rise I, NewQuest III and THP I. Expenses Cash-Based Compensation and Benefits. Cash-based compensation and benefits expense increased $42.0 million, or 10%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulting from an increase in headcount to support our growth. Equity-Based Compensation. Equity-based compensation expense increased $71.4 million, or 17%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to an increase in compensatory Common Unit grants to certain TPG Peppertree partners, as described in Note 14 to the Condensed Consolidated Financial Statements. Performance Allocation Compensation. Performance allocation compensation increased $178.4 million, or 34%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily attributable to the increase in performance allocations that drives compensation attributable to our partners and professionals. General, Administrative and Other. General and administrative expenses decreased $24.3 million, or 7%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily attributable to lower professional expenses. 73 Table of Contents Depreciation and Amortization. Depreciation and amortization increased $20.9 million, or 34%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to the amortization of intangible assets resulting from the acquisition of Peppertree in July 2025. Interest Expense. Interest expense increased $19.6 million, or 40%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily attributable to higher average debt outstanding throughout the year. Net Losses from Investment Activities. Net losses from investment activities totaled $10.2 million for the six months ended June 30, 2026 compared to net losses of $2.9 million for the six months ended June 30, 2025. This change was primarily attributable to a decrease in the fair value of common stock held in Jackson during the six months ended June 30, 2026. Interest, Dividends and Other. Interest, dividends and other increased $11.0 million, or 58%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily driven by a change in the fair value of contingent liabilities related to acquisitions. Income Tax Expense. Income tax expense increased by $3.3 million, or 21%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase in income attributable to TPG Inc. 74 Table of Contents Unaudited Condensed Consolidated Statements of Financial Condition (U.S. GAAP basis) June 30, 2026 December 31, 2025 ($ in thousands) Assets Cash and cash equivalents $ 944,663 $ 826,105 Investments 9,625,886 9,211,816 Due from affiliates 427,693 573,590 Intangible assets and goodwill 1,085,773 1,158,027 Right-of-use assets 566,441 552,254 Deferred tax assets 929,788 860,676 Other assets 447,650 310,467 Total assets $ 14,027,894 $ 13,492,935 Liabilities and Equity Debt obligations $ 2,343,695 $ 1,722,547 Due to affiliates 686,245 694,632 Accrued performance allocation compensation 5,631,012 5,399,750 Operating lease liabilities 644,947 604,593 Other liabilities 979,760 935,038 Total liabilities 10,285,659 9,356,560 Equity Class A common stock $0.001 par value, 2,340,000,000 shares authorized (166,502,052 and 153,113,961 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 166 153 Class B common stock $0.001 par value, 750,000,000 shares authorized (217,809,708 and 224,331,812 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 218 224 Preferred stock, $0.001 par value, 25,000,000 shares authorized (0 issued and outstanding as of June 30, 2026 and December 31, 2025) — — Additional paid-in-capital 1,642,331 1,476,444 Accumulated deficit (406,304) (291,604) Accumulated other comprehensive income, net of tax (370) — Non-controlling interests 2,506,194 2,951,158 Total equity 3,742,235 4,136,375 Total liabilities and equity $ 14,027,894 $ 13,492,935 Investments increased $414.1 million during the six months ended June 30, 2026 primarily due to purchases of investments of $1,088.3 million and net capital allocation-based income of $1,016.4 million, partially offset by proceeds of $1,001.6 million and deconsolidation activity of $804.8 million. Other assets increased $137.2 million during the six months ended June 30, 2026 primarily related to the issuance of Class A common stock to a subsidiary of Jackson as described in Note 15. Debt obligations increased $621.1 million during the six months ended June 30, 2026 primarily due to the issuance of the 2031 Senior Notes and outstanding borrowings on the Senior Unsecured Revolving Credit Facility. Accrued performance allocation compensation increased $231.3 million for the six months ended June 30, 2026, primarily attributable to net increases in performance fee compensation expense of $710.5 million and settlements of performance allocation compensation of $477.8 million during the six months ended June 30, 2026. 75 Table of Contents Non-GAAP Financial Measures Distributable Earnings. 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 income computed in accordance with U.S. GAAP in that it does not include (i) unrealized performance allocations and related compensation expense, (ii) unrealized investment income, (iii) equity-based compensation expense, (iv) amortization, (v) net income (loss) attributable to non-controlling interests in consolidated entities, or (vi) certain other items, such as contingent reserves. While we believe that the inclusion or exclusion of the aforementioned U.S. GAAP income statement items provides investors with a meaningful indication of our core operating performance, the use of DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements U.S. GAAP net income and should be considered in addition to and not in lieu of the results of operations presented in accordance with U.S. GAAP discussed further under “—Key Components of our Results of Operations—Results of Operations” prepared in accordance with U.S. GAAP. After-Tax Distributable Earnings. After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable earnings after reflecting the impact of income taxes. We use it to assess how income tax expense affects amounts available to be distributed to our Class A common stockholders and Common Unit holders. After-tax DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include the items described in the definition of DE herein; however, unlike DE, it does reflect the impact of income taxes. Income taxes, for purposes of determining After-tax DE, represent the total U.S. GAAP income tax expense adjusted to include only the current tax expense (benefit) calculated on U.S. GAAP net income before income tax and includes the current payable under our Tax Receivable Agreement, which is recorded within due to affiliates and other liabilities in our Condensed Consolidated Statements of Financial Condition. Further, the current tax expense (benefit) utilized when determining After-tax DE reflects the benefit of deductions available to the Company on certain expense items that are excluded from the underlying calculation of DE, such as equity-based compensation charges. We believe that including the amount currently payable under the Tax Receivable Agreement and utilizing the current income tax expense (benefit), as described above, when determining After-tax DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders. We believe that while the inclusion or exclusion of the aforementioned U.S. GAAP income statement items provides investors with a meaningful indication of our core operating performance, the use of After-tax DE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. This measure supplements U.S. GAAP net income and should be considered in addition to and not in lieu of the results of operations presented in accordance with U.S. GAAP discussed further under “—Key Components of our Results of Operations—Results of Operations.” Fee-Related Earnings. Fee-Related Earnings (“FRE”) is a supplemental performance measure and is used to evaluate our business and make resource deployment and other operational decisions. FRE differs from net income computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts to exclude (i) realized performance allocations and related compensation expense, (ii) realized investment income from investments and financial instruments, (iii) net interest (interest expense less interest income), (iv) depreciation, and (v) certain non-core income and expenses. We use FRE to measure the ability of our business to cover compensation and operating expenses from fee revenues other than capital allocation-based income. The use of FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Fee-Related Revenues. Fee-related revenues (“FRR”) is a component of FRE. Fee-related revenues is comprised of (i) management fees, (ii) fee-related performance revenues, (iii) transaction, monitoring and other fees, net, and (iv) other income. Fee-related performance revenues refers to incentive fees from perpetual capital vehicles that are: (i) measured and expected to be received on a recurring basis and (ii) not dependent on realization events from the underlying investments. Fee-related revenues differs from revenue computed in accordance with U.S. GAAP in that it excludes certain reimbursement expense arrangements. Refer to “—Reconciliation to U.S. GAAP Measures” to the comparable line items on the Condensed Consolidated Statements of Operations. 76 Table of Contents Fee-Related Expenses. Fee-related expenses is a component of FRE. Fee-related expenses differs from expenses computed in accordance with U.S. GAAP in that it is net of certain reimbursement arrangements and does not include performance allocation compensation. Fee-related expenses is used in management’s review of the business. Refer to “—Reconciliation to U.S. GAAP Measures” to the comparable line items on the Condensed Consolidated Statements of Operations. Fee-related revenues and fee-related expenses are presented separately in our calculation of non-GAAP measures in order to better illustrate the profitability of our FRE. The use of fee-related revenues and FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Our calculations of DE, FRE, fee-related revenues and fee-related expenses may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. The following table sets forth our total FRE and DE for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) Management fees $ 516,853 $ 450,463 $ 991,972 $ 863,623 Fee-related performance revenues 8,950 6,768 17,155 12,969 Transaction, monitoring and other fees, net 102,389 37,888 176,245 94,791 Fee-Related Revenues 628,192 495,119 1,185,372 971,383 Cash-based compensation and benefits, net 206,083 174,345 414,395 367,894 Fee-related performance compensation 4,475 3,384 8,578 6,484 Operating expenses, net 102,987 97,873 200,859 195,926 Fee-Related Expenses 313,545 275,602 623,832 570,304 Fee-Related Earnings 314,647 219,517 561,540 401,079 Realized performance allocations, net 35,357 87,037 103,102 126,658 Realized investment income and other, net (17,813) (5,716) (4,971) (9,678) Depreciation expense (5,917) (5,157) (11,536) (10,107) Interest expense, net (29,800) (17,205) (55,710) (31,697) Distributable Earnings 296,474 278,476 592,425 476,255 Income taxes (16,229) (10,186) (30,550) (21,229) After-Tax Distributable Earnings $ 280,245 $ 268,290 $ 561,875 $ 455,026 Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Fee-Related Revenues Fee-related revenues increased $133.1 million, or 27%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. The change was primarily due to additional management fees of $66.4 million and an increase in transaction, monitoring and other fees, net of $64.5 million. 77 Table of Contents Management Fees The following table presents management fees in our platforms for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Capital $ 145,407 $ 113,804 Growth 55,896 88,215 Impact 88,067 66,438 Credit 102,525 81,603 Real Estate 84,592 85,672 Market Solutions 40,366 14,731 Total Management Fees $ 516,853 $ 450,463 The $66.4 million increase in management fees during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is attributable to: •an increase of $31.6 million from our Capital platform primarily driven by management fees from TPG X, which was activated in the third quarter of 2025, partially offset by a step-down in the fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025; •a decrease of $32.3 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the three months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the three months ended June 30, 2026; •an increase of $21.6 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the three months ended June 30, 2026; •an increase of $20.9 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, MMDL V and ABC Fund II as a result of new investments. These increases were partially offset by a decline in fee-earning AUM within MMDL III; •a decrease of $1.1 million from our Real Estate platform primarily driven by the decrease in the fee basis of Net Lease Realty III; and •an increase of $25.6 million from our Market Solutions platform primarily driven by the addition of management fees from TPG Peppertree which was acquired in July 2025 and TGS II following its activation in the third quarter of 2025. Catch-up fees totaled $33.1 million during the three months ended June 30, 2026 and primarily consisted of $13.2 million for Rise Climate II, $9.3 million for TPG X and $4.2 million for Rise Climate TI. Fee-Related Performance Revenues The following table presents fee-related performance revenues for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Credit $ 8,950 $ 6,768 Total Fee-Related Performance Revenues $ 8,950 $ 6,768 Fee-related performance revenues increased $2.2 million, or 32%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 due to higher incentive fees from TCAP. 78 Table of Contents Transaction, Monitoring and Other Fees, Net The following table presents transaction, monitoring and other fees, net in our platforms for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Capital $ 1,340 $ 1,581 Growth 574 344 Impact 1,986 2,042 Credit 3,277 1,645 Real Estate 196 1,521 Market Solutions 92,321 27,702 Subtotal 99,694 34,835 Other Income 2,695 3,053 Total Transaction, Monitoring and Other Fees, Net $ 102,389 $ 37,888 Transaction, monitoring and other fees, net increased $64.5 million, or 170%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily driven by our Market Solutions platform as a result of capital markets activity among our portfolio companies involving our broker-dealer. Fee-Related Expenses Fee-related expenses increased $37.9 million, or 14%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily due to an increase in cash-based compensation and benefits, net of $31.7 million and an increase in operating expenses, net of $5.1 million. Cash-Based Compensation and Benefits, Net The following table presents cash-based compensation and benefits, net for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Salaries $ 97,961 $ 93,213 Bonuses 83,266 76,138 Benefits and other 49,928 33,934 Reimbursements (25,072) (28,940) Total Cash-Based Compensation and Benefits, Net $ 206,083 $ 174,345 Total cash-based compensation and benefits, net increased $31.7 million, or 18%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by higher salary and benefit costs resulting from an increase in headcount to support our growth. 79 Table of Contents Fee-Related Performance Compensation The following table presents fee-related performance compensation for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Credit $ 4,475 $ 3,384 Total Fee-related Performance Compensation $ 4,475 $ 3,384 Total fee-related performance compensation increased $1.1 million, or 32%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This was primarily attributable to the increase in fee-related performance revenues from TCAP that drive compensation attributable to our partners and professionals. Operating Expenses, Net Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $5.1 million, or 5%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was primarily due to an increase in professional fees and travel expenses. Realized Performance Allocations, Net The following table presents realized performance allocations, net from our platforms for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Capital $ 4,900 $ 31,124 Growth 19,217 42,742 Impact — 15 Credit 7,879 12,154 Real Estate 3,361 1,002 Total Realized Performance Allocations, Net $ 35,357 $ 87,037 Realized performance allocations, net of $35.4 million for the three months ended June 30, 2026 were generated primarily from realizations of $4.9 million from TPG VII in the Capital platform, $18.1 million from TDM in the Growth platform, $2.1 million from MMDL V in the Credit platform and $3.4 million from Net Lease Realty III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Life Time Group Holdings and Infinidat. Realized performance allocations, net of $87.0 million for the three months ended June 30, 2025 were generated from realizations of $31.1 million from TPG VII in the Capital platform, $41.7 million from Growth IV in the Growth platform, $3.9 million from Credit Solutions II and $1.3 million from MMDL V in the Credit platform. The activity consisted of realizations sourced from portfolio companies including Crunch Fitness and Viking Cruises. 80 Table of Contents Realized Investment Income and Other, Net The following table presents realized investment income and other, net for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Investments $ 5,877 $ 21,445 Non-core expense (23,690) (27,161) Total Realized Investment Income and Other, Net $ (17,813) $ (5,716) The change in realized investment income and other, net of $12.1 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 is primarily due to a decrease in realizations from certain investments, partially offset by a decrease in our non-core expense. Our non-core activity includes expenses of $13.8 million related to our unoccupied lease space and $4.7 million related to strategic transaction and integration activity for the three months ended June 30, 2026. Depreciation Depreciation expense increased $0.8 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Interest Expense, Net The following table presents interest expense, net for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, 2026 2025 ($ in thousands) Interest expense $ 36,220 $ 25,320 Interest (income) (6,420) (8,115) Interest Expense, Net $ 29,800 $ 17,205 Interest expense, net increased $12.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in outstanding principal balances on our debt obligations. Distributable Earnings The increase in DE for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to an increase in FRE, partially offset by a decrease in realized performance allocations, net and an increase in interest expense, net. Income Taxes Income taxes increased $6.0 million, or 59%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to increases in the current payable under the Tax Receivable Agreement and local statutory taxes. 81 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Fee-Related Revenues Fee-related revenues increased $214.0 million, or 22%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to additional management fees of $128.3 million and an increase in transaction, monitoring and other fees, net of $81.5 million. Management Fees The following table presents management fees in our platforms for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Capital $ 281,610 $ 225,378 Growth 103,611 132,740 Impact 161,081 130,117 Credit 199,638 164,368 Real Estate 167,802 180,413 Market Solutions 78,230 30,607 Total Management Fees $ 991,972 $ 863,623 The $128.3 million increase in management fees during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 is attributable to: •an increase of $56.2 million from our Capital platform primarily due to fees earned from TPG X, which was activated during the third quarter of 2025, partially offset by a step-down in fee basis of TPG IX from committed to invested capital in the fourth quarter of 2025 and a reduction in the fee basis of TPG VII resulting from the realization of portfolio investments; •a decrease of $29.1 million from our Growth platform primarily due to catch-up fees earned from Growth VI during the six months ended June 30, 2025, partially offset by management fees earned from TECA resulting from new capital raised during the six months ended June 30, 2026; •an increase of $31.0 million from our Impact platform primarily due to catch-up fees earned from Rise Climate II and Rise Climate TI during the six months ended June 30, 2026; •an increase of $35.3 million from our Credit platform primarily driven by a higher fee basis across Credit Solutions III, ABC Fund II, ABC Evergreen and MMDL V as a result of new investments. These were partially offset by a decline in fee-earning AUM within MMDL III; •a decrease of $12.6 million from our Real Estate platform primarily due to catch-up fees earned from Europe Realty IV during the six months ended June 30, 2025 and a decrease in the fee basis of Net Lease Realty III; and •an increase of $47.6 million from our Market Solutions platform primarily due to additional management fees from TPG Peppertree due to the acquisition in July 2025 and TGS II following its activation in the third quarter of 2025. The increase was further driven by the launch of T-POP in June 2025. Catch-up fees totaled $32.5 million during the six months ended June 30, 2026 and primarily consisted of $14.8 million for Rise Climate II, $9.6 million for TPG X and $3.7 million for Rise Climate TI. 82 Table of Contents Fee-Related Performance Revenues The following table presents fee-related performance revenues for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Credit $ 17,155 $ 12,969 Total Fee-Related Performance Revenues $ 17,155 $ 12,969 Fee-related performance revenues increased $4.2 million, or 32%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to higher incentive fees from TCAP. Transaction, Monitoring and Other Fees, Net The following table presents transaction, monitoring and other fees, net in our platforms for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Capital $ 2,807 $ 3,026 Growth 1,059 693 Impact 3,737 3,940 Credit 5,858 3,509 Real Estate 1,646 2,504 Market Solutions 156,192 75,136 Subtotal 171,299 88,808 Other Income 4,946 5,983 Total Transaction, Monitoring and Other Fees, Net $ 176,245 $ 94,791 Transaction, monitoring and other fees, net increased $81.5 million, or 86%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily driven by our Market Solutions platform as a result of capital markets activity among our portfolio companies involving our broker-dealer. Fee-Related Expenses Fee-related expenses increased $53.5 million, or 9%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily due to an increase in cash-based compensation and benefits, net of $46.5 million and an increase in operating expenses, net of $4.9 million. 83 Table of Contents Cash-Based Compensation and Benefits, Net The following table presents cash-based compensation and benefits, net for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Salaries $ 196,528 $ 185,288 Bonuses 167,513 157,422 Benefits and other 103,603 80,573 Reimbursements (53,249) (55,389) Total Cash-Based Compensation and Benefits, Net $ 414,395 $ 367,894 Total cash-based compensation and benefits, net increased $46.5 million, or 13%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulting from an increase in headcount to support our growth. Fee-Related Performance Compensation The following table presents fee-related performance compensation for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Credit $ 8,578 $ 6,484 Total Fee-related Performance Compensation $ 8,578 $ 6,484 Total fee-related performance compensation increased $2.1 million, or 32%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This was primarily attributable to the increase in fee-related performance revenues from TCAP that drive compensation attributable to our partners and professionals. Operating Expenses, Net Operating expenses, net includes general and administrative expenses as well as reimbursements for professional services and travel expenses related to investment management and advisory services provided to TPG funds and monitoring services provided to our portfolio companies. Operating expenses, net increased $4.9 million, or 3%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was primarily due to an increase in professional fees and travel expenses. 84 Table of Contents Realized Performance Allocations, Net The following table presents realized performance allocations, net from our platforms for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Capital $ 47,828 $ 57,985 Growth 27,720 42,742 Impact 11,475 4,534 Credit 12,469 18,302 Real Estate 3,610 3,095 Total Realized Performance Allocations, Net $ 103,102 $ 126,658 Realized performance allocations, net of $103.1 million for the six months ended June 30, 2026 were largely generated from realizations of $29.0 million from TPG IX and $12.1 million from THP II in the Capital platform, $18.1 million from TDM in the Growth platform, $11.5 million from Rise Climate I in the Impact platform, $4.2 million from MMDL V in the Credit platform and $3.4 million from Net Lease Realty III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including One Oncology, Intersect Power and Anovo. Realized performance allocations, net of $126.7 million for the six months ended June 30, 2025 were largely generated from realizations of $48.0 million from TPG VII and $9.8 million from TPG VIII in the Capital platform, $41.7 million from Growth IV in the Growth platform, $4.5 million from Rise Climate I in the Impact platform, $3.9 million from Credit Solutions II, $3.2 million from MMDL IV and $2.2 million from MMDL V in the Credit platform and $2.1 million from TREP III in the Real Estate platform. The activity consisted of realizations sourced from portfolio companies including Viking Cruises, Crunch Fitness, DirecTV, Q-Centrix and Nextracker. Realized Investment Income and Other, Net The following table presents realized investment income and other, net for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Investments $ 36,685 $ 39,005 Non-core expense (41,656) (48,683) Total Realized Investment Income and Other, Net $ (4,971) $ (9,678) The increase in realized investment income and other, net of $4.7 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 resulted primarily from a decrease in our non-core expense, partially offset by a decrease in realizations. Our non-core activity includes expenses of $26.7 million related to our unoccupied lease space and $8.6 million related to strategic transaction and integration activity during the six months ended June 30, 2026. Depreciation Depreciation expense increased $1.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. 85 Table of Contents Interest Expense, Net The following table presents interest expense, net for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 2025 ($ in thousands) Interest expense $ 68,880 $ 49,375 Interest (income) (13,170) (17,678) Interest Expense, Net $ 55,710 $ 31,697 Interest expense, net increased $24.0 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in outstanding principal balances on our debt obligations. Distributable Earnings The increase in DE for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to an increase in FRE, partially offset by an increase in interest expense, net. Income Taxes Income taxes increased $9.3 million, or 44%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase in our current payable under our Tax Receivable Agreement. Reconciliation to U.S. GAAP Measures The following tables reconcile the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP to non-GAAP financial measures for the three and six months ended June 30, 2026 and 2025: Revenue Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) GAAP Revenue $ 1,841,424 $ 920,537 $ 2,341,430 $ 1,955,413 Capital-allocation based loss (income) (1,136,455) (351,463) (1,016,439) (842,884) Expense reimbursements (66,601) (66,646) (123,285) (126,055) Investment income and other (10,176) (7,309) (16,334) (15,091) Fee-Related Revenues $ 628,192 $ 495,119 $ 1,185,372 $ 971,383 86 Table of Contents Expenses Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) GAAP Expenses $ 1,497,338 $ 890,131 $ 2,145,944 $ 1,837,991 Depreciation and amortization expense (41,342) (30,808) (83,093) (62,190) Interest expense (36,219) (25,308) (68,957) (49,368) Expense reimbursements (66,601) (66,646) (123,285) (126,055) Performance allocation compensation (776,665) (233,437) (710,517) (532,142) Equity-based compensation (231,730) (209,622) (486,866) (415,454) Non-core expenses and other (31,236) (48,708) (49,394) (82,478) Fee-Related Expenses $ 313,545 $ 275,602 $ 623,832 $ 570,304 Net Income Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in thousands) Net (loss) income $ 319,672 $ 30,111 $ 196,397 $ 117,939 Net loss (income) attributable to other non-controlling interests (128,788) (46,035) (99,546) (120,569) Amortization expense 33,240 22,959 66,481 46,696 Equity-based compensation 231,730 213,662 488,306 425,042 Unrealized performance allocations, net (180,418) 13,341 (88,271) (32,484) Unrealized investment income (5,483) 19,288 28,131 1,620 Income taxes 20,114 (957) (11,608) (5,609) Non-recurring and other (9,822) 15,921 (18,015) 22,391 After-tax Distributable Earnings 280,245 268,290 561,875 455,026 Income taxes 16,229 10,186 30,550 21,229 Distributable Earnings 296,474 278,476 592,425 476,255 Realized performance allocations, net (35,357) (87,037) (103,102) (126,658) Realized investment income and other, net 17,813 5,716 4,971 9,678 Depreciation expense 5,917 5,157 11,536 10,107 Interest expense, net 29,800 17,205 55,710 31,697 Fee-Related Earnings $ 314,647 $ 219,517 $ 561,540 $ 401,079 Net Accrued Performance June 30, 2026 December 31, 2025 ($ in thousands) GAAP Investments $ 9,625,886 $ 9,211,816 Equity method and other investments (1,856,515) (1,902,577) Accrued performance allocation compensation (5,631,012) (5,399,750) Impact of other consolidated entities (769,876) (629,734) Net Accrued Performance $ 1,368,483 $ 1,279,755 87 Table of Contents Operating Metrics We monitor certain operating metrics that are common to the alternative asset management industry and that we believe provide important data regarding our business. The following operating metrics do not include other investments that are not included in the TPG Operating Group. Assets Under Management Assets Under Management (“AUM”) represents the sum of: i.fair value of the investments and financial instruments held by our private equity, credit and real estate funds (including fund-level asset-related leverage), other than as described below, as well as related co-investment vehicles managed or advised by us, plus the capital that we are entitled to call from investors in those funds and vehicles, pursuant to the terms of their respective capital commitments, net of outstanding leverage associated with subscription-related credit facilities, and including capital commitments to funds that have yet to commence their investment periods; ii.the gross amount of assets (including leverage where applicable) for our real estate investment trusts and BDCs; iii.the net asset value of certain of our hedge funds; and iv.the aggregate par amount of collateral assets, including principal cash, for our collateralized loan obligation vehicles. Our definition of AUM is not based on any definition of AUM that may be set forth in the agreements governing the investment funds that we manage, or calculated pursuant to any regulatory definitions. The following table summarizes our AUM by platform as of June 30, 2026 and 2025: June 30, 2026 2025 ($ in millions) Capital $ 94,070 $ 76,245 Growth 34,608 29,771 Impact 34,890 28,894 Credit 101,164 80,161 Real Estate 41,921 36,988 Market Solutions 20,124 9,272 AUM as of end of period $ 326,777 $ 261,331 88 Table of Contents The table below presents rollforwards of our total AUM for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions) Balance as of Beginning of Period $ 306,182 $ 250,621 $ 303,029 $ 245,873 Capital Raised 16,125 11,303 26,473 17,209 Realizations (5,053) (6,478) (13,798) (10,779) Outflows(1) (508) (176) (1,142) (684) Changes in Investment Value and Other(2) 10,031 6,061 12,215 9,712 AUM as of end of period $ 326,777 $ 261,331 $ 326,777 $ 261,331 _________________ (1)Outflows represent redemptions and withdrawals. (2)Changes in Investment Value and Other consists of changes in fair value, capital invested, available capital and net fund-level asset related leverage activity plus other investment activities. AUM increased approximately $20.6 billion during the three months ended June 30, 2026. This increase was led by $16.1 billion of capital raised primarily attributable to fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise Climate II within the Impact platform, TPG Direct Lending within the Credit platform and Peppertree XI within the Market Solutions platform. These increases were partially offset by realization activities in TPG VII, TPG VIII, TPG IX and TPG X within the Capital platform, TDM within the Growth platform, MMDL V and MMDL IV within the Credit platform and Realty Value XI and Net Lease Realty III within the Real Estate platform during the three months ended June 30, 2026. AUM also increased due to investment appreciation during the three months ended June 30, 2026. AUM increased approximately $23.7 billion during the six months ended June 30, 2026. This increase was led by $26.5 billion of capital raised primarily attributable to fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise IV and Rise Climate II within the Impact platform, TPG Direct Lending and TPG Asset Based Finance within the Credit platform, Net Lease Realty V within the Real Estate platform and Peppertree XI and T-POP within the Market Solutions platform. These increases were partially offset by realization activities in TPG IX and THP II within the Capital platform, TDM within the Growth platform, Rise Climate I within the Impact platform and Credit Solutions II within the Credit platform during the six months ended June 30, 2026. AUM also increased due to investment appreciation during the three months ended June 30, 2026. Fee-Earning Assets Under Management Fee-earning AUM (“FAUM”) represents only the AUM from which we are entitled to receive management fees. FAUM is the sum of all the individual fee bases that are used to calculate our management fees and differs from AUM in the following respects: (i) assets and commitments from which we are not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which we are entitled to receive only performance allocations or are otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in our credit and real estate funds, have different methodologies for calculating management fees that are not based on the fair value of the respective funds’ underlying investments. We believe this measure is useful to investors as it provides additional insight into the capital base upon which we earn management fees. Our definition of FAUM is not based on any definition of AUM or FAUM that is set forth in the agreements governing the investment funds and products that we manage. 89 Table of Contents The following table summarizes our FAUM by platform as of June 30, 2026 and 2025: June 30, 2026 2025 ($ in millions) Capital $ 46,437 $ 35,829 Growth 17,089 14,520 Impact 21,944 19,077 Credit 56,505 45,365 Real Estate 26,981 26,541 Market Solutions 12,016 5,083 FAUM as of end of period $ 180,972 $ 146,415 The table below presents rollforwards of our FAUM for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions) Balance as of Beginning of Period $ 175,372 $ 142,794 $ 170,102 $ 141,286 Fee-Earning Capital Raised(1) 3,843 2,910 9,001 5,398 Deployment(2) 5,423 2,867 10,119 5,682 Realizations(3) (1,792) (2,583) (6,020) (5,197) Reduction in Fee Base(4) (2,113) (100) (2,281) (1,311) Outflows(5) (508) (175) (1,134) (680) Market Activity and Other(6) 747 702 1,185 1,237 FAUM as of end of period 180,972 $ 146,415 $ 180,972 $ 146,415 _________________ (1)Fee-Earning Capital Raised represents capital raised by our funds for which management fees calculated based on commitments or subscriptions were activated during the period. (2)Deployment represents increases in investment cost and CLO collateral assets, as well as capital called for investments. (3)Realizations represent decreases in investment cost and CLO collateral assets, as well as distributions of investment related proceeds. (4)Reduction in Fee Base represents decreases in the fee basis for funds where the investment or commitment fee period has expired, and the fee base has reduced from commitment base to actively invested capital. It also includes reductions for funds that are no longer fee paying. (5)Outflows represent redemptions and withdrawals. (6)Market Activity and Other represents income activity for our funds for which management fees are calculated based on invested net capital or net asset value, as well as foreign exchange fluctuations. FAUM increased $5.6 billion during the three months ended June 30, 2026, primarily driven by $3.8 billion in fee-earning capital raised. This activity was led by additional closings of TPG X and the activation of THP III during the first quarter of 2026 within the Capital platform, the activation of TPG Sports during the first quarter of 2026 within the Growth platform and subsequent closings for Rise Climate II within the Impact platform. Deployment added $5.4 billion to FAUM primarily driven by TPG IX and THP II within the Capital platform and Credit Solutions III and MMDL V within the Credit platform. 90 Table of Contents FAUM increased $10.9 billion during the six months ended June 30, 2026, primarily driven by $9.0 billion in fee-earning capital raised. This activity was led by additional closings of TPG X and the activation of THP III during the first quarter of 2026 within the Capital platform, the activation of TPG Sports during the first quarter of 2026 within the Growth platform and the initial close for Rise IV during the first quarter of 2026 and subsequent closings for Rise Climate II within the Impact platform. Deployment added $10.1 billion to FAUM primarily driven by TPG IX and THP II within the Capital platform, TPG Atlas within the Growth platform, MMDL V, Credit Solutions III and ABC Evergreen within the Credit platform and TRECO within the Real Estate platform. These increases were partially offset by realizations of $6.0 billion primarily attributable to TPG IX within the Capital platform, Rise Climate I within the Impact platform, and Credit Solutions II, Essential Housing II and MMDL IV within the Credit platform. For the six months ended June 30, 2026, annualized weighted average management fees as a percentage of FAUM, which represent annualized management fees divided by the average of each applicable period’s FAUM were 1.16%. Net Accrued Performance Net accrued performance represents both unrealized and undistributed performance allocations and fee-related performance revenues resulting from our general partner interests in investment funds that we manage. We believe this measure is useful to investors as it provides additional insight into the accrued performance to which the TPG Operating Group Common Unit holders are expected to receive. The tables below summarize our net accrued performance by fund vintage year and platform as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 ($ in millions) Fund Vintage 2020 & Prior $ 748 $ 809 2021 168 136 2022 326 280 2023 33 23 2024 31 12 2025 60 20 2026 2 — Net Accrued Performance $ 1,368 $ 1,280 June 30, 2026 December 31, 2025 ($ in millions) Platform Capital $ 568 $ 581 Growth 200 211 Impact 195 173 Credit 118 83 Real Estate 148 100 Market Solutions 139 132 Net Accrued Performance $ 1,368 $ 1,280 91 Table of Contents Net accrued performance was primarily driven by TPG VIII, TPG IX, Asia VII, Growth IV, Growth V and Rise Climate I as of June 30, 2026 and TPG VIII, TPG IX, Asia VII, Growth V and Growth IV as of December 31, 2025. We also utilize Performance Generating AUM and Performance Eligible AUM as key metrics to understand AUM that could produce performance allocations or fee-related performance revenues. Performance Generating AUM refers to the AUM of funds we manage that are currently above their respective hurdle rate or preferred return, and profit of such funds are being allocated to, or earned by, us in accordance with the applicable limited partnership agreements or other governing agreements. 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 entitled to receive a performance allocation, incentive fee or fee-related performance revenue are included in Performance Eligible AUM. Performance Generating AUM totaled $222.0 billion and $208.8 billion as of June 30, 2026 and December 31, 2025, respectively. Across the investment funds that we manage, Performance Eligible AUM totaled $273.0 billion and $254.3 billion as of June 30, 2026 and December 31, 2025, respectively. AUM Subject to Fee-Earning Growth AUM Subject to Fee-Earning Growth represents capital commitments that when deployed have the ability to grow our fees through earning new management fees (AUM Not Yet Earning Fees) or when management fees can be charged at a higher rate as capital is invested or for certain funds as management fee rates increase during the life of a fund (FAUM Subject to Step-Up). AUM Not Yet Earning Fees represents the amount of capital commitments to TPG’s funds and co-investment vehicles that has not yet been invested or considered active, and as this capital is invested or activated, the fee-paying portion will be included in FAUM. FAUM Subject to Step-Up represents capital raised within certain funds where the management fee rate increases once capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up is included within FAUM. The table below reflects AUM Subject to Fee-Earning Growth by platform as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 ($ in millions) AUM Not Yet Earning Fees: Capital $ 5,326 $ 5,481 Growth 2,798 4,029 Impact 1,781 981 Credit 19,563 13,463 Real Estate 8,068 3,886 Market Solutions 1,776 818 Total AUM Not Yet Earning Fees $ 39,312 $ 28,658 FAUM Subject to Step-Up: Capital $ 3,209 $ 4,058 Growth 27 29 Credit 5,943 5,118 Real Estate 1,610 1,713 Market Solutions 1,553 903 Total FAUM Subject to Step-Up $ 12,342 $ 11,821 Total AUM Subject to Fee-Earning Growth $ 51,654 $ 40,479 92 Table of Contents As of June 30, 2026, AUM Not Yet Earning Fees was $39.3 billion, which primarily consisted of TPG IX, TPG VIII and THP II within the Capital platform, Growth V within the Growth platform, Rise Climate I within the Impact platform, Credit Solutions III, TPG Direct Lending and MMDL VI within the Credit platform, TRECO and Net Lease Realty V within the Real Estate platform and Peppertree XI within the Market Solutions platform. Associated with FAUM Subject to Step-Up, management fee rates for these respective underlying funds or certain investors range between 0.35% and 1.65% and step-up to rates in the range of 0.47% and 1.75% after capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up as of June 30, 2026 relates primarily to TPG X within the Capital platform, MMDL V, Credit Solutions III and ABC Fund II within the Credit platform, Asia Realty V within the Real Estate platform and T-POP within the Market Solutions platform. Capital Raised Capital raised is the aggregate amount of subscriptions and capital raised by our investment funds and co-investment vehicles during a given period, as well as the senior and subordinated notes issued through our CLOs and equity raised through our perpetual vehicles. We believe this measure is useful to investors as it measures access to capital across TPG and our ability to grow our management fee base. The table below presents capital raised by platform for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions) Capital $ 1,859 $ 128 $ 3,839 $ 1,174 Growth 2,708 2,678 3,639 3,492 Impact 1,631 1,256 2,977 2,978 Credit 5,611 5,356 10,024 7,006 Real Estate 2,535 216 3,615 874 Market Solutions 1,781 1,669 2,379 1,685 Total Capital Raised $ 16,125 $ 11,303 $ 26,473 $ 17,209 Capital raised totaled approximately $16.1 billion for the three months ended June 30, 2026. This was primarily attributable to the fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise Climate II within the Impact platform, TPG Direct Lending within the Credit platform and Peppertree XI within the Market Solutions platform. Capital raised totaled approximately $26.5 billion for the six months ended June 30, 2026. This was primarily attributable to the fundraising activities of TPG X and THP III within the Capital platform, TPG Sports within the Growth platform, Rise IV and Rise Climate II within the Impact platform, TPG Direct Lending and TPG Asset Based Finance within the Credit platform, Net Lease Realty V within the Real Estate platform and Peppertree XI and T-POP within the Market Solutions platform. Available Capital Available capital is the aggregate amount of unfunded capital commitments and recallable distributions that partners have committed to our funds and co-investment vehicles to fund future investments. Available capital is reduced for investments completed using fund-level subscription-related credit facilities. We believe this measure is useful to investors as it provides additional insight into the amount of capital that is available to our investment funds and co-investment vehicles to make future investments. 93 Table of Contents The table below presents available capital by platform as of June 30, 2026 and 2025: June 30, 2026 2025 ($ in millions) Capital $ 20,499 $ 13,648 Growth 6,613 6,701 Impact 9,998 10,875 Credit 22,142 15,517 Real Estate 13,085 12,775 Market Solutions 3,880 3,029 Available Capital $ 76,217 $ 62,545 Available capital totaled $76.2 billion as of June 30, 2026, primarily attributable to TPG X, Asia VIII, THP III, TPG IX and TPG VIII within the Capital platform, Growth VI, TPG Sports and Growth V within the Growth platform, Rise Climate II and Rise Climate I within the Impact platform, Credit Solutions III, TPG Direct Lending and MMDL VI within the Credit platform, Europe Realty IV, TREP IV, TRECO, Asia Realty V and TREP III within the Real Estate platform and TGS II and Peppertree XI within the Market Solutions platform. Capital Invested Capital invested is the aggregate amount of capital invested during a given period by our investment funds, co-investment vehicles and CLOs, as well as increases in gross assets of certain perpetual funds. It excludes certain hedge fund activity, but includes investments made using investment financing arrangements like credit facilities, as applicable. We believe this measure is useful to investors as it measures capital deployment across the firm. The table below presents capital invested by platform for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions) Capital $ 3,362 $ 1,677 $ 6,800 $ 3,155 Growth 635 1,414 2,239 2,104 Impact 2,374 821 3,221 1,093 Credit 4,385 4,336 10,064 8,340 Real Estate 2,252 1,530 4,094 2,180 Market Solutions 828 599 1,791 850 Capital Invested $ 13,836 $ 10,377 $ 28,209 $ 17,722 Capital invested was $13.8 billion for the three months ended June 30, 2026, which was primarily attributable to TPG X and TPG IX within the Capital platform, Rise Climate II within the Impact platform, Credit Solutions III, MVP Fund and TCAP within the Credit platform, TRTX within the Real Estate platform and Peppertree X within the Market Solutions platform. Capital invested was $28.2 billion for the six months ended June 30, 2026, which was primarily attributable to TPG X, TPG IX and THP II within the Capital platform, Rise Climate II within the Impact platform, ABC Evergreen, ABC Fund II, MMDL V and Credit Solutions III within the Credit platform and TREP IV and TRTX within the Real Estate platform. 94 Table of Contents Realizations Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds. The table below presents realizations by platform for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ($ in millions) Capital $ 1,358 $ 2,137 $ 4,693 $ 3,136 Growth 1,452 2,086 1,767 2,507 Impact 135 212 1,938 552 Credit 1,253 1,051 3,479 2,724 Real Estate 809 859 1,609 1,669 Market Solutions 46 133 312 191 Total Realizations $ 5,053 $ 6,478 $ 13,798 $ 10,779 Realizations were $5.1 billion for the three months ended June 30, 2026, primarily attributable to realization activities in TPG VII, TPG VIII, TPG IX and TPG X within the Capital platform, TDM within the Growth platform, MMDL V and MMDL IV within the Credit platform and Realty Value XI and Net Lease Realty III within the Real Estate platform. Realizations were $13.8 billion for the six months ended June 30, 2026, primarily attributable to realization activities in TPG IX and THP II within the Capital platform, TDM within the Growth platform, Rise Climate I within the Impact platform and Credit Solutions II within the Credit platform. Fund Performance Metrics Fund performance information for our investment funds as of June 30, 2026 is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods presented. These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of our firmwide performance and is also not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund’s financial results in accordance with U.S. GAAP. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See “Item 1A.—Risk Factors—Risks Related to Our Business—Our funds’ historical returns should not be considered as indicative of our or our funds’ future results or of any returns expected on an investment in our Class A common stock.” 95 Table of Contents The following tables reflect the performance of our selected funds as of June 30, 2026 ($ in millions): Fund Vintage Year(1) Capital Committed(2) Capital Invested(3) Realized Value(4) Unrealized Value(5) Total Value(6) Gross IRR(7) Gross MoM(7) Net IRR(8) Net MoM(9) Platform: Capital Capital Funds Air Partners 1993 $ 64 $ 64 $ 697 $ — $ 697 81 % 10.9x 73 % 8.9x TPG I 1994 721 696 3,095 — 3,095 47 % 4.4x 36 % 3.5x TPG II 1997 2,500 2,554 5,010 — 5,010 13 % 2.0x 10 % 1.7x TPG III 1999 4,497 3,718 12,360 — 12,360 34 % 3.3x 26 % 2.6x TPG IV 2003 5,800 6,157 13,734 — 13,734 20 % 2.2x 15 % 1.9x TPG V 2006 15,372 15,564 22,074 — 22,074 6 % 1.4x 5 % 1.4x TPG VI 2008 18,873 19,221 33,481 60 33,541 14 % 1.7x 10 % 1.5x TPG VII 2015 10,495 10,275 23,264 1,466 24,730 25 % 2.4x 19 % 1.9x TPG VIII 2019 11,505 10,758 6,038 14,134 20,172 20 % 1.8x 13 % 1.5x TPG IX 2022 12,014 11,605 3,228 13,828 17,056 30 % 1.5x 19 % 1.3x TPG X 2025 12,274 3,797 182 4,629 4,811 NM NM NM NM Capital Funds 94,115 84,409 123,163 34,117 157,280 23 % 1.9x 15 % 1.6x Asia Funds Asia I 1994 96 78 71 — 71 (3 %) 0.9x (10 %) 0.7x Asia II 1998 392 764 1,669 — 1,669 17 % 2.2x 14 % 1.9x Asia III 2000 724 623 3,316 — 3,316 46 % 5.3x 31 % 3.8x Asia IV 2005 1,561 1,603 4,089 — 4,089 23 % 2.6x 17 % 2.1x Asia V 2007 3,841 3,257 5,535 9 5,544 10 % 1.7x 6 % 1.4x Asia VI 2012 3,270 3,285 4,813 1,812 6,625 13 % 2.0x 9 % 1.6x Asia VII 2017 4,630 4,628 4,134 4,762 8,896 17 % 1.9x 11 % 1.5x Asia VIII 2022 5,259 3,095 473 4,323 4,796 28 % 1.6x 14 % 1.2x Asia Funds 19,773 17,333 24,100 10,906 35,006 20 % 2.0x 14 % 1.6x Healthcare Funds THP I 2019 2,704 2,468 1,037 3,190 4,227 17 % 1.7x 10 % 1.4x THP II 2022 3,576 2,923 1,146 3,193 4,339 35 % 1.5x 22 % 1.3x THP III 2026 1,795 100 — 119 119 NM NM NM NM Healthcare Funds 8,075 5,491 2,183 6,502 8,685 21 % 1.6x 13 % 1.4x Continuation Vehicles TPG AAF 2021 1,317 1,314 2,720 — 2,720 43 % 2.1x 37 % 1.9x TPG AION 2021 207 207 — 154 154 (6 %) 0.7x (7 %) 0.7x Continuation Vehicles 1,524 1,521 2,720 154 2,874 35 % 1.9x 29 % 1.7x Platform: Growth Growth Funds STAR 2007 1,264 1,259 1,895 — 1,895 12 % 1.5x 6 % 1.3x Growth II 2011 2,041 2,185 4,910 423 5,333 21 % 2.5x 15 % 2.0x Growth III 2015 3,128 3,385 5,121 1,767 6,888 23 % 2.0x 15 % 1.6x Growth IV 2017 3,739 3,624 4,689 2,988 7,677 18 % 2.1x 13 % 1.6x Gator 2019 726 686 839 432 1,271 23 % 1.8x 19 % 1.7x Growth V 2020 3,558 3,363 1,690 3,820 5,510 15 % 1.6x 10 % 1.4x Growth VI 2023 4,285 2,246 14 2,935 2,949 34 % 1.3x 13 % 1.1x Growth Funds 18,741 16,748 19,158 12,365 31,523 18 % 1.9x 12 % 1.5x Tech Adjacencies Funds TTAD I 2018 1,574 1,497 1,179 1,217 2,396 14 % 1.6x 10 % 1.4x TTAD II 2021 3,198 3,225 707 4,512 5,219 24 % 1.6x 19 % 1.5x TTAD III 2025 878 380 — 789 789 NM NM NM NM Tech Adjacencies Funds 5,650 5,102 1,886 6,518 8,404 19 % 1.6x 14 % 1.4x TDM 2017 1,326 603 1,063 — 1,063 10 % 1.8x 8 % 1.5x LSI 2023 410 283 144 325 469 58 % 1.8x 33 % 1.4x TECA 2025 988 372 — 505 505 NM 2.7x NM 1.9x TPG Atlas 2025 867 826 — 997 997 NM NM NM NM TPG Sports 2026 1,081 130 — 130 130 NM NM NM NM 96 Table of Contents Fund Vintage Year(1) Capital Committed(2) Capital Invested(3) Realized Value(4) Unrealized Value(5) Total Value(6) Gross IRR(7) Gross MoM(7) Net IRR(8) Net MoM(9) Platform: Impact The Rise Funds Rise I 2017 $ 2,106 $ 2,055 $ 1,689 $ 2,159 $ 3,848 14 % 1.8x 9 % 1.5x Rise II 2020 2,176 2,098 866 2,535 3,401 14 % 1.6x 9 % 1.3x Rise III 2022 2,700 2,487 527 3,656 4,183 37 % 1.6x 23 % 1.4x Rise IV 2026 965 265 — 265 265 NM NM NM NM The Rise Funds 7,947 6,905 3,082 8,615 11,697 17 % 1.7x 11 % 1.4x Rise Climate Funds Rise Climate I 2021 7,268 6,403 2,644 7,423 10,067 24 % 1.5x 15 % 1.3x Rise Climate II(11) 2025 7,398 2,669 — 2,929 2,929 NM NM NM NM Rise Climate Global South(11) 2025 808 47 — 72 72 NM NM NM NM Rise Climate TI 2025 1,666 765 — 838 838 NM NM NM NM Rise Climate Funds 17,140 9,884 2,644 11,262 13,906 24 % 1.5x 15 % 1.3x TSI 2018 333 133 368 — 368 35 % 2.8x 25 % 2.1x Evercare 2019 621 456 152 441 593 4 % 1.3x 1 % 1.1x TPG NEXT(12) 2023 565 87 3 94 97 82 % 1.3x (72 %) 0.6x Platform: Credit TPG Credit Solutions Credit Solutions I 2019 1,805 1,801 2,184 565 2,749 15 % 1.6x 12 % 1.4x Credit Solutions I Dislocation A 2020 909 602 795 — 795 34 % 1.3x 27 % 1.3x Credit Solutions I Dislocation B 2020 308 176 211 — 211 28 % 1.2x 21 % 1.2x Credit Solutions II 2021 3,134 3,040 1,705 2,615 4,320 16 % 1.5x 12 % 1.3x Credit Solutions II Dislocation A 2022 1,310 868 916 118 1,034 18 % 1.2x 13 % 1.2x Credit Solutions III 2024 6,214 1,986 223 2,313 2,536 53 % 1.3x 39 % 1.2x TPG Credit Solutions 13,680 8,473 6,034 5,611 11,645 18 % 1.4x 14 % 1.3x Essential Housing Essential Housing I 2020 642 456 577 — 577 15 % 1.3x 12 % 1.2x Essential Housing II 2021 2,534 1,071 1,185 257 1,442 16 % 1.4x 13 % 1.3x Essential Housing III 2024 1,619 911 5 1,069 1,074 15 % 1.2x 12 % 1.2x Essential Housing 4,795 2,438 1,767 1,326 3,093 16 % 1.3x 13 % 1.2x Hybrid Solutions 2025 429 150 8 208 216 NM NM NM NM TPG Asset Based Finance ABC Fund I 2021 1,005 904 214 1,093 1,307 15 % 1.5x 12 % 1.4x ABC Fund II 2024 1,588 1,259 6 1,394 1,400 15 % 1.1x 12 % 1.1x TPG Asset Based Finance 2,593 2,163 220 2,487 2,707 15 % 1.3x 12 % 1.2x TPG Direct Lending(13) MMDL I 2015 594 572 846 — 846 14 % 1.6x 10 % 1.4x MMDL II 2016 1,580 1,563 2,325 — 2,325 14 % 1.7x 10 % 1.5x MMDL III 2018 2,751 2,547 3,668 — 3,668 13 % 1.6x 10 % 1.5x MMDL IV 2020 2,671 2,586 1,966 1,655 3,621 13 % 1.6x 10 % 1.4x MMDL IV Annex 2021 797 767 503 522 1,025 14 % 1.5x 10 % 1.4x MMDL V 2022 3,924 3,519 642 3,483 4,125 16 % 1.3x 12 % 1.2x MMDL VI 2025 2,602 207 — 208 208 NM NM NM NM TPG Direct Lending 14,919 11,761 9,950 5,868 15,818 14 % 1.5x 10 % 1.4x Continuation Vehicles MMDL Continuation I 2025 1,207 1,123 61 1,036 1,097 NM NM NM NM Continuation Vehicles 1,207 1,123 61 1,036 1,097 NM NM NM NM 97 Table of Contents Fund Vintage Year(1) Capital Committed(2) Capital Invested(3) Realized Value(4) Unrealized Value(5) Total Value(6) Gross IRR(7) Gross MoM(7) Net IRR(8) Net MoM(9) Platform: Real Estate TPG Real Estate Partners TREP II 2014 $ 2,065 $ 2,213 $ 3,574 $ 2 $ 3,576 28 % 1.7x 18 % 1.5x TREP III 2018 3,722 4,333 4,132 2,392 6,524 15 % 1.6x 11 % 1.4x TREP IV 2022 6,820 5,342 838 6,123 6,961 21 % 1.4x 11 % 1.2x TPG Real Estate Partners 12,607 11,888 8,544 8,517 17,061 21 % 1.5x 13 % 1.3x TPG AG Realty Realty I 1994 30 30 65 — 65 27 % 2.2x 20 % 1.9x Realty II 1995 33 33 81 — 81 31 % 2.4x 22 % 2.2x Realty III 1997 61 94 120 — 120 5 % 1.3x 3 % 1.3x Realty IV 1999 255 332 492 — 492 11 % 1.5x 8 % 1.5x Realty V 2001 333 344 582 — 582 32 % 1.7x 26 % 1.6x Realty VI 2005 514 558 657 — 657 5 % 1.2x 3 % 1.1x Realty VII 2007 1,257 1,675 2,544 — 2,544 17 % 1.7x 12 % 1.5x Realty VIII 2011 1,265 2,142 2,790 88 2,878 15 % 1.6x 11 % 1.4x Realty IX 2015 1,329 1,987 2,288 221 2,509 8 % 1.4x 5 % 1.3x Realty Value X 2018 2,775 4,613 4,322 1,366 5,688 11 % 1.3x 7 % 1.2x Realty Value XI 2022 2,589 3,218 1,404 2,434 3,838 16 % 1.2x 9 % 1.1x TPG AG Realty 10,441 15,026 15,345 4,109 19,454 14 % 1.4x 9 % 1.3x TPG AG Core Plus Realty Core Plus Realty I 2003 534 532 876 — 876 20 % 1.6x 18 % 1.5x Core Plus Realty II 2006 794 1,112 1,456 — 1,456 11 % 1.4x 8 % 1.3x Core Plus Realty III 2011 1,014 1,420 2,231 — 2,231 23 % 1.8x 19 % 1.6x Core Plus Realty IV 2015 1,308 2,029 2,095 211 2,306 5 % 1.2x 2 % 1.1x TPG AG Core Plus Realty 3,650 5,093 6,658 211 6,869 15 % 1.5x 11 % 1.4x Asia Realty Asia Realty I 2006 526 506 645 — 645 6 % 1.3x 3 % 1.2x Asia Realty II 2010 616 602 1,071 — 1,071 24 % 1.8x 16 % 1.6x Asia Realty III 2015 847 869 1,027 121 1,148 11 % 1.3x 6 % 1.2x Asia Realty IV 2018 1,315 1,320 1,389 467 1,856 13 % 1.4x 9 % 1.3x Asia Realty V 2022 2,007 1,188 261 1,435 1,696 29 % 1.5x 16 % 1.3x Asia Realty 5,311 4,485 4,393 2,023 6,416 13 % 1.5x 8 % 1.3x Japan Value Japan Value(14) 2023 417 258 99 217 316 70 % 1.4x 41 % 1.2x Japan Value 417 258 99 217 316 70 % 1.4x 41 % 1.2x TPG AG Europe Real Estate Europe Realty I 2014 570 1,187 1,718 9 1,727 24 % 2.0x 17 % 1.7x Europe Realty II 2017 843 1,774 1,839 419 2,258 6 % 1.3x 4 % 1.2x Europe Realty III(15) 2019 1,515 2,258 1,026 1,107 2,133 3 % 1.1x (1 %) 0.9x Europe Realty IV(15) 2023 2,270 938 267 837 1,104 56 % 1.3x 1 % 1.0x TPG AG Europe Real Estate 5,198 6,157 4,850 2,372 7,222 12 % 1.4x 6 % 1.2x TPG Net Lease Net Lease Realty I 2006 159 209 457 — 457 18 % 2.4x 14 % 2.2x Net Lease Realty II 2010 559 1,060 1,854 — 1,854 16 % 2.4x 11 % 2.0x Net Lease Realty III 2013 1,026 2,429 3,177 221 3,398 11 % 2.0x 7 % 1.6x Net Lease Realty IV 2019 997 1,998 1,518 944 2,462 11 % 1.5x 7 % 1.3x Net Lease Realty V 2024 1,042 549 227 351 578 NM NM NM NM TPG Net Lease 3,783 6,245 7,233 1,516 8,749 14 % 1.9x 9 % 1.6x TAC+ 2021 1,797 1,368 173 1,221 1,394 0 % 1.0x (1 %) 1.0x TRECO 2024 1,786 1,037 579 561 1,140 36 % 1.3x 13 % 1.1x 98 Table of Contents Fund Vintage Year(1) Capital Committed(2) Capital Invested(3) Realized Value(4) Unrealized Value(5) Total Value(6) Gross IRR(7) Gross MoM(7) Net IRR(8) Net MoM(9) Platform: Market Solutions TPG Peppertree Funds Peppertree I 2004 $ 63 $ 44 $ 95 $ — $ 95 16 % 2.1x 11 % 1.7x Peppertree II 2008 24 21 57 — 57 30 % 2.8x 20 % 2.1x Peppertree III 2011 55 49 105 4 109 16 % 2.2x 11 % 1.8x Peppertree IV 2014 132 119 215 40 255 15 % 2.1x 11 % 1.7x Peppertree V 2014 79 63 12 88 100 5 % 1.6x 2 % 1.2x Peppertree VI 2016 230 204 171 421 592 17 % 2.9x 12 % 2.2x Peppertree VII 2018 505 460 91 1,154 1,245 15 % 2.7x 12 % 2.1x Peppertree VIII 2020 1,000 890 60 1,737 1,797 14 % 2.0x 10 % 1.6x Peppertree IX 2022 1,500 1,300 116 1,778 1,894 12 % 1.5x 8 % 1.3x Peppertree X 2023 2,040 1,386 2 1,752 1,754 22 % 1.3x 14 % 1.2x Peppertree XI 1,033 — — — — NM NM NM NM TPG Peppertree Funds 6,661 4,536 924 6,974 7,898 15 % 1.7x 11 % 1.5x TPG GP Solutions TGS I(12) 2022 1,864 1,573 222 1,927 2,149 61 % 1.5x 44 % 1.4x TGS II(12) 2025 1,741 501 — 538 538 NM NM NM NM TPG GP Solutions 3,605 2,074 222 2,465 2,687 61 % 1.5x 44 % 1.4x NewQuest Funds NewQuest I(12) 2011 390 291 767 — 767 48 % 3.2x 37 % 2.3x NewQuest II(12) 2013 310 342 686 46 732 24 % 2.2x 18 % 1.8x NewQuest III(12) 2016 541 544 574 141 715 6 % 1.3x 2 % 1.1x NewQuest IV(12) 2020 1,000 967 340 1,318 1,658 16 % 1.7x 9 % 1.4x NewQuest V(12) 2022 689 564 143 649 792 32 % 1.4x 20 % 1.3x NewQuest Funds 2,930 2,708 2,510 2,154 4,664 32 % 1.8x 18 % 1.4x The following table reflects the performance of our significant perpetual funds as of June 30, 2026 ($ in millions): Fund Vintage Year(1) AUM Total Return(10) Platform: Credit TPG Credit Solutions Corporate Credit Opportunities(16) 1988 $ 395 10 % Essential Housing Evergreen 2026 502 NM TPG Asset Based Finance MVP Fund(17) 2009 6,984 11 % ABC Evergreen(17) 2024 4,410 22 % TPG Direct Lending TCAP(18) 2022 5,105 10 % MMDL Evergreen(17) 2022 4,652 11 % TPG Advantage Direct Lending 2025 1,184 NM TPG Multi-Asset Credit Dynamic Credit Income Fund(17) 1993 1,121 9 % Platform: Market Solutions T-POP(19) 2025 2,251 34 % 99 Table of Contents _________________ Note: Past performance is not indicative of future results. “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 general partner, its affiliated entities and “friends-of-the-firm” entities that generally pay no or reduced management fees and performance allocations. These metrics also represent an average of returns for all included investors and do not necessarily reflect the actual return of any particular investor. Amounts shown are in U.S. dollars. Unless otherwise noted, when an investment is made in another currency, (i) Capital Invested is calculated using the exchange rate at the time of the investment, (ii) Unrealized Value is calculated using the exchange rate at the period end and (iii) Realized Value reflects actual U.S. dollar proceeds to the fund. (1)Vintage Year represents the year in which the fund consummated its first investment (or, if earlier, received its first capital contributions from investors). For platforms other than Credit, for consistency with prior reporting, however, the Vintage Year classification of any fund that held its initial closing before 2018 represents the year of such fund’s initial closing. (2)Capital Committed represents the amount of inception-to-date commitments a particular fund has received. Certain of our newer vintage funds are actively fundraising and capital committed is subject to change. (3)Capital Invested represents cash outlays by the fund for its investments, whether funded through investor capital contributions or borrowing under the fund’s credit facility. For Credit funds, Capital Invested represents inception-to-date investor contributed capital net of returned contributions, excluding borrowings under the fund’s credit facility. (4)Realized Value represents total cash received or earned by the fund in respect of such investment or investments through the period end, including all interest, dividends and other proceeds. For Credit funds, Realized Value represents inception-to-date capital distributed by the fund, including any performance distributions net of recalled distributions, if any. (5)Unrealized Value, with respect to an investment in a publicly traded security, is based on the closing market price of the security as of the period end on the principal exchange on which the security trades, as adjusted by the general partner for any restrictions on disposition. Unrealized Value, with respect to an investment that is not a publicly traded security, represents the general partner’s estimate of the unrealized fair value of the fund’s investment. Unrealized Value, with respect to Credit funds, represents the ending NAV for such fund, which is the period end ending capital balances of the investors and general partner. Valuations entail a degree of subjectivity, and therefore actual value may differ from such estimated value and these differences may be material and adverse. Except as otherwise noted, valuations are as of the period end. (6)Total Value is the sum of Realized Value and Unrealized Value of investments. (7)Gross internal rate of return (“Gross IRR”) and Gross multiple of money (“Gross MoM”) represent investment level performance by the fund and incorporates the impact of fund level credit facilities, to the extent utilized by the fund. Gross IRR and Gross MoM exclude management fees, fund expenses (other than interest expense and other fees arising from amounts borrowed under the fund’s credit facility to fund investments) and performance allocations. Gross IRR is the discount rate at which (i) the present value of all Capital Invested in an investment or investments is equal to (ii) the present value of all realized and unrealized returns from such investment or investments. (8)Net IRR represents the compound annualized return rate (i.e., the implied discount rate) of a fund, which is calculated using investor cash flows in the fund, including cash received from capital called from investors, cash distributed to investors and the investors’ ending capital balances as of the period end. Net IRR is the discount rate at which (i) the present value of all capital contributed by investors to the fund (which excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital) is equal to (ii) the present value of all cash distributed to investors and the investors’ ending capital balances. (9)Net MoM represents the multiple-of-money on contributions to the fund by investors. Net MoM is calculated as the sum of cash distributed to investors and the investors’ ending capital balances as of the period end, divided by the amount of capital contributed to the fund by investors (which amount excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital). (10)Total Return represents net performance data for investors (excluding certain classes/series with special fee arrangements), net of all expenses including actual quarterly management fees payable by the fund and the accrual of carried interest to the general partner. (11)The Rise Climate Global South Fund excludes a $500 million commitment ($473 million of which was closed as of June 30, 2026) from ALTÉRRA Transformation LP made to a separate vehicle for purposes of deploying catalytic capital in connection with investments located in the Global South made by the Rise Climate II Fund and the Rise Climate Global South Fund. (12)Unless otherwise specified, the fund performance information presented above for certain funds is, due to the nature of their strategy, as of March 31, 2026. (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 consolidated basis across the four vehicles. Performance metrics are presented only for the onshore levered vehicle of each fund. The Net IRRs and Net MoMs for TPG Direct Lending funds on a consolidated basis were: (i) for the onshore unlevered vehicles, 7% and 1.3x, (ii) for the offshore levered vehicles, 9% and 1.3x and (iii) for the offshore unlevered vehicles, 7% and 1.2x. (14)Japanese-Yen denominated fund. Commitments, Capital Invested and Realized Value are calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. (15)Includes Euro denominated fund entity with Commitments, Capital Invested and Realized Value calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. Performance metrics only reflects capital committed in U.S. dollars, which represents the majority of capital committed to each fund. Net IRR and Net MoM were: (i) for the euro-denominated vehicle of Europe Realty III, (4%) and 0.9x and (ii) for the euro-denominated vehicle of Europe Realty IV, 2% and 1.0x (16)Total Return includes onshore investors participating directly through the master fund and investors through the offshore vehicle. Total Return for the offshore vehicle was 5%. 100 Table of Contents (17)Total Returns for onshore funds only. Total Returns for the offshore vehicles were: (i) for the MVP Fund, 11%, (ii) for ABC Evergreen, 20%, (iii) for MMDL Offshore Evergreen, 9%, and (iv) for Dynamic Credit Income Fund (formerly Super Fund), 8%. MMDL Lux Offshore was recently launched and does not yet have a meaningful Total Return. (18)Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Inception-to-date figures for Class I, Class D and Class S shares use the initial offering price per share as the beginning NAV. Total Return presented is for Class I and is prior to the impact of any potential upfront placement fees. An investment in TCAP is subject to a maximum upfront placement fee of 1.5% for Class D and 3.5% for Class S, which would reduce the amount of capital available for investment, if applicable. There are no upfront placement fees for Class I shares. Total Return has been annualized for periods less than or greater than one year. (19)T-POP blended Total Return reflects a per unit return based on Class I and Class R-I, including reinvestment of any dividends received during the period (if applicable), and no upfront selling commission, net of all fees and expenses incurred by T-POP. Blended Total Return for Class S and R-S is 33%. 101 Table of Contents Liquidity and Capital Resources We have historically derived revenues primarily from third-party assets under management and have required limited capital resources to support the working capital or operating needs of our business. We believe that our current sources of liquidity described below are sufficient to meet our projected capital needs and other obligations as they arise for at least the next twelve months. To the extent that our current liquidity is insufficient to fund future activities, we may need to raise additional funds. In the future, we may attempt to raise additional capital through the sale of equity securities or through debt financing arrangements. If we raise additional funds by issuing equity securities, the ownership of our existing investors will be diluted. The incurrence of additional debt financing would result in incremental debt service obligations, and any future instruments governing such debt could include operating and financial covenants that could restrict our operations. As of June 30, 2026, our total liquidity was $2,899.7 million, comprised of $944.7 million of cash and cash equivalents, excluding $13.2 million of restricted cash, as well as $1,625.0 million, $30.0 million and $300.0 million of incremental borrowing capacity under the Senior Unsecured Revolving Credit Facility, Subordinated Credit Facility and 364-Day Credit Facility, respectively. Total cash of $957.8 million as of June 30, 2026 includes $191.9 million of cash that is attributable to the TPG Operating Group and on balance sheet securitization vehicles. Sources of Liquidity We have multiple sources of liquidity to meet our capital needs, including: •cash generated by our operating activities, such as management fees, monitoring, transaction and other fees, realized capital allocation-based income and investment sales from our consolidated funds; •cash received from investing activities, including amounts received from notes receivable from affiliates; and •cash received from our financing activities, including cash and funds available under our credit facilities. Cash, Cash Equivalents and Restricted Cash Our consolidated cash, cash equivalents and restricted cash totaled approximately $957.8 million at June 30, 2026. Credit Facilities Senior Unsecured Revolving Credit Facility In March 2011, TPG Holdings, L.P. entered into a $400.0 million credit facility. As of June 30, 2026, the Senior Unsecured Revolving Credit Facility, as currently amended, had aggregate revolving commitments of $1.75 billion and a maturity date of May 30, 2030. Dollar-denominated principal amounts outstanding under the Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.20% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.20%. We are also required to pay a quarterly commitment fee on the unused commitments under the Senior Unsecured Revolving Credit Facility not to exceed 0.15% per annum, as well as certain customary fees for any issued letters of credit. 102 Table of Contents Senior Notes The Notes Issuer has issued Senior Notes, on which interest is payable semi-annually, as discussed below. The Senior Notes will mature on the maturity dates discussed below, unless earlier accelerated, redeemed or repurchased. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The Senior Notes contain certain covenants which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries. 2031 Senior Notes: On February 26, 2026, the Notes Issuer issued in an SEC-registered offering $500.0 million aggregate principal amount of Senior Notes due 2031. The 2031 Senior Notes bear interest at a rate of 4.875% per annum, which is payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026. 2036 Senior Notes: On August 14, 2025, the Notes Issuer issued in an SEC-registered offering $500.0 million aggregate principal amount of Senior Notes due 2036. The 2036 Senior Notes bear interest at a rate of 5.375% per annum, which is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026. 2034 Senior Notes: On March 5, 2024, the Notes Issuer issued in an SEC-registered offering $600.0 million aggregate principal amount of Senior Notes due 2034. The 2034 Senior Notes bear interest at a rate of 5.875% per annum, which is payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024. The payment of the principal of, premium, if any, and interest on the Senior Notes and the payment of any Senior Notes guarantee will: •rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor, including indebtedness under the Amended Senior Unsecured Revolving Credit Facility; •rank senior in right of payment to all existing and future subordinated indebtedness, liabilities and other obligations of the Notes Issuer or the relevant Guarantor; •be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and •be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations of each subsidiary of the Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor. Subordinated Notes On March 4, 2024, the Notes Issuer issued in an SEC-registered offering $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated Notes due 2064. The Subordinated Notes bear interest at a rate of 6.950% per annum, which is payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, subject to the Notes Issuer’s right, on one or more occasions, to defer interest payments for up to five consecutive years. The Subordinated Notes are unsecured, subordinated, and fully guaranteed by the Guarantors. The Subordinated Notes will mature on March 15, 2064, unless earlier accelerated, redeemed or repurchased. The Subordinated Notes may be redeemed at the Notes Issuer’s option (i) in whole at any time or in part from time to time on or after March 15, 2029 at a redemption price equal to their principal amount plus any accrued and unpaid interest, (ii) upon occurrence of a Tax Redemption Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 100% of their principal amount plus any accrued and unpaid interest or (iii) in whole, but not in part, at any time prior to March 15, 2029, upon the occurrence of a Rating Agency Event, as defined in the Subordinated Notes’ First Supplemental Indenture, at a price equal to 102% of their principal amount plus any accrued and unpaid interest. The Subordinated Notes contain certain covenants as set forth in the Subordinated Notes’ Indenture and First Supplemental Indenture, which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries. 103 Table of Contents The payment of the principal of, premium, if any, and interest on the Subordinated Notes and the payment of any Subordinated Notes guarantee will: •be subordinate and rank junior in right of payment to all existing and future senior indebtedness, including indebtedness under the Senior Unsecured Revolving Credit Facility; •rank equally in right of payment with all existing and future parity indebtedness; •be effectively subordinated to all existing and future secured indebtedness of the Notes Issuer or the relevant Guarantor, to the extent of the value of the assets securing such indebtedness; and •be effectively subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations (including policyholder liabilities and other payables) of each subsidiary of the Notes Issuer or the relevant Guarantor that is not itself the Notes Issuer or a Guarantor. Secured Notes As of June 30, 2026, we had $250.0 million aggregate principal amount of Secured Notes outstanding. Issued through on-balance sheet securitization vehicles, these Secured Notes are repaid solely from collections on underlying equity method investments and restricted cash. The Secured Notes consist of two tranches, both of which mature in June 2038, with interest payable semiannually: (i) Tranche A Secured Notes, issued in May 2018 at a fixed rate of 5.33%, with an aggregate principal balance of $200.0 million and (ii) Tranche B Secured Notes, issued in October 2019 at a fixed rate of 4.75%, with an aggregate principal balance of $50.0 million. The Secured Notes contain an optional redemption feature giving us the right to call the notes in full or in part. If the Secured Notes are not redeemed by June 20, 2028, the interest rate will increase by 4.00% per annum. The Secured Notes contain customary covenants and conditions, including negative pledge provisions, default provisions and financial covenants and limitations on certain consolidations, mergers and sales of assets. As of June 30, 2026, we were in compliance with these covenants and conditions. Subordinated Credit Facility In August 2014, one of our consolidated subsidiaries entered into two subordinated revolving credit facilities with a total commitment of $30.0 million. The Subordinated Credit Facility is guaranteed by certain members of TPG Operating Group. In August 2025, the subsidiary extended the Subordinated Credit Facility's maturity date from August 2026 to August 2027. Borrowings bear interest at Term Secured Overnight Financing Rate (“SOFR”) plus a 0.10% per annum adjustment and 2.25%. During the six months ended June 30, 2026, the subsidiary did not borrow or make repayments on the Subordinated Credit Facility, resulting in no amounts outstanding as of June 30, 2026. 104 Table of Contents 364-Day Credit Facility On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. As currently amended, the 364-Day Credit Facility has revolving commitments in an aggregate principal amount of $300.0 million, with a maturity date of April 7, 2027. Borrowings under the 364-Day Credit Facility bear one of three interest rates depending on the type of drawdown requested. Alternate Base Rate (“ABR”) loans are denominated in U.S. Dollars and subject to a variable interest rate computed daily as the higher of the Federal Funds Rate plus 0.50% or the one-month Term SOFR plus 1.00%, plus an applicable margin of between 1.00% and 2.00%, depending on the loan term. Term Benchmark loans may be denominated in U.S. Dollars or Euros, and are subject to a fixed interest rate based on SOFR for a period comparable to the term of the loan in effect two business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00% depending on the loan term. Risk-Free Rate (“RFR”) loans are denominated in Sterling and subject to a fixed interest rate computed daily as the Sterling Overnight Index Average (“SONIA”) in effect five business days prior to the date of borrowing, plus an applicable margin of between 2.00% and 3.00%, depending on the loan term. The subsidiary is also required to pay a quarterly facility fee equal to 0.30% per annum of the $300.0 million total facility capacity, as well as certain customary fees for any issued loans. In connection with the facility, the Company entered into an equity commitment letter, committing to provide capital contributions, if and when required, to the subsidiary throughout the life of the facility. During the six months ended June 30, 2026, the subsidiary borrowed $116.0 million and made repayments of $116.0 million on the 364-Day Credit Facility, resulting in no amounts outstanding as of June 30, 2026. Our Liquidity Needs We expect that our primary liquidity needs include cash required to: •support our working capital needs; •fund cash operating expenses, including compensation and contingencies, including for clawback obligations or litigation matters; •service debt obligations, including the payment of obligations at maturity, on interest payment dates or upon redemption, as well as any contingent liabilities that may give rise to future cash payments; •continue growing our businesses, including seeding new strategies, pursuing strategic investments or acquisitions, funding our capital commitments made to existing and future funds and co-investments, meeting any net capital requirements of our broker-dealer or funding obligations of our capital markets business and otherwise supporting investment vehicles that we sponsor; •pay amounts that may become due under the Tax Receivable Agreement; •pay earnouts and contingent cash consideration associated with our acquisitions; •pay cash dividends in accordance with our dividend policy for our Class A common stock; •warehouse investments or seed portfolios for the benefit of one or more of our funds or other investment vehicles pending the expected contribution of committed capital by the investors in such vehicles and advance capital to them for other operational needs; •manage risk retention for CLOs; •address capital needs of regulated and other subsidiaries, including our broker-dealer; •settle tax withholding obligations in connection with net share settlements of equity-based awards; and •exchange Common Units pursuant to the Exchange Agreement or repurchase or redeem other securities issued by us. 105 Table of Contents Contractual Obligations In the ordinary course of business, we enter into contractual arrangements that require future cash payments. The following table sets forth information regarding our anticipated future cash payments under our contractual obligations as of June 30, 2026 (in thousands): Payments Due by Period Total 2026 2027 2028 2029 2030 2031 and Thereafter Debt obligations(1) $ 2,375,000 $ — $ — $ — $ — $ 125,000 $ 2,250,000 Interest on debt obligations(2) 2,017,951 72,021 135,794 140,794 145,794 141,810 1,381,738 Capital commitments(3) 701,025 701,025 — — — — — Operating lease obligations(4) 957,807 (9,623) 85,972 83,378 80,865 75,932 641,283 Repurchase agreements 84,880 4,209 9,804 46,112 18,137 2,821 3,797 Total contractual obligations $ 6,136,663 $ 767,632 $ 231,570 $ 270,284 $ 244,796 $ 345,563 $ 4,276,818 _________________ (1)Debt obligations presented in the table reflect scheduled principal payments related to the Secured Notes, 2034 Senior Notes, 2036 Senior Notes, 2031 Senior Notes, Subordinated Notes and Senior Unsecured Revolving Credit Facility. (2)Estimated interest payments on our debt obligations include estimated future interest payments based on the terms of the debt agreements. See Note 8 to the Condensed Consolidated Financial Statements for further discussion of these debt obligations. (3)Capital commitments represent our obligations to provide general partner capital funding to the TPG funds. These amounts are generally due on demand, and accordingly, have been presented as obligations payable in the “2026” column. We generally utilize proceeds from return of capital distributions and proceeds from our Secured Notes to help fund these commitments. (4)Net of tenant improvement allowances. Operating lease cash flows for 2026 include a net inflow resulting from expected tenant improvement allowance receipts. Additional Contingent Obligations As of June 30, 2026 and December 31, 2025, if all investments held by the TPG funds were liquidated at their current unrealized fair value, there would be clawback of $6.8 million and $7.9 million, respectively, primarily related to Asia V, for which a performance allocation reserve was recorded within other liabilities in the Condensed Consolidated Statements of Financial Condition. During the six months ended June 30, 2026, the general partners made no payments on the clawback liability. Additionally, if all remaining investments were deemed worthless, a possibility management views as remote, the amount of performance allocations subject to potential clawback as of June 30, 2026 and December 31, 2025 would be $2,635.8 million and $2,456.5 million, respectively. As of June 30, 2026 and December 31, 2025, we had guarantees outstanding totaling $115.2 million and $168.4 million, respectively, related to a third-party lending program that enables certain of our eligible employees to obtain financing for capital contributions into TPG funds with a maximum potential exposure of $376.0 million and $348.7 million, respectively. 106 Table of Contents Dividends The table below presents information regarding the quarterly dividends on the Class A common stock, which were made at the sole discretion of our Executive Committee and Board of Directors. Date Declared Record Date Payment Date Dividend per Class A Common Share May 7, 2025 May 19, 2025 June 2, 2025 $ 0.41 August 6, 2025 August 18, 2025 September 2, 2025 0.59 November 4, 2025 November 14, 2025 December 1, 2025 0.45 February 5, 2026 February 19, 2026 March 5, 2026 0.61 Total 2025 Dividend Year (through Q4 2025) $ 2.06 May 1, 2026 May 11, 2026 May 26, 2026 $ 0.59 August 4, 2026 August 14, 2026 August 28, 2026 0.59 Total 2026 Dividend Year (through Q2 2026) $ 1.18 Tax Receivable Agreement The future exchanges by owners of Common Units for cash from a substantially concurrent public offering, reorganization or private sale (based on the price per share of the Class A common stock on the day before the pricing of such public offering or private sale) or, at our election, for shares of our Class A common stock on a one-for-one basis (or, in certain cases, for shares of nonvoting Class A common stock) are expected to produce or otherwise deliver to us favorable tax attributes that can reduce our taxable income. We (and our wholly-owned subsidiaries) are a party to a tax receivable agreement, under which generally we (or our wholly-owned subsidiaries) are required to pay the beneficiaries of the Tax Receivable Agreement 85% of the applicable cash savings, if any, in U.S. federal, state and local income tax that we actually realize or, in certain circumstances, are deemed to realize as a result of the Covered Tax Items. We generally retain the benefit of the remaining 15% of the applicable tax savings. The payment obligations under the Tax Receivable Agreement are obligations of TPG Inc. (or our wholly-owned subsidiaries), and we expect that the payments we will be required to make under the Tax Receivable Agreement will be substantial. Pursuant to the Exchange Agreement, certain holders of Common Units, including certain partners and employees, are authorized to exchange Common Units for an equal number of shares of Class A common stock. During the years ended December 31, 2025 and 2024, certain holders of Common Units exchanged Common Units for an equal number of shares of Class A common stock resulting in the issuance of shares of Class A common stock and the cancellation of an equal number of shares of Class B common stock for no additional consideration. Such issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024. For the periods ended June 30, 2026 and December 31, 2025, the following Common Units were exchanged for Class A common stock: Exchange Date Class A Common Stock Issued 2025 Exchanges(a) February 24, 2025 9,786,354 May 21, 2025 21,000,000 August 19, 2025 5,153,040 2026 Exchange(a) May 29, 2026 6,042,619 _________________ (a)The issuances of shares of Class A common stock to such holders of Common Units were registered pursuant to the Company’s registration statements on Form S-3 filed on November 2, 2023 and September 13, 2024 107 Table of Contents These exchanges resulted in an increase in the tax basis of our investment in the TPG Operating Group and are subject to the Tax Receivable Agreement. During the six months ended June 30, 2026, the Company made payments of $29.9 million in connection with the liability associated with the Tax Receivable Agreement. A portion of this liability is attributed to Related Parties and is recorded in due to affiliates and the remaining portion attributable to non-affiliates is recorded in other liabilities. As of June 30, 2026 and December 31, 2025, the portion included in due to affiliates in the Condensed Consolidated Statements of Financial Condition, was $508.0 million and $495.1 million, respectively. As of June 30, 2026 and December 31, 2025, amounts due to non-affiliates included in other liabilities were $340.2 million and $316.5 million, respectively. Net Cash Flows The following table presents a summary of our cash flows for the periods presented: Six Months Ended June 30, 2026 2025 ($ in thousands) Net cash provided by operating activities $ 524,234 $ 584,055 Net cash used in investing activities (535,721) (9,431) Net cash provided by (used in) financing activities 130,830 (270,616) Effect of exchange rate changes $ (787) $ — Net change in cash, cash equivalents and restricted cash $ 118,556 $ 304,008 Cash, cash equivalents and restricted cash, beginning of period 839,271 821,192 Cash, cash equivalents and restricted cash, end of period $ 957,827 $ 1,125,200 Operating Activities Net cash provided by operating activities was $524.2 million and $584.1 million for the six months ended June 30, 2026 and 2025, respectively. Key drivers consisted of performance allocation and investment proceeds totaling $1,001.6 million, partially offset by purchases of investments of $588.3 million, as well as other changes in operating assets and liabilities during the six months ended June 30, 2026. Cash provided by operating activities consisted of performance allocation and investment proceeds totaling $1,041.2 million, partially offset by other changes in operating assets and liabilities for the six months ended June 30, 2025. Investing Activities Net cash used in investing activities totaled $535.7 million and $9.4 million during the six months ended June 30, 2026 and 2025, respectively. Cash used in investing activities was primarily related to the purchase of Jackson common stock as described in Note 4 to the Condensed Consolidated Financial Statements and purchases of fixed assets. Cash used in investing activities during the six months ended June 30, 2025 was primarily related to the purchases of fixed assets. Financing Activities Net cash provided by financing activities was $130.8 million for the six months ended June 30, 2026, compared to net cash used in financing activities of $270.6 million for the six months ended June 30, 2025. During the six months ended June 30, 2026, cash provided by financing activities was primarily driven by the issuance of the 2031 Senior Notes in February 2026 and contributions from holders of non-controlling interests, partially offset by the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries and withholding taxes paid on net settlement of equity-based awards. During the six months ended June 30, 2025, cash used by financing activities was primarily related to the payments of dividends and distributions to our Class A common stockholders and to holders of non-controlling interests in subsidiaries and withholding taxes paid on net settlement of equity-based awards, partially offset by the proceeds from the Senior Unsecured Revolving Credit Facility. 108 Table of Contents Supplemental Guarantor Financial Information The Subordinated Notes issued by the Notes Issuer are guaranteed on a junior, unsecured basis by the Guarantors, and the Senior Notes issued by the Notes Issuer are guaranteed on a senior, unsecured basis by the Guarantors. As used herein, “Obligor Group” means the Notes Issuer and the Guarantors on a combined basis. The Guarantors fully and unconditionally guarantee payments of principal, premium, if any, and interest (i) on the Subordinated Notes on a subordinated, unsecured basis and (ii) on the Senior Notes on a senior, unsecured basis. See Note 8 of the Condensed Consolidated Financial Statements for further discussion on these debt obligations. The Obligor Group entities are holding companies in which the primary assets are the ownership interests in certain consolidated subsidiaries. Accordingly, the Obligor Group has no independent means of generating revenue or cash flow, and its ability to service its debt and guarantee obligations depends upon the results of operations and cash flows of its consolidated subsidiaries. As of June 30, 2026 and December 31, 2025, the Obligor Group held investments in its non-guarantor subsidiaries of $4.7 billion and $3.4 billion, respectively, and recognized income from investments in its non-guarantor subsidiaries of $0.7 billion for the six months ended June 30, 2026. In addition, in connection with any distribution by the consolidated subsidiaries, the Obligor Group would only receive its proportionate share of such distribution. The following summarized financial information is provided in accordance with the reporting requirements of Rule 13-01 under SEC Regulation S-X for the Obligor Group and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP. The tables present summarized financial information of the Obligor Group on a combined basis after elimination of intercompany transactions and balances within the Obligor Group as of June 30, 2026 and December 31, 2025 and for the six months ended June 30, 2026. June 30, 2026 December 31, 2025 ($ in thousands) Summarized Obligor Group Assets and Liabilities Assets, less receivables from non-guarantor subsidiaries $ 1,619,199 $ 1,250,242 Due from related parties, excluding non-guarantor subsidiaries 2,505 459 Due from non-guarantor subsidiaries 150,934 157,758 Liabilities, less payables to non-guarantor subsidiaries 2,576,138 1,964,844 Due to related parties, excluding non-guarantor subsidiaries 525,835 511,968 Due to non-guarantor subsidiaries 17,790 27,508 Non-controlling interests in Obligor Group Assets and Liabilities (743,352) (633,381) Six Months Ended June 30, 2026 ($ in thousands) Summarized Obligor Group Revenues, Net Income (Loss) and Non-Controlling Interests Revenues from Obligor Group $ (14,745) Net loss from Obligor Group's revenues and expenses (101,559) Net loss attributable to non-controlling interests associated with Obligor Group's revenues and expenses (40,228) Off-Balance Sheet Arrangements We have not entered into any off-balance sheet arrangements, as defined in Regulation S-K. 109 Table of Contents Critical Accounting Estimates There has been no material change to our critical accounting estimates disclosed in our Annual Report. We prepare our Condensed Consolidated Financial Statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, and liabilities and disclosure of contingent assets and liabilities in our financial statements. We regularly assess these estimates; however, actual amounts could differ from those estimates. The impact of changes in estimates is recorded in the period in which they become known. For a description of our accounting policies, see Note 2, “Summary of Significant Accounting Policies,” to the Condensed Consolidated Financial Statements included elsewhere in this report and for a discussion of our policies and estimates, see “Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operation” in our Annual Report on Form 10-K for the year ended December 31, 2025.