# EDGAR Filing Document

**Accession Number:** 0001880661
**File Stem:** 0001880661-25-000057
**Filing Date:** 2025-8
**Character Count:** 96568
**Document Hash:** 3d539cc0f3c5d2b8f70ac70fb9313e88
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001880661-25-000057.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001880661-25-000057

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPG Inc.
- **CENTRAL INDEX KEY:** 0001880661
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 872063362
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41222
- **FILM NUMBER:** 251187546

**BUSINESS ADDRESS:**
- **STREET 1:** 301 COMMERCE STREET
- **STREET 2:** SUITE 3300
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 817-871-4000

**MAIL ADDRESS:**
- **STREET 1:** 301 COMMERCE STREET
- **STREET 2:** SUITE 3300
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TPG Partners, LLC
- **DATE OF NAME CHANGE:** 20210827

?xml version='1.0' encoding='ASCII'? tpg-20250806

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**Current Report** 

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported):** 

**August 6, 2025**

**TPG Inc.**

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41222** | **87-2063362** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| **301 Commerce Street, Suite 3300** |  | **76102** |
| **Fort Worth, TX** | | (Zip Code) |

---

**(817) 871-4000**

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock | **TPG** | **The Nasdaq Stock Market LLC**<br>**(Nasdaq Global Select Market)** |
| 6.950% Subordinated Notes due 2064 | **TPGXL** | **The Nasdaq Stock Market LLC**<br>**(Nasdaq Global Market)** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 6, 2025, TPG Inc. issued a summary press release and a detailed earnings presentation announcing financial results for its second quarter ended June 30, 2025. The summary press release and the earnings presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this report.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibits 99.1 and 99.2 incorporated in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or Exhibits 99.1 and 99.2 be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](tpg2q25pressrelease.htm)</u> | Summary press release of TPG Inc., dated August 6, 2025. |
| <u>[99.2](tpg2q25earningsrelease.htm)</u> | Earnings presentation of TPG Inc., dated August 6, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.

---

| | |
|:---|:---|
| **TPG INC.** | **TPG INC.** |
| By: | /s/ Jack Weingart |
| Name: | Jack Weingart |
| Title: | Chief Financial Officer |

---

Date: August 6, 2025

## Exhibit 99.1

**TPG Reports Second Quarter 2025 Results**

**San Francisco and Fort Worth, Texas – August 6, 2025** – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited second quarter 2025 results. TPG issued a full detailed presentation of its second quarter ended June 30, 2025 results, which can be viewed through the Investor Relations section of TPG's website at shareholders.tpg.com.

"We delivered outstanding results in the second quarter, reflecting the strength and durability of TPG's franchise. Our Distributable Earnings for the quarter increased 26% year-over-year, and we declared a record quarterly dividend. On the capital formation front, we had the second highest fundraising quarter in our history and the strongest credit fundraising quarter ever," said Jon Winkelried, Chief Executive Officer. "We are entering the back half of the year with significant momentum across each of our platforms and look forward to continuing to deliver strong investment performance for our clients and build long term value for our shareholders."

**Dividend**

TPG has declared a quarterly dividend of $0.59 per share of Class A common stock to holders of record at the close of business on August 18, 2025, payable on September 2, 2025.

**Conference Call**

TPG will host a conference call and live webcast today at 11:00 am ET. It may be accessed by dialing (800) 274-8461 (US toll-free) or (203) 518-9814 (international), using the conference ID TPGQ225. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of TPG's website at shareholders.tpg.com. A webcast replay will be made available on the Events page in the Investor Relations section of TPG's website.

**About TPG**

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities.

---

| | |
|:---|:---|
| **Shareholders** | **Media** |
| Gary Stein and Evanny Huang | Luke Barrett and Julia Sottosanti |
| shareholders@tpg.com | media@tpg.com |

---

**Forward Looking Statements; No Offers**

This document may contain "forward-looking" statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, estimated operational metrics, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding expected growth, future capital expenditures, fund performance, dividends and dividend policy, and debt service obligations.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that

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are difficult to predict. As a result, our actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to recognize the anticipated benefits, or unexpected costs related to the integration, of acquired companies; our ability to manage growth and execute our business plan; and regional, national or global political, economic, business, competitive, market and regulatory conditions and uncertainties, among various other risks discussed in the Company's SEC filings.

For the reasons described above, we caution you against relying on any forward-looking statements, which should be read in conjunction with the other cautionary statements included elsewhere in this document and risk factors discussed from time to time in the Company's filings with the SEC, which can be found at the SEC's website at http://www.sec.gov. Any forward-looking statement in this document speaks only as of the date of this document. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement after the date of this document, whether as a result of new information, future developments or otherwise, except as may be required by law. No recipient should, therefore, rely on these forward-looking statements as representing the views of the Company or its management as of any date subsequent to the date of the document.

This document does not constitute an offer of any TPG fund.

## Exhibit 99.2

![](tpg2q25earningsrelease001.jpg)

TPG Reports Second Quarter 2025 Financial Results Quarter Ended June 30, 2025

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![](tpg2q25earningsrelease002.jpg)

TPG \| 2 San Francisco and Fort Worth, Texas – August 6, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited second quarter 2025 results. TPG issued a full detailed presentation of its second quarter ended June 30, 2025 results, which can be viewed through the Investor Relations section of TPG's website at shareholders.tpg.com. "We delivered outstanding results in the second quarter, reflecting the strength and durability of TPG's franchise. Our Distributable Earnings for the quarter increased 26% year-over-year, and we declared a record quarterly dividend. On the capital formation front, we had the second highest fundraising quarter in our history and the strongest credit fundraising quarter ever," said Jon Winkelried, Chief Executive Officer. "We are entering the back half of the year with significant momentum across each of our platforms and look forward to continuing to deliver strong investment performance for our clients and build long term value for our shareholders." Dividend TPG has declared a quarterly dividend of $0.59 per share of Class A common stock to holders of record at the close of business on August 18, 2025, payable on September 2, 2025. Conference Call TPG will host a conference call and live webcast at 11:00 am ET. It may be accessed by dialing (800) 274-8461 (US toll-free) or (203) 518-9814 (international), using the conference ID TPGQ225. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of TPG's website at shareholders.tpg.com. A webcast replay will be made available on the Events page in the Investor Relations section of TPG's website. About TPG TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $261 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. Shareholders Media Gary Stein and Evanny Huang Luke Barrett and Julia Sottosanti shareholders@tpg.com media@tpg.com TPG Reports Second Quarter 2025 Results

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![](tpg2q25earningsrelease003.jpg)

TPG \| 3 TPG Reports Second Quarter 2025 Results Forward Looking Statements; No Offers; Non-GAAP Information This document may contain "forward-looking" statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, estimated operational metrics, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding expected growth, future capital expenditures, fund performance, dividends and dividend policy, and debt service obligations. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to recognize the anticipated benefits, or unexpected costs related to the integration, of acquired companies; our ability to manage growth and execute our business plan; and regional, national or global political, economic, business, competitive, market and regulatory conditions and uncertainties, among various other risks discussed in the Company's SEC filings. For the reasons described above, we caution you against relying on any forward-looking statements, which should be read in conjunction with the other cautionary statements included elsewhere in this document and risk factors discussed from time to time in the Company's filings with the SEC, which can be found at the SEC's website at http://www.sec.gov. Any forward-looking statement in this document speaks only as of the date of this document. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement after the date of this document, whether as a result of new information, future developments or otherwise, except as may be required by law. No recipient should, therefore, rely on these forward-looking statements as representing the views of the Company or its management as of any date subsequent to the date of the document. This document does not constitute an offer of any TPG fund. Throughout this document, all current period amounts are preliminary and unaudited; totals may not sum due to rounding. See the Reconciliations and Disclosures Section of this document for reconciliations of Non-GAAP to the most comparable GAAP measures.

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![](tpg2q25earningsrelease004.jpg)

Second Quarter 2025 Results

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![](tpg2q25earningsrelease005.jpg)

TPG \| 5 ▪ Net income of $30 million for 2Q'25 compared to 2Q'24 net loss of $58 million ▪ Net income attributable to TPG Inc. of $15 million for 2Q'25 compared to net loss of $14 million in 2Q'24 GAAP Statements of Operations (Unaudited) 1. Operating profit margin, defined as net income divided by total revenue, was (7.7%) for 2Q'24 and 3.3% for 2Q'25. ($ in thousands, except share and per share amounts) 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Revenues Fees and other $522,800 $569,074 $1,035,095 $1,112,529 Capital allocation-based income 221,394 351,463 533,170 842,884 Total revenues 744,194 920,537 1,568,265 1,955,413 Expenses Compensation and benefits: Cash-based compensation and benefits 191,486 208,621 397,822 432,191 Equity-based compensation 227,542 209,622 455,450 415,454 Performance allocation compensation 133,753 233,437 330,187 532,142 Total compensation and benefits 552,781 651,680 1,183,459 1,379,787 General, administrative and other 170,184 182,335 321,816 346,646 Depreciation and amortization 32,079 30,808 65,044 62,190 Interest expense 21,502 25,308 42,624 49,368 Total expenses 776,546 890,131 1,612,943 1,837,991 Investment income (loss) Net gains (losses) from investment activities (16,652) (791) (21,850) (2,878) Interest, dividends and other 13,816 9,722 26,720 18,970 Total investment income (loss) (2,836) 8,931 4,870 16,092 Income (loss) before income taxes (35,188) 39,337 (39,808) 133,514 Income tax expense 22,390 9,226 26,776 15,575 Net income (loss)(1) (57,578) 30,111 (66,584) 117,939 Net income (loss) attributable to non-controlling interests in TPG Operating Group (57,292) (30,865) (112,329) (42,964) Net income (loss) attributable to other non-controlling interests 13,691 46,035 44,203 120,569 Net income (loss) attributable to TPG Inc. $(13,977) $14,941 $1,542 $40,334 Net income (loss) per share data: Net income (loss) available to Class A common stock per share Basic $(0.15) $0.03 $(0.08) $0.10 Diluted $(0.19) $(0.05) $(0.29) $(0.05) Weighted-average shares of Class A common stock outstanding Basic 101,690,961 133,404,634 95,402,371 125,450,638 Diluted 364,765,098 370,142,783 364,558,007 369,753,038 Tie to Qtrly statements at back

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![](tpg2q25earningsrelease006.jpg)

TPG \| 6 Operating Metrics ($B) Non-GAAP Financial Measures ($M) Second Quarter and Year to Date Highlights 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Fee-Related Revenues ("FRR") $459 $495 $910 $971 Fee-Related Earnings ("FRE") 201 220 384 401 Realized Performance Allocations, Net 26 87 58 127 After-Tax Distributable Earnings ("After-tax DE") 207 268 387 455 2Q'24 4Q'24 1Q'25 2Q'25 Assets Under Management ("AUM") $229.0 $245.9 $250.6 $261.3 Fee-Earning Assets Under Management ("FAUM") 137.0 141.3 142.8 146.4 Net Accrued Performance 0.9 1.0 1.0 1.0 Available Capital 53.2 57.6 57.0 62.5 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Capital Raised $6.3 $11.3 $11.0 $17.2 Capital Invested 7.6 10.4 14.1 17.7 Realizations 5.4 6.5 10.2 10.8 ▪ 2Q'25 FRR of $495 million increased 8% versus 2Q'24, with 2Q'25 FRE of $220 million and 2Q'25 After-tax DE of $268 million ▪ Total AUM of $261 billion, up 14% in the last twelve months; FAUM of $146 billion, up 7% over the same period See the Reconciliations and Disclosures Section of this presentation for a full reconciliation of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. Tie to next page Tie to OM section

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![](tpg2q25earningsrelease007.jpg)

TPG \| 7 Non-GAAP Financial Measures ▪ FRE increased 9% from $201 million in 2Q'24 to $220 million in 2Q'25; FRE margin stayed consistent in 2Q'25 compared to 2Q'24 at 44% ▪ After-tax DE of $268 million in 2Q'25, an increase from $207 million in 2Q'24, primarily driven by realized performance allocations, net and FRE, partially offset by a decrease in realized investment income and other, net See the Reconciliations and Disclosures Section of this presentation for a full reconciliation of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. 1. Realized investment income and other, net includes activity considered non-core to our Fee-Related Earnings operations, including 2Q'25 expenses of $10 million related to our unoccupied lease space and $8 million for acquisition diligence activity. ($ in thousands) 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD 2Q'25 LTM Fee-Related Revenues Management fees $413,275 $450,463 $815,959 $863,623 $1,673,374 Fee-related performance revenues 4,485 6,768 8,360 12,969 37,641 Transaction, monitoring and other fees, net 34,146 34,835 68,301 88,808 168,151 Other income 7,090 3,053 17,584 5,983 13,470 Fee-Related Revenues 458,996 495,119 910,204 971,383 1,892,635 Fee-Related Expenses Cash-based compensation and benefits, net 164,746 174,345 346,429 367,894 710,466 Fee-related performance compensation 2,242 3,384 4,180 6,484 18,820 Operating expenses, net 90,744 97,873 175,960 195,926 381,678 Fee-Related Expenses 257,732 275,602 526,569 570,304 1,110,964 Fee-Related Earnings 201,264 219,517 383,635 401,079 781,671 Realized performance allocations, net 25,979 87,037 57,531 126,658 263,709 Realized investment income and other, net(1) 5,910 (5,716) (3,405) (9,678) (13,976) Depreciation expense (4,722) (5,157) (10,337) (10,107) (20,157) Interest expense, net (7,672) (17,205) (17,659) (31,697) (50,147) Distributable Earnings 220,759 278,476 409,765 476,255 961,101 Income taxes (14,120) (10,186) (22,501) (21,229) (56,065) After-Tax Distributable Earnings $206,639 $268,290 $387,264 $455,026 $905,037 Tie to: -prior page -qtrly statement in back -G-NG qtrly statment in back

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![](tpg2q25earningsrelease008.jpg)

TPG \| 8 $816 $864 $276 $225 $79 $133 $96 $130 $151 $164 $104 $110 $70 $71$39 $31 2Q'24 YTD 2Q'25 YTD $201 $220 2Q'24 2Q'25 $384 $401 2Q'24 YTD 2Q'25 YTD $413 $450 $141 $114 $40 $88 $48 $66 $77 $82 $53 $50$35 $36$21 $15 2Q'24 2Q'25 ▪ 2Q'25 FRR increased 8% over 2Q'24 primarily driven by management fees resulting from fundraising in Growth VI in the Growth platform and Rise Climate II in the Impact platform ▪ FRE margin stayed consistent in 2Q'25 compared to 2Q'24 at 44%; 2Q'25 YTD FRE margin of 41% See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. 1. Catch-up management fees totaled $25 million and $43 million for 2Q'24 and 2Q'25, respectively. Fee-Related Earnings Management Fees by Platform(1) ($M) ($M) +9% Capital Growth Impact TPG AG Credit +6% TPG AG Real Estate Real Estate Market Solutions Fee-Related Earnings

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![](tpg2q25earningsrelease009.jpg)

TPG \| 9 $207 $268 2Q'24 2Q'25 $387 $455 2Q'24 YTD 2Q'25 YTD Distributable Earnings ▪ After-tax DE increased from $207 million in 2Q'24 to $268 million for 2Q'25, primarily driven by realized performance allocations, net and FRE, offset by a decrease in realized investment income and other, net After-tax DE ($M) See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. Distributable Earnings Mix FRE All Other Sources of Pre-tax DE 92% 8% 79% 21% 1Q'25 2Q'25

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![](tpg2q25earningsrelease010.jpg)

TPG \| 10 Capital $58 Growth $43 Impact $5 TPG AG Credit $18 TPG AG Real Estate $1 Real Estate $2 2Q'25 YTD Realized Performance Allocations, Net Capital $31 Growth $43 Impact $— TPG AG Credit $12 TPG AG Real Estate $1 ▪ Realized performance allocations, net were $87 million in 2Q'25, primarily driven by Growth IV in the Growth platform, TPG VII in the Capital platform, and Credit Solutions II in TPG AG Credit ▪ Realized performance allocations, net for 2Q'25 YTD were $127 million, primarily driven by TPG VII and TPG VIII in the Capital platform, Growth IV in the Growth platform, Rise Climate I in the Impact platform, and Credit Solutions II and MMDL IV in TPG AG Credit Realized Performance Allocations, Net 2Q'25 Realized Performance Allocations, Net ($M) ($M) Total $127 Total $87 Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions <$1

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![](tpg2q25earningsrelease011.jpg)

TPG \| 11 $500 $200 $126 $80 $55 $26 $20 Net Accrued Performance Net Accrued Performance by Fund Vintage ($M) 1Q'25 2Q'25 2019 & Prior $682 $616 2020 117 128 2021 80 85 2022 126 161 2023 9 9 2024 6 8 Total $1,020 $1,007 2Q'25 Net Accrued Performance Total $1.0B ($M) $1,020 +$74 ($87) $1,007 1Q'25 Value Creation & Other Realized Gains 2Q'25 2Q'25 Net Accrued Performance Walk ($M) Investment Appreciation / (Depreciation) Platform 2Q'25 2Q'25 YTD Capital 3.0% 6.4% Growth 0.8% 2.9% Impact 2.7% 3.4% TPG Angelo Gordon TPG AG Credit 2.0% 4.6% TPG AG Real Estate 0.2% 0.8% Real Estate 2.5% 9.8% Market Solutions(1) 1.1% 3.7% Loan Level Return CLOs 2Q'25 2Q'25 YTD U.S. CLOs 2.5% 3.2% European CLOs 1.2% 1.9% 1. Due to the nature of their strategy, Appreciation / (Depreciation) in the Market Solutions platform above includes information for certain funds as of March 31, 2025. Accordingly, those funds' performance information does not reflect any fund activity for the quarter ended June 30, 2025 and therefore does not cover the same period presented for other funds. Any activity occurring during the quarter ended June 30, 2025 will be reflected in the performance information presented in future reporting. Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

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![](tpg2q25earningsrelease012.jpg)

TPG \| 12 GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $1.1 billion at the end of 2Q'25; debt obligations increased to $1.6 billion primarily due to borrowings of $380 million on the Senior Unsecured Revolving Credit Facility during 2025 ▪ Investments increased $0.4 billion from $7.5 billion in 4Q'24 to $7.9 billion in 2Q'25 primarily resulting from investments in our funds 1. Includes TPG Inc. Class A and Class B common stock as well as additional paid-in-capital and retained earnings. ($ in thousands) 4Q'24 2Q'25 Assets Cash and cash equivalents $808,017 $1,112,027 Investments 7,503,281 7,932,744 Other assets 1,254,025 2,004,233 Intangible assets, net and goodwill 969,786 917,311 Total assets 10,535,109 11,966,315 Liabilities and equity Liabilities Debt obligations 1,281,984 1,610,589 Accrued performance allocation compensation 4,376,523 4,507,026 Other liabilities 1,284,613 2,289,244 Total liabilities 6,943,120 8,406,859 Equity TPG Inc.(1) 784,101 991,875 Non-controlling interests 2,807,888 2,567,581 Total equity 3,591,989 3,559,456 Total liabilities and equity $10,535,109 $11,966,315 Tie to B/S G- NG in back

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![](tpg2q25earningsrelease013.jpg)

TPG \| 13 ▪ Cash and cash equivalents totaled $170 million at the end of 2Q'25 ▪ At the end of 2Q'25, our net debt(1) was $1.5 billion and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.4 billion ▪ Our borrowings primarily include our Senior and Subordinated Notes with a principal amount of $1.0 billion and our Senior Unsecured Revolving Credit Facility with a drawn amount of $380 million Senior Notes, Mar-2034 Subordinated Notes, Mar-2064 Secured Notes, Jun-2038(3) Senior Unsecured Revolving Credit Facility Non-GAAP Balance Sheet Highlights See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. 1. Net debt comprised of $1.6 billion in debt principal less $170 million of cash and cash equivalents. 2. Shown at face value; excludes certain short term lines of credit. 3. If the Secured Notes are not redeemed on or prior to June 20, 2028, we are required to pay additional interest equal to 4.0% per annum. ($ in millions) 1Q'25 2Q'25 Cash and cash equivalents $120 $170 Net accrued performance 1,020 1,007 Investments in funds 1,263 1,363 Cash and investments, net 2,403 2,540 Debt obligations $1,483 $1,611 $600 $400 $250 $380 2Q'25 Long Term Debt Obligations(2) Total $1.6B ($M) Credit Ratings Moody's A3 S&P BBB+ Fitch BBB+ Available Liquidity $1.5 billion Cash, cash equivalents, and available revolver Tie to B/S G- NG in back

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![](tpg2q25earningsrelease014.jpg)

Operating Metrics

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TPG \| 15 $137 $146 $38 $36 $12 $15 $14 $19 $41 $45 $14 $15$12 $12$6 $5 2Q'24 2Q'25 $229 $261 $72 $76 $27 $30 $19 $29 $67 $80 $18 $19 $17 $18 $8 $9 2Q'24 2Q'25 Assets Under Management and Fee-Earning AUM ▪ 2Q'25 AUM rose 14% from 2Q'24 to $261.3 billion, primarily driven by capital raised of $36.4 billion, including $5.8 billion in Rise Climate II within the Impact platform and $2.9 billion in Credit Solutions III within AG Credit, partially offset by realizations of $23.4 billion ▪ 2Q'25 FAUM increased 7% from 2Q'24 to $146.4 billion, primarily driven by deployment of $14.2 billion, including $2.1 billion in MMDL V and $1.9 billion in Essential Housing III within AG Credit, and fee-earning capital raised of $13.2 billion; realizations were $13.8 billion Assets Under Management Fee-Earning AUM ($B) ($B) +14% +7% Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

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TPG \| 16 Assets Under Management and Fee-Earning AUM Duration For the grouping of years on duration, 0-4 Years represents a term equal to 4 years or less; 5-9 Years represents a term greater than 4 and less than or equal to 9; 10+ Years represents a term greater than 9. 1. Defined as the number of years between fund activation and contractual fund winddown, prior to any extensions, as of June 30, 2025. 2. Perpetual capital refers to AUM that has an indefinite term, and for which there is no predetermined requirement to return invested capital to investors upon the realization of investments. See the Definitions in the Reconciliations and Disclosures Section of this document for more information. ▪ At the end of 2Q'25, long-dated funds with a duration of 10 or more years(1) totaled $172.8 billion, or 66%, of our AUM; $37.3 billion of our AUM, or 14%, was in perpetual funds(2) ▪ At the end of 2Q'25, long dated funds with a duration of 10 or more years(1) totaled $99.8 billion, or 68%, of our FAUM; $16.5 billion of our FAUM, or 11%, was in perpetual funds(2) 0-4 Years 5-9 Years 10+ Years Perpetual 21% 68% 11% 0.30% 19% 66% 14% AUM by Duration at Inception Total $261B FAUM by Duration at Inception Total $146B <1% ~80% ~79%

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TPG \| 17 Capital $0.7 Growth $0.0 TPG AG Credit $4.4 TPG AG Real Estate $2.2 Market Solutions $0.2 Capital $3.0 Growth $2.8 Impact $1.7 TPG AG Credit $10.1 TPG AG Real Estate $0.9 Real Estate $2.5 Market Solutions $1.6 ▪ AUM Subject to Fee-Earning Growth totaled $30.1 billion at the end of 2Q'25 and includes AUM Not Yet Earning Fees (capital commitments that generate new management fees once deployed) and FAUM Subject to Step-Up (capital commitments that generate a higher rate of management fees as deployed or over time) ▪ At the end of 2Q'25, our AUM Subject to Fee-Earning Growth represents 21% of FAUM and the potential fee- related revenue opportunity associated with both AUM Not Yet Earning Fees and FAUM Subject to Step-Up is estimated at approximately $194 million annually(1) AUM Not Yet Earning Fees FAUM Subject to Step-Up ($B) ($B) Total $23 Total $8 AUM Subject to Fee-Earning Growth 1. Represents the sum of the gross revenue opportunity for each fund with AUM Subject to Fee-Earning Growth. For AUM Not Yet Earnings Fees, this is calculated as the incremental amount of uncalled capital that would be called to achieve an expected range of total deployment, factoring in leverage where applicable, multiplied by the fee rate that we anticipate would be earned on such capital. For FAUM Subject to Step Up, this is calculated as the increase to management fees from either (i) certain funds whose fee rates increase as capital is deployed or (ii) certain funds where fee rates increase for certain investors over the life of the fund. Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions <$0.1

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TPG \| 18 Capital $55.4 Growth $23.9 Impact $16.5 TPG AG Credit $57.8 TPG AG Real Estate $5.5 Real Estate $3.9 Market Solutions $6.3 Capital $56.3 Growth $25.3 Impact $25.2 TPG AG Credit $68.4 TPG AG Real Estate $18.7 Real Estate $18.2 Market Solutions $7.9 ▪ Performance Eligible AUM refers to AUM that is currently producing, or may eventually produce, performance revenues, and totaled $220.0 billion, or 84% of total AUM, at the end of 2Q'25 ▪ Performance Generating AUM refers to AUM that is currently producing performance revenues, and totaled $169.3 billion, or 65% of total AUM, at the end of 2Q'25 Performance Eligible AUM Performance Generating AUM ($B) ($B) Total $220 Total $169 Performance Eligible and Generating AUM Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

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TPG \| 19 AUM Rollforward Three Months Ended June 30, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total AUM Balance as of Beginning of Period $76,016 $28,792 $28,030 $73,430 $18,635 $18,051 $7,668 $250,621 Capital Raised 128 2,678 1,256 5,356 150 66 1,669 11,303 Realizations (2,137) (2,086) (212) (1,051) (651) (208) (133) (6,478) Outflows(1) — — — (175) — — (1) (176) Changes in Investment Value and Other(2) 2,238 387 (179) 2,601 615 327 69 6,061 AUM as of end of period $76,245 $29,771 $28,894 $80,161 $18,749 $18,239 $9,272 $261,331 Twelve Months Ended June 30, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total AUM Balance as of Beginning of Period $71,758 $26,670 $19,350 $67,486 $18,250 $17,322 $8,138 $228,974 Capital Raised 4,495 4,514 9,678 12,783 1,532 586 2,785 36,373 Realizations (6,630) (3,991) (1,041) (7,046) (2,666) (1,401) (670) (23,444) Outflows(1) — — — (527) — — (1,057) (1,584) Changes in Investment Value and Other(2) 6,622 2,578 907 7,464 1,632 1,733 76 21,012 AUM as of end of period $76,245 $29,771 $28,894 $80,161 $18,749 $18,239 $9,272 $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. Tie to 4sq page

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TPG \| 20 FAUM Rollforward Three Months Ended June 30, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total FAUM Balance as of Beginning of Period $36,025 $13,120 $18,575 $43,633 $14,659 $11,720 $5,062 $142,794 Fee-Earning Capital Raised(1) — 1,822 553 304 — — 232 2,910 Deployment(2) — 178 49 2,365 240 34 — 2,867 Realizations(3) (207) (601) (100) (1,117) (521) (30) (6) (2,583) Reduction in Fee Base(4) — — — (99) — — — (100) Outflows(5) — — — (173) — — (1) (175) Market Activity and Other(6) 11 1 — 453 213 227 (203) 702 FAUM as of end of period $35,829 $14,520 $19,077 $45,365 $14,590 $11,951 $5,083 $146,415 Twelve Months Ended June 30, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total FAUM Balance as of Beginning of Period $38,200 $12,364 $13,586 $41,099 $14,317 $11,744 $5,677 $136,987 Fee-Earning Capital Raised(1) — 2,818 7,718 948 816 — 917 13,217 Deployment(2) 618 713 815 10,754 1,016 185 84 14,186 Realizations(3) (2,035) (1,401) (363) (8,183) (1,545) (279) (42) (13,849) Reduction in Fee Base(4) (940) — (2,679) (196) (271) (1) (194) (4,279) Outflows(5) — — — (518) — — (1,029) (1,547) Market Activity and Other(6) (13) 26 — 1,461 255 302 (330) 1,701 FAUM as of end of period $35,829 $14,520 $19,077 $45,365 $14,590 $11,951 $5,083 $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.

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TPG \| 21 Other Operating Metrics Capital Raised 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Capital $888 $128 $2,191 $1,174 Growth 222 2,678 657 3,492 Impact 113 1,256 191 2,978 TPG Angelo Gordon TPG AG Credit 4,513 5,356 6,647 7,006 TPG AG Real Estate 334 150 966 666 Real Estate 36 66 36 208 Market Solutions 193 1,669 271 1,685 Total $6,299 $11,303 $10,959 $17,209 ▪ We have invested approximately $36.6 billion during the last twelve months with $62.5 billion of capital available for deployment at the end of 2Q'25 Available Capital 2Q'24 2Q'25 Capital $17,078 $13,648 Growth 4,605 6,701 Impact 4,602 10,875 TPG Angelo Gordon TPG AG Credit 11,215 15,517 TPG AG Real Estate 7,280 6,873 Real Estate 6,786 5,902 Market Solutions 1,671 3,029 Total $53,237 $62,545 Capital Invested 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Capital $1,178 $1,677 $1,949 $3,155 Growth 567 1,414 1,060 2,104 Impact 87 821 483 1,093 TPG Angelo Gordon TPG AG Credit 4,459 4,336 7,577 8,340 TPG AG Real Estate 585 582 1,103 1,043 Real Estate 608 948 1,672 1,137 Market Solutions 131 599 240 850 Total $7,615 $10,377 $14,084 $17,722 Realizations 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Capital $1,308 $2,137 $3,213 $3,136 Growth 1,061 2,086 1,301 2,507 Impact 280 212 919 552 TPG Angelo Gordon TPG AG Credit 1,740 1,051 3,184 2,724 TPG AG Real Estate 576 651 1,079 1,230 Real Estate 301 208 364 439 Market Solutions 97 133 188 191 Total $5,363 $6,478 $10,248 $10,779 (All tables in $M) Tie to AUM roll

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Supplemental Details

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TPG \| 23 GAAP and Non-GAAP Performance Allocations 1. Includes certain TPG Operating Group Excluded entities whose 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 will be zero for each of the TPG Operating Group Excluded entities beginning January 1, 2022. 2. Non-GAAP adjustments represent the exclusion of performance allocations that are not attributable to the TPG Operating Group Common Unit holders. Three Months Ended June 30, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $206,862 $58,981 $147,881 $116,757 $31,124 Growth 3,332 (221,518) 224,850 182,108 42,742 Impact 54,037 53,966 71 56 15 TPG Angelo Gordon TPG AG Credit 56,540 (4,230) 60,770 48,616 12,154 TPG AG Real Estate (24,281) (29,292) 5,011 4,009 1,002 Real Estate (21,744) (21,744) — — — Market Solutions 61,043 61,043 — — — Total $335,789 $(102,794) $438,583 $351,546 $87,037 Six Months Ended June 30, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $450,751 $175,227 $275,524 $217,539 $57,985 Growth 77,527 (170,428) 247,955 205,213 42,742 Impact 69,605 48,124 21,481 16,947 4,534 TPG Angelo Gordon TPG AG Credit 125,289 33,777 91,512 73,210 18,302 TPG AG Real Estate (75,655) (80,666) 5,011 4,009 1,002 Real Estate 86,149 75,684 10,465 8,372 2,093 Market Solutions 52,683 52,683 — — — Total $786,349 $134,401 $651,948 $525,290 $126,658 Tie to NG P&L

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TPG \| 24 GAAP and Non-GAAP Net Accrued Performance As of March 31, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total GAAP Total $3,041 $1,641 $587 $402 $326 $162 $37 $6,196 Less: Excluded Assets(1) 48 233 — — — 9 — 290 Less: Non-GAAP Adjustments(2) 2,504 1,171 472 322 265 122 30 4,886 Non-GAAP Total $489 $237 $115 $80 $61 $31 $7 $1,020 1. The TPG Operating Group Excluded entities' performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders will be zero for each of the TPG Operating Group Excluded entities beginning January 1, 2022. 2. Non-GAAP adjustments represent the exclusion of performance allocations that are not attributable to the TPG Operating Group Common Unit holders. As of June 30, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total GAAP Total $3,097 $1,419 $641 $398 $296 $140 $98 $6,089 Less: Excluded Assets(1) 48 224 — — — 9 — 281 Less: Non-GAAP Adjustments(2) 2,549 995 515 318 241 105 78 4,801 Non-GAAP Total $500 $200 $126 $80 $55 $26 $20 $1,007 Tie to Net Accrued Performance page

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TPG \| 25 Participating Shares Outstanding (shares) 3/31/2025 Net Change 6/30/2025 Net Change Estimated Record Date 8/18/2025(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 123,552,251 21,044,664 144,596,915 3,043,748 147,640,663 Common Units exchangeable into Class A common stock 245,970,148 (21,111,864) 224,858,284 — 224,858,284 Diluted Class A common stock outstanding 369,522,399 (67,200) 369,455,199 3,043,748 372,498,947 Restricted Stock Units Special Purpose Awards(2) 12,223,420 (155,157) 12,068,263 Ordinary Service Awards 9,681,707 70,667 9,752,374 Total participating shares outstanding(3) 391,427,526 (151,690) 391,275,836 1. For the purposes of calculating our per share metrics, estimated record date share count as of our earnings announcement is used given our dividend is based on our After-tax DE and all holders of Class A common stock at record date will be entitled to our dividend. Pursuant to the Transaction Agreement executed in connection with the Peppertree acquisition, 5,372,330 Common Units issued at the acquisition's closing were excluded from the calculation of 2Q'25's per share metrics and dividend. 2. Includes 583,821 Market Condition awards that have vested, but have not yet been settled. 3. Excludes unvested Market and Performance Condition awards, as these awards are not considered participating as they (i) do not participate in dividends or (ii) accrue dividends only to be paid upon vesting. Tie to Dividends page

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TPG \| 26 FRE, After-Tax DE, and Dividends Per Class A Common Stock ▪ FRE attributable to TPG Inc. of $0.59 per share for 2Q'25 and $1.08 per share for 2Q'25 YTD ▪ After-tax DE attributable to TPG Inc. of $0.69 per share for 2Q'25, and $1.17 per share for 2Q'25 YTD ▪ Declared dividend of $0.59 per share for 2Q'25 on August 6, 2025, with a record date of August 18, 2025 and payable date of September 2, 2025; dividends declared total $1.00 per share for 2Q'25 YTD ($ in thousands, except share and per share amounts) 1Q'25 2Q'25 After-tax Distributable Earnings attributable to TPG Inc. Class A common stockholders Pre-tax Distributable Earnings $197,779 $278,476 Less: subsidiary-level income taxes(3) (5,958) (2,505) Distributable Earnings before corporate income taxes 191,821 275,971 Percent to TPG Inc.(2) 33% 40% TPG Inc. Distributable Earnings before corporate income taxes 64,152 109,382 Less: corporate income taxes attributable to TPG Inc.(3) (5,085) (7,682) TPG Inc. After-tax Distributable Earnings 59,067 101,700 Estimated Class A common stock outstanding at Record Date(2) 123,596,915 147,640,663 TPG Inc. After-tax Distributable Earnings per Class A common stock 0.48 0.69 Target dividend policy 85% 85% Dividend per Class A common stock $0.41 $0.59 Note: TPG Inc. effective DE corporate income tax rate 7.9% 7.0% 1. Fee-Related Earnings does not include income tax expense. 2. For the purposes of calculating our per share metrics, estimated record date share count as of our earnings announcement is used given our dividend is based on our After-tax DE and all holders of Class A common stock at record date will be entitled to our dividend. Pursuant to the Transaction Agreement executed in connection with the Peppertree acquisition, 5,372,330 Common Units issued at the acquisition's closing were excluded from the calculation of 2Q'25's per share metrics and dividend. 3. Total income taxes consist of subsidiary-level income taxes at the TPG Operating Group level and corporate income taxes borne by TPG Inc. ($ in thousands) 1Q'25 2Q'25 Subsidiary-level income taxes $5,958 $2,505 Corporate income taxes 5,085 7,682 Total income taxes $11,043 $10,187 ($ in thousands, except share and per share amounts) 1Q'25 2Q'25 Fee-Related Earnings attributable to TPG Inc. Class A common stockholders Total Fee-Related Earnings(1) $181,562 $219,517 Percent to TPG Inc.(2) 33% 40% TPG Inc. Fee-Related Earnings 60,721 87,006 Estimated Class A common stock outstanding at Record Date(2) 123,596,915 147,640,663 TPG Inc. Fee-Related Earnings per Class A common stock $0.49 $0.59 Tie to: -Share Roll page for Shares -NG P&L for FRE, taxes, and Pretax DE

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TPG \| 27 Equity-Based Compensation Summary ($ in millions, except for share and per share amounts, as of June 30, 2025) Category Units Outstanding Compensation Expense QTD Compensation Expense YTD Unrecognized Compensation Expense Remaining Recognition Period(1) Other Awards: Legacy Equity, IPO-Related and Acquisition Awards(2) N/A $127.1 $248.5 $1,262.1 0.3 - 3.6 years Restricted Stock Units: Special Purpose Awards 12,068,263 30.6 62.7 261.1 2.9 years Ordinary Service Awards 9,752,374 44.1 86.9 382.0 2.9 years Total 21,820,637 201.8 398.1 1,905.2 Less: Non-employee portion of Awards(3) (470,335) (4.3) (8.7) Add: Market / Performance Condition Awards(4)(5) 4,627,957 10.7 23.3 Add: Other(6) N/A 1.4 2.8 Total Statement of Operations Equity-based compensation $209.6 $415.5 1. Represents the weighted average remaining recognition period across outstanding Restricted Stock Unit grants and other awards. 2. Represents units granted in TPG Partner Holdings and RemainCo Partner Holdings, plus other awards granted in conjunction with the firm's IPO and successive acquisitions, including unvested common units in TPG Operating Group. 3. Considered a General, Administrative and Other expense for GAAP purposes. 4. Market and Performance Condition awards are not considered participating; these awards either (i) do not participate in dividends or (ii) accrue dividends only to be paid upon vesting. 5. Excludes 583,821 Market Condition awards that have vested, but have not yet been settled. 6. Represents units granted in TPG RE Finance Trust, Inc. and AG Mortgage Investment Trust, Inc. ▪ Equity-based compensation related to TPG Inc. Ordinary Service Awards totaled $44 million in 2Q'25; the total unrecognized compensation expense related to these Ordinary Service Awards amounted to $382 million at the end of 2Q'25, and is expected to be recognized over the next 2.9 years(1) Tie to: -Share roll for RSU awards -G P&L for total EBC

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TPG \| 28 Fund Performance Metrics ($ in millions, as of 6/30/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Capital Capital Funds Air Partners 1993 $64 $64 $697 $— $697 81% 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 19,220 33,399 129 33,528 14% 1.7x 10% 1.5x TPG VII 2015 10,495 10,255 22,900 2,147 25,047 26% 2.4x 20% 2.0x TPG VIII 2019 11,505 10,738 5,581 14,815 20,396 25% 1.9x 17% 1.6x TPG IX 2022 12,014 8,203 117 11,302 11,419 39% 1.4x 22% 1.2x Capital Funds 81,841 77,169 118,967 28,393 147,360 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 5,439 120 5,559 10% 1.7x 6% 1.4x Asia VI 2012 3,270 3,285 4,103 2,366 6,469 13% 1.9x 9% 1.6x Asia VII 2017 4,630 4,584 3,745 4,719 8,464 18% 1.8x 11% 1.5x Asia VIII 2022 5,259 2,681 184 3,622 3,806 36% 1.5x 17% 1.2x Asia Funds 19,773 16,875 22,616 10,827 33,443 20% 2.0x 14% 1.6x Healthcare Funds THP I 2019 2,704 2,430 889 3,025 3,914 20% 1.6x 11% 1.3x THP II 2022 3,576 1,976 4 2,862 2,866 47% 1.6x 27% 1.3x Healthcare Funds 6,280 4,406 893 5,887 6,780 24% 1.6x 14% 1.3x Continuation Vehicles TPG AAF 2021 1,317 1,314 2,720 — 2,720 43% 2.1x 37% 1.9x TPG AION 2021 207 207 — 142 142 (9%) 0.7x (10%) 0.7x Continuation Vehicles $1,524 $1,521 $2,720 $142 $2,862 35% 1.9x 29% 1.7x 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. Past performance is not indicative of future results. See notes on the following pages.

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TPG \| 29 Fund Performance Metrics (Cont'd) ($ in millions, as of 6/30/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Growth Growth Funds STAR 2007 $1,264 $1,259 $1,895 $— $1,895 12% 1.5x 6% 1.3x Growth II 2011 2,041 2,185 4,847 515 5,362 21% 2.6x 15% 2.0x Growth III 2015 3,128 3,382 5,044 1,771 6,815 24% 2.0x 15% 1.6x Growth IV 2017 3,739 3,624 4,566 3,290 7,856 20% 2.1x 14% 1.7x Gator 2019 726 686 771 527 1,298 26% 1.9x 21% 1.6x Growth V 2020 3,558 3,280 809 4,873 5,682 21% 1.7x 14% 1.4x Growth VI 2023 4,285 1,456 5 1,819 1,824 85% 1.4x 31% 1.1x Growth Funds 18,741 15,872 17,937 12,795 30,732 19% 1.9x 13% 1.6x Tech Adjacencies Funds TTAD I 2018 1,574 1,497 1,179 1,517 2,696 20% 1.8x 15% 1.5x TTAD II 2021 3,198 2,642 605 2,936 3,541 18% 1.4x 13% 1.3x TTAD III 420 — — — — NM NM NM NM Tech Adjacencies Funds 5,192 4,139 1,784 4,453 6,237 19% 1.5x 14% 1.4x TDM 2017 1,326 593 — 1,061 1,061 12% 1.8x 9% 1.5x LSI 2023 410 180 — 178 178 (15%) 0.9x (41%) 0.7x TECA 2025 555 99 — 99 99 NM NM NM NM Platform: Impact The Rise Funds Rise I 2017 2,106 2,043 1,631 2,075 3,706 15% 1.8x 9% 1.4x Rise II 2020 2,176 2,055 342 2,995 3,337 17% 1.6x 11% 1.4x Rise III 2022 2,700 1,836 68 2,724 2,792 45% 1.5x 25% 1.3x The Rise Funds 6,982 5,934 2,041 7,794 9,835 18% 1.6x 11% 1.4x Rise Climate Funds Rise Climate I 2021 7,268 5,686 1,458 6,403 7,861 24% 1.4x 12% 1.2x Rise Climate II(11) 5,823 — — — — NM NM NM NM Rise Climate Global South(11) 590 — — — — NM NM NM NM Rise Climate TI 2025 1,308 410 — 410 410 NM NM NM NM Rise Climate Funds 14,989 6,096 1,458 6,813 8,271 24% 1.4x 12% 1.2x TSI 2018 333 133 368 — 368 35% 2.8x 25% 2.1x Evercare 2019 621 451 32 499 531 3% 1.2x (1%) 1.0x TPG NEXT(12) 2023 $565 $19 $3 $16 $19 NM NM NM NM 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. Past performance is not indicative of future results. See notes on the following pages.

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TPG \| 30 Fund Performance Metrics (Cont'd) ($ in millions, as of 6/30/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Real Estate TPG Real Estate Partners TREP II 2014 $2,065 $2,213 $3,556 $20 $3,576 28% 1.7x 18% 1.5x TREP III 2018 3,722 4,311 3,427 2,506 5,933 14% 1.5x 9% 1.3x TREP IV 2022 6,820 3,687 579 3,854 4,433 19% 1.2x 6% 1.1x TPG Real Estate Partners 12,607 10,211 7,562 6,380 13,942 21% 1.4x 12% 1.3x TAC+ 2021 1,797 1,165 120 1,050 1,170 0% 1.0x (2%) 1.0x TRECO 2024 758 649 398 288 686 22% 1.2x 7% 1.1x Platform: Market Solutions NewQuest Funds NewQuest I(12) 2011 390 291 767 — 767 48% 3.2x 37% 2.3x NewQuest II(12) 2013 310 342 667 85 752 24% 2.3x 19% 1.8x NewQuest III(12) 2016 541 543 549 247 796 8% 1.4x 5% 1.2x NewQuest IV(12) 2020 1,000 964 150 1,288 1,438 15% 1.5x 8% 1.3x NewQuest V(12) 2022 673 341 143 389 532 49% 1.5x 34% 1.3x NewQuest Funds 2,914 2,481 2,276 2,009 4,285 33% 1.8x 19% 1.4x TGS I(12) 2022 1,864 665 14 851 865 99% 1.4x 50% 1.2x TGS II(12) 1,301 — — — — NM NM NM NM TPG GP Solutions 3,165 665 14 851 865 99% 1.4x 50% 1.2x Platform: TPG Angelo Gordon Credit Solutions Credit Solutions Credit Solutions I 2019 1,805 1,801 1,991 714 2,705 16% 1.5x 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 3,040 857 3,002 3,859 15% 1.3x 11% 1.2x Credit Solutions II Dislocation A 2022 1,310 868 901 118 1,019 18% 1.2x 13% 1.1x Credit Solutions III 2024 4,005 505 1 634 635 NM NM NM NM Credit Solutions 11,471 6,992 4,756 4,468 9,224 17% 1.4x 12% 1.3x Essential Housing Essential Housing I 2020 642 456 576 1 577 15% 1.3x 12% 1.2x Essential Housing II 2021 2,534 1,071 781 596 1,377 16% 1.3x 12% 1.2x Essential Housing III 2024 1,619 649 — 688 688 13% 1.1x 10% 1.1x Essential Housing $4,795 $2,176 $1,357 $1,285 $2,642 16% 1.2x 12% 1.2x 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. Past performance is not indicative of future results. See notes on the following pages.

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TPG \| 31 Fund Performance Metrics (Cont'd) ($ in millions, as of 6/30/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Credit Solutions (Cont'd) Hybrid Solutions $155 $— $— $— $— NM NM NM NM Structured Credit & Specialty Finance ABC Fund I 2021 1,005 904 134 1,071 1,205 17% 1.4x 13% 1.3x ABC Fund II 2024 880 305 — 317 317 NM NM NM NM Structured Credit & Specialty Finance 1,885 1,209 134 1,388 1,522 17% 1.4x 13% 1.3x Middle Market Direct Lending(13) MMDL I 2015 594 572 846 — 846 14% 1.6x 10% 1.4x MMDL II 2016 1,580 1,563 1,896 443 2,339 14% 1.7x 10% 1.5x MMDL III 2018 2,751 2,547 2,491 1,195 3,686 13% 1.6x 9% 1.4x MMDL IV 2020 2,671 2,586 1,571 1,979 3,550 15% 1.5x 11% 1.4x MMDL IV Annex 2021 797 767 368 616 984 15% 1.4x 11% 1.3x MMDL V 2022 3,924 2,233 270 2,277 2,547 17% 1.2x 13% 1.2x MMDL VI 1,276 — — — — NM NM NM NM Middle Market Direct Lending 13,593 10,268 7,442 6,510 13,952 14% 1.5x 10% 1.4x U.S. Real Estate 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 2,136 2,774 130 2,904 15% 1.6x 11% 1.4x Realty IX 2015 1,329 1,986 2,270 215 2,485 8% 1.4x 5% 1.2x Realty Value X 2018 2,775 4,558 4,042 1,656 5,698 13% 1.4x 9% 1.3x Realty Value XI 2022 2,589 2,213 882 1,622 2,504 13% 1.2x 4% 1.0x Realty $10,441 $13,959 $14,509 $3,623 $18,132 14% 1.4x 9% 1.3x 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. Past performance is not indicative of future results. See notes on the following pages.

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TPG \| 32 Fund Performance Metrics (Cont'd) ($ in millions, as of 6/30/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) U.S. Real Estate (Cont'd) 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 2,017 2,043 265 2,308 5% 1.2x 2% 1.1x Core Plus Realty 3,650 5,081 6,606 265 6,871 15% 1.5x 11% 1.4x Asia Real Estate 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 847 867 1,004 166 1,170 12% 1.4x 7% 1.2x Asia Realty IV 2018 1,315 1,287 1,301 546 1,847 15% 1.4x 10% 1.3x Asia Realty V 2022 2,007 953 114 1,018 1,132 22% 1.2x 7% 1.1x Asia Realty 5,311 4,215 4,135 1,730 5,865 13% 1.4x 8% 1.3x Japan Value Japan Value(14) 2023 417 204 2 239 241 81% 1.7x 34% 1.3x Japan Value 417 204 2 239 241 81% 1.7x 34% 1.3x Europe Real Estate Europe Realty I 2014 570 1,187 1,714 12 1,726 24% 2.0x 17% 1.7x Europe Realty II 2017 843 1,758 1,778 515 2,293 8% 1.4x 6% 1.3x Europe Realty III(15) 2019 1,515 2,125 877 1,404 2,281 10% 1.3x 6% 1.2x Europe Realty IV(15) 2023 2,270 492 73 507 580 NM NM NM NM Europe Realty 5,198 5,562 4,442 2,438 6,880 14% 1.5x 9% 1.4x 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 2,413 2,692 809 3,501 13% 2.1x 8% 1.7x Net Lease Realty IV 2019 997 1,942 1,386 863 2,249 10% 1.3x 6% 1.2x Net Lease Realty V 2024 213 270 134 147 281 NM NM NM NM Net Lease $2,954 $5,894 $6,523 $1,819 $8,342 15% 1.9x 10% 1.6x 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. Past performance is not indicative of future results. See notes on the following pages.

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TPG \| 33 Significant Perpetual Funds ($ in millions, as of 6/30/25) Vintage AUM Total Fund Year(1) Return(10) Platform: Market Solutions TPEP Long/Short(16) 2013 $1,058 152% TPEP Long Only(17) 2019 699 69% T-POP(18) 2025 338 5% Platform: TPG Angelo Gordon Credit Solutions Corporate Credit Opportunities(19) 1988 317 10% Structured Credit & Specialty Finance MVP Fund(20) 2009 6,148 11% ABC Evergreen(20) 2024 1,898 NM Middle Market Direct Lending TCAP(21) 2022 3,788 10% MMDL Evergreen 2022 1,913 10% MMDL Offshore Evergreen 2024 1,033 NM Multi-Strategy Super Fund(20) 1993 $992 9% 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. Past performance is not indicative of future results. See notes on the following pages.

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TPG \| 34 Fund Performance Metrics Notes "NM" signifies that the relevant data would not be meaningful. Performance metrics are generally deemed "NM" when, among other reasons, there has been limited time since initial investment. Performance metrics generally exclude amounts attributable to the fund's 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 TPG Angelo Gordon, 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 TPG AG 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 TPG AG 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 TPG AG 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 IRR and 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 are calculated by adjusting Net IRR and Net MoM to generally approximate investor performance metrics excluding 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. Gross IRR and Gross MoM for TPG AG Credit funds are calculated at the fund level and do not consider the impact of credit facilities and exclude fund expenses. 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 ($360 million of which was closed as of June 30, 2025) 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, 2025.

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TPG \| 35 Fund Performance Metrics Notes (Cont'd) 13) Each Middle Market 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 AG Middle Market 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 1.1x and (ii) for the euro-denominated vehicle of Europe Realty IV, NM and NM. 16) These performance estimates represent the composite performance of TPG Public Equity Partners, LP and TPG Public Equity Partners Master Fund, L.P., adjusted as described below. The performance estimates are based on an investment in TPG Public Equity Partners, LP made on September 1, 2013, the date of TPEP's inception, with the performance estimates for the period from January 1, 2016 to present being based on an investment in TPG Public Equity Partners Master Fund, L.P. made through TPG Public Equity Partners-A, L.P., the "onshore feeder." As of June 30, 2025, TPEP Long/Short had estimated inception-to-date gross returns of 212% and net returns of 152%. Gross performance figures (i) are presented after any investment-related expenses, net interest, other expenses and the reinvestment of dividends; (ii) include any gains or losses from "new issue" securities; and (iii) are adjusted for illustration purposes to reflect the reduction of a hypothetical 1.5% annual management fee. 17) These performance estimates represent performance for TPEP Long Only and are based on an investment in TPEP Long Only made on May 1, 2019, the date of TPEP Long Only's inception, through TPG Public Equity Partners Long Opportunities-A, L.P., the "onshore feeder." As of June 30, 2025, TPEP Long Only had estimated inception-to-date gross returns of 70% and net returns of 69%. Gross performance figures are presented after any investment-related expenses, a 1% annual management fee, net interest, other expenses and the reinvestment of dividends, and include any gains or losses from "new issue" securities. 18) T-POP Total Return reflects a per unit return based on Class R-S, 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. Total Return for Class R-I is 5%. 19) Total Return includes onshore investors participating directly through the master fund and investors through the offshore vehicle. Total Return for the offshore vehicle was 4%. 20) Total Returns for onshore funds only. Total Returns for the offshore vehicles were: (i) for the MVP Fund, 11%, (ii) for ABC Evergreen, NM and (iii) for the Super Fund, 8%. 21) 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.

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TPG \| 36 GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'25 YTD Revenues Fees and other $522,800 $524,733 $527,248 $543,455 $569,074 $1,112,529 Capital allocation-based income 221,394 330,670 549,166 491,421 351,463 842,884 Total revenues 744,194 855,403 1,076,414 1,034,876 920,537 1,955,413 Expenses Compensation and benefits: Cash-based compensation and benefits 191,486 205,641 231,865 223,570 208,621 432,191 Equity-based compensation 227,542 242,405 308,457 205,832 209,622 415,454 Performance allocation compensation 133,753 223,637 376,229 298,705 233,437 532,142 Total compensation and benefits 552,781 671,683 916,551 728,107 651,680 1,379,787 General, administrative and other 170,184 141,262 120,655 164,311 182,335 346,646 Depreciation and amortization 32,079 32,400 37,942 31,382 30,808 62,190 Interest expense 21,502 21,789 23,098 24,060 25,308 49,368 Total expenses 776,546 867,134 1,098,246 947,860 890,131 1,837,991 Investment income (loss) Net gains (losses) from investment activities (16,652) (8,483) 1,007 (2,087) (791) (2,878) Interest, dividends and other 13,816 12,670 43,353 9,248 9,722 18,970 Total investment income (loss) (2,836) 4,187 44,360 7,161 8,931 16,092 Income (loss) before income taxes (35,188) (7,544) 22,528 94,177 39,337 133,514 Income tax expense 22,390 13,881 11,434 6,349 9,226 15,575 Net income (loss) (57,578) (21,425) 11,094 87,828 30,111 117,939 Net income (loss) attributable to non-controlling interests in TPG Operating Group (57,292) (33,503) (30,095) (12,099) (30,865) (42,964) Net income (loss) attributable to other non-controlling interests 13,691 3,117 28,209 74,534 46,035 120,569 Net income (loss) attributable to TPG Inc. $(13,977) $8,961 $12,980 $25,393 $14,941 $40,334 Tie to: -G P&L at front of deck -G-NG recon

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TPG \| 37 Non-GAAP Financial Measures Expanded See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'25 YTD 2Q'25 LTM Fee-Related Revenues Management fees $413,275 $407,163 $402,588 $413,160 $450,463 $863,623 $1,673,374 Fee-related performance revenues 4,485 5,557 19,116 6,201 6,768 12,969 37,641 Transaction, monitoring and other fees, net 34,146 43,153 36,189 53,973 34,835 88,808 168,151 Other income 7,090 3,969 3,518 2,930 3,053 5,983 13,470 Fee-Related Revenues 458,996 459,842 461,410 476,264 495,119 971,383 1,892,635 Fee-Related Expenses Cash-based compensation and benefits, net 164,746 174,514 168,058 193,549 174,345 367,894 710,466 Fee-related performance compensation 2,242 2,778 9,558 3,100 3,384 6,484 18,820 Operating expenses, net 90,744 91,783 93,969 98,053 97,873 195,926 381,678 Fee-Related Expenses 257,732 269,075 271,585 294,702 275,602 570,304 1,110,964 Fee-Related Earnings 201,264 190,767 189,825 181,562 219,517 401,079 781,671 Realized performance allocations, net 25,979 32,112 104,939 39,621 87,037 126,658 263,709 Realized investment income and other, net 5,910 (2,529) (1,769) (3,962) (5,716) (9,678) (13,976) Depreciation expense (4,722) (5,045) (5,005) (4,950) (5,157) (10,107) (20,157) Interest expense, net (7,672) (9,118) (9,332) (14,492) (17,205) (31,697) (50,147) Distributable Earnings 220,759 206,187 278,659 197,779 278,476 476,255 961,101 Income taxes (14,120) (16,742) (18,093) (11,043) (10,186) (21,229) (56,065) After-Tax Distributable Earnings $206,639 $189,445 $260,566 $186,736 $268,290 $455,026 $905,037 Tie to: -NG P&L at front -G-NG qtrly in recon section

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Reconciliations and Disclosures

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TPG \| 39 GAAP to Non-GAAP Financial Measures Reconciliation ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'25 YTD 2Q25 LTM GAAP Revenue $744,194 $855,403 $1,076,414 $1,034,876 $920,537 $1,955,413 $3,887,230 Capital-allocation based income (221,394) (330,670) (549,166) (491,421) (351,463) (842,884) (1,722,720) Expense reimbursements (50,227) (62,652) (58,503) (59,409) (66,646) (126,055) (247,210) Investment income and other (13,577) (2,239) (7,335) (7,782) (7,309) (15,091) (24,665) Fee-Related Revenues $458,996 $459,842 $461,410 $476,264 $495,119 $971,383 $1,892,635 GAAP Expenses $776,546 $867,134 $1,098,246 $947,860 $890,131 $1,837,991 $3,803,371 Depreciation and amortization expense (32,079) (32,400) (37,942) (31,382) (30,808) (62,190) (132,532) Interest expense (21,502) (21,789) (23,098) (24,060) (25,308) (49,368) (94,255) Expense reimbursements (50,227) (62,652) (58,503) (59,409) (66,646) (126,055) (247,210) Performance allocation compensation (133,753) (223,637) (376,229) (298,705) (233,437) (532,142) (1,132,008) Equity-based compensation (227,542) (242,405) (308,457) (205,832) (209,622) (415,454) (966,316) Non-core expenses and other (53,711) (15,176) (22,432) (33,770) (48,708) (82,478) (120,086) Fee-Related Expenses $257,732 $269,075 $271,585 $294,702 $275,602 $570,304 $1,110,964 ($ in thousands) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'25 YTD 2Q25 LTM Net (loss) income $(57,578) $(21,425) $11,094 $87,828 $30,111 $117,939 $107,608 Net income attributable to other non-controlling interests (13,691) (3,117) (28,209) (74,534) (46,035) (120,569) (151,895) Amortization expense 24,004 24,003 25,580 23,737 22,959 46,696 96,279 Equity-based compensation 225,919 243,287 310,297 211,380 213,662 425,042 978,626 Unrealized performance allocations, net (13,417) (46,395) 4,358 (45,825) 13,341 (32,484) (74,521) Unrealized investment income (5,344) (11,525) (40,186) (17,668) 19,288 1,620 (50,091) Income taxes 8,585 (2,863) (6,932) (4,652) (957) (5,609) (15,404) Non-recurring and other 38,161 7,480 (15,436) 6,470 15,921 22,391 14,435 After-tax Distributable Earnings 206,639 189,445 260,566 186,736 268,290 455,026 905,037 Income taxes 14,120 16,742 18,093 11,043 10,186 21,229 56,064 Distributable Earnings 220,759 206,187 278,659 197,779 278,476 476,255 961,101 Realized performance allocations, net (25,979) (32,112) (104,939) (39,621) (87,037) (126,658) (263,709) Realized investment income and other, net (5,910) 2,529 1,769 3,962 5,716 9,678 13,976 Depreciation expense 4,722 5,045 5,005 4,950 5,157 10,107 20,157 Interest expense, net 7,672 9,118 9,332 14,492 17,205 31,697 50,147 Fee-Related Earnings $201,264 $190,767 $189,825 $181,562 $219,517 $401,079 $781,671 Tie to: -NG P&L at front -NG qtrly P&L -G P&L at front -G qtrly P&L

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TPG \| 40 GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 1Q'25 2Q'25 Cash and cash equivalents - GAAP $821,971 $1,112,027 Impact of other consolidated entities (702,125) (942,524) Cash and cash equivalents - Non-GAAP 119,846 169,503 GAAP Investments 7,906,088 7,932,744 Equity method and other investments (1,710,215) (1,843,471) Accrued performance allocation compensation (4,435,527) (4,507,026) Impact of other consolidated entities (740,548) (575,419) Net accrued performance 1,019,798 1,006,828 GAAP Investments 7,906,088 7,932,744 Accrued performance allocations (6,195,873) (6,089,273) Impact of other consolidated entities (447,479) (480,538) Investments in funds $1,262,736 $1,362,933 Tie to: -G B/S page -NG B/S page

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TPG \| 41 Additional Information Dividend Policy Our current intention is to pay holders of our Class A common stock and nonvoting Class A common stock a quarterly dividend representing at least 85% of TPG Inc.'s share of distributable earnings attributable to the TPG Operating Group, subject to adjustment as determined by our board of directors and, until the Sunset, our Executive Committee to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments and clawback obligations. Although we expect to pay at least 85% of our DE as a dividend, the percentage of our DE paid out as a dividend could fall below that target minimum. All of the foregoing is subject to the further qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors and, until the Sunset, our Executive Committee and the board of directors and Executive Committee may change our dividend policy at any time, including, without limitation, to reduce such dividends or even to eliminate such dividends entirely. Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors and, until the Sunset, our Executive Committee after taking into account various factors, including our business, operating results and financial condition, current and anticipated cash needs, plans for expansion and any legal or contractual limitations on our ability to pay dividends. Certain of our existing credit facilities include, and any financing arrangement that we enter into in the future may include restrictive covenants that limit our ability to pay dividends. In addition, the TPG Operating Group is generally prohibited under Delaware law from making a distribution to a limited partner to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of the TPG Operating Group (with certain exceptions) exceed the fair value of its assets. Subsidiaries of the TPG Operating Group are generally subject to similar legal limitations on their ability to make distributions to the TPG Operating Group. Non-GAAP Financial Measures In this presentation, we disclose non-GAAP financial measures, including Distributable Earnings ("DE"), After-tax DE, Fee-Related Earnings ("FRE"), Fee-Related Earnings margin ("FRE Margin"), fee-related revenues ("FRR"), and fee-related expenses. These measures are not financial measures under GAAP and should not be considered as substitutes for net income, revenues or total expenses, and they may not be comparable to similarly titled measures reported by other companies. These measures should be considered in addition to GAAP measures. We use these measures to assess the core operating performance of our business, and further definitions can be found on the following pages.

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TPG \| 42 Definitions 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. 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. 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. 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. 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). 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. 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. 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. Catch-up fees, also known as out of period management fees, represent fees paid in any given period that are related to a prior period, usually due to a new limited partner coming into a fund in a subsequent close.

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TPG \| 43 Definitions (Cont'd) Distributable Earnings ("DE") is used to assess performance and amounts potentially available for distributions to partners. DE is derived from and reconciled to, but not equivalent to, its most directly comparable U.S. GAAP measure of net income. DE differs from U.S. GAAP net 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. Excluded Assets refers to the assets and economic entitlements transferred to RemainCo listed in Schedule A to the master contribution agreement entered into in connection with the Reorganization (as defined herein), which primarily include (i) minority interests in certain sponsors unaffiliated with TPG, (ii) the right to certain performance allocations in TPG funds, (iii) certain co-invest interests and (iv) cash. 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. 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 Earnings margin ("FRE margin") is defined as Fee-Related Earnings divided by fee-related revenues. 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. 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. 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. Investment Appreciation / (Depreciation) represents fund appreciation for our private equity and real estate funds and gross returns for our credit funds. IPO refers to our initial public offering of Class A common stock of TPG Inc. that was completed on January 18, 2022. Loan Level Return, with respect to our CLOs, represents gross returns which are presented on a total return basis for invested assets held, excluding any financing costs or operating fees incurred and using a time-weighted return methodology. Returns over multiple periods are calculated by geometrically linking each period's return over time. 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. Non-GAAP Financial Measures represent financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with U.S. GAAP. We use these measures to assess the core operating performance of our business.

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TPG \| 44 Definitions (Cont'd) Operating profit margin is defined as U.S. GAAP net income divided by U.S. GAAP total revenue. Performance Eligible AUM refers to the AUM that is currently, or may eventually, produce performance allocations or fee-related performance revenues. All funds for which we are entitled to receive a performance allocation, incentive fee or fee-related performance revenue are included in Performance Eligible AUM. 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. Perpetual Capital refers to AUM that has an indefinite term, and for which there is no predetermined requirement to return invested capital to investors upon the realization of investments. We do not consider this AUM to be permanent without exception, as it can be subject to material reductions and even termination. Perpetual capital is subject to material reductions from changes in valuation and withdrawals by, or payments to, investors and clients as well as termination by a client of, or failure to renew, its investment management agreement with TPG. Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds. RemainCo refers to, collectively, Tarrant Remain Co I, L.P., a Delaware limited partnership, Tarrant Remain Co II, L.P., a Delaware limited partnership, and Tarrant Remain Co III, L.P., a Delaware limited partnership, which owns the Excluded Assets, and Tarrant Remain Co GP, LLC, a Delaware limited liability company serving as their general partner. Reorganization refers to the corporate reorganization, which included a corporate conversion of TPG Partners, LLC to a Delaware corporation named TPG Inc., in conjunction with the IPO. Unless the context suggests otherwise, references in this report to "TPG", "the Company", "we", "us" and "our" refer (i) prior to the completion of the Reorganization and IPO to TPG Group Holdings SBS, L.P. and its consolidated subsidiaries and (ii) from and after the completion of the Reorganization and IPO to TPG Inc. and its consolidated subsidiaries. Total participating shares outstanding refers to the sum of (i) shares (Class A voting, Class A non-voting and TPG Operating Group Common Units) and (ii) share-based payment awards with non-forfeitable rights to dividends that benefit from the distribution of profits from TPG Operating Group at the end of any given period. This does not include shares or restricted stock units (i) whose dividends accrue to be paid on vesting or (ii) which do not participate in dividends. TPG Operating Group refers (i) for periods prior to giving effect to the Reorganization, to the TPG Operating Group partnerships and their respective consolidated subsidiaries; (ii) for periods beginning after giving effect to the Reorganization through November 1, 2023, (A) to the TPG Operating Group partnerships and their respective consolidated subsidiaries and (B) not to RemainCo and (iii) for periods after November 1, 2023, to TPG Operating Group II, L.P., a Delaware limited partnership, and its respective consolidated subsidiaries, including TPG Operating Group I, L.P. and TPG Operating Group III, L.P.

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