EX-99.2 3 tpg4q24earningsrelease.htm EX-99.2
TPG Reports Fourth Quarter and Full Year 2024 Financial Results Year Ended December 31, 2024

TPG | 2 San Francisco and Fort Worth, Texas – February 11, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited fourth quarter and full year 2024 results. TPG issued a full detailed presentation of its fourth quarter and full year ended December 31, 2024 results, which can be viewed through the Investor Relations section of TPG’s website at shareholders.tpg.com. “We delivered strong investment and financial performance in 2024 and also made substantial progress across key drivers of our business including fundraising, deployment, and organic growth,” said Jon Winkelried, Chief Executive Officer. “We are entering 2025 with significant momentum and have multiple levers to accelerate our growth throughout the year. Our team is excited about the opportunities to continue to generate differentiated returns for our clients and build long-term value for our shareholders.” Dividend TPG has declared a quarterly dividend of $0.53 per share of Class A common stock to holders of record at the close of business on February 21, 2025, payable on March 7, 2025. Conference Call TPG will host a conference call and live webcast at 11:00 am ET. It may be accessed by dialing (800) 245-3047 (US toll-free) or (203) 518-9765 (international), using the conference ID TPGQ424. 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 $246 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 Luke Barrett 212-601-4750 415-743-1550 shareholders@tpg.com media@tpg.com TPG Reports Fourth Quarter and Full Year 2024 Results

TPG | 3 TPG Reports Fourth Quarter and Full Year 2024 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 of the acquisition of Angelo Gordon; unexpected costs related to the integration of the Angelo Gordon business and operations; our ability to manage growth and execute our business plan; and regional, national or global political, economic, business, competitive, market and regulatory conditions, 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.

Fourth Quarter and Full Year 2024 Results

TPG | 5 ▪ Net income of $11 million for 4Q’24 compared to 4Q’23 net income of $42 million ▪ Net income attributable to TPG Inc. of $13 million for 4Q’24 compared to $13 million in 4Q’23 GAAP Statements of Operations (Unaudited) Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 1. Operating profit margin, defined as net income divided by total revenue, was 4.3% for 4Q’23 and 1.0% for 4Q’24. On a full year basis, operating profit margin was 1.0% for FY’23 and (2.2%) for FY’24. ($ in thousands, except share and per share amounts) 4Q’23 4Q’24 FY’23 FY’24 Revenues Fees and other $ 529,903 $ 527,248 $ 1,534,626 $ 2,087,076 Capital allocation-based income (loss) 453,234 549,166 855,285 1,413,006 Total revenues 983,137 1,076,414 2,389,911 3,500,082 Expenses Compensation and benefits: Cash-based compensation and benefits 188,099 231,865 547,377 835,328 Equity-based compensation 205,813 308,457 654,922 1,006,312 Performance allocation compensation 319,028 376,229 591,676 930,053 Total compensation and benefits 712,940 916,551 1,793,975 2,771,693 General, administrative and other 171,561 120,655 482,574 583,733 Depreciation and amortization 23,446 37,942 47,673 135,386 Interest expense 14,800 23,098 38,528 87,511 Expenses of consolidated Public SPACs — — 1,053 — Total expenses 922,747 1,098,246 2,363,803 3,578,323 Investment income (loss) Net gains (losses) from investment activities (4,895) 1,007 6,564 (29,326) Interest, dividends and other 13,674 43,353 42,622 82,743 Investment and other income of consolidated Public SPACs — — 8,359 — Total investment income (loss) 8,779 44,360 57,545 53,417 Income (loss) before income taxes 69,169 22,528 83,653 (24,824) Income tax expense 26,757 11,434 60,268 52,091 Net income (loss)(1) 42,412 11,094 23,385 (76,915) Net income (loss) attributable to redeemable equity in Public SPACs — — 12,044 — Net income (loss) attributable to non-controlling interests in TPG Operating Group 7,943 (30,095) (92,411) (175,927) Net income (loss) attributable to other non-controlling interests 21,296 28,209 23,662 75,529 Net income (loss) attributable to TPG Inc. $ 13,173 $ 12,980 $ 80,090 $ 23,483 Net income (loss) per share data: Net income (loss) available to Class A common stock per share Basic $ 0.16 $ 0.04 $ 0.89 $ 0.00 Diluted $ 0.04 $ (0.06) $ (0.04) $ (0.42) Weighted-average shares of Class A common stock outstanding Basic 80,665,902 106,612,378 80,334,871 100,219,905 Diluted 343,887,011 364,946,593 317,944,496 364,725,579

TPG | 6 Operating Metrics ($B) Non-GAAP Financial Measures ($M) Fourth Quarter and Full Year Highlights 4Q’23 4Q’24 FY’23 FY’24 Fee-Related Revenues (“FRR”) $465 $461 $1,337 $1,831 Fee-Related Earnings (“FRE”) 226 190 606 764 Realized Performance Allocations, Net 19 105 74 195 After-Tax Distributable Earnings (“After-tax DE”) 206 261 585 837 4Q’23 3Q’24 4Q’24 Assets Under Management (“AUM”) $221.6 $239.1 $245.9 Fee Earning Assets Under Management (“FAUM”) 136.8 141.7 141.3 Net Accrued Performance 0.9 1.0 1.0 Available Capital 51.3 58.4 57.6 4Q’23 4Q’24 FY’23 FY’24 Capital Raised $8.8 $8.8 $15.7 $30.1 Capital Invested 11.6 10.3 22.2 32.9 Realizations 2.7 7.1 10.2 22.9 ▪ 4Q’24 FRR of $461 million decreased 1% versus 4Q’23, with 4Q’24 FRE of $190 million and 4Q’24 After- tax DE of $261 million ▪ Total AUM of $246 billion, up 11% in the last twelve months; FAUM of $141 billion, up 3% over the same period Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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.

TPG | 7 Non-GAAP Financial Measures ▪ FRE decreased 16% from $226 million in 4Q’23 to $190 million in 4Q’24; FRE margin decreased from 49% in 4Q’23 to 41% in 4Q’24, largely driven by a decrease in catch-up management fees year-over-year and the inclusion of TPG AG for a full quarter ▪ After-tax DE of $261 million in 4Q’24, an increase from $206 million in 4Q’23, primarily driven by realized performance allocations, net and realized investment income and other, net, partially offset by a decrease in FRE Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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 expenses of $7 million in 4Q’24 and $23 million for FY’24 related to the Acquisition. ($ in thousands) 4Q’23 4Q’24 FY’23 FY’24 Fee-Related Revenues Management fees $ 395,608 $ 402,588 $ 1,178,721 $ 1,625,710 Fee-related performance revenues 1,642 19,116 1,642 33,032 Transaction, monitoring and other fees, net 55,285 36,189 107,713 147,644 Other income 12,192 3,518 49,178 25,071 Fee-Related Revenues 464,727 461,410 1,337,254 1,831,457 Fee-Related Expenses Cash-based compensation and benefits, net 156,622 168,058 452,270 689,001 Fee-related performance compensation 1,401 9,558 1,401 16,516 Operating expenses, net 81,153 93,969 277,252 361,712 Fee-Related Expenses 239,176 271,585 730,923 1,067,229 Fee-Related Earnings 225,551 189,825 606,331 764,228 Realized performance allocations, net 18,996 104,939 74,027 194,582 Realized investment income and other, net(1) (24,976) (1,769) (47,241) (7,703) Depreciation expense (3,010) (5,005) (6,589) (20,387) Interest expense, net (1,088) (9,332) 1,401 (36,109) Distributable Earnings 215,473 278,659 627,929 894,611 Income taxes (9,826) (18,093) (42,623) (57,336) After-Tax Distributable Earnings $ 205,647 $ 260,566 $ 585,306 $ 837,275

TPG | 8 $226 $190 4Q’23 4Q’24 $606 $764 FY’23 FY’24 $1,179 $1,626 $514 $514 $155 $167 $201 $199 $311 $210 $150 $141 $74 $83 FY’23 FY’24 $396 $403 $161 $117 $43 $42 $54 $54 $50 $82 $34 $55 $35 $35 $19 $16 4Q’23 4Q’24 ▪ 4Q’24 FRR decreased 1% over 4Q’23 primarily driven by a decrease in capital markets fees, partially offset by an increase in fee-related performance revenues and management fees ▪ Fee-related expenses in 4Q’24 increased 14% over 4Q’23, primarily due to the addition of TPG AG for a full quarter ▪ FRE margin decreased from 49% in 4Q’23 to 41% in 4Q’24, largely driven by a decrease in catch-up management fees year-over-year and the inclusion of TPG AG for a full quarter; FY’24 FRE margin of 42% Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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 $49 million and $8 million for 4Q’23 and 4Q’24, respectively. Fee-Related Earnings Management Fees by Platform(1) ($M) ($M) +2% Capital Growth Impact TPG AG Credit +38% TPG AG Real Estate Real Estate Market Solutions Fee-Related Earnings $34 $50

TPG | 9 $206 $261 4Q’23 4Q’24 $585 $837 FY’23 FY’24 Distributable Earnings ▪ After-tax DE increased from $206 million in 4Q’23 to $261 million for 4Q’24, primarily driven by an increase in realized performance allocations, net After-Tax DE ($M) Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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 93% 7% 68% 32% 3Q’24 4Q’24

TPG | 10 Capital $64 Growth $32Impact $18 TPG AG Credit $67 TPG AG Real Estate $5 Real Estate $5 Market Solutions $3 FY’24 Realized Performance Allocations, Net Capital $35 Growth $23 TPG AG Credit $43 TPG AG Real Estate $1 Market Solutions $3 ▪ Realized performance allocations, net were $105 million in 4Q’24, primarily driven by TPG VIII in the Capital platform, Growth IV in the Growth platform, and MVP Fund in TPG AG Credit ▪ Realized performance allocations, net for FY’24 were $195 million, primarily driven by TPG VIII and TPG VII in the Capital platform, Growth IV in the Growth platform, Rise Climate I in the Impact platform, and MVP Fund and MMDL IV in TPG AG Credit Realized Performance Allocations, Net 4Q’24 Realized Performance Allocations, Net ($M) ($M) Total $195 Total $105 Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 11 $468 $226 $116 $73 $71 $11 $9 Net Accrued Performance Net Accrued Performance by Fund Vintage ($M) 3Q’24 4Q’24 2019 & Prior $742 $684 2020 103 117 2021 76 78 2022 52 87 2023 2 5 2024 — 3 Total $975 $974 4Q’24 Net Accrued Performance Total $974 ($M) $975 +$104 ($105) $974 3Q’24 Value Creation & Other Realized Gains 4Q’24 4Q’24 Net Accrued Performance Walk ($M) Investment Appreciation / (Depreciation) Platform 4Q’24 FY’24 Capital 3.6% 9.2% Growth 3.9% 10.7% Impact 2.5% 9.5% TPG AG TPG AG Credit 3.3% 13.4% TPG AG Real Estate 0.6% 2.4% Real Estate 3.4% 9.8% Market Solutions(1) 3.3% 8.4% Loan Level Return CLOs 4Q’24 FY’24 U.S. CLOs 1.6% 8.3% European CLOs 1.9% 8.4% 1. Due to the nature of their strategy, Appreciation / (Depreciation) in the Market Solutions platform above includes information for certain funds as of September 30, 2024. Accordingly, those funds’ performance information does not reflect any fund activity for the quarter ended December 31, 2024 and therefore does not cover the same period presented for other funds. Any activity occurring during the quarter ended December 31, 2024 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

TPG | 12 GAAP Balance Sheet (Unaudited) ▪ Cash increased to $0.8 billion at the end of 4Q’24 primarily resulting from the net proceeds of our Senior and Subordinated notes offerings after repaying the outstanding borrowings under our Senior Unsecured Revolving Credit Facility and Senior Unsecured Term Loan; the Senior and Subordinated notes offerings drove total debt obligations to $1.3 billion ▪ Investments increased $0.8 billion from $6.7 billion in 4Q’23 to $7.5 billion in 4Q’24 primarily resulting from appreciation of accrued performance allocations and equity method investments 1. Includes TPG Inc. Class A and B common stock as well as additional paid-in-capital and retained earnings. ($ in thousands) 4Q’23 4Q’24 Assets Cash and cash equivalents $ 665,188 $ 808,017 Investments 6,724,112 7,503,281 Other assets 894,785 1,254,025 Intangible assets and goodwill 1,085,587 969,786 Total assets 9,369,672 10,535,109 Liabilities and equity Liabilities Debt obligations 945,052 1,281,984 Accrued performance allocation compensation 4,096,052 4,376,523 Other liabilities 967,434 1,284,613 Total liabilities 6,008,538 6,943,120 Equity TPG Inc.(1) 579,157 784,101 Non-controlling interests 2,781,977 2,807,888 Total equity 3,361,134 3,591,989 Total liabilities and equity $ 9,369,672 $ 10,535,109

TPG | 13 Non-GAAP Balance Sheet ▪ Cash and cash equivalents totaled $147 million at the end of 4Q’24 ▪ At the end of 4Q’24, our net debt(1) was $1.2 billion and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.2 billion ▪ Our borrowings primarily include Senior and Subordinated notes with a principal amount of $1.0 billion and securitized notes with a principal amount of $250 million (which are backed by $647 million in pledged assets as of 4Q’24) 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 $1.3 billion in debt principal less $147 million of cash and cash equivalents. ($ in thousands) 4Q’23 4Q’24 Book Assets Cash and cash equivalents $ 105,480 $ 147,056 Net accrued performance 891,455 973,567 Investments in funds 877,802 1,189,868 Intangible assets and goodwill 1,007,899 910,314 Other assets 679,638 1,028,380 Total Book Assets 3,562,274 4,249,185 Book Liabilities Accounts payable, accrued expenses and other 296,147 614,822 Debt obligations 945,052 1,281,984 Total Book Liabilities 1,241,199 1,896,806 Net Book Value $ 2,321,075 $ 2,352,379

Operating Metrics

TPG | 15 $137 $141 $39 $37 $12 $12 $14 $17 $40 $43 $14 $14 $11 $12$6 $5 4Q’23 4Q’24 $222 $246 $71 $74 $27 $28 $19 $27 $60 $72 $18 $19$18 $18 $9 $8 4Q’23 4Q’24 Assets Under Management and Fee Earning AUM ▪ 4Q’24 AUM rose 11% over 4Q’23 to $245.9 billion, primarily driven by capital raised of $30.1 billion, including $4.7 billion in Rise Climate II within the Impact platform and $2.2 billion in Credit Solutions III within TPG AG Credit, and net increases in investment value and other of $19.0 billion, partially offset by realizations of $22.9 billion ▪ 4Q’24 FAUM increased 3% over 4Q’23 to $141.3 billion, primarily driven by fee earning capital raised of $10.7 billion, partially offset by reduction in fee bases of certain funds totaling $3.7 billion Assets Under Management Fee Earning AUM ($B) ($B) +11% +3% Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition.

TPG | 16 21% 68% 2% 9% 23% 35% 31% 2% 8% —% 20% 66% 6% 8% FAUM by Remaining Duration Assets Under Management and Fee Earning AUM Duration AUM by Duration at Inception 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 December 31, 2024. 2. Defined as the number of years between December 31, 2024 and contractual fund winddown, prior to any available extensions. ▪ At the end of 4Q’24, approximately 72% of our AUM and 70% of our FAUM were in perpetual or long-dated funds with a duration(1) of 10 or more years (prior to any available extensions) ▪ At the end of 4Q’24, approximately 68% of our FAUM had a remaining lifespan(2) of 5 or more years, with 33% in vehicles that have 10 or more years remaining (including those considered perpetual) Total $246B Total $141B FAUM by Duration at Inception Total $141B ~70% ~68%~72% 0-4 Years 5-9 Years 10+ Years Perpetual Capital Subject to Periodic Redemption <1

TPG | 17 Capital $0.9 TPG AG Credit $5.8 TPG AG Real Estate $2.2 Capital $3.1 Growth $2.8 Impact $1.9 TPG AG Credit $7.6 TPG AG Real Estate $1.0 Real Estate $2.5 Market Solutions $0.3 ▪ AUM Subject to Fee Earning Growth totaled $28 billion at the end of 4Q’24 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 4Q’24, our AUM Subject to Fee Earning Growth represents 20% 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 $167 million annually(1) AUM Not Yet Earning Fees FAUM Subject to Step-Up ($B) ($B) Total $19 Total $9 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

TPG | 18 Capital $55.6 Growth $23.5Impact $16.6 TPG AG Credit $48.8 TPG AG Real Estate $9.1 Real Estate $3.6 Market Solutions $6.3 Capital $56.4 Growth $24.3 Impact $23.8 TPG AG Credit $61.7 TPG AG Real Estate $18.6 Real Estate $17.4 Market Solutions $7.0 ▪ Performance Eligible AUM refers to AUM that is currently producing, or may eventually produce, performance revenues, and totaled $209.3 billion, or 85% of total AUM, at the end of 4Q’24 ▪ Performance Generating AUM refers to AUM that is currently producing performance revenues, and totaled $163.4 billion, or 66% of total AUM, at the end of 4Q’24 Performance Eligible AUM Performance Generating AUM ($B) ($B) Total $209 Total $163 Performance Eligible and Generating AUM Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 19 AUM Rollforward Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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. Three Months Ended December 31, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total AUM Balance as of Beginning of Period $ 73,164 $ 27,254 $ 24,706 $ 69,898 $ 18,279 $ 17,109 $ 8,697 $ 239,107 Capital Raised 2,494 503 1,708 2,891 848 343 — 8,788 Realizations (2,255) (807) (105) (2,368) (716) (522) (311) (7,084) Outflows(1) — — — (75) — — (313) (388) Changes in Investment Value and Other(2) 1,005 1,111 260 2,013 263 691 106 5,450 AUM as of end of period $ 74,408 $ 28,062 $ 26,569 $ 72,359 $ 18,674 $ 17,622 $ 8,179 $ 245,873 Twelve Months Ended December 31, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total AUM Balance as of Beginning of Period $ 71,310 $ 26,516 $ 19,079 $ 59,631 $ 18,268 $ 17,940 $ 8,879 $ 221,623 Capital Raised 5,513 1,678 6,891 12,423 1,832 414 1,372 30,123 Realizations (6,706) (2,785) (1,408) (7,506) (2,514) (1,327) (667) (22,913) Outflows(1) — — — (462) — — (1,529) (1,992) Changes in Investment Value and Other(2) 4,292 2,653 2,007 8,273 1,088 595 124 19,032 AUM as of end of period $ 74,408 $ 28,062 $ 26,569 $ 72,359 $ 18,674 $ 17,622 $ 8,179 $ 245,873

TPG | 20 FAUM Rollforward Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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. Net Change in Investment Activity includes capital called during the period, net of return of capital distributions and changes in net asset value of hedge funds. It also includes adjustments related to funds with a fee structure based on the cost or value of investments. 3. Outflows represent redemptions and withdrawals. 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. Three Months Ended December 31, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total FAUM Balance as of Beginning of Period $ 37,941 $ 12,358 $ 17,802 $ 42,091 $ 14,168 $ 11,649 $ 5,709 $ 141,718 Fee Earning Capital Raised(1) — 62 1,662 213 303 — — 2,240 Net Change in Investment Activity(2) (866) (86) 571 792 (93) 110 (34) 396 Outflows(3) — — — (75) — — (298) (373) Reduction in Fee Base of Certain Funds(4) — — (2,679) (16) — — — (2,695) FAUM as of end of period $ 37,075 $ 12,334 $ 17,357 $ 43,005 $ 14,379 $ 11,759 $ 5,377 $ 141,286 Twelve Months Ended December 31, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total FAUM Balance as of Beginning of Period $ 38,972 $ 12,339 $ 13,727 $ 40,005 $ 14,035 $ 11,298 $ 6,418 $ 136,794 Fee Earning Capital Raised(1) 904 1,063 5,992 1,013 827 — 936 10,735 Net Change in Investment Activity(2) (2,771) (521) 355 2,532 (404) 462 (326) (674) Outflows(3) — — — (448) — — (1,458) (1,906) Reduction in Fee Base of Certain Funds(4) (30) (548) (2,717) (96) (79) — (193) (3,663) FAUM as of end of period $ 37,075 $ 12,334 $ 17,357 $ 43,005 $ 14,379 $ 11,759 $ 5,377 $ 141,286

TPG | 21 Other Operating Metrics Capital Raised 4Q’23 4Q’24 FY’23 FY’24 Capital $ 4,624 $ 2,494 $ 9,047 $ 5,513 Growth 2,039 503 2,673 1,678 Impact 320 1,708 1,047 6,891 TPG AG TPG AG Credit 694 2,891 694 12,423 TPG AG Real Estate 370 848 370 1,832 Real Estate 737 343 994 414 Market Solutions 57 — 918 1,372 Total $ 8,841 $ 8,788 $ 15,743 $ 30,123 ▪ We have invested approximately $32.9 billion during the last twelve months with $57.6 billion of capital available for deployment at the end of 4Q’24 Available Capital 4Q’23 4Q’24 Capital $ 17,056 $ 14,345 Growth 5,021 5,297 Impact 4,761 9,767 TPG AG TPG AG Credit 7,087 12,325 TPG AG Real Estate 7,344 6,954 Real Estate 8,370 6,422 Market Solutions 1,683 2,492 Total $ 51,322 $ 57,602 Capital Invested 4Q’23 4Q’24 FY’23 FY’24 Capital $ 4,464 $ 1,586 $ 9,988 $ 5,934 Growth 1,267 593 2,198 1,817 Impact 1,946 951 3,909 2,171 TPG AG TPG AG Credit 3,081 4,756 3,081 16,234 TPG AG Real Estate 322 1,175 322 3,054 Real Estate 438 999 1,840 3,276 Market Solutions 67 191 879 458 Total $ 11,585 $ 10,251 $ 22,217 $ 32,944 Realizations 4Q’23 4Q’24 FY’23 FY’24 Capital $ 700 $ 2,255 $ 6,271 $ 6,706 Growth 234 807 750 2,785 Impact 56 105 301 1,408 TPG AG TPG AG Credit 641 2,368 641 7,506 TPG AG Real Estate 293 716 293 2,514 Real Estate 651 522 1,703 1,327 Market Solutions 137 311 275 667 Total $ 2,712 $ 7,084 $ 10,234 $ 22,913 (All tables in $M) Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition.

Supplemental Details

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 December 31, 2024 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ 252,901 $ 88,990 $ 163,911 $ 129,404 $ 34,507 Growth 138,291 78,927 59,364 36,400 22,964 Impact 35,176 35,176 — — — TPG AG TPG AG Credit 122,869 (96,673) 219,542 176,177 43,365 TPG AG Real Estate (53,890) (58,257) 4,367 3,494 873 Real Estate 9,738 9,738 — — — Market Solutions (1,793) (17,939) 16,146 12,917 3,229 Total $ 503,292 $ 39,962 $ 463,330 $ 358,391 $ 104,939 Year Ended December 31, 2024 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ 542,362 $ 236,797 $ 305,565 $ 241,263 $ 64,302 Growth 332,354 228,132 104,222 71,824 32,398 Impact 135,176 50,839 84,337 66,536 17,801 TPG AG TPG AG Credit 406,537 70,462 336,075 269,159 66,916 TPG AG Real Estate (104,983) (133,161) 28,178 23,188 4,990 Real Estate 20,054 (60,794) 80,848 75,902 4,946 Market Solutions (29,734) (45,880) 16,146 12,917 3,229 Total $ 1,301,766 $ 346,395 $ 955,371 $ 760,789 $ 194,582

TPG | 24 GAAP and Non-GAAP Net Accrued Performance As of September 30, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total GAAP Total $ 2,834 $ 1,569 $ 558 $ 461 $ 435 $ 55 $ 63 $ 5,975 Less: Excluded Assets(1) 44 236 — — — 10 — 290 Less: Non-GAAP Adjustments(2) 2,371 1,121 455 369 352 32 10 4,710 Non-GAAP Total $ 419 $ 212 $ 103 $ 92 $ 83 $ 13 $ 53 $ 975 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 December 31, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total GAAP Total $ 2,926 $ 1,589 $ 593 $ 364 $ 377 $ 64 $ 45 $ 5,958 Less: Excluded Assets(1) 45 230 — — — 8 — 283 Less: Non-GAAP Adjustments(2) 2,413 1,133 477 291 306 45 36 4,701 Non-GAAP Total $ 468 $ 226 $ 116 $ 73 $ 71 $ 11 $ 9 $ 974

TPG | 25 Participating Shares Outstanding (shares) 9/30/2024 Net Change 12/31/2024 Net Change Estimated Record Date 2/21/2025(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 103,928,846 5,282,509 109,211,355 4,502,806 113,714,161 Common Units exchangeable into Class A common stock 260,911,927 (5,155,425) 255,756,502 — 255,756,502 Diluted Class A common stock outstanding 364,840,773 127,084 364,967,857 4,502,806 369,470,663 Restricted Stock Units Special Purpose Awards 16,701,775 (99,717) 16,602,058 Ordinary Service Awards 8,077,552 696,293 8,773,845 Total participating shares outstanding(2) 389,620,100 723,660 390,343,760 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. 2. Excludes Market and Performance Condition Awards, which are not considered participating as they either accrue dividends to be paid only upon vesting or do not participate in dividends.

TPG | 26 FRE, After-Tax DE, and Dividends Per Class A Common Stock ▪ FRE attributable to TPG Inc. of $0.51 per share for 4Q’24 and $2.09 per share for FY’24 ▪ After-tax DE attributable to TPG Inc. of $0.62 per share for 4Q’24, and $2.05 per share for FY’24 ▪ Declared dividend of $0.53 per share for 4Q’24 on February 11, 2025, with a record date of February 21, 2025 and payable date of March 7, 2025; dividends declared total $1.74 per share for FY’24 ($ in thousands, except share and per share amounts) 3Q’24 4Q’24 After-tax Distributable Earnings attributable to TPG Inc. Class A common stockholders Pre-tax Distributable Earnings $ 206,187 $ 278,659 Less: subsidiary-level income taxes(3) (6,851) (4,306) Distributable Earnings before corporate income taxes 199,336 274,353 Percent to TPG Inc. 29% 31% TPG Inc. Distributable Earnings before corporate income taxes 56,833 84,439 Less: corporate income taxes attributable to TPG Inc.(3) (9,891) (13,787) TPG Inc. After-tax Distributable Earnings 46,942 70,652 Estimated Class A common stock outstanding at Record Date(2) 104,055,930 113,714,161 TPG Inc. After-tax Distributable Earnings per Class A common stock 0.45 0.62 Target dividend policy 85% 85% Dividend per Class A common stock $ 0.38 $ 0.53 Note: TPG Inc. effective DE corporate income tax rate 17.4% 16.3% 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. 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) 3Q’24 4Q’24 Subsidiary-level income taxes $ 6,851 $ 4,306 Corporate income taxes 9,891 13,787 Total income taxes $ 16,742 $ 18,093 ($ in thousands, except share and per share amounts) 3Q’24 4Q’24 Fee-Related Earnings attributable to TPG Inc. Class A common stockholders Total Fee-Related Earnings(1) $ 190,767 $ 189,825 Percent to TPG Inc. 29% 31% TPG Inc. Fee-Related Earnings 54,389 58,424 Estimated Class A common stock outstanding at Record Date(2) 104,055,930 113,714,161 TPG Inc. Fee-Related Earnings per Class A common stock $ 0.52 $ 0.51

TPG | 27 Equity-Based Compensation Summary ($ in millions, except for share and per share amounts, as of December 31, 2024) 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 $ 238.4 $ 741.4 $ 1,534.6 0.3 - 4.0 years Restricted Stock Units: Special Purpose Awards 16,602,058 32.6 135.4 330.9 3.3 years Ordinary Service Awards 8,773,845 27.5 94.2 259.8 3.0 years Total 25,375,903 298.5 971.0 2,125.3 Less: Non-employee portion of Awards(3) (371,276) (2.8) (6.4) Add: Market / Performance Condition Awards(4) 5,048,764 11.6 32.3 Add: Other(5) N/A 1.2 9.4 Total Statement of Operations Equity-based compensation $ 308.5 $ 1,006.3 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 IPO. Also includes unvested common units in TPG Operating Group granted in conjunction with the Acquisition. 3. Considered a General, Administrative and Other expense for GAAP purposes. 4. Market and Performance Condition Awards are not considered participating; these Awards either do not participate in dividends or accrue dividends only to be paid upon vesting. 5. 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 $28 million in 4Q’24; the total unrecognized compensation expense related to these Ordinary Service Awards amounted to $260 million at the end of 4Q’24, and is expected to be recognized over the next 3.0 years(1)

TPG | 28 Fund Performance Metrics These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performances 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. ($ in millions, as of 12/31/24) 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 33,360 155 33,515 14% 1.7x 10% 1.5x TPG VII 2015 10,495 10,215 21,153 3,762 24,915 26% 2.4x 20% 2.0x TPG VIII 2019 11,505 10,738 5,227 14,842 20,069 28% 1.8x 19% 1.5x TPG IX 2022 12,014 7,228 12 9,147 9,159 42% 1.3x 21% 1.1x Capital Funds 81,841 76,154 116,722 27,906 144,628 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 5,438 118 5,556 10% 1.7x 6% 1.4x Asia VI 2012 3,270 3,285 4,061 2,453 6,514 13% 2.0x 9% 1.6x Asia VII 2017 4,630 4,582 3,545 4,306 7,851 17% 1.7x 10% 1.4x Asia VIII 2022 5,259 2,679 — 3,376 3,376 37% 1.3x 11% 1.1x Asia Funds 19,773 16,871 22,189 10,253 32,442 20% 2.0x 14% 1.6x Healthcare Funds THP I 2019 2,704 2,430 889 3,192 4,081 25% 1.7x 15% 1.4x THP II 2022 3,576 1,697 2 2,235 2,237 51% 1.4x 24% 1.2x Healthcare Funds 6,280 4,127 891 5,427 6,318 27% 1.6x 16% 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 — 136 136 (12%) 0.7x (12%) 0.6x Continuation Vehicles $ 1,524 $ 1,521 $ 2,720 $ 136 $ 2,856 35% 1.9x 29% 1.7x

TPG | 29 Fund Performance Metrics (Cont’d) These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performances 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. ($ in millions, as of 12/31/24) 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 4,846 469 5,315 21% 2.5x 15% 2.0x Growth III 2015 3,128 3,377 4,782 2,236 7,018 25% 2.0x 16% 1.7x Growth IV 2017 3,739 3,624 3,185 4,540 7,725 21% 2.1x 15% 1.7x Gator 2019 726 686 770 479 1,249 26% 1.8x 21% 1.6x Growth V 2020 3,558 3,280 668 4,893 5,561 24% 1.7x 16% 1.4x Growth VI 2023 2,191 987 1 1,170 1,171 273% 1.3x 72% 1.1x Growth Funds 16,647 15,398 16,147 13,787 29,934 20% 2.0x 14% 1.6x Tech Adjacencies Funds TTAD I 2018 1,574 1,497 1,179 1,499 2,678 21% 1.7x 16% 1.5x TTAD II 2021 3,198 2,179 214 2,669 2,883 18% 1.3x 13% 1.2x TTAD III 381 — — — — NM NM NM NM Tech Adjacencies Funds 5,153 3,676 1,393 4,168 5,561 20% 1.5x 15% 1.4x TDM 2017 1,326 583 — 1,054 1,054 14% 1.8x 11% 1.6x LSI 2023 410 160 — 163 163 (16%) 0.9x (58%) 0.7x Platform: Impact The Rise Funds Rise I 2017 2,106 2,017 1,543 2,260 3,803 17% 1.8x 11% 1.5x Rise II 2020 2,176 2,044 309 2,967 3,276 20% 1.6x 13% 1.4x Rise III 2022 2,700 1,783 41 2,349 2,390 48% 1.4x 22% 1.2x The Rise Funds 6,982 5,844 1,893 7,576 9,469 19% 1.6x 12% 1.4x Rise Climate Funds Rise Climate I 2021 7,268 5,483 1,077 6,339 7,416 29% 1.4x 14% 1.2x Rise Climate II(20) 4,659 — — — — NM NM NM NM Rise Climate Global South(20) 200 — — — — NM NM NM NM Rise Climate TI 1,308 — — — — NM NM NM NM Rise Climate Funds 13,435 5,483 1,077 6,339 7,416 29% 1.4x 14% 1.2x TSI 2018 333 133 368 — 368 35% 2.8x 25% 2.1x Evercare 2019 621 444 32 518 550 5% 1.2x 1% 1.0x TPG NEXT(11) 2023 $ 554 $ 7 $ — $ 7 $ 7 NM NM NM NM

TPG | 30 Fund Performance Metrics (Cont’d) These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performances 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. ($ in millions, as of 12/31/24) 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 $ 3,555 $ 18 $ 3,573 28% 1.7x 18% 1.5x TREP III 2018 3,722 4,249 3,113 2,503 5,616 13% 1.4x 9% 1.3x TREP IV 2022 6,820 3,522 546 3,282 3,828 9% 1.1x (8%) 0.9x TPG Real Estate Partners 12,607 9,984 7,214 5,803 13,017 20% 1.4x 11% 1.2x TAC+ 2021 1,797 1,040 100 949 1,049 0% 1.0x (1%) 1.0x TRECO 2024 550 563 373 210 583 NM NM NM NM Platform: Market Solutions NewQuest Funds NewQuest I(11) 2011 390 291 767 — 767 48% 3.2x 37% 2.3x NewQuest II(11) 2013 310 342 667 89 756 24% 2.3x 19% 1.8x NewQuest III(11) 2016 541 543 503 362 865 12% 1.6x 8% 1.4x NewQuest IV(11) 2020 1,000 958 145 1,176 1,321 15% 1.4x 8% 1.2x NewQuest V(11) 2022 673 327 137 357 494 60% 1.8x 42% 1.5x NewQuest Funds 2,914 2,461 2,219 1,984 4,203 34% 1.8x 21% 1.5x TGS(11) 2022 1,864 359 — 521 521 NM 3.0x NM 3.2x Platform: TPG Angelo Gordon Credit Solutions Credit Solutions Credit Solutions I 2019 1,805 1,801 1,889 850 2,739 17% 1.6x 13% 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 2,730 712 2,773 3,485 17% 1.3x 13% 1.2x Credit Solutions II Dislocation A 2022 1,310 868 837 207 1,044 22% 1.2x 16% 1.2x Credit Solutions III 2024 2,211 — — 80 80 NM NM NM NM Credit Solutions 9,677 6,177 4,444 3,910 8,354 19% 1.4x 14% 1.3x Essential Housing Essential Housing I 2020 642 456 562 15 577 15% 1.3x 12% 1.2x Essential Housing II 2021 2,534 1,071 641 685 1,326 16% 1.3x 12% 1.2x Essential Housing III 2024 1,414 312 — 313 313 NM NM NM NM Essential Housing 4,590 1,839 1,203 1,013 2,216 16% 1.3x 12% 1.2x Hybrid Solutions $ 155 $ — $ — $ — $ — NM NM NM NM

TPG | 31 Fund Performance Metrics (Cont’d) These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performances 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. ($ in millions, as of 12/31/24) 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) Structured Credit & Specialty Finance ABC Fund I 2021 $ 1,005 $ 864 $ 95 $ 995 $ 1,090 18% 1.3x 14% 1.2x ABC Fund II 2024 393 — — (3) (3) NM NM NM NM Structured Credit & Specialty Finance 1,398 864 95 992 1,087 18% 1.3x 14% 1.2x Middle Market Direct Lending(12) MMDL I 2015 594 572 846 — 846 14% 1.6x 10% 1.4x MMDL II 2016 1,580 1,563 1,747 591 2,338 14% 1.7x 10% 1.5x MMDL III 2018 2,751 2,547 2,347 1,319 3,666 13% 1.6x 10% 1.4x MMDL IV 2020 2,671 2,586 1,056 2,432 3,488 15% 1.5x 11% 1.4x MMDL IV Annex 2021 797 767 213 739 952 15% 1.4x 11% 1.3x MMDL V 2022 3,924 1,427 156 1,468 1,624 18% 1.2x 14% 1.2x Middle Market Direct Lending 12,317 9,462 6,365 6,549 12,914 14% 1.5x 11% 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 2,543 1 2,544 17% 1.7x 12% 1.5x Realty VIII 2011 1,265 2,136 2,774 153 2,927 15% 1.7x 11% 1.4x Realty IX 2015 1,329 1,984 2,262 221 2,483 8% 1.4x 5% 1.2x Realty Value X 2018 2,775 4,504 3,875 1,770 5,645 14% 1.4x 9% 1.2x Realty Value XI 2022 2,589 1,991 761 1,411 2,172 10% 1.1x (1%) 1.0x Realty 10,441 13,681 14,212 3,556 17,768 14% 1.5x 10% 1.3x 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 2,012 1,994 316 2,310 5% 1.2x 2% 1.1x Core Plus Realty $ 3,650 $ 5,076 $ 6,557 $ 316 $ 6,873 15% 1.5x 11% 1.4x

TPG | 32 Fund Performance Metrics (Cont’d) These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performances 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. ($ in millions, as of 12/31/24) 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) 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 847 862 989 255 1,244 13% 1.5x 9% 1.3x Asia Realty IV 2018 1,315 1,272 1,137 724 1,861 16% 1.4x 11% 1.3x Asia Realty V 2022 2,007 832 49 931 980 35% 1.2x 11% 1.1x Asia Realty 5,311 4,074 3,891 1,910 5,801 13% 1.5x 9% 1.3x Japan Value Japan Value(13) 2023 417 140 — 151 151 NM NM NM NM Japan Value 417 140 — 151 151 NM NM NM NM Europe Real Estate Europe Realty I 2014 570 1,187 1,711 14 1,725 24% 2.0x 17% 1.7x Europe Realty II 2017 843 1,737 1,681 610 2,291 9% 1.4x 7% 1.3x Europe Realty III(14) 2019 1,515 2,086 741 1,483 2,224 13% 1.4x 9% 1.2x Europe Realty IV(14) 2023 1,773 335 21 337 358 NM NM NM NM Europe Realty 4,701 5,345 4,154 2,444 6,598 15% 1.5x 10% 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 2,397 2,488 939 3,427 13% 2.0x 8% 1.6x Net Lease Realty IV 2019 997 1,921 1,327 853 2,180 9% 1.3x 5% 1.2x Net Lease Realty V 2024 194 153 101 55 156 NM NM NM NM Net Lease $ 2,935 $ 5,740 $ 6,227 $ 1,847 $ 8,074 15% 1.9x 10% 1.6x

TPG | 33 Significant Perpetual Funds These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performances 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. ($ in millions, as of 12/31/24) Vintage AUM Total Fund Year(1) Return(10) Platform: Market Solutions TPEP Long/Short(15) 2013 $ 1,350 138% TPEP Long Only(16) 2019 969 59% Platform: TPG Angelo Gordon Credit Solutions Corporate Credit Opportunities(17) 1988 346 10% Structured Credit & Specialty Finance MVP Fund(18) 2009 6,520 12% ABC Evergreen(18) 2024 1,003 NM Middle Market Direct Lending TCAP(19) 2022 3,365 10% MMDL Evergreen 2022 1,464 10% MMDL Offshore Evergreen 2024 748 NM Multi-Strategy Super Fund(18) 1993 $ 964 9%

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) Unless otherwise specified, the fund performance information presented above for certain funds is, due to the nature of their strategy, as of September 30, 2024. 12) 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, 10% and 1.3x and (iii) for the offshore unlevered vehicles, 7% and 1.2x.

TPG | 35 Fund Performance Metrics Notes (Cont’d) 13) 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. 14) 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, 7% and 1.2x and (ii) for the euro-denominated vehicle of Europe Realty IV, NM and NM. 15) 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 December 31, 2024, TPEP Long/Short had estimated inception-to-date gross returns of 191% and net returns of 138%. 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. 16) 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 December 31, 2024, TPEP Long Only had estimated inception-to-date gross returns of 60% and net returns of 59%. 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. 17) 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%. 18) 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%. 19) TCAP launched on January 1, 2023. Total Return includes AGTB Private BDC, which commenced operations on May 10, 2022 and merged with TCAP on January 1, 2023. 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. On July 28, 2023, TCAP completed its merger with AGTB where TCAP paid cash consideration for each share of common stock of AGTB. TCAP will continue as the surviving company. At the completion of the merger, AGTB’s final Net IRR was 6.1%. 20) The Rise Climate Global South Fund excludes a $500 million commitment ($175 million of which was closed as of December 31, 2024) 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.

TPG | 36 GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 FY’24 Revenues Fees and other $ 529,903 $ 512,295 $ 522,800 $ 524,733 $ 527,248 $ 2,087,076 Capital allocation-based income (loss) 453,234 311,776 221,394 330,670 549,166 1,413,006 Total revenues 983,137 824,071 744,194 855,403 1,076,414 3,500,082 Expenses Compensation and benefits: Cash-based compensation and benefits 188,099 206,336 191,486 205,641 231,865 835,328 Equity-based compensation 205,813 227,908 227,542 242,405 308,457 1,006,312 Performance allocation compensation 319,028 196,434 133,753 223,637 376,229 930,053 Total compensation and benefits 712,940 630,678 552,781 671,683 916,551 2,771,693 General, administrative and other 171,561 151,632 170,184 141,262 120,655 583,733 Depreciation and amortization 23,446 32,965 32,079 32,400 37,942 135,386 Interest expense 14,800 21,122 21,502 21,789 23,098 87,511 Total expenses 922,747 836,397 776,546 867,134 1,098,246 3,578,323 Investment income (loss) Net gains (losses) from investment activities (4,895) (5,198) (16,652) (8,483) 1,007 (29,326) Interest, dividends and other 13,674 12,904 13,816 12,670 43,353 82,743 Total investment income (loss) 8,779 7,706 (2,836) 4,187 44,360 53,417 Income (loss) before income taxes 69,169 (4,620) (35,188) (7,544) 22,528 (24,824) Income tax expense 26,757 4,386 22,390 13,881 11,434 52,091 Net income (loss) 42,412 (9,006) (57,578) (21,425) 11,094 (76,915) Net income (loss) attributable to non-controlling interests in TPG Operating Group 7,943 (55,037) (57,292) (33,503) (30,095) (175,927) Net income (loss) attributable to other non-controlling interests 21,296 30,512 13,691 3,117 28,209 75,529 Net income (loss) attributable to TPG Inc. $ 13,173 $ 15,519 $ (13,977) $ 8,961 $ 12,980 $ 23,483 Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition.

TPG | 37 Non-GAAP Financial Measures Expanded Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. 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) 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 FY’24 Fee-Related Revenues Management fees $ 395,608 $ 402,684 $ 413,275 $ 407,163 $ 402,588 $ 1,625,710 Fee-related performance revenues 1,642 3,875 4,485 5,557 19,116 33,032 Transaction, monitoring and other fees, net 55,285 34,155 34,146 43,153 36,189 147,644 Other income 12,192 10,494 7,090 3,969 3,518 25,071 Fee-Related Revenues 464,727 451,208 458,996 459,842 461,410 1,831,457 Fee-Related Expenses Cash-based compensation and benefits, net 156,622 181,683 164,746 174,514 168,058 689,001 Fee-related performance compensation 1,401 1,938 2,242 2,778 9,558 16,516 Operating expenses, net 81,153 85,216 90,744 91,783 93,969 361,712 Fee-Related Expenses 239,176 268,837 257,732 269,075 271,585 1,067,229 Fee-Related Earnings 225,551 182,371 201,264 190,767 189,825 764,228 Realized performance allocations, net 18,996 31,552 25,979 32,112 104,939 194,582 Realized investment income and other, net (24,976) (9,315) 5,910 (2,529) (1,769) (7,703) Depreciation expense (3,010) (5,615) (4,722) (5,045) (5,005) (20,387) Interest expense, net (1,088) (9,987) (7,672) (9,118) (9,332) (36,109) Distributable Earnings 215,473 189,006 220,759 206,187 278,659 894,611 Income taxes (9,826) (8,381) (14,120) (16,742) (18,093) (57,336) After-Tax Distributable Earnings $ 205,647 $ 180,625 $ 206,639 $ 189,445 $ 260,566 $ 837,275

Reconciliations and Disclosures

TPG | 39 GAAP to Non-GAAP Financial Measures Reconciliation ($ in thousands) 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 FY’24 GAAP Revenue $ 983,137 $ 824,071 $ 744,194 $ 855,403 $ 1,076,414 $ 3,500,082 Capital-allocation based income (453,234) (311,776) (221,394) (330,670) (549,166) (1,413,006) Expense reimbursements (57,150) (45,667) (50,227) (62,652) (58,503) (217,049) Investment income and other (8,026) (15,420) (13,577) (2,239) (7,335) (38,570) Fee-Related Revenues $ 464,727 $ 451,208 $ 458,996 $ 459,842 $ 461,410 $ 1,831,457 GAAP Expenses $ 922,747 $ 836,397 $ 776,546 $ 867,134 $ 1,098,246 $ 3,578,323 Depreciation and amortization expense (23,446) (32,965) (32,079) (32,400) (37,942) (135,386) Interest expense (14,800) (21,122) (21,502) (21,789) (23,098) (87,511) Expense reimbursements (57,150) (45,667) (50,227) (62,652) (58,503) (217,049) Performance allocation compensation (319,028) (196,434) (133,753) (223,637) (376,229) (930,053) Equity-based compensation (205,813) (227,908) (227,542) (242,405) (308,457) (1,006,312) Acquisition success fees (20,000) — — — — — Non-core expenses and other (43,334) (43,464) (53,711) (15,176) (22,432) (134,783) Fee-Related Expenses $ 239,176 $ 268,837 $ 257,732 $ 269,075 $ 271,585 $ 1,067,229 ($ in thousands) 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 FY’24 Net (loss) income $ 42,412 $ (9,006) $ (57,578) $ (21,425) $ 11,094 $ (76,915) Net income attributable to other non-controlling interests (21,296) (30,512) (13,691) (3,117) (28,209) (75,529) Amortization expense 16,979 23,998 24,004 24,003 25,580 97,585 Equity-based compensation 204,648 225,422 225,919 243,287 310,297 1,004,925 Unrealized performance allocations, net (63,092) (24,481) (13,417) (46,395) 4,358 (79,935) Unrealized investment income (16,951) (20,227) (5,344) (11,525) (40,186) (77,282) Income taxes 17,311 (4,178) 8,585 (2,863) (6,932) (5,388) Acquisition success fees 20,000 — — — — — Non-recurring and other 5,636 19,609 38,161 7,480 (15,436) 49,814 After-tax Distributable Earnings 205,647 180,625 206,639 189,445 260,566 837,275 Income taxes 9,826 8,381 14,120 16,742 18,093 57,336 Distributable Earnings 215,473 189,006 220,759 206,187 278,659 894,611 Realized performance allocations, net (18,996) (31,552) (25,979) (32,112) (104,939) (194,582) Realized investment income and other, net 24,976 9,315 (5,910) 2,529 1,769 7,703 Depreciation expense 3,010 5,615 4,722 5,045 5,005 20,387 Interest expense, net 1,088 9,987 7,672 9,118 9,332 36,109 Fee-Related Earnings $ 225,551 $ 182,371 $ 201,264 $ 190,767 $ 189,825 $ 764,228

TPG | 40 GAAP to Non-GAAP Balance Sheet Reconciliation ($ in thousands) 4Q’23 4Q’24 Total GAAP Assets $ 9,369,672 $ 10,535,109 Impact of other consolidated entities Cash and cash equivalents (559,708) (660,961) Due from affiliates (346,910) (373,850) Investments (4,954,855) (5,339,846) Intangible assets and goodwill (77,688) (59,472) Other assets (285,406) (270,437) Subtotal for other consolidated entities (6,224,567) (6,704,566) Reclassification adjustments Restricted cash (13,183) (13,175) Due from affiliates (72,067) (73,162) Investments (1,769,257) (2,163,435) Net accrued performance 891,455 973,567 Investments in funds 877,802 1,189,868 Other assets 502,419 504,979 Subtotal for reclassification adjustments 417,169 418,642 Total Book Assets $ 3,562,274 $ 4,249,185 ($ in thousands) 4Q’23 4Q’24 Total GAAP Liabilities $ 6,008,538 $ 6,943,120 Impact of other consolidated entities Accounts payable and accrued expenses (167,235) (209,254) Due to affiliates (137,479) (146,125) Accrued performance allocation compensation (4,096,052) (4,376,523) Other liabilities (377,727) (322,392) Subtotal for other consolidated entities (4,778,493) (5,054,294) Reclassification adjustments Accounts payable and accrued expenses 291,586 612,162 Due to affiliates (5,696) (319,012) Other liabilities (274,736) (285,170) Subtotal for reclassification adjustments 11,154 7,980 Total Book Liabilities $ 1,241,199 $ 1,896,806

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.

TPG | 42 Definitions Acquisition refers to the Company’s acquisition of Angelo Gordon and certain of its affiliates (collectively, “Angelo Gordon” or “AG,” and after the Acquisition, “TPG Angelo Gordon” or “TPG AG”). 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.

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) net income (loss) attributable to non-controlling interests in consolidated entities, or (v) 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, (v) amortization, and (vi) 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.

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. 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.