TPGHIGH SIGNALOPERATIONAL10-K

TPG completed a major acquisition of Peppertree Capital Management (digital infrastructure investment firm) in July 2025, driving exceptional financial performance with net income surging 686% and revenue growing 33%.

The acquisition of Peppertree represents a strategic expansion into digital infrastructure investing, particularly wireless communications towers, which appears to be generating strong returns based on the dramatic improvement in profitability. The company also executed a significant capital restructuring, with Class A shares increasing from 107M to 154M while Class B shares decreased from 256M to 224M, indicating potential conversion of voting control or new equity issuances to fund growth.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

TPG delivered exceptional financial results driven by the Peppertree acquisition, with net income exploding 686% to $185M while revenue grew a solid 33% to $4.7B. The company significantly expanded its balance sheet with assets growing 28% to $13.5B and liabilities increasing 35% to $9.4B, while debt rose 34% to $1.7B, suggesting the acquisition was funded through a combination of debt and equity. Operating cash flow nearly doubled to $1.0B, demonstrating strong cash generation capabilities that should support the increased leverage and provide flexibility for future investments.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+686%
$23.5M→$184.6M

Net income grew 686% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+94%
$532.1M→$1.0B

Operating cash flow surged 94% — exceptional cash generation, highest quality earnings signal.

Total Liabilities
Balance Sheet
+34.8%
$6.9B→$9.4B

Liabilities grew 34.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Debt
Balance Sheet
+34.4%
$1.3B→$1.7B

Debt increased 34.4% — substantial leverage increase; assess whether deployed for growth or covering losses.

Revenue
P&L
+33.4%
$3.5B→$4.7B

Strong top-line growth of 33.4% — accelerating demand or successful expansion into new markets.

Total Assets
Balance Sheet
+28.1%
$10.5B→$13.5B

Asset base grew 28.1% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+15.2%
$3.6B→$4.1B

Equity base grew 15.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+13.1%
$82.7M→$93.6M

Net interest income grew 13.1% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
As of February 12, 2026, there were 153,715,203 shares of the registrant s Class A common stock, 6,605,963 shares of the registrant s nonvoting Class A common stock and 223,852,327 shares of the registrant s Class B common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 91 Item 7A.
and certain of its affiliated entities completed the acquisition (the Peppertree Acquisition ) of the business of Peppertree Capital Management, Inc.
( Peppertree ) pursuant to the terms and conditions set forth in the transaction agreement (the Peppertree Transaction Agreement ), as amended May 28, 2025, with Peppertree and certain affiliated entities and equity holders thereof (together with Peppertree, the Peppertree Parties ), a specialized digital infrastructure investment firm with a focus on wireless communications towers.
Accordingly, the results of TPG Peppertree included in our consolidated results of operations for the year ended December 31, 2025 are from July 1, 2025 through December 31, 2025.
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REMOVED
As of February 14, 2025, there were 107,108,198 shares of the registrant s Class A common stock, 6,605,963 shares of the registrant s nonvoting Class A common stock and 255,756,502 shares of the registrant s Class B common stock outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 90 Item 7A.
On November 1, 2023, TPG Inc., TPG Operating Group II, L.P., an indirect subsidiary of TPG Inc., and certain of their affiliated entities (collectively, the TPG Parties ) completed the acquisition (the Acquisition ) of Angelo, Gordon Co., L.P., AG Funds L.P.
(collectively, the Angelo Gordon Parties ) pursuant to the terms and subject to the conditions set forth in the Transaction Agreement, dated as of May 14, 2023, by and among the TPG Parties and the Angelo Gordon Parties.
Accordingly, the results of TPG Angelo Gordon included in our consolidated results of operations are from November 1, 2023 through December 31, 2024.
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