TPGMEDIUM SIGNALOPERATIONAL10-K

TPG completed the acquisition of Peppertree Capital Management, a digital infrastructure investment firm, with results consolidated from July 2025.

The Peppertree acquisition represents TPG's strategic expansion into specialized digital infrastructure investments, particularly wireless communications towers, diversifying beyond traditional private equity. The substantial increase in share count (Class A shares rose from 107M to 154M) suggests meaningful equity was used to finance growth initiatives, which could dilute existing shareholders but also signals management's confidence in expanding the platform.

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

TPG demonstrated strong financial growth across key metrics, with revenue expanding meaningfully by 33% to $4.7B and operating cash flow nearly doubling to $1.0B, indicating improved operational efficiency. The balance sheet expanded proportionally, with total assets growing 28% to $13.5B while debt increased more modestly at 34% to $1.7B, maintaining a reasonable leverage profile. The overall financial picture suggests successful integration of acquisitions and organic growth, though investors should monitor whether the substantial cash flow improvement is sustainable.

FINANCIAL STATEMENT CHANGES
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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