TPGXLMEDIUM SIGNALFINANCIAL10-K

TPG completed the acquisition of Peppertree Capital Management in July 2025, a digital infrastructure investment firm focused on wireless communications towers, driving meaningful growth across key financial metrics.

The Peppertree acquisition represents a strategic expansion into specialized digital infrastructure investing, complementing TPG's existing capabilities and contributing to strong financial performance in the second half of 2025. This follows TPG's previous Angelo Gordon acquisition, suggesting a continued strategy of targeted acquisitions to diversify and scale the platform.

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

TPG demonstrated strong financial performance with revenue growing 33% to $4.7 billion and operating cash flow nearly doubling to $1.0 billion, reflecting both organic growth and the mid-year Peppertree acquisition. The balance sheet expanded proportionally with total assets increasing 28% to $13.5 billion while debt levels rose more modestly at 34% to $1.7 billion. The overall financial picture indicates successful integration of the acquisition while maintaining healthy cash generation and reasonable leverage ratios.

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.
political and financial regulatory environment; and our structure, which involves complex provisions of U.S.
Peppertree refers to the business of Peppertree Capital Management, Inc., an Ohio corporation.
Following the closing of the acquisition, we refer to Peppertree as TPG Peppertree.
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.
TPG Partner Vehicles refers to, collectively, the vehicles through which the Founders and current and former TPG partners (including such persons related entities and estate planning vehicles) hold their equity in the TPG Operating Group, including TPG Group Holdings and TPG Partner Holdings.
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.
Risk Factor Summary The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows.
Following the closing of the Acquisition, we refer to Angelo Gordon as TPG Angelo Gordon.
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.
Transaction Agreement refers to that certain transaction agreement dated as of May 14, 2023, by and among TPG, the TPG Operating Group, GP LLC, Angelo Gordon and certain of its affiliated entities, as amended on October 3, 2023, October 31, 2023 and March 13, 2024.
In addition, for definitions of Gross IRR, Net IRR, Gross MoM, Net IRR, Net MoM, and related terms, see Item 7.
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