TPG Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
TPG$48.79-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (unaudited) for the
Condensed Consolidated Statements of Cash Flows (unaudited)
(dollars in thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities: | ||
| Net income (loss) | $117,939 | $(66,584) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Equity-based compensation | 415,454 | 455,450 |
| Performance allocation compensation | 532,142 | 330,187 |
| Net losses from investment activities | 2,878 | 21,850 |
| Capital allocation-based income | (842,884) | (533,170) |
| Depreciation and amortization | 62,190 | 65,044 |
| Non-cash lease expense | 28,110 | 18,057 |
| Other non-cash activities | 15,837 | 2,062 |
| Changes in operating assets and liabilities: | ||
| Purchases of investments | (398,101) | (242,218) |
| Proceeds from investments | 1,041,245 | 648,609 |
| Due from affiliates | (75,389) | (8,213) |
| Other assets | (14,602) | 23,582 |
| Accounts payable and accrued expenses | 126,659 | 244,522 |
| Due to affiliates | 18,039 | 8,097 |
| Accrued performance allocation compensation | (398,897) | (253,869) |
| Other liabilities | (46,565) | (62,118) |
| Net cash provided by operating activities | 584,055 | 651,288 |
| Investing activities: | ||
| Acquisition of TPG Angelo Gordon | — | (16,334) |
| Purchases of fixed assets | (9,431) | (16,115) |
| Net cash used in investing activities | (9,431) | (32,449) |
| Financing activities: | ||
| Proceeds from debt obligations | 479,000 | 1,218,500 |
| Repayment of debt obligations | (151,000) | (919,500) |
| Issuance costs on debt obligations | — | (16,632) |
| Withholding taxes paid on net settlement of equity-based awards | (181,704) | (61,539) |
| Contributions from holders of other non-controlling interests | 93,716 | 37,901 |
| Dividends/Distributions | (482,363) | (421,747) |
| Settlement of contingent liabilities | (18,646) | — |
| Tax receivable agreement payments | (9,619) | — |
| Net cash used in financing activities | $(270,616) | $(163,017) |
| Net change in cash, cash equivalents and restricted cash | $304,008 | $455,822 |
| Cash, cash equivalents and restricted cash, beginning of period | 821,192 | 678,371 |
| Cash, cash equivalents and restricted cash, end of period | $1,125,200 | $1,134,193 |
| Supplemental disclosures of other cash flow information: | ||
| Cash paid for income taxes | $25,131 | $20,271 |
| Cash paid for interest | 46,001 | 16,821 |
| Reconciliation of cash, cash equivalents and restricted cash, end of period: | ||
| Cash and cash equivalents | $1,112,027 | $1,121,009 |
| Restricted cash | 13,173 | 13,184 |
| Cash, cash equivalents and restricted cash, end of period | $1,125,200 | $1,134,193 |
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