v3.25.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating activities:        
Net income (loss) $ 30,111 $ (57,578) $ 117,939 $ (66,584)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Equity-based compensation 209,622 227,542 415,454 455,450
Performance allocation compensation 233,437 133,753 532,142 330,187
Net losses from investment activities 791 16,652 2,878 21,850
Capital allocation-based income (351,463) (221,394) (842,884) (533,170)
Depreciation and amortization 30,808 32,079 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     0 (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     0 (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) 0
Tax receivable agreement payments     (9,619) 0
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 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 1,112,027 1,121,009
Restricted cash 13,173 [1] 13,184 13,173 [1] 13,184
Cash, cash equivalents and restricted cash, end of period $ 1,125,200 $ 1,134,193 $ 1,125,200 $ 1,134,193
[1] The Company’s consolidated total assets and liabilities as of June 30, 2025 and December 31, 2024 include assets and liabilities of variable interest entities (“VIEs”). These assets can be used only to satisfy obligations of the VIEs, and the creditors of the VIEs have recourse only to these assets, and not to TPG Inc. See Notes 2, 7 and 8 to the Condensed Consolidated Financial Statements