v3.26.1
Debt Obligations
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Obligations
8. Debt Obligations
On February 26, 2026, the Notes Issuer completed an offering of $500.0 million aggregate principal amount of Senior Notes due 2031 (the “2031 Senior Notes”). The 2031 Senior Notes will mature on May 15, 2031, unless earlier accelerated, redeemed or repurchased. The 2031 Senior Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Guarantors, and are unsecured and unsubordinated obligations of the Notes Issuer and the Guarantors. The 2031 Senior Notes bear interest at a rate of 4.875% per annum, which is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026. The 2031 Senior Notes contain certain covenants which, subject to certain limitations, restrict the ability of the Notes Issuer and, as applicable, the Guarantors to merge, consolidate or sell, assign, transfer, lease or convey all or substantially all of their combined assets, or create liens on the voting stock of their subsidiaries. Transaction costs related to the 2031 Senior Notes issuance have been capitalized and are amortized over the life of the 2031 Senior Notes.
The following table summarizes the Company’s and its subsidiaries’ debt obligations (in thousands):
As of June 30, 2026As of December 31, 2025
Maturity DateBorrowing AmountCarrying ValueInterest RateCarrying ValueInterest Rate
Senior Unsecured Revolving Credit Facility(a)
May 2030$1,750,000 $125,000 4.70 %$— 4.74 %
2031 Senior Notes(b)
May 2031500,000 495,087 4.88 %— — %
2034 Senior Notes(c)
March 2034600,000 595,023 5.88 %594,700 5.88 %
2036 Senior Notes(d)
January 2036500,000 491,810 5.38 %491,353 5.38 %
Subordinated Notes(e)
March 2064400,000 390,438 6.95 %390,311 6.95 %
Secured Notes - Tranche A(f)
June 2038200,000 197,055 5.33 %196,931 5.33 %
Secured Notes - Tranche B(f)
June 203850,000 49,282 4.75 %49,252 4.75 %
364-Day Revolving Credit Facility(g)
April 2027300,000 — 5.65 %— 5.69 %
Subordinated Credit Facility(h)
August 202730,000 — 6.00 %— 6.04 %
Total debt obligations$4,330,000 $2,343,695 $1,722,547 
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(a)As of June 30, 2026, the senior unsecured revolving credit facility, as amended (the “Senior Unsecured Revolving Credit Facility”) has aggregate revolving commitments of $1.75 billion. Dollar-denominated principal amounts outstanding under the Senior Unsecured Revolving Credit Facility accrue interest, at the option of the applicable borrower, either (i) at a base rate plus applicable margin not to exceed 0.20% per annum or (ii) at a term SOFR rate plus a 0.10% per annum adjustment and an applicable margin not to exceed 1.20%.
(b)On February 26, 2026, the Notes Issuer issued $500.0 million aggregate principal amount of 2031 Senior Notes with interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026.
(c)On March 5, 2024, the Notes Issuer issued $600.0 million aggregate principal amount of Senior Notes due 2034 (the “2034 Senior Notes”) with interest payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024.
(d)On August 14, 2025, the Notes Issuer issued $500.0 million aggregate principal amount of Senior Notes due 2036 (the “2036 Senior Notes” and, collectively with the 2031 Senior Notes and the 2034 Senior Notes, the “Senior Notes”) with interest payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026.
(e)On March 4, 2024, the Notes Issuer issued $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated notes due 2064 (the “Subordinated Notes”) with interest payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2024, subject to the Notes Issuer’s right, on one or more occasions, to defer the payment of interest on the notes for up to five consecutive years.
(f)The Company’s Secured Notes are issued using on-balance sheet securitization vehicles, as further discussed in Note 7 to the Condensed Consolidated Financial Statements.
(g)On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility (the “364-Day Credit Facility”) with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. This facility was increased to $300.0 million in April 2025 and subsequently extended in April 2026 to a new termination date of April 7, 2027.
(h)On August 2014, a consolidated subsidiary of the Company entered into two $15.0 million subordinated revolving credit facilities (collectively, the “Subordinated Credit Facility”), for a total commitment of $30.0 million. The Subordinated Credit Facility is available for direct borrowings and is guaranteed by certain members of the TPG Operating Group. In August 2025, the subsidiary extended the maturity date of the Subordinated Credit Facility from August 2026 to August 2027.
At June 30, 2026, the Company was in compliance with all covenants under the debt obligations.
The following table provides information regarding the fair values of the Company’s debt which are carried at amortized cost (in thousands):

June 30, 2026December 31, 2025
2034 Senior Notes(a)
$608,382 $627,402 
2036 Senior Notes(a)
486,070 499,380 
2031 Senior Notes(a)
492,900 — 
Subordinated Notes(b)
374,560 397,600 
Secured Notes - Tranche A(c)
197,560 198,960 
Secured Notes - Tranche B(c)
48,850 49,070 
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(a)Fair value is based on indicative quotes and the notes are classified as Level II within the fair value hierarchy.
(b)Fair value is based on quoted prices in active markets since the debt is publicly listed and the notes are classified as Level I within the fair value hierarchy.
(c)Fair value is based on current market rates and credit spreads of the Company’s Senior Notes and debt with similar maturities. The notes are classified as Level II within the fair value hierarchy.
In the case of the Company’s Senior Unsecured Revolving Credit Facility, Subordinated Credit Facility and 364-Day Credit Facility, the fair values approximate the carrying amounts represented in the Condensed Consolidated Financial Statements due to their variable rate nature.
During the three and six months ended June 30, 2026 the Company incurred interest expense of $35.3 million and $67.2 million, respectively, on its debt obligations. During the three and six months ended June 30, 2025 the Company incurred interest expense of $24.1 million and $46.5 million respectively, on its debt obligations.