The Company calculates its basic and diluted income (loss) per share using the two-class method for all periods presented, which defines unvested share-based payment awards that contain nonforfeitable rights to dividends as participating securities. The two-class method is an allocation formula that determines income per share for each share of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all income (distributed and undistributed) is allocated to common shares and participating securities based on their respective rights to receive dividends.

In computing the dilutive effect that the exchange of TPG Operating Group partnership units would have on net income available to Class A common stock per share, TPG considered that net income (loss) available to holders of shares of Class A common stock would increase due to the elimination of non-controlling interests in the TPG Operating Group, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the TPG Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator:
Net income	$	263,845	$	199,230	$	460,242	$	317,169


Less:
Net income attributable to non-controlling interests	164,211		132,090		268,635		209,695
Net income attributable to Class A Common Stockholders prior to distributions	99,634		67,140		191,607		107,474
Reallocation of earnings to unvested participating restricted stock units(a)	(23,105)		(17,841)		(56,304)		(49,556)
Net income attributable to Class A Common Stockholders - Basic	76,529		49,299		135,303		57,918

Net income (loss) assuming exchange of non-controlling interest	81,858		27,918		87,046		(347)
Net income attributable to Class A Common Stockholders - Diluted	$	158,387	$	77,217	$	222,349	$	57,571
Denominator:
Weighted-Average Shares of Common Stock Outstanding - Basic	171,184,988		150,527,419		165,205,826		133,901,421
Exchange of Common Units to Class A Common Stock	214,480,631		227,818,528		219,749,696		238,747,805
Weighted-Average Shares of Common Stock Outstanding - Diluted	385,665,619		378,345,947		384,955,522		372,649,226
Net income available to Class A common stock per share
Basic	$	0.45	$	0.33	$	0.82	$	0.43
Diluted	$	0.41	$	0.20	$	0.58	$	0.15
Dividends declared per share of Class A Common Stock(b)	$	0.59	$	0.59	$	1.79	$	1.53

(a)No undistributed losses were allocated to unvested participating RSUs during the three and nine months ended September 30, 2026 and 2025, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.