TPG Stock: Fees, Dividend, Twin Brook, Angelo Gordon (Q2 2026)

What the quote pages leave out

TPG Inc. is the manager. It earns fees from funds such as T-POP, TPG Twin Brook Capital Income Fund and the closed-end funds that came with Angelo Gordon, and it shares in their profits through carried interest. Owning TPG stock does not give you any of those funds, and owning one of them does not make you a TPG shareholder. As of July 31, 2026 the company had 160,109,058 Class A shares, 6,605,963 nonvoting Class A shares and 217,809,708 Class B shares outstanding, the Class B tied to Common Units that can be exchanged for Class A.

Three things in the filings change how the headline numbers read:

• Most of the earnings are not Class A's. TPG's own table shows 43% of Q2 fee-related earnings attributable to TPG Inc. ($136.4 million of $314.6 million, FRE per share $0.82) and the rest to unit holders. All per-share figures on this page are TPG's, on an estimated 166,715,021 Class A shares at the dividend record date.
• Gross assets are counted as AUM for at least one retail fund. TCAP's $5,105 million in TPG's table equals the fund's total assets. Its net assets, what its shareholders own, were $2,687.5 million (52.6%, our arithmetic).
• The GAAP profit is not the dividend base. GAAP net income was $319.7 million in Q2 2026 against $30.1 million a year earlier, helped by $923.2 million of unrealized performance allocations. TPG's non-GAAP net accrued performance, the part attributable to its Common Unit holders, is $1,368 million against $7,769 million of performance allocations on the GAAP balance sheet, and the 10-Q says the TPG Operating Group Common Unit holders are expected to receive a 20% performance allocation from the shared entities. The dividend is set on after-tax distributable earnings.

The last five quarters in one table

All amounts are in $ million except per-share figures, from the Q4 2025, Q1 2026 and Q2 2026 earnings presentations (8-K Exhibit 99.2) and the Q2 10-Q. Fee-related revenues and fee-related earnings are TPG's non-GAAP measures.

The Q3 2025 revenue and distributable earnings are the 2025 full-year figure ($2,109.3 million of fee-related revenues; $973.5 million of after-tax distributable earnings) less the other three quarters of 2025 (our arithmetic). Full-year 2025 fee-related earnings were $952.6 million, a 45% margin, against $764.2 million in 2024. After-tax distributable earnings for the last twelve months to June 30, 2026 were $1,080.3 million and fee-related earnings $1,113.0 million.

What moved fee-related earnings in Q2 2026

Fee-related earnings covered 106% of pre-tax distributable earnings in Q2 2026, against 83% in Q1 (our arithmetic: $314.6 million of $296.5 million, and $246.9 million of $296.0 million). The gap closes because realized carry fell: TPG realized $35.4 million of performance allocations, net, in Q2, against $87.0 million a year earlier. TPG's presentation names the funds behind the carry that did arrive: TDM in Growth, TPG VII in Capital, Net Lease Realty III in Real Estate and MMDL V in Credit. TPG's net accrued performance, the carry on its books not yet realized, was $1,368 million at June 30, 2026, up from $1,188 million at March 31.

The transaction fee line is the one to watch. The 10-Q says the $66.0 million GAAP increase was “primarily driven by capital markets activity among our portfolio companies involving our broker-dealer.” It depends on how many financings and offerings TPG's portfolio companies do in a quarter, so it can fall as quickly as it rose. TPG's own text credits the margin gain to “management fees and our capital markets business.” For management fees, the 10-Q gives the change by platform on a GAAP basis ($70.2 million in total, from $452.5 million to $522.7 million):

The six lines add to $69.6 million against the $70.2 million total stated; the filing does not explain the $0.6 million difference (our arithmetic). Catch-up management fees, which are one-time charges for investors who join a fund late, were $33 million in Q2 2026 and $43 million a year earlier, per TPG's presentation.

The dividend: 85% of what Class A earns, set one quarter at a time

The policy is in the 10-K: “Our current intention is to pay holders of our Class A common stock and nonvoting Class A common stock a quarterly dividend representing at least 85% of TPG Inc.’s share of distributable earnings.” The same section says the board and Executive Committee “may change our dividend policy at any time, including, without limitation, to reduce such dividends or even to eliminate such dividends entirely.” Each quarter TPG shows the arithmetic: after-tax distributable earnings attributable to TPG Inc., divided by estimated Class A shares at the record date, times the target payout.

Dividends declared were $2.06 per share for 2025, against after-tax distributable earnings per share of $2.41 (85.5%, our arithmetic), and $1.18 for the first half of 2026. The Q2 dividend went to holders of record on August 14, 2026 and was payable August 28. In Q2, TPG Inc.'s own after-tax distributable earnings were $115.8 million of the company's $280.2 million (41.3%, our arithmetic), with a corporate tax rate of 8.0% on that portion. The Q3 2026 dividend had not been declared as of October 15, 2026. This is a payout on realized earnings, not a fixed amount: it is covered by construction, and it moves with fee-related earnings and realized carry.

Credit, real estate and private equity: the split

TPG reports six platforms. Credit is the largest and the one that grew fastest by dollars; real estate is the one that has barely grown its fee base. All $ are June 30, 2026 against June 30, 2025, from TPG's AUM and fee-earning AUM roll-forwards. Growth rates are our arithmetic.

Credit plus real estate is $143.1 billion, 43.8% of AUM, and $83.5 billion, 46.1% of fee-earning AUM (our arithmetic). The three private equity platforms (Capital, Growth and Impact) are $163.6 billion, 50.1% of AUM, and Market Solutions, which includes T-POP and Peppertree, is the remaining 6.2%. The text of the 10-Q we read gives no Angelo Gordon-only AUM or fee figure now that the business is integrated, so this page cannot say how much of the $101.2 billion in credit or $41.9 billion in real estate came with the deal.

The twelve-month flows show why credit's fee base grew and real estate's did not. All $ million, from the twelve-month roll-forwards:

Credit raised $23.8 billion of AUM but only $3.7 billion of it started paying fees in the period; the fee-earning base grew mostly because funds already raised deployed $16.3 billion, since many credit funds charge on invested capital. Real Estate raised $5.4 billion of AUM and $150 million of new fee-earning capital, with $2.1 billion of fee-earning realizations. Growth and Impact are in the CSV. The credit figure shown for outflows, $1,542 million over twelve months, is TPG's measure of redemptions and withdrawals from its Credit funds.

The 10-Q lists the products inside credit and real estate, with AUM at June 30, 2026:

The five credit products add to $101.2 billion (our arithmetic). The six real estate products add to $35.2 billion of the platform's $41.9 billion (our arithmetic); the rest includes TRTX, the listed commercial mortgage REIT TPG manages (52 first mortgage loans and $4.5 billion of loan commitments at June 30, 2026), and TRECO, whose AUM the text does not state. For how TRTX's dividend and loan book compare with other commercial mortgage REITs, see our commercial mortgage REIT dividends and delinquencies page.

What Angelo Gordon changed

TPG closed the Angelo Gordon acquisition on November 1, 2023. The 10-K puts the price at $1,143.4 million: $740.7 million in cash at closing ($470.0 million of it drawn on TPG's revolver), 9.2 million vested Common Units, 43.8 million unvested Common Units treated as compensation, three annual cash holdback payments of $50.0 million each ($150.0 million), and the non-compensatory part of an earnout. The earnout is the part that is still open:

What that means for a shareholder, reading only the filings: TPG's judgment is that settling the earnout is not probable, and the liability is correspondingly small. The company's reported fee-related revenues were $1,185.4 million in the first half of 2026 and $2,323.2 million over twelve months, and the text we read does not state the target. The other open date is November 1, 2026, after which the partners' restriction on transferring or exchanging Class A stock, Class B stock and Common Units ends under the schedule above. That is a supply-side fact, not a forecast of sales. The 10-K also says that after the acquisition TPG “created an information barrier between our historical TPG business and the Credit platform and certain Real Estate products,” so the credit and real estate teams operate behind a wall from the private equity side.

The Angelo Gordon funds' own record, from the 10-Q performance tables as of June 30, 2026 (net IRR is TPG's inception-to-date figure after fees and carry):

Twin Brook, T-POP and the retail evergreen funds

TPG says the evergreen funds are where individual investors come in, and its own table lists nine of them. All AUM in $ million at June 30, 2026, with TPG's “total return” (a different measure for each fund; see the notes below):

The nine add to $26,604 million, 49.8% of the $53.4 billion TPG counts as perpetual AUM (our arithmetic); the 10-Q does not list the other half. The total returns are not comparable: for TCAP it is the change in net asset value per share plus reinvested distributions, annualized, for Class I before any upfront placement fee (Class D carries up to 1.5% and Class S up to 3.5%); for T-POP it is a blended per-unit figure for Class I and Class R-I (Classes S and R-S: 33%); for the others, onshore funds only. TPG says these metrics are an average of returns and do not necessarily reflect the actual return of any particular investor.

TCAP is the Twin Brook fund. TPG's 10-K names one business development company: “We also manage TCAP, a business development company,” with AGTB Fund Manager, LLC, a TPG subsidiary, as its investment adviser. Its own 10-Q for the quarter ended June 30, 2026 (accession 0001913724-26-000024) shows what TPG's $5,105 million refers to:

Net assets are 52.6% of the AUM figure (our arithmetic). The difference is $2,417.5 million of liabilities at June 30, 2026. The portfolio is all first-lien senior secured debt except $103.1 million in affiliated funds and $32.6 million in joint ventures. For how TCAP's fees, distribution and tender results compare with the other non-traded BDCs, see our private credit funds page and the non-traded BDC list.

On exits, the 10-K says “None of TRTX, MITT or TCAP has redemption provisions or a requirement to return capital to investors upon exiting the investments made with such capital, except as required by applicable law.” In practice TCAP runs quarterly tender offers. In the offer that expired June 2, 2026, TCAP offered to buy up to 5,055,017 shares. Shareholders tendered 2,088,337 shares, 41.3% of the amount offered (our arithmetic), and the fund accepted 100% of them, paying $52,523,223 on or about July 31, 2026 after the early repurchase deduction. TCAP shareholders tendered 2,088,337 shares in the offer that expired June 2, 2026, and the fund accepted all of them. The next offer, filed August 5, 2026, was for up to 5,332,569 shares, about 5% of shares outstanding, and ran to September 1, 2026 at the net asset value of September 30, 2026. TCAP's result for it had not been filed as of October 15, 2026; the Q2 result was filed July 31, about two months after the offer expired.

T-POP is a different animal: a private fund under Section 3(c)(7), sold to accredited investors who are also qualified purchasers (per our T-POP page), launched June 2025, with $2.3 billion of AUM at June 30, 2026. The 10-Q says TPG recognized performance allocation income of $19.4 million from the T-POP strategy in Q2 2026 and $24.5 million in the first half, and that a TPG operating subsidiary entered an unsecured, uncommitted line of credit of up to $250.0 million with a T-POP affiliate in August 2025, with nothing outstanding at June 30, 2026. Its monthly NAV, fees, exit terms and holdings are in our T-POP page.

What the filings do not show: how much of TPG's fee-related revenue comes from the individual-investor funds, and how much of the credit platform's $507 million of Q2 outflows came from TCAP or from any named fund. Fee-related performance revenues, which TPG defines as “incentive fees from perpetual capital vehicles” that are recurring and not tied to asset sales, were $9.0 million in Q2 and $53.5 million over twelve months, against $1,928.4 million of management fees over twelve months. On the evidence in the filings, the retail evergreen funds are not yet a large incentive-fee earner for TPG. The company is building the channel: the June 22, 2026 Form 8-K says Jack Weingart, the outgoing chief financial officer, becomes chief executive officer of the Global Wealth Solutions business, a role he “added to his responsibilities in 2025 focused on leading and building out the Company’s wealth platform.”

Debt, cash and the Jackson stake

TPG had $2,343.7 million of debt obligations on its GAAP balance sheet at June 30, 2026, up from $1,722.5 million at December 31, 2025. Non-GAAP cash was $192 million and net debt $2.2 billion; the undrawn revolver was $1.6 billion and total liquidity $1.8 billion. Debt principal of $2,375 million is 2.1 times the last twelve months' $1,113.0 million of fee-related earnings (our arithmetic). Ratings are Moody's A3, S&P BBB+ and Fitch A-.

The contractual-obligations table shows no debt maturing before 2030: $125 million in 2030 and $2,250 million in 2031 and after. The 364-day facility ($300 million) and the subordinated credit facility ($30 million) were undrawn. In February 2026 TPG entered an investment management partnership with Jackson Financial under which it will manage select general account assets of Jackson's subsidiaries, and the TPG Operating Group bought 4,715,554 shares of Jackson common stock, paying $500.0 million in the first half; the stake was carried at $489.2 million at June 30, 2026.

What the latest filings flag

• The dividend is a policy, not a promise. The 10-K allows the board to reduce or eliminate it.
• Transaction fees are lumpy. $102.4 million of the quarter's fee-related revenues were transaction, monitoring and other fees, 16.3% of the total (our arithmetic), tied to capital markets deals.
• Realized carry is small this year. $103.1 million net in the first half against $126.7 million a year earlier, while $1,368 million sits as accrued performance not yet realized.
• Redemptions are visible in Credit. $507 million of the $508 million of Q2 outflows were in Credit, $635 million in Q1. The 10-K says avoiding excessive redemptions “depends on our funds’ continued satisfactory performance.”
• Leadership changed. The September 8, 2026 Form 8-K reports that Todd Sisitsky notified TPG he was stepping down as President and a director, effective immediately. It gives no reason in the text we read. A new CFO started July 27, 2026.
• Obligations tied to deals. The Angelo Gordon earnout (up to $400.0 million), and an earnout of up to $300.0 million for TPG Peppertree, which TPG treats as post-combination compensation.
• The next numbers are not out. The Q3 2026 earnings release and 10-Q were not on EDGAR as of October 15, 2026.

What a holder or interested reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. These are the checks the filings support.

• If you hold TPG stock, read the dividend as 85% of one quarter's after-tax distributable earnings attributable to Class A, not as a fixed number: $0.45, $0.61, $0.59 and $0.59 for the last four quarters declared. The documents that matter next are the Q3 earnings presentation (fee-related earnings and the capital-markets line) and the 10-Q (the earnout and redemption language). Compare it with the other listed managers on our pages: Blackstone, KKR, Apollo and Blue Owl.
• If you hold TCAP, your number is the fund's: $25.20 net asset value per share, 0.2% of debt on non-accrual, and the tender result. Read the fund's 10-Q and its Schedule TO filings, not the AUM line in TPG's presentation. The fee and exit terms are in the private credit funds comparison.
• If you hold T-POP, TPG's 10-Q puts it at $2.3 billion and a 34% blended total return (TPG's measure), but the price you can sell at is the monthly NAV less the 5% early redemption deduction on units under two years, as our T-POP page sets out.
• Know what the manager earns. TPG earns management fees on committed or invested capital, incentive fees on perpetual funds, and carried interest on the closed-end funds. A quarter with a lot of carry and capital-markets income looks better than one with only management fees.
• Compare listed and non-traded. TPG stock trades on Nasdaq at a market price; TCAP and T-POP are priced at net asset value and sold back to the fund in limited windows. The differences are in non-traded REITs versus publicly traded REITs and our private credit redemption tracker.

If you have real money in TPG's evergreen funds, two facts from the filings bear on the decision: TCAP accepted all 2,088,337 shares tendered in its June offer, and TPG's Credit platform had $507 million of redemptions and withdrawals in Q2 2026. How much that matters depends on your size, your taxes and your other holdings.

FAQ

All figures are from TPG Inc. (CIK 1880661) SEC filings read on EDGAR on October 15, 2026: the Form 10-K for 2025 (accession 0001880661-26-000011, filed February 17, 2026); the Form 10-Q for Q2 2026 (0001880661-26-000049, August 4, 2026); the earnings releases furnished on Form 8-K for Q4 2025 (0001880661-26-000003), Q1 2026 (0001880661-26-000029) and Q2 2026 (0001880661-26-000046); the Item 5.02 8-Ks of June 22, 2026 (0001880661-26-000040) and September 8, 2026 (0001880661-26-000051); and, for TPG Twin Brook Capital Income Fund (CIK 1913724), its Form 10-Q for Q2 2026 (0001913724-26-000024) and tender-offer filings of July 31 and August 5, 2026 (0001628280-26-051482, 0001628280-26-052976). Percentages, sums, per-quarter dividend ratios, platform shares and growth, the derived Q3 2025 figures and the vehicle totals are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.