The strong FRE growth and record dry powder signal continued fee income expansion as capital is deployed. The dividend reduction from $0.59 to $0.55 per share may reflect higher share count or tax rate changes; watch for deployment pace and future fundraising updates.
Price Chart
Executive Summary
TPG reported Q3 2026 Fee-Related Earnings of $321M, up 43% YoY, and After-tax Distributable Earnings of $265M, up 24% YoY, driven by management fee growth and a 50% FRE margin. AUM reached $346B, up 21% YoY, with record $86B of dry powder. The company expects to exceed its $50B annual fundraising target with $42B raised year-to-date. The dividend was maintained at $0.55 per share.
Key Financial Metrics
Key Facts
- Q3 2026 Fee-Related Earnings (FRE) of $321M, up 43% from $225M in Q3 2025
- After-tax Distributable Earnings of $265M, up 24% from $214M in Q3 2025
- FRE margin expanded to 50% from 44% in Q3 2025
- Total AUM of $345.7B, up 21% year-over-year
- Fee-Earning AUM of $189.5B, up 16% year-over-year
- Record available capital of $85.6B for deployment
- Quarterly dividend declared at $0.55 per share, down from $0.59 in Q2 2026
- Management expects to exceed $50B annual fundraising target with $41.6B raised year-to-date
Financial Impact
FRE up 43% YoY to $321M; After-tax DE up 24% YoY to $265M; AUM up 21% to $345.7B
Risk Factors
- Realized performance allocations fell sharply to $7M in Q3 2026 from $30M in Q3 2025, indicating lower carried interest realizations
- Dividend per share reduced to $0.55 from $0.59 in the prior quarter
- Activist investor SC 13D/A filed 72 days ago adds pressure for capital returns or strategic changes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001880661-26-000054 |
| Document: tpg-20261029.htm | 0001880661-26-000054 |
| Document: tpg3q26pressrelease.htm | 0001880661-26-000054 |
| Document: 0001880661-26-000054-index-headers.html | 0001880661-26-000054 |
| Document: 0001880661-26-000054-index.html | 0001880661-26-000054 |
| Document: 0001880661-26-000054.txt | 0001880661-26-000054 |
| 8-K Data (Synthetic) | 0001880661-26-000054 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $47.94 $46.68 | ▼ −2.63% | ▼ −0.86% | $46.68 (−2.63%) |
Oct 16, 2026 16d ago | S-3ASR | $43.10 $44.38 | ▲ +2.97% | ▲ +2.63% | $46.68 (+8.31%) |
Aug 4, 2026 12w ago | 8-K | $48.98 $47.91 | ▼ −2.18% | ▼ −1.98% | $46.68 (−4.70%) |
Jun 22, 2026 18w ago | 8-K | $41.19 $39.58 | ▼ −3.91% | ▼ −2.46% | $46.68 (+13.33%) |
May 5, 2026 25w ago | Court Ruling | $43.95 $43.42 | ▼ −1.20% | ▼ −0.89% | $46.68 (+6.21%) |
US Market Status
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