v3.25.4
Debt Obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table summarizes the Company’s and its subsidiaries’ debt obligations (in thousands):

As of December 31, 2025As of December 31, 2024
Maturity DateBorrowing AmountCarrying ValueInterest RateCarrying ValueInterest Rate
Senior Unsecured Revolving Credit Facility(a)
May 2030$1,750,000 $— 4.74 %$— 5.43 %
2034 Senior Notes(b)
March 2034600,000 594,700 5.88 %594,051 5.88 %
2036 Senior Notes(c)
January 2036500,000 491,353 5.38 %— — %
Subordinated Notes(d)
March 2064400,000 390,311 6.95 %390,058 6.95 %
Secured Notes - Tranche A(e)
June 2038200,000 196,931 5.33 %196,683 5.33 %
Secured Notes - Tranche B(e)
June 203850,000 49,252 4.75 %49,192 4.75 %
364-Day Revolving Credit Facility(f)
April 2026300,000 — 5.69 %52,000 6.33 %
Subordinated Credit Facility(g)
August 202730,000 — 6.04 %— 6.68 %
Total debt obligations$3,830,000 $1,722,547 $1,281,984 
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(a)As of December 31, 2025, 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%. In May 2025, the Company amended the Senior Unsecured Revolving Credit Facility to extend the maturity date to May 1, 2030 and increased the size of the Senior Unsecured Revolving Credit Facility to $1.65 billion. In June 2025, the Company further amended the Senior Unsecured Revolving Credit Facility to increase the size of the Senior Unsecured Revolving Credit Facility to $1.75 billion.
(b)On March 5, 2024, the Notes Issuer issued $600.0 million aggregate principal amount of Senior Notes due 2034 with interest payable semi-annually in arrears on March 5 and September 5 of each year, beginning on September 5, 2024.
(c)The 2036 Senior Notes were issued on August 14, 2025 with interest payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2026.
(d)On March 4, 2024, the Notes Issuer issued $400.0 million aggregate principal amount of Fixed-Rate Junior Subordinated notes due 2064 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.
(e)The Company’s Secured Notes are issued using on-balance sheet securitization vehicles, as further discussed in Note 10 to the Consolidated Financial Statements.
(f)On April 14, 2023, a consolidated subsidiary of the Company entered into a 364-day revolving credit facility with Mizuho Bank, Ltd., acting as administrative agent, to provide the subsidiary with revolving borrowings of up to $150.0 million. In April 2025, the consolidated subsidiary amended the 364-Day Credit Facility to increase the aggregate principal amount of the existing commitments to $300.0 million and extend the commitment termination date to April 9, 2026.
(g)On August 2014, a consolidated subsidiary of the Company entered into two $15.0 million subordinated revolving credit facilities, 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.
Schedule of Fair Values of Debt
The following table provides information regarding the fair values of the Company’s debt which are carried at amortized cost (in thousands):

December 31,
20252024
2034 Senior Notes(a)
$627,402 $614,844 
2036 Senior Notes(a)
499,380 — 
Subordinated Notes(b)
397,600 406,720 
Secured Notes - Tranche A(c)
198,960 196,403 
Secured Notes - Tranche B(c)
49,070 48,194 
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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.