| Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method |
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted net income (loss) per share of Class A common stock (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | 2025 | | 2024 | | 2023 | | Numerator: | | | | | | | | | | | Net income (loss) | | | | | $ | 599,585 | | | $ | (76,915) | | | $ | 23,385 | | | | | | | | | | | | | | | | | | | | | | | Less: | | | | | | | | | | | Net income attributable to redeemable equity in Public SPACs | | | | | — | | | — | | | 12,044 | | | Net income (loss) attributable to non-controlling interests in TPG Operating Group | | | | | 50,771 | | | (175,927) | | | (92,411) | | | Net income attributable to other non-controlling interests | | | | | 364,226 | | | 75,529 | | | 23,662 | | | Net income attributable to Class A Common Stockholders prior to distributions | | | | | 184,588 | | | 23,483 | | | 80,090 | | Reallocation of earnings to unvested participating restricted stock units(a) | | | | | (60,814) | | | (23,790) | | | (8,872) | | | Net income (loss) attributable to Class A Common Stockholders - Basic | | | | | 123,774 | | | (307) | | | 71,218 | | | | | | | | | | | | | Net income (loss) assuming exchange of non-controlling interest | | | | | 44,133 | | | (154,503) | | | (82,900) | | | Net income (loss) attributable to Class A Common Stockholders - Diluted | | | | | $ | 167,907 | | | $ | (154,810) | | | $ | (11,682) | | | Denominator: | | | | | | | | | | | Weighted-Average Shares of Common Stock Outstanding - Basic | | | | | 138,879,433 | | 100,219,905 | | 80,334,871 | | Exchange of Common Units to Class A Common Stock | | | | | 235,246,175 | | 264,505,674 | | 237,609,625 | | Weighted-Average Shares of Common Stock Outstanding - Diluted | | | | | 374,125,608 | | 364,725,579 | | 317,944,496 | | Net income (loss) available to Class A common stock per share | | | | | | | | | | | Basic | | | | | $ | 0.89 | | | $ | 0.00 | | | $ | 0.89 | | | Diluted | | | | | $ | 0.45 | | | $ | (0.42) | | | $ | (0.04) | | Dividends declared per share of Class A Common Stock(b) | | | | | $ | 1.98 | | | $ | 1.65 | | | $ | 1.40 | |
_________________ (a)No undistributed losses were allocated to unvested participating RSUs during the years ended December 31, 2025, 2024 and 2023, as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders. (b)Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends were declared on February 5, 2026 and are payable on March 5, 2026.
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