TPG Results Presentation Deck
Non-GAAP Balance Sheet
In 4Q'21 we effectuated certain aspects of the Reorganization with respect to assets transferred to
RemainCo, including cash and economic entitlements associated with certain other investments, which is
reflected in our Non-GAAP actuals; the pro forma column includes the impact of the IPO and additional
Reorganization activities
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The firm's securitized borrowings, which are backed by $492 million in pledged assets at 4Q'21, have a
face value of $250 million and were issued in two tranches between 2018 and 2019
In 4Q'21, we issued a senior unsecured term loan with a face value of $200 million as part of the
Reorganization, and our net debt(1) was $208 million at year-end
At 4Q'21 we had a $300 million credit facility available with no current draws
($ in thousands)
Book Assets
Cash and cash equivalents
Restricted cash
Accrued performance allocations
Other investments
Other assets, net
Total Book Assets
Book Liabilities
Accounts payable, accrued expenses and other
Securitized borrowing, net
Senior unsecured term loan
Total Book Liabilities
Net Book Value
3Q'21
Non-GAAP
335,540
13,135
2,414,330
1,546,471
676,881
4,986,357
581,768
244,873
826,641
4Q'21
242,370 $
13,135
1,344,348
894,741
398,154
2,892,748
525,267
244,950
199,494
969,711
3Q'21
Pro Forma
678,057
13,135
677,017
793,797
637,070
2,799,076
329,775
244,873
200,000
774,648
$ 4,159,716 $ 1,923,037 $ 2,024,428
$
4Q'21
646,387
13,135
769,283
894,741
169,713
2,493,259
308,421
244,950
199,494
752,865
1,740,394
Note: Pro forma financial measures are on an adjusted basis, assuming the Reorganization and IPO on January 1, 2020; see the Reconciliations and Disclosures section of this presentation for a full reconciliation and description of adjustments.
1. Net debt comprised of $450 million in face value debt less $242 million of cash and cash equivalents.
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