Expanding Reach and Growth Opportunities
FRR and FRE Bridge
TPG
2018
2019
2020
2021
3Q22
3Q22 LTM
GAAP Revenue
$1,404
$1,988
$2,115
$4,976
$561
$2,643
Capital-allocation income
(557)
(956)
(1,231)
(3,998)
(228)
(1,454)
Deconsolidation of former affiliate
(207)
(240)
(87)
Expense Reimbursements
(125)
(152)
(110)
(133)
(54)
(173)
Investment income and other
19
51
30
22
3
2
Fee-Related Revenue
535
691
716
867
282
1,018
Reorganization adjustments¹
Pro Forma Fee-Related Revenue
11
7
(1)
$535
$691
$727
$874
$282
$1,017
Distributable Earnings
$387
$399
$451
$1,249
$121
$819
Realized performance allocations, net
(325)
(286)
(313)
(1,000)
(5)
(439)
Realized investment income and other, net
(102)
(54)
(57)
(93)
0
(38)
Depreciation expense
8
6
7
7
0
5
Interest expense, net
3
4
15
15
4
16
Total Fee-Related Earnings
(29)
69
101
179
121
364
Reorganization adjustments¹
77
113
125
148
42
Pro Forma Fee-Related Earnings
$48
$182
$227
$326
$121
$406
Note: Figures may not sum due to rounding.
1. See the public TPG Prospectus dated January 12, 2022 for a full description of pro forma adjustments for 2018 and 2019, and the TPG 4Q21 Earnings Release dated March 28, 2022 for a full description of pro forma adjustments for 2020 and 2021.
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