TPGXL — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-04

• solutions, seeking to capture return opportunities between core infrastructure and private equity within the energy transition, green mobility, negative emissions and sustainable fuels sectors.

• The second quarter of 2026 was characterized by a pivot from the defensive orientation of the prior quarter toward a broad-based risk-on environment. Market momentum was driven by a recovery in the technology sector following AI-related volatility in the first quarter and the de-escalation of the Mi…

• Global equities staged a powerful advance with major indices recovering the losses sustained in the first three months of the year. Domestic markets reached record highs fueled by strong momentum in growth oriented and small cap segments. The Nasdaq Composite and Russell 2000 gained 21.4% and 21.2%,…

• Sector performance diverged sharply as investors rotated aggressively back into technology and technology-adjacent themes. The Technology sector was the primary driver of the rally with a gain of 31.8% for the quarter. This was highlighted by the S&P 500 Semiconductor & Equipment industry group, whi…

• Macroeconomic indicators reflected an environment of persistent but stabilizing inflationary pressures. The Consumer Price Index showed prices rose approximately 4.2% year-over-year in the quarter, remaining persistently above the Federal Reserve’s 2% target. Prices were impacted by the flow-through…

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• TPG Digital Media (“TDM”) is a flexible source of capital focused on pursuing control equity investments in digital media. TDM seeks to pursue investments in businesses in which we have the opportunity to capitalize on our long history of studying and pursuing content-centric themes.

• The first quarter of 2026 was defined by a pivot toward volatility and defensive positioning by investors. Market sentiment was primarily pressured by the dual threats of an escalating Middle Eastern conflict, which disrupted global energy stability and ignited a commodity rally, alongside deepening…

• Equities reversed their positive momentum from recent quarters, with the S&P 500 and Dow Jones Industrial Average declining 4.6% and 3.6%, respectively. Performance diverged sharply by sector: energy, materials and utilities surged 37.2%, 9.3% and 7.5%, respectively, on the back of a commodity rally…

• Economic indicators in the first quarter of 2026 reflected the impact of geopolitical disruption and persistent inflation. The Consumer Price Index, which had declined toward 2.6% in early February, reversed course following the Middle Eastern conflict, rising to approximately 3.0% to 3.5% by quarte…

• consistent with the low-hire, low-fire labor market environment established in late 2025. U.S. real GDP growth tracked between 2.0% and 3.0% for the quarter according to the Federal Reserve Bank of Atlanta's GDPNow model.

Text added vs the prior filing · source: 10-Q · 2026-08-04

• Through March 31, 2026, the functional currency of our international subsidiaries was the U.S. dollar. On April 1, 2026, we changed the functional currency of certain of our international subsidiaries from the U.S. dollar to the local currency. The change in the functional currency did not have a ma…

Text added vs the prior filing · source: 10-Q · 2026-08-04

• During the quarter ended June 30, 2026, we implemented a new enterprise resource planning (“ERP”) system. The new ERP replaced our previous ERP including our accounting system and general ledger. As a result of this implementation, we modified certain existing controls and implemented new controls a…

• Other than the ERP implementation described above, there were no changes in our internal control over financial reporting during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2026-05-01

• There has been no change in our internal control over financial reporting during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.