TPG Inc. (NASDAQ:TPG) Q2 2023 Results Conference Call August 8, 2023 11:00 AM ET

Company Participants

Gary Stein - Head, IR

Jon Winkelried - CEO

Jack Weingart - CFO

Jim Coulter - Executive Chairman, Co-Founder

Todd Sisitsky - President

Conference Call Participants

Alex Blostein - Goldman Sachs

Brian Bedell - Deutsche Bank

Brian McKenna - JMP Securities

Glenn Schorr - Evercore

Ken Worthington - JP Morgan

Luke Mason - BNP Paribas

Mike Brown - KBW

Michael Cyprys - Morgan Stanley

Operator

Good morning, and welcome to the TPG Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's call is being recorded. Please go to TPG's IR website to obtain the earnings materials.

I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. Thank you, and you may begin, sir.

Gary Stein

Great. Thanks, Chelsea. Welcome, everyone. Joining me this morning are Jon Winkelried, Chief Executive Officer; and Jack Weingart, Chief Financial Officer. In addition, our Executive Chairman and Co-Founder, Jim Coulter; and our President, Todd Sisitsky, are also here and will be available for the Q&A portion of this morning's call.

I'd like to remind you this call may include forward-looking statements that do not guarantee future events or performance. Please refer to TPG's earnings release and SEC filings for factors that could cause actual results to differ materially from these statements. TPG undertakes no obligation to revise or update any forward-looking statements, except as required by law.

Within our discussion and earnings release, we'll be discussing certain non-GAAP measures on this call that we believe are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to the nearest GAAP figures in TPG's earnings release, which is available on our website. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any TPG fund.

Looking briefly at our results for the second quarter. We reported GAAP net income attributable to TPG Inc. of $27 million and after-tax distributable earnings of $96 million or $0.26 per share of Class A common stock. We declared a dividend of $0.22 per share of Class A common stock, which will be paid on September 1 to holders of record as of August 18.

With that, I'll turn the call over to Jon.

Jon Winkelried

Thanks, Gary. Good morning, everyone. I'll begin with an update on Angelo Gordon and our ongoing work to prepare for integration and to position ourselves to maximize the opportunities for the combined platform. I'll then share my thoughts on 2 areas within our core business where we have seen substantial activity in progress.