Rhodes Jeffrey K. 4

What Happened

• Jeffrey K. Rhodes, a director of TPG Inc. (TPG), was automatically allocated 36,524 units of TPG Partner Holdings, L.P. ("TPH Units") on February 11, 2026. The filing reports these as a derivative acquisition (36,524 @ $0.00).
• The units were allocated due to forfeiture by a former partner of Partner Holdings (footnote F1). No cash was paid by Mr. Rhodes for this allocation.

Key Details

• Transaction date: February 11, 2026; Filing date: February 13, 2026 (appears timely under Section 16 reporting rules).
• Amount: 36,524 TPH Units; Reported transaction price: $0.00 (derivative award/acquisition).
• Post-transaction holdings: Not specified in the filing (beneficial ownership is disclaimed except to the extent of any pecuniary interest—see F3 and F4).
• Material footnotes: F1 (automatic allocation upon forfeiture); F2 (TPH Units are exchangeable for cash or, at issuer’s election, one-for-one for Class A common stock, with related conversion/cancellation mechanics); F3–F4 (disclaimer and Rule 16 clarification). Filing signed via power of attorney (Jennifer Chu) per remarks.

Context

• These TPH Units are derivative economic interests in a partnership (not a direct open-market stock purchase). Under the exchange agreement, TPH Units can ultimately be exchanged for cash or TPG Class A shares (subject to adjustments and restrictions), so they represent potential future economic exposure rather than immediate Class A stock.
• This is an internal allocation tied to partnership unit mechanics rather than a buy/sell signal in the open market. The filing is factual and does not imply managerial intent.