Key TakeawaysRBC Capital Markets has initiated coverage on major private equity firms Blackstone, KKR, and TPG with Outperform ratings, signaling a highly bullish outlook for the alternative asset management sector.Citigroup raised its price target for BHP Group to 2,800p (up from 2,600p), following a trend of analyst upgrades driven by the company's strong copper momentum and disciplined balance sheet.President Volodymyr Zelenskiy marked the fourth anniversary of the full-scale invasion of Ukraine, reaffir ...

KKR & Co. (NYSE:KKR) is poised to acquire a controlling stake in XCL Education Holdings under a transaction that assigns the Singapore-headquartered firm an enterprise value of approximately $1.3 billion, Bloomberg reported.The stake is being sold by TPG Inc. (NASDAQ:TPG) , with KKR prevailing over other bidders in a competitive process, according to the Bloomberg report, which cited people familiar with the deal it didn’t identify. Financial terms beyond the overall valuation — including the exact size of ...

免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：2月23日，据市场消息，KKR同意以13亿美元收购学校教育机构XCL，KKR将从TPG手中收 购XCL教育的多数股权。 ...

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. ("TPG†or the "Company†) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that TPG Operating Group II, L.P. (the "Issuer†), an indirect subsidiary of TPG, intends to offer senior notes due 2031 (the "notes†) in a registered public offering, subject to market and other conditions. The notes will be fully and unconditionally guaranteed by TPG and certain of the Issuer's direct subsidiaries. The Issuer i. ...

Core Insights - TPG RE Finance Trust, Inc. reported strong operating results for the fourth quarter and full year ended December 31, 2025, with total loan commitments of $1.9 billion and a 100% performing loan portfolio [1][2] Fourth Quarter 2025 Activity - The company originated $927 million in loans and received $378 million in loan repayments, demonstrating effective asset management [1] - Non-mark-to-market borrowings accounted for 82.0% of total borrowings as of December 31, 2025 [1] - The company redeemed all $411.5 million of outstanding investment-grade bonds from TRTX 2021-FL4 and refinanced $205.2 million of collateral interests [1] - Issued TRTX 2025-FL7, a $1.1 billion managed CRE CLO with $957.0 million of investment-grade bonds outstanding [1] - Ended the quarter with $143.0 million in near-term liquidity, including $72.6 million in cash available for investment [1] - The allowance for credit losses increased to $77.4 million, representing 180 basis points of total loan commitments [1] - The weighted average risk rating of the loan portfolio remained stable at 3.0 [1] - The company repurchased 45,367 shares of common stock at an average price of $8.50 per share [1] Full Year 2025 Activity - Extended the secured revolving credit facility by three years, increasing capacity to $375.0 million [1] - Redeemed $114.6 million of investment-grade bonds associated with TRTX 2019-FL3 and refinanced $143.0 million of collateral interests [1] - Issued TRTX 2025-FL6, a $1.1 billion managed CRE CLO with $962.5 million of investment-grade bonds outstanding [1] - The company sold two office properties for net proceeds of $39.4 million, resulting in a gain of $7.0 million [1] - Originated 20 first mortgage loans with total commitments of $1.9 billion and a weighted average interest rate of Term SOFR plus 2.82% [1] - Approved a new share repurchase program for up to $25.0 million of common stock [2] Financial Performance - Generated Distributable Earnings of $76.8 million, or $0.97 per common share, based on a diluted weighted average share count of 79.4 million [2] - Recognized GAAP net income attributable to common stockholders of $45.5 million, or $0.57 per common share [2] - Declared cash dividends totaling $77.9 million, representing an 11.1% annualized dividend yield based on the closing price of $8.61 [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41222 TPG Inc. (Exact name of registrant as specified in its charter) (817) 871-4000 Registrant's telephone number, ...

ability to continue producing total return and greater value for stockholders, whether the Company's earnings will continue to support its dividend, including its ability to further increase its dividend, levels of securitization activity, the Company's ability to resolve its legacy WMC commercial loans within the time and manner anticipated, whether the Company's call strategy will drive earnings power, and Arc Home's performance, its origination volumes and its ability to continue to contribute meaningful ...

Core Viewpoint - The analysis focuses on comparing TPG Mortgage Investment Trust's (MITT) two baby bonds, MITN and MITP, highlighting the call risk associated with MITN and the overall attractiveness of MITP due to its lower call risk [2][4][16]. Company Overview - TPG Mortgage Investment Trust is a mortgage REIT that experienced significant losses in common equity during the pandemic, which affected its recovery potential [9][12]. - The company has preferred shares and baby bonds that investors can compare for better investment decisions [14]. Baby Bonds Comparison - MITN has more call risk compared to MITP, making MITP the preferred choice for investors [2][16]. - Both baby bonds have similar characteristics, including a 9.5% coupon rate, but MITN matures slightly earlier, which typically would be a positive factor [3][5]. - The current trading price for both bonds is $25.25, with yield to maturity at 9.40% for MITN and 9.44% for MITP [6][10]. Investment Considerations - The yield on these baby bonds is competitive within the sector, although not the highest [13]. - Baby bonds are preferred for their transparency in trading compared to traditional bonds, making them appealing to investors [13]. - International investors may find baby bonds more attractive due to interest payments, while domestic investors might prefer preferred shares for tax advantages [15]. Conclusion - A slight price decrease of 2% would enhance the attractiveness of these baby bonds by increasing yield-to-call and yield-to-maturity [16].

Core Insights - TPG reported a significant increase in capital raised, reaching approximately $51 billion in 2025, a 70% increase from $30 billion in 2024, and deployed just over $50 billion during the same year [1][7] - The firm emphasized a strategic shift towards diversification, with private equity now representing about 50% of total assets under management (AUM), down from approximately 80% at the time of its IPO [6][8] - TPG's fee-related earnings margin improved by roughly 800 basis points since the IPO, reaching 45% in 2025, with expectations to increase to around 47% in 2026 [5][12] Fundraising and Deployment - TPG's fundraising activities in 2025 included a strong performance in credit, with fundraising exceeding $20 billion, and plans to market approximately 35 products in 2026 [11][10] - The firm anticipates another robust fundraising year in 2026, expecting to exceed $50 billion again [11][10] Profitability and Earnings - Fee-related revenue for TPG reached $2.1 billion in 2025, with fee-related earnings around $950 million, showing significant growth from just over $300 million at the time of the IPO [7][8] - The firm has maintained a steady realization pace, averaging about $25 billion per year over the past five years [14] Strategic Initiatives - TPG is focusing on expanding its private wealth and insurance channels, with a notable partnership with Jackson Financial that starts at $12 billion and can scale to $20 billion [15][16] - The firm is also exploring inorganic growth opportunities while scaling its newer businesses [10] Market Position and Future Outlook - TPG's strategic priorities include completing ongoing fundraising campaigns and expanding into new asset classes, with a focus on real estate, which is expected to contribute significantly in 2026 [13][10] - The firm has positioned itself as a consistent generator of distributions to paid-in capital (DPI), which is a key metric for limited partners [14]

Group 1 - The event is the 35th Annual U.S. Financial Services Conference hosted by BofA Securities [1] - Craig Siegenthaler is the North American Head of Diversified Financials at Bank of America and is introducing Jack Weingart [1] - Jack Weingart is the Chief Investment Officer of TPG and has been with the company since 2006 [2] Group 2 - Prior to his role as CIO, Jack Weingart was a co-managing partner at TPG Capital since 2017 [2] - He serves on the Board of Directors of Viking Holdings and has previously been on the Board of several private companies, including J. Crew, Chino, and Chobani [2]