Group 1: Company Overview - David Bonderman co-founded TPG, an alternative asset management firm with a current market value of $24.3 billion and a workforce of over 1,800 across 28 global offices [1] - TPG has investments in various sectors, including technology, health care, real estate, and consumer industries [1] Group 2: Bonderman's Career and Contributions - Bonderman was a private equity pioneer and legal scholar, known for his significant contributions to the investment world and conservation efforts [2] - He transitioned from a legal career, where he litigated racial discrimination cases, to investment management through his connection with Robert Bass [4] - Bonderman and his partner Jim Coulter founded TPG after successfully turning a $66 million investment in Continental Airlines into a tenfold profit [6] Group 3: Board Memberships and Influence - Throughout his career, Bonderman served on the boards of over 80 corporate firms, including General Motors, Ryanair, and Kite Pharmaceutical [7] - He was also involved with various conservation organizations, such as the Wilderness Society and World Wildlife Fund [7] Group 4: Legacy in Sports - Bonderman was the founding owner of the Seattle Kraken, the NHL's 32nd expansion franchise, and was recognized for his visionary leadership in bringing the team to Seattle [8]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2][3] - The news team covers key finance and investing hubs, focusing on medium and small-cap markets, as well as blue-chip companies and broader investment stories [2][3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3][4] Group 2 - The company utilizes technology to enhance workflows and has a team with decades of expertise in content creation [3] - Proactive occasionally employs automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [4]

Core Viewpoint - AT&T has reached an agreement to sell its remaining 70% stake in DIRECTV to TPG, which is a non-contingent transaction subject only to customary closing conditions [1]. Financial Performance - Over the past three years, AT&T's financial outcomes have aligned with expectations, leading to the decision to retain a 70% financial interest in DIRECTV. The reported cash distributions from the initial transaction with TPG totaled $19 billion, with an additional $7.6 billion expected following the sale of the remaining stake [2]. Strategic Focus - This sale enables AT&T to concentrate on becoming the leading wireless 5G and fiber connectivity provider in America. The transaction is expected to enhance AT&T's balance sheet by accelerating cash inflows anticipated over the next several years. The company expects the transaction to close in the second half of 2025 [3].

Summary: Transaction Value: $64.2 million Locations: Illinois, Iowa, Maine, Michigan, and Wisconsin Lease Term: 15-year initial term with two 10-year options to renew Use of Proceeds: Debt reduction and other corporate purposes MILWAUKEE and NEW YORK, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), or the "Company", North America's premier manufacturer and upfitter of commercial work truck attachments and equipment, today announced the successful completion of a sale-leaseback transa ...

Walter Bibikow/DigitalVision via Getty Images The 26% rally over the last 1 year of TPG RE Finance Trust's (NYSE:TRTX) commons to $8.50 needs to be contextualized against a book value of $11.40 per share as of the end of its fiscal 2024 second quarter. The mortgage REIT owns debt collateralized by US real estate, with a heavy focus on multifamily properties. Total loan commitments stood at $3.3 billion at the end of its second quarter with 52.5% allocated to multifamily and an 18.4%% allocation to office pr ...

TPG Inc. (TPG) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 11.36%. A quarter ago, it was expected that this company would post earnings of $0.43 per share when it actually produced earnings of $0.49, delivering a surprise of 13.95%. Over the last four quarters, the company has sur ...

The earnings report, which is expected to be released on August 6, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. Zacks Consensus Estimate Revenues are expected to be $449.3 million, up 57.3% from the year-ago quarter. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Estimate revisions ahead of a company's ear ...

Financial Data and Key Metrics Changes - Fee earning AUM increased 74% year-over-year to $137 billion, with over $51 billion of dry powder, representing 37% of fee earning AUM [13][96] - Fee-related revenue in Q1 was $451 million, up 70% year-over-year, primarily driven by the acquisition of Angelo Gordon, with TPG growing fee-related revenue 20% organically year-over-year [13][104] - After-tax distributable earnings for Q1 totaled $181 million or $0.49 per share, with an effective corporate tax rate lower than usual due to tax benefits from the IPO [105] Business Line Data and Key Metrics Changes - The credit platform raised more than $2 billion in the first quarter and over $800 million since quarter end, driven by middle market direct lending and credit solutions [6][10] - TPG's real estate portfolio appreciated approximately 4% in Q1 and 1% over the last 12 months, with TPG AG's real estate portfolio appreciating 40 basis points in Q1 [15][100] - The corporate credit strategy continues to rotate its portfolio in response to changing market conditions, focusing on private opportunities as spreads have tightened [28] Market Data and Key Metrics Changes - Fundraising for TPG AG credit is expected to exceed $10 billion in 2024, more than doubling the capital raised by the platform last year [16] - The deployment pace in private equity and real estate has more than doubled in the second half of 2023 compared to the first half and remained strong through Q1 2024 [26] - The investment portfolio generated positive value creation across all platforms for Q1, with the private equity portfolio appreciating approximately 2% in Q1 and 7% over the last 12 months [107] Company Strategy and Development Direction - The company is focused on expanding its global distribution capabilities in private wealth and developing products tailored for this channel, aiming to grow capital raised from $1 billion to $2 billion annually [8] - The integration of Angelo Gordon is progressing well, with a focus on cross-marketing and collaboration between private equity and credit businesses [39][41] - The company plans to launch semi-liquid funds beginning with private equity, targeting retail investors with differentiated products [99] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the outlook for potential realizations as the pipeline gradually builds, with selective monetization opportunities expected [11] - The company anticipates a successful first close for its climate infrastructure strategy later this year, with significant capital needs for energy transition [98] - Management highlighted the importance of selectivity in deal flow and the potential for increased sponsor-to-sponsor activity due to pressures on sponsors to return capital [34][35] Other Important Information - The company issued long-term bonds for the first time, raising $1 billion through the issuance of senior notes and subordinated notes, maintaining a conservatively capitalized balance sheet [14] - The company is actively working on structuring and preparing a semi-liquid private wealth product, with plans to launch it early next year [46][80] Q&A Session All Questions and Answers Question: How are your investment pipelines tracking in the legacy TPG businesses? - Management indicated a strong pipeline and differentiated deal flow, with a steady pace of investment activity in legacy businesses [32][33] Question: Can you provide more color on the integration of Angelo Gordon? - Management noted that the integration is going extremely well, with a focus on collaboration between TPG and Angelo Gordon teams [38][39] Question: What are the growth expectations for the credit business on a multiyear basis? - Management expects to maintain or grow the $10 billion pace in credit fundraising, with opportunities across various credit strategies [49][50] Question: How should we think about the ramp of fee earning AUM inflows throughout 2024 for the AG segment? - Management stated that deployment will primarily drive fee earning AUM, with fundraising this year setting up for growth next year [75] Question: Can you elaborate on the wealth management channel and product development? - Management highlighted the focus on expanding the wealth platform and the development of semi-liquid products to meet client demand [45][80]

Part I. Financial Information This section details TPG Inc.'s unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents TPG Inc.'s unaudited condensed consolidated financial statements, including financial condition, operations, equity, cash flows, and detailed notes [Condensed Consolidated Statements of Financial Condition](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) TPG Inc.'s financial condition as of March 31, 2024, shows total assets increased to **$9.94 billion**, liabilities rose to **$6.64 billion**, and total equity slightly decreased Key Financial Condition Metrics | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | **Assets** | | | | Cash and cash equivalents | $1,090,713 | $665,188 | | Investments | $6,834,809 | $6,724,112 | | Total assets | $9,939,449 | $9,369,672 | | **Liabilities** | | | | Debt obligations | $1,229,230 | $945,052 | | Accrued performance allocation compensation | $4,144,452 | $4,096,052 | | Total liabilities | $6,643,131 | $6,008,538 | | **Equity** | | | | Total equity | $3,296,318 | $3,361,134 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, total revenues increased by **28%** to **$824.1 million**, but net income attributable to TPG Inc. decreased by **38%** to **$15.5 million** due to rising expenses Key Operating Metrics | Metric | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | Change (in thousands) | Change (%) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :-------------------- | :--------- | | Total revenues | $824,071 | $643,145 | $180,926 | 28% | | Total expenses | $836,397 | $620,117 | $216,280 | 35% | | Net (loss) income | $(9,006) | $35,674 | $(44,680) | -125% | | Net income attributable to TPG Inc. | $15,519 | $25,055 | $(9,536) | -38% | | Basic EPS | $0.09 | $0.27 | $(0.18) | -67% | | Diluted EPS | $(0.11) | $(0.01) | $(0.10) | -1000% | [Condensed Consolidated Statements of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased from **$3.36 billion** to **$3.30 billion**, influenced by net income, equity compensation, dividends, and Common Unit exchanges for Class A Common Stock Key Equity Movements | Metric | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total TPG Inc. Equity (End of Period) | $720,358 | $579,157 | | Other Non-Controlling Interests (End of Period) | $2,575,960 | $2,781,977 | | Total Equity (End of Period) | $3,296,318 | $3,361,134 | | Net income (loss) attributable to TPG Inc. | $15,519 | N/A | | Equity-based compensation | $37,285 | N/A | | Dividends/distributions | $(40,358) | N/A | | Exchange of Common Units to TPG Inc. Class A Common stock | $16,555 | N/A | - A significant exchange of **17,704,987** Common Units for an equal number of Class A Common Stock occurred, leading to an increase in Class A shares and a decrease in Class B shares[23](index=23&type=chunk)[268](index=268&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to **$436.7 million** in Q1 2024, while investing activities used **$25.3 million**, and financing activities provided **$14.3 million** Key Cash Flow Activities | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Net cash provided by operating activities | $436,713 | $35,800 | | Net cash used in investing activities | $(25,341) | $(896) | | Net cash provided by (used in) financing activities | $14,297 | $(210,331) | | Net change in cash, cash equivalents and restricted cash | $425,669 | $(175,427) | | Cash, cash equivalents and restricted cash, end of period | $1,104,040 | $945,223 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering organization, accounting policies, acquisitions, investments, debt, and equity [Note 1. Organization](index=12&type=section&id=Note%201.%20Organization) TPG Inc. operates as a leading global alternative asset manager, consolidating various entities, and held approximately **28%** of the TPG Operating Group's Common Units - TPG Inc. is a leading global alternative asset manager, consolidating various entities including management companies and general partners of pooled investment entities[31](index=31&type=chunk) - As of March 31, 2024, TPG Inc. held approximately **28%** of the outstanding Common Units of the TPG Operating Group[32](index=32&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=12&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines TPG's accounting practices, including U.S. GAAP adherence, VIE/VOE consolidation, revenue recognition for fees and capital allocation-based income, and investment valuation - Financial statements are prepared in accordance with U.S. GAAP, requiring management estimates and assumptions[33](index=33&type=chunk)[37](index=37&type=chunk) - TPG consolidates Variable Interest Entities (VIEs) where it is the primary beneficiary and Voting Interest Entities (VOEs) it controls through a majority voting interest[40](index=40&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - Revenue streams include management fees, monitoring fees, transaction fees, incentive fees, and expense reimbursements (accounted for under ASC 606), and capital allocation-based income (accounted for under equity method)[65](index=65&type=chunk)[76](index=76&type=chunk) Revenue by Type | Revenue Type | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | | Management fees | $407,417 | $250,000 | | Monitoring fees | $6,108 | $2,756 | | Transaction fees | $36,186 | $2,473 | | Incentive fees | $3,875 | $0 | | Expense reimbursements and other | $58,709 | $56,242 | | Performance allocations | $289,643 | $315,707 | | Capital interests | $22,133 | $15,967 | [Note 3. Acquisitions](index=26&type=section&id=Note%203.%20Acquisitions) TPG acquired Angelo Gordon on November 1, 2023, for **$1.14 billion**, expanding into credit and real estate, and recognizing **$205.9 million** in goodwill - TPG completed the acquisition of Angelo Gordon on November 1, 2023, expanding into credit and real estate investing[130](index=130&type=chunk) Angelo Gordon Purchase Price Components | Purchase Price Component | Amount (in thousands) | | :-------------------------------- | :-------------------- | | Cash | $740,703 | | Amounts payable to seller | $15,677 | | Common Units | $233,894 | | Fair value of Aggregate Annual Cash Holdback Amount | $125,158 | | Fair value of Earnout Payment | $27,315 | | **Total Purchase Price** | **$1,142,747** | - The acquisition resulted in **$205.9 million** of goodwill, primarily attributed to scale, skill sets, operations, and expected synergies[137](index=137&type=chunk)[138](index=138&type=chunk) [Note 4. Investments](index=29&type=section&id=Note%204.%20Investments) TPG's investments include equity method and

TPG Inc. (TPG) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.95%. A quarter ago, it was expected that this company would post earnings of $0.41 per share when it actually produced earnings of $0.51, delivering a surprise of 24.39%.Over the last four quarters, the company has surp ...