Financial Performance - Total revenues for Q3 2025 reached $1,223,517,000, a 43% increase from $855,403,000 in Q3 2024[20] - Net income for Q3 2025 was $199,230,000, compared to a net loss of $21,425,000 in Q3 2024[20] - The company reported a basic net income per share of $0.33 for Q3 2025, compared to $0.04 in Q3 2024[20] - TPG Inc. reported a net income of $107,474 thousand for the period, compared to a net loss of $98,512 thousand in the previous period[29] - For the nine months ended September 30, 2025, TPG Inc. reported a net income of $317,169, compared to a net loss of $88,009 in the same period of 2024[35] - Net income attributable to TPG Inc. for Q3 2025 was $69,518 thousand, compared to $10,277 thousand in Q3 2024; for the nine months ended September 30, 2025, net income was $101,123 thousand, a significant recovery from a loss of $11,508 thousand in the same period of 2024[144] Assets and Liabilities - Total assets increased to $13,019,723,000 as of September 30, 2025, up from $10,535,109,000 at the end of 2024, representing a 23.6% growth[16] - Total liabilities rose to $9,246,567,000 as of September 30, 2025, compared to $6,943,120,000 at the end of 2024, marking a 33.3% increase[16] - The company’s additional paid-in capital increased to $1,437,586,000 as of September 30, 2025, from $970,719,000 at the end of 2024, a growth of 48.1%[16] - Total equity increased to $2,807,888 thousand as of September 30, 2025, up from $2,781,977 thousand at the end of the previous year[29] - Total investments increased to $8,686,758 thousand as of September 30, 2025, up 15.8% from $7,503,281 thousand at the end of 2024[147] Cash Flow and Capital Management - Cash and cash equivalents increased to $1,080,304,000 from $808,017,000, reflecting a 33.5% rise[16] - Net cash provided by operating activities increased to $1,076,098, up from $720,220 in the prior year, reflecting a significant improvement in operational efficiency[35] - The company paid $977,718 in dividends/distributions, an increase from $626,509 in the prior year, indicating a commitment to returning value to shareholders[35] - The company incurred $20.4 million in acquisition-related costs during the nine months ended September 30, 2025, which were expensed[143] Acquisition and Investments - The company completed the acquisition of Peppertree, contributing to an increase in total equity to $3,773,156,000 as of September 30, 2025, up from $3,591,989,000 at the end of 2024[16] - The Company completed the acquisition of Peppertree Capital Management, Inc. on July 1, 2025, expanding its platform diversity in wireless communications towers[134] - Peppertree contributed revenues of $18.2 million and net income of $14.7 million for the period ended September 30, 2025[135] - The total purchase price for the acquisition was $389.6 million, consisting of $235.7 million in cash and $154.0 million in nonvoting Class A common stock[137] Compensation and Expenses - Total compensation and benefits expenses for Q3 2025 were $791,768,000, compared to $671,683,000 in Q3 2024, an increase of 17.9%[20] - Equity-based compensation expenses totaled $179,174 thousand for the period[29] - The company recorded management fee reductions of $5.8 million and $24.2 million for the three and nine months ended September 30, 2025, respectively[75] Tax and Deferred Assets - As of September 30, 2025, the Company recognized net deferred tax assets of $976.7 million, up from $436.0 million as of December 31, 2024[193] - The effective tax rate for the three months ended September 30, 2025, was 12.7%, compared to (184.0)% for the same period in 2024[197] Debt and Financing - The Company issued $500,000,000 in Senior Notes due 2036 with an interest rate of 5.375% per annum, maturing on January 15, 2036[182] - Total debt obligations as of September 30, 2025, amounted to $3,830,000,000, with a carrying value of $1,792,030,000[183] - The Company was in compliance with all covenants under its debt obligations as of September 30, 2025[186] Performance Metrics - Capital allocation-based income for Q3 2025 was $627,018,000, significantly up from $330,670,000 in Q3 2024, indicating a 89.5% increase[20] - Performance allocations for the three months ended September 30, 2025, were $592,932,000, compared to $307,953,000 in 2024, representing an increase of 93%[66] - The company reported a significant increase in performance allocation compensation to $951,562, up from $553,824, reflecting improved performance metrics[35] Geographic and Operational Focus - The primary geographic region for the company's investments is North America, where the majority of revenues from contracts with customers are generated[85] - The Company operates as a single segment, focusing on fee-based asset management services primarily in North America[128]

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $67 million and after-tax attributable earnings of $214 million or $0.53 per share of Class A common stock [4] - The company declared a dividend of $0.45 per share of Class A common stock, payable on December 1, 2025 [4] - Total assets under management (AUM) grew 20% year over year to $286 billion, driven by $44 billion of capital raised and $24 billion of value creation [26] - Fee-earning AUM increased 15% year over year to $163 billion [26] - Management fees grew to $461 million in the third quarter, with quarterly fee-related earnings of $225 million [28] Business Line Data and Key Metrics Changes - Total AUM grew 20% year over year, with quarterly fee-related earnings increasing 18% [5] - In private equity, TPG raised $12.3 billion across strategies, primarily driven by $10.1 billion raised in the first close for flagship buyout funds [7] - Credit AUM not earning fees stood at nearly $11 billion, representing over $100 million of annual revenue opportunity expected to flow into management fees over time [9] - In real estate, TPG held the final close for its inaugural real estate credit strategy, exceeding its initial target by more than 35% [10] Market Data and Key Metrics Changes - TPG raised a near-record $18 billion of capital in the third quarter, up 60% from the second quarter and 75% year over year [6] - Year to date, TPG has raised over $35 billion of capital, exceeding the full year 2024 fundraising [7] - Credit AUM has grown 23% year over year, making it one of the fastest-growing areas within the firm [23] Company Strategy and Development Direction - TPG is focused on expanding its credit platform and launching new products, with a robust fundraising outlook for 2026 [42] - The company aims to capitalize on market dislocation to acquire high-quality assets and is well-positioned to play offense in real estate [23] - TPG is increasing its penetration in private wealth and insurance distribution channels, with significant growth in capital from insurance clients [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundraising momentum and the ability to outperform in private equity fundraising relative to the broader market [8] - The company is optimistic about the liquidity environment and has a number of assets being explored for liquidity [54] - Management noted that the underlying health of credit portfolios remains strong despite recent market concerns [33] Other Important Information - TPG's dry powder has grown to a record $73 billion, representing a strategic asset for sourcing investment opportunities [27] - The company has maintained a disciplined approach to credit underwriting, resulting in low annualized loss ratios across its credit platforms [16] Q&A Session Summary Question: How does the realization pipeline look given the age and timing of funds? - Management clarified that the vintage refers to the fund itself, not the underlying portfolio companies, and expressed confidence in the liquidity prospects [48][50] Question: What is the potential for realizations in the current IPO and M&A environment? - Management indicated that they do not forecast realizations but are focused on selling companies at the right time, with a strong portfolio performance as a leading indicator [57][61] Question: Are there risks in the investment portfolio due to AI disruptions? - Management stated that they have been early investors in AI and view it as an opportunity rather than a threat, with a focus on vertical market software and cybersecurity [64][70] Question: How is the credit business evolving and what are the growth drivers? - Management highlighted the multi-strategy approach of the credit platform and the increasing engagement with insurance clients as key growth drivers [75][78]

Conference Call TPG will host a conference call and live webcast at 11:00 am ET. It may be accessed by dialing (800) 225-9448 (US toll-free) or (203) 518-9708 (international), using the conference ID TPGQ325. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of TPG's website at shareholders.tpg.com. A webcast replay will be made available on the Events page in the Investor ...

Core Viewpoint - TPG Inc. reported quarterly earnings of $0.53 per share, missing the Zacks Consensus Estimate of $0.55 per share, but showing an increase from $0.45 per share a year ago, indicating a mixed performance in earnings expectations [1][2]. Financial Performance - TPG Inc. posted revenues of $509.4 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.10% and showing an increase from $459.84 million year-over-year [2]. - Over the last four quarters, TPG has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2]. Stock Performance - TPG Inc. shares have declined approximately 12.8% since the beginning of the year, contrasting with the S&P 500's gain of 16.5% [3]. - The current Zacks Rank for TPG Inc. is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.73 on revenues of $550.61 million, and for the current fiscal year, it is $2.45 on revenues of $2.01 billion [7]. - The trend of estimate revisions for TPG Inc. was mixed ahead of the earnings release, which may change following the recent report [6]. Industry Context - The Financial - Investment Management industry, to which TPG belongs, is currently in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8].

Capital Raising and Deployment - TPG raised more than $18 billion in capital during Q3 2025, marking a successful first close in private equity funds and strong credit fundraising[5] - Nearly $15 billion was deployed in Q3 2025, representing an increase of over 70% year-over-year[5] - Capital raised in 3Q25 amounted to $18.1 million, up from $10.4 million in 3Q24, contributing to a year-to-date total of $35.3 million[25] - The company invested approximately $42.9 billion over the last twelve months, with $72.9 billion of capital available for deployment at the end of Q3 2025[95] - The company has approximately $72.9 billion of capital available for deployment as of the end of 3Q'25, an increase from $58.4 billion at the end of 3Q'24[98] Financial Performance - Total revenues for Q3 2025 were $1.22 billion, up from $855 million in Q3 2024, reflecting a year-over-year growth of approximately 43%[21] - Net income for Q3 2025 was $199 million, compared to a net loss of $21 million in Q3 2024[22] - Net income attributable to TPG Inc. was $67 million for Q3 2025, compared to $9 million in Q3 2024[22] - The operating profit margin improved to 16.3% in Q3 2025, up from a negative margin of 2.5% in Q3 2024[23] - Total expenses for Q3 2025 were $1.03 billion in Q3 2025, an increase from $867 million in Q3 2024[21] Earnings and Dividends - TPG declared a quarterly dividend of $0.45 per share of Class A common stock, payable on December 1, 2025[6] - Fee-Related Earnings (FRE) rose 18% from $191 million in 3Q24 to $225 million in 3Q25, with a FRE margin improvement from 41% to 44%[29] - After-tax Distributable Earnings (DE) increased from $189 million in 3Q24 to $214 million in 3Q25, primarily driven by higher FRE[38] - After-tax distributable earnings for Q3 2025 were reported at $214,362, compared to $189,445 in 3Q24, reflecting a year-over-year increase of approximately 13.1%[147] Assets Under Management (AUM) - TPG manages $286 billion in assets, investing across various strategies including private equity, credit, and real estate[8] - Total Assets Under Management (AUM) reached $286 billion, reflecting a 20% increase year-over-year[25] - Fee-Earning Assets Under Management (FAUM) grew by 15% to $163 billion compared to $141.7 billion in 3Q24[25] - Performance Eligible AUM reached $242.0 billion, accounting for 84% of total AUM, while Performance Generating AUM was $188.9 billion, or 66% of total AUM[87] Investment Performance - The TPG VII fund reported a total value of $24,896 million, achieving a net IRR of 19% and a gross multiple of 2.4x[117] - TPG IX fund had a total value of $13,238 million, with a net IRR of 25% and a gross multiple of 1.4x[117] - The Asia Funds collectively reported a total value of $34,416 million, with a net IRR of 14% and a gross multiple of 2.0x[120] - TPG AAF fund reported a total value of $2,720 million, with a net IRR of 37% and a gross multiple of 2.1x[119] Market Solutions and Segment Performance - TPG Angelo Gordon's credit segment reported capital of $16,256 million in 3Q'25, up from $11,937 million in 3Q'24, reflecting a growth of 36%[98] - Market Solutions segment capital increased to $4,151 million in 3Q'25 from $2,739 million in 3Q'24, marking a growth of 51.7%[98] - The company’s market solutions segment raised $380 million in capital during the three months ended September 30, 2025, compared to $1.101 billion in the same period last year, reflecting a decrease in this segment[96] Realizations and Investment Returns - Realizations for the three months ended September 30, 2025, totaled $7.766 billion, compared to $2.554 billion in the previous quarter, indicating a significant increase in investment returns[89] - Realizations in 3Q'25 amounted to $2,554 million, up from $1,238 million in 3Q'24, representing a growth of 106.5%[98] - Changes in investment value and other factors contributed an increase of $8.799 billion to AUM during the three months ended September 30, 2025[89] Corporate Developments - The company plans to include amounts from TPG Peppertree starting July 1, 2025, following the acquisition[26] - The acquisition of Peppertree Capital Management was completed on July 1, enhancing the company's investment capabilities[154] - The reorganization will take effect on November 1, 2023, impacting the TPG Operating Group partnerships and their respective consolidated subsidiaries[182]

Core Insights - TPG RE Finance Trust (TRTX) is currently trading at a significant double-digit discount to its book value per share, indicating potential undervaluation in the market [1] - The preferred shares of TRTX are offering elevated yields compared to their levels from a year ago, suggesting an attractive income opportunity for investors [1] - The Federal Reserve is anticipated to further cut interest rates, which may positively impact the performance of REITs and other income-generating assets [1] Company Focus - Pacifica Yield is focused on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend stocks, REITs, and firms in the green energy sector [1]

Core Viewpoint - TPG RE Finance Trust, Inc. reported strong third-quarter results, highlighting continued investment momentum and a robust loan pipeline that is expected to drive future growth in earnings [2][3]. Financial Performance - The company recognized GAAP net income of $18.4 million, or $0.23 per common share, for the third quarter of 2025, with a book value per common share of $11.25, up from $11.20 at the end of the previous quarter [3]. - Distributable Earnings for the quarter were $19.9 million, or $0.25 per common share [3]. - A cash dividend of $0.24 per share was declared and paid to common stockholders, with preferred stockholders receiving a quarterly dividend of $0.3906 per share [3]. Share Repurchase and Capital Management - The company repurchased 1,117,024 shares of common stock for a total of $9.3 million, increasing book value per common share by $0.04 [3]. - A new share repurchase program was approved, allowing for the repurchase of up to $25.0 million of common stock [3]. Loan Activity - In the third quarter, the company originated $279.2 million in total loan commitments, maintaining a loan portfolio that is 100% performing [2][3]. - The weighted average interest rate for newly originated loans was Term SOFR plus 3.22%, with a loan-to-value ratio of 64.9% [3]. - Loan repayments totaled $415.8 million, with the majority coming from multifamily and hotel properties [3]. Liquidity and Financial Position - The company ended the quarter with $216.4 million in near-term liquidity, including $77.2 million in cash available for investment [3]. - An allowance for credit losses was recorded at $66.1 million, a decrease from the previous quarter [3]. Subsequent Events - The company closed three first mortgage loans with total commitments of $196.5 million and announced the pricing of a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation [11].

Core Insights - The article discusses the investment perspective of Joseph Jones, focusing on dividend growth investment strategies [1] Group 1: Company Insights - Joseph Jones is a professor at The University of Southern Mississippi, specializing in portfolio construction [1] Group 2: Industry Insights - The insights expressed in the research are solely those of Joseph Jones and may not represent the views of his employer [1]

Core Insights - TPG is a global alternative asset firm focusing on private equity, real estate, and public market investments, with a current stock price of $56.52 and a price target set by Morgan Stanley at $63, indicating a potential increase of approximately 11.47% [1][6] Company Overview - TPG has a market capitalization of approximately $21.03 billion, positioning it as a significant player in the financial sector [4] - The company's stock price has shown volatility, with a high of $72.98 and a low of $37.52 over the past year [3][6] Recent Developments - TPG, in collaboration with Blackstone, announced a significant acquisition of Hologic for up to $18.3 billion, which involves purchasing all outstanding shares at $76 each in cash [2][5] - This acquisition marks a strategic move into the healthcare sector, aligning with TPG's interest in diversifying and strengthening its investment portfolio [2][5] Market Activity - TPG's stock price currently stands at $56.58, reflecting a 1.35% increase or $0.76, with today's trading volume at 343,613 shares, indicating active investor interest [3][4]

Core Viewpoint - Private equity firms Blackstone and TPG are acquiring Hologic for over $13 billion, taking the company private with a share price of up to $79, representing a 46% premium from late May [1][2]. Deal Structure - The acquisition includes $76 in cash per share, with additional payments contingent on revenue goals from Hologic's breast health business, bringing the total deal value to $18.3 billion when factoring in Hologic's $2.2 billion in cash and short-term investments and $2.5 billion in debt [2]. Regulatory and Approval Status - The deal requires approval from regulators and Hologic shareholders, but has already received unanimous approval from Hologic's board. The transaction is expected to close in the first half of next year [3]. Market Reaction - Following the announcement, Hologic shares increased nearly 4% to $74.62, while broader market indexes showed mixed performance [5]. Post-Transaction Details - After the acquisition, Hologic will be delisted from the Nasdaq stock exchange but will retain its name and headquarters in Marlborough, Massachusetts [5].