Core Insights - TPG Inc. reported quarterly earnings of $0.71 per share, exceeding the Zacks Consensus Estimate of $0.64 per share, and showing an increase from $0.62 per share a year ago, resulting in an earnings surprise of +10.64% [1] - The company achieved revenues of $628.48 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 14.60% and increasing from $461.41 million year-over-year [2] Earnings Performance - Over the last four quarters, TPG Inc. has surpassed consensus EPS estimates two times and topped revenue estimates four times [2] - The company's shares have declined approximately 12.1% since the beginning of the year, while the S&P 500 has gained 0.5% [3] Future Outlook - The future performance of TPG Inc. shares will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.67 on revenues of $563.57 million, and for the current fiscal year, it is $3.00 on revenues of $2.44 billion [7] Industry Context - The Financial - Investment Management industry, to which TPG Inc. belongs, is currently ranked in the bottom 39% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact TPG Inc.'s stock performance [5]

Financial Performance - Net income for Q4 2025 was $282 million, a significant increase from $11 million in Q4 2024, with net income attributable to TPG Inc. at $77 million compared to $13 million in the same period [22]. - Total revenues for FY 2025 reached $4.67 billion, up from $3.50 billion in FY 2024, reflecting a growth of approximately 33.4% [21]. - The operating profit margin improved to 18.9% in Q4 2025, compared to 1.0% in Q4 2024 [23]. - Total expenses for FY 2025 were $4.09 billion, an increase from $3.58 billion in FY 2024 [21]. - Compensation and benefits expenses rose to $3.14 billion in FY 2025, compared to $2.77 billion in FY 2024 [21]. - Distributable earnings for Q4'25 were $336.2 million, contributing to a total of $1.04 billion for FY'25, showcasing strong cash generation capabilities [134]. - The company experienced a net loss from investment activities of $2.8 million for FY'25, indicating challenges in investment performance despite strong operational results [131]. Capital Management - TPG raised over $51 billion and deployed $52 billion in 2025, driving total assets under management (AUM) to more than $300 billion [5]. - The company has $72 billion in dry powder, positioning it well for future growth and market navigation [5]. - Available Capital at the end of 4Q'25 was $72.4 billion, reflecting a strong liquidity position [25]. - Approximately $51.9 billion was invested over the last twelve months, with $72.4 billion of capital available for deployment at the end of Q4 2025 [89]. - The company intends to pay at least 85% of its Distributable Earnings as dividends, subject to board discretion and business needs [143]. Asset Management - Total Assets Under Management (AUM) reached $303 billion, a 23% increase year-over-year [25]. - Fee-Earning AUM increased 20% from 4Q'24 to $170.1 billion, primarily due to fee-earning capital raised of $22.1 billion [64]. - Performance Eligible AUM totaled $254.3 billion, or 84% of total AUM, at the end of 4Q'25 [81]. - Performance Generating AUM totaled $208.8 billion, or 69% of total AUM, at the end of 4Q'25 [81]. - The potential fee-related revenue opportunity associated with AUM Not Yet Earning Fees and FAUM Subject to Step-Up is estimated at approximately $250 million annually [75]. Revenue Streams - Fee-Related Revenues for FY'25 are anticipated to be $2,109,255, rising from $461,410 in 4Q'24 to $628,476 in 4Q'25 [139]. - Fee-Related Earnings (FRE) rose 72% from $190 million in 4Q'24 to $326 million in 4Q'25, with a FRE margin increase from 41% to 52% [29]. - 4Q'25 Fee-Related Revenues (FRR) increased by 36% to $628 million compared to $461 million in 4Q'24 [25]. - Non-GAAP total revenue for Q4'25 was $1,280 million, compared to $1,193 million in Q3'25, indicating an increase of about 7.3% [98]. Dividends and Shareholder Returns - TPG declared a quarterly dividend of $0.61 per share of Class A common stock, payable on March 5, 2026 [6]. - The declared dividend for Q4'25 was $0.61 per share, with total dividends declared for FY'25 amounting to $2.06 per share [104]. - Total participating shares outstanding decreased from 400,086,112 on September 30, 2025, to 399,575,212 by December 31, 2025 [100]. Investment Performance - The company reported a total of $632.4 million in GAAP performance allocations for the three months ended December 31, 2025, with a realized amount of $238.0 million [95]. - Realizations for the full year 2025 totaled $23.4 billion, compared to $22.9 billion in FY'24, indicating a slight increase in capital returned to investors [91]. - The company reported an operating profit margin defined as U.S. GAAP net income divided by U.S. GAAP total revenue [173]. Corporate Developments - The acquisition of TPG Peppertree, effective July 1, 2025, is expected to enhance the company's market position and expand its asset management capabilities [86]. - The company’s reorganization included a corporate conversion of TPG Partners, LLC to a Delaware corporation named TPG Inc., in conjunction with the IPO [173]. - The reorganization will take effect on November 1, 2023, impacting future profit distributions [174].

About TPG TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $286 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to ...

Core Viewpoint - TPG Mortgage Investment Trust, Inc. has announced the tax treatment of its distributions for common and preferred stock for the year 2025, providing essential information for stockholders regarding their tax reporting obligations [1]. Common Stock Distributions - The common stock distribution per share for 2025 is detailed as follows: - For the record date of March 31, 2025, the payable date is April 30, 2025, with a distribution of $0.20 per share, classified entirely as ordinary dividends [1]. - For the record date of June 30, 2025, the payable date is July 31, 2025, with a distribution of $0.21 per share, also classified entirely as ordinary dividends [1]. Preferred Stock Distributions - The distributions for Series A 8.25% Cumulative Redeemable Preferred Stock are as follows: - For the record date of February 28, 2025, the payable date is March 17, 2025, with a distribution of $0.515630 per share, classified entirely as ordinary dividends [1]. - For the record date of May 30, 2025, the payable date is June 17, 2025, with the same distribution of $0.515630 per share [1]. - The distributions for Series B 8.00% Cumulative Redeemable Preferred Stock are as follows: - For the record date of February 28, 2025, the payable date is March 17, 2025, with a distribution of $0.500000 per share, classified entirely as ordinary dividends [1]. - For the record date of May 30, 2025, the payable date is June 17, 2025, with the same distribution of $0.500000 per share [1]. - The distributions for Series C 8.000% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock are as follows: - For the record date of February 28, 2025, the payable date is March 17, 2025, with a distribution of $0.693062 per share, classified entirely as ordinary dividends [1]. - For the record date of May 30, 2025, the payable date is June 17, 2025, with a distribution of $0.704864 per share, also classified entirely as ordinary dividends [1]. Company Overview - TPG Mortgage Investment Trust, Inc. is a residential mortgage REIT focused on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market [1].

Group 1 - Major investment firms, including BlackRock, TPG Inc., and Temasek, are discussing the potential impacts of rapid changes in U.S. policies on global markets during a private breakfast meeting in Davos [3] - Concerns were raised about the geopolitical tensions arising from the U.S. request for Greenland, indicating possible ripple effects in the market [3] - The current environment in Wall Street reflects a delicate balance of helping clients assess and respond to Trump's policy initiatives without provoking him [3] Group 2 - The recent expressions of insecurity from Germany's largest bank highlight the growing unease among financial institutions regarding the unpredictable nature of U.S. policies [3]

Core Viewpoint - Jackson Financial Inc. (JXN) has shown strong performance over the past year, with a share price increase of 30% despite concerns regarding the complexity of its closed block annuities [1] Group 1: Company Performance - The company has demonstrated excellent hedging performance and resilience in volatile markets, indicating the benefits of its strategies [1] Group 2: Investment Strategy - The analysis reflects over fifteen years of experience in making contrarian bets based on macro views and stock-specific turnaround stories, aiming for outsized returns with a favorable risk/reward profile [1]

Core Viewpoint - Goldman Sachs has issued a report on TPG Inc. focusing on its long-term strategic partnership with Jackson Financial, which is expected to provide stable asset management and fee income for TPG, laying a solid foundation for future growth [1] Group 1: Partnership Details - TPG will manage an asset portfolio valued at $12 billion from Jackson Financial, with a diverse investment scope including investment-grade bonds and direct lending, expected to grow to $20 billion over the next five years [1] - In return, Jackson will receive $150 million in TPG stock and TPG will invest $500 million into Jackson [1] Group 2: Financial Projections - By 2028, TPG's free cash flow per share is projected to grow by 1.2% to 2.1%, while diluted earnings per share may see a slight decline of -0.2% to an increase of 1% [2] - The net present value (NPV) from the $20 billion asset is estimated to positively impact TPG's diluted earnings per share by approximately 2% to 3% in 2027 [2] Group 3: Fee Structure and Profitability - TPG will charge at least 50 basis points in management fees from Jackson's assets, with actual rates expected to range between 60 to 75 basis points as direct lending strategies increase [2] - TPG's incremental free cash flow margin is anticipated to remain high at 85% to 100%, benefiting from limited capital investment requirements [2] Group 4: Strategic Alignment and Future Plans - The partnership aligns with TPG's strategy of maintaining a light balance sheet and provides a long-term stable capital source [2] - TPG plans to raise approximately $20 billion in credit funding by 2025, with $8 billion expected in the fourth quarter, further enhancing its credit management fee income [2] Group 5: Investment Outlook - Goldman Sachs maintains a "Buy" rating for TPG with a 12-month target price of $80, based on a comprehensive valuation of TPG's cash flows [3] - The partnership with Jackson Financial is viewed as a significant opportunity for TPG to generate stable income and enhance overall profitability and market competitiveness [3]

Core Viewpoint - TPG Inc. is enhancing its credit platform and insurance-focused asset management through a strategic partnership with Jackson Financial, which is expected to significantly increase its asset management capabilities for insurers [2][3][6]. Group 1: Strategic Partnership - TPG has formed a strategic partnership with Jackson Financial to expand its credit platform and enhance its insurance-focused asset management business [2][6]. - The partnership will initially deploy at least $12 billion on behalf of Jackson Financial, with potential growth to manage up to $20 billion [3][6]. - TPG will make a $500 million minority investment in Jackson, acquiring a 6.5% stake in the insurer, leveraging Jackson's expertise in annuity products [4]. Group 2: Financial Performance - TPG's current stock price is $65.97, reflecting a decrease of approximately 5.30% [5][6]. - The stock has fluctuated between a low of $65.81 and a high of $69.51 today, with a market capitalization of approximately $25.29 billion [5]. - Over the past year, TPG's stock reached a high of $70.38 and a low of $37.52 [5]. Group 3: Market Analysis - Wolfe Research set a price target of $80 for TPG, suggesting a potential upside of 19.87% from its current stock price of $66.74 [1]. - TPG's competitors include major asset management firms like Blackstone and KKR, indicating a competitive landscape in the alternative asset management sector [1].

Core Viewpoint - TPG has received an upgrade from Wolfe Research to "Outperform" with a price target increase, reflecting confidence in its strategic initiatives and market position [1][5]. Group 1: Strategic Developments - TPG's partnership with Jackson Financial aims to expand its credit platform and enhance its insurance-focused asset management business, emphasizing diversification and scaling [2][5]. - The investment management agreement with Jackson Financial targets a minimum of $12 billion in assets under management, with potential growth to $20 billion, combining Jackson's expertise in annuity products with TPG's private credit platform [3][5]. Group 2: Financial Performance - TPG anticipates reporting approximately $20 billion in credit capital raised for 2025, marking a 60% increase from 2024 [3][5]. - TPG's current stock price is $67.60, reflecting a decrease of 2.96% from the previous day, with a market capitalization of approximately $25.91 billion [4].

Core Viewpoint - TPG is nearing a deal to acquire Optum UK's business from UnitedHealth, with the transaction valued between £1.2 billion and £1.4 billion, and an announcement may come in the next few weeks, although the deal is not finalized and could still fall through [1] Group 1 - The acquisition price for Optum UK is reported to be between £1.2 billion and £1.4 billion [1] - TPG may seek to merge Optum UK with Nextech, a US-based electronic medical records software provider [1] - The deal is expected to be announced in the coming weeks, but it remains subject to finalization [1]