Capital Management Plan - TPG plans a cash distribution of up to $3 billion via a pro rata Capital Reduction, potentially offering up to $1.61 per share[16, 28] - A Reinvestment Plan aims to issue up to $688 million in new shares to increase minority ownership, potentially raising the free float to approximately 30%[16, 28] - The company targets repaying up to $2.4 billion of bank borrowings, reducing drawn borrowings to approximately $1.7 billion and achieving a pro forma financial leverage of approximately 1.3 times[16, 28] - TPG aims for an FY25 dividend of 18 cents per share, with growth expected over time based on profit and cash flow[16, 28] Financial Performance and Guidance - Pro Forma FY25 EBITDA guidance is set at $1.605 billion to $1.655 billion, excluding material one-offs[53] - Capital expenditure for FY25 is guided at approximately $790 million, excluding spectrum payments[53] - The company is targeting approximately $100 million in cost reductions from the FY25 Pro Forma cost base, to be delivered over two to four years (FY26 – FY29)[57] - TPG anticipates strong free cash flow in FY25, driven by factors like lower spectrum costs (approximately $128 million lower), reduced legacy handset receivables financing unwind (approximately $125 million lower), and lower capital expenditure (approximately $102 million lower) from FY27[60] 1H25 Trading Update - Pro Forma total revenue for 1H25 reached $2.448 billion, reflecting approximately 2% growth compared to the prior corresponding period (PCP)[69] - Pro Forma EBITDA (guidance basis) for 1H25 was $786 million, representing approximately 0.9% growth versus PCP[69]

Core Viewpoint - TPG RE Finance Trust reported mixed financial results for Q2 2025, with distributable earnings per share exceeding analyst expectations, but total distributable earnings declining, indicating a need for strategic focus on loan origination and portfolio management [1][10]. Business Overview and Strategic Focus - TPG RE Finance Trust is a real estate investment trust (REIT) that specializes in providing commercial first mortgage loans to institutional borrowers, focusing on high-quality properties across the U.S. [2] - The company is managed by TPG Real Estate, which enhances its access to institutional capital and market expertise [2]. - Key priorities include maintaining REIT compliance, optimizing the floating rate loan portfolio, and disciplined loan origination [3]. Quarterly Performance: Portfolio Growth, Credit, and Capital Actions - In Q2 2025, the company originated seven new first mortgage loans totaling $695.6 million, with a weighted average spread of 2.86% over Term SOFR and a loan-to-value (LTV) ratio of 67.6% [4]. - The company received $172.3 million in repayments from three loans across various property types, and committed to additional loans totaling $112.3 million post-quarter-end, indicating a healthy deal pipeline [5]. - Asset quality remained stable with a weighted average risk rating of 3.0, and reserves increased to $68.8 million, representing 1.76% of loan commitments [6]. Capital Management and Liquidity - The company executed two real estate owned (REO) property sales, generating $39.4 million in proceeds and a $7.0 million gain, enhancing liquidity [7]. - A significant share repurchase program was implemented, with 1.66 million shares bought back for $12.5 million, and an additional 0.83 million shares for $6.8 million, increasing book value per share to $11.20 [8]. - Total liquidity stood at $236.4 million, down from $457.6 million in the previous quarter, primarily due to the absence of proceeds from a CRE CLO issuance [9]. Dividend and Outlook - The REIT declared a quarterly cash dividend of $0.24 per share, fully covered by distributable earnings, maintaining stability in line with REIT regulatory requirements [10]. - Management did not provide numerical guidance for future quarters, leaving investors focused on the company's ability to enhance distributable earnings and maintain loan origination levels [11][12].

Summary of The Platform Group (TPG) Update Call - August 01, 2025 Company Overview - The Platform Group (TPG) operates across 28 industries with 15,000 partners, serving over 5 million customers through more than 30 e-commerce platforms [2][3] Key Developments - **Acquisitions**: - Acquired a B2B platform for construction businesses, WeConnect Work, aimed at connecting construction companies with labor [5][6] - Acquired Julie Closet, a B2C platform for vintage luxury goods, adding 220,000 new vintage products to TPG's offerings [7][8] - Entered the optics and hearing market with MyGlasses, targeting revenues of €55-60 million in 2026 and expecting an EBITDA margin of 25% [9][10] - **Fulfillment Center**: - Opened a new fulfillment center to enhance service offerings for partners, allowing them to store inventory at competitive prices [11][12] - **Legal Structure**: - Announced a new legal structure, SA and Co, with Spana Holding owning approximately 70% of the company [13][14] Strategic Goals - TPG aims to become the leading platform group in Europe, focusing on both organic and inorganic growth [15][16] - Plans to expand to 30 industries by the end of the year, having already covered 28 [16] Financial Performance - **Q2 Results**: - GMV increased by 87% to €356 million [22] - Net revenues rose by nearly 50% to €160.8 million [23] - Adjusted EBITDA increased from €8.5 million to €15.9 million, an 87% rise [25] - Net profit from continued operations grew by 41% to €18.2 million [25] - **Earnings Per Share**: - Increased from $0.65 to $0.90 [26] - **Debt and Leverage**: - Forecasted net debt of €106 million with an expected EBITDA of €54-58 million, leading to a leverage ratio of 2.0 [42] Growth Strategy - TPG expects to onboard around 500 additional partners, reaching a total of 18,000 partners across 30 industries by next year [34][38] - The company has doubled its GMV and more than doubled its EBITDA over the past two years [35] Future Guidance - Revenue guidance for 2026 is set between €860 million, up from €820 million [37] - Expected GMV for 2026 is approximately €1.6 billion [39] - Adjusted EBITDA margin projected to be between 7.5% and 10% [37] Upcoming Events - Half-year financial statements to be published on August 22, followed by the annual general meeting on August 25 [54] Additional Insights - TPG has implemented a strong cost efficiency program, stabilizing distribution costs after eight quarters of increases [29] - The company emphasizes transparency in its financial reporting and plans to provide detailed cash flow statements in future updates [51]

Business Overview and Strategy - The Platform Group (TPG) operates as a software-enabled group of e-commerce platforms connecting partners and customers in niche segments[14] - TPG aims to become Europe's leading profitable platform group through organic growth, acquisitions (3-8 companies per year), and software platform improvements[43, 44, 45] - TPG's strategy involves a balanced organic and inorganic growth approach (50/50), expanding to 30 industries by 2025, and extending partnerships and service offerings[45] Recent Developments - TPG acquired We Connect Work, a B2B construction platform, with closing expected in August 2025[16, 20] - Expanded the French luxury platform Joli Closet (B2C), with closing in July 2025, integrating it with Fashionette, Winkelstraat, and Brandfield[22, 25] - Entered the Optics & Hearing segment (B2C) with an online platform and 30 local stores, projecting €55-60 million in revenue for FY 2026e with a 25% EBITDA margin[27, 31] Financial Performance and Outlook - Q1 2025 GMV reached €356.3 million, and net revenue was €160.8 million[55] - Q1 2025 Adjusted EBITDA was €15.9 million (9.9% margin), and net profit was €18.2 million[55, 57] - The company increased its FY2025 revenue guidance to €715-735 million, with adjusted EBITDA of €54-58 million and GMV of €1.3 billion[72] Key Performance Indicators - The number of partners increased to 15,348 as of March 31, 2025[63, 66] - Active customers (LTM) grew to 5.7 million in Q1 2025[63, 66] - Average order value increased to €125 in Q1 2025, up from €115 in 2024[63, 66] Debt and Capital Structure - As of December 31, 2024, TPG had cash and cash equivalents of €22.1 million, long-term debt of €33.1 million, short-term debt of €26.1 million, and a bond of €50.0 million[105] - Net debt was €87.1 million, with a leverage ratio of 2.6x EBITDA[105] - The company targets a leverage ratio of 1.5-2.3x LTM EBITDA for 2025-2026[106]

Core Insights - TPG Inc has evolved from a pure-play private equity manager at its IPO to a more diversified alternative asset manager with approximately $251 billion in assets under management (AUM) across various sectors including private equity, real assets, and credit [1]

IVZ currently has a forward P/E ratio of 12.15, while TPG has a forward P/E of 28.82. We also note that IVZ has a PEG ratio of 1.18. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. TPG currently has a PEG ratio of 1.48. Another notable valuation metric for IVZ is its P/B ratio of 0.65. Investors use the P/B ratio to look at a stock's market value versus its book value, which is def ...

Group 1 - AT&T has completed the sale of its entire remaining 70% stake in DIRECTV to TPG Capital [1] - The transaction marks a significant divestiture for AT&T, focusing on its core business operations [1] - TPG Capital is a prominent private equity platform operating in the U.S. and Europe [1] Group 2 - AT&T serves over 100 million U.S. families and nearly 2.5 million businesses, providing connectivity solutions [2] - The company has a long history of innovation, dating back over 140 years, and currently offers 5G wireless and multi-gig internet services [2] - For more information about AT&T, stakeholders can visit the company's investor relations website [2]

Core Viewpoint - AvidXchange Holdings, Inc. is under investigation for potential breaches of fiduciary duty by its Board of Directors in relation to its sale to TPG, which values the company at $2.2 billion with a cash offer of $10.00 per share [1][2]. Group 1 - The investigation focuses on whether the AvidXchange Board failed to conduct a fair process and whether the sale price reflects fair value for shareholders [2]. - TPG's acquisition of AvidXchange involves purchasing all outstanding shares of the company's common stock [1].

Summary of TPG Conference Call Company Overview - **Company**: TPG (TPG) - **Industry**: Alternative Asset Management - **Assets Under Management**: Over $250 billion [2] Key Points and Arguments Leadership and Company Evolution - Todd Csisiski has been with TPG since its inception and has evolved from leading healthcare investments to becoming President, focusing on strategic growth and collaboration [3][5][6] - TPG emphasizes a culture of performance and collaboration, with a flat organizational structure that encourages participation from all professionals [11][12] Macro Environment and Portfolio Performance - The global economy has shown resilience despite volatility, with TPG's private equity revenue growth reported at 18% and EBITDA growth at 24%, significantly outperforming the S&P [15][16] - TPG focuses on secular growth areas and has maintained a cautious approach to macroeconomic conditions, which has contributed to strong portfolio performance [17][18] Capital Markets and Investment Pipeline - TPG remains active in capital markets, with a healthy pipeline of proprietary deals, particularly in private equity, credit, and real estate [20][22][24] - The firm has seen opportunities in distressed assets and is not heavily exposed to U.S. office markets, allowing for strategic investments [26][27] Geographic Focus and Investment Opportunities - TPG identifies compelling opportunities in Europe, particularly in technology, healthcare, and real estate sectors [29][30] - In Asia, TPG is focusing on Australia, India, and Southeast Asia, while being less active in China due to regulatory uncertainties [30][31] Exit Activity and Liquidity - TPG has been proactive in exit strategies, with 60% of private equity exits to strategic buyers, and has maintained good liquidity despite market volatility [38][39] - The firm has successfully executed multiple exits in 2023, indicating a strong liquidity position [39] Fundraising and Investor Relations - TPG expects to raise significantly more capital in 2025 compared to 2024, with strong interest in their flagship funds [45][46] - The firm is experiencing differentiated interest from investors due to its strategic approach and strong performance metrics [46][49] Credit and Structured Finance - TPG is optimistic about its credit business, particularly after the acquisition of Angelo Gordon, and is seeing strong demand for structured credit products [55][57] - The firm is focusing on cross-selling opportunities and expanding its credit offerings, which have seen significant growth since the acquisition [58] M&A Strategy - TPG is open to both organic and inorganic growth, with a focus on platform transactions that enhance existing capabilities [64][66] - The firm is actively exploring strategic partnerships, particularly in the insurance sector, to enhance its service offerings [68][70] Cultural Integration Post-Acquisition - The integration of Angelo Gordon has been successful, with a strong emphasis on collaboration and shared values between the two firms [60][62] Additional Important Insights - TPG's approach to investment is characterized by a focus on operational capabilities and strategic partnerships, which has led to unique deal sourcing opportunities [23][28] - The firm is positioning itself to capitalize on the growing demand for climate-related investments, reflecting a broader trend in the market [51][52]

Core Insights - TPG RE Finance Trust (NYSE: TRTX) has experienced fluctuations in its net asset value (NAV) over the past three years, particularly influenced by the Federal Reserve's actions against post-pandemic inflation [1] Group 1: Company Overview - TPG RE Finance Trust is a mortgage REIT that focuses on originating loans backed by real estate [1] Group 2: Market Dynamics - The equity market is characterized by daily price fluctuations that can lead to significant long-term wealth creation or destruction [1] - Pacifica Yield aims to create long-term wealth by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]