>> LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK CITY, WE ARE TRACKING THE KEY PLAYERS, MAJOR MOVES AND THE CAPITAL FLOWS SHAPING GLOBAL MARKETS. THIS IS "BLOOMBERG DEALS." DANI: WELCOME TO YET ANOTHER EPISODE OF "BLOOMBERG DEALS," THE ONLY SHOW DEDICATED TO THE CORPORATE ACTION SHAPING MARKETS. YOU HEARD IT FIRST -- FROM OUR "BLOOMBERG DEALS" TEAM.WARNER BROS. AGREES TO REOPEN NEGOTIATIONS WITH PARAMOUNT. IT STARTS THE CLOCK AGAIN FOR WHAT HAS BEEN A THRILLER.MSG UNVEILS ANOTHER POSSIBLE CHANGE. THI ...

TPG CEO Jon Winkelried speaks with Dani Burger on "Bloomberg Deals". TPG manages more than $300 billion across a range of strategies, including private equity and credit, and software is one of the firm's target sectors ...

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, ...

NORWALK, Conn.--(BUSINESS WIRE)--Xerox Holdings Corporation (NASDAQ: XRX) ("Xerox†or the "Company†) today announced the formation and capitalization of a new joint venture (the "Joint Venture†) between Xerox and TPG, a leading global alternative asset management firm. The Joint Venture is structured as an intellectual property holding and licensing entity designed to manage, protect, and monetize certain Xerox IP assets. The Joint Venture has raised $450 million in aggregate principal amount o. ...

Core Viewpoint - TPG Mortgage Investment Trust, Inc. reported strong financial performance for the full year and fourth quarter of 2025, highlighting a disciplined securitization strategy and increased dividends, resulting in a total return exceeding 42% for shareholders [1][2]. Full Year and Fourth Quarter 2025 Financial Highlights - Book value per share as of December 31, 2025, was $10.48, with an annual economic return on equity of 6.5% [1]. - The fourth quarter 2025 dividend was $0.23 per common share, a 9.5% increase from the previous quarter's dividend of $0.21 [1]. - Earnings Available for Distribution (EAD) per diluted common share for the fourth quarter was $0.25, with a quarterly economic return on equity of 2.4% [1][2]. - Total dividends declared in 2025 amounted to $0.85 per common share, representing a 13.3% increase over 2024 [1]. Investing and Financing Highlights - The investment portfolio totaled $8.5 billion as of December 31, 2025, with a net interest margin of 0.7% [1]. - The company invested $50 million in Arc Home, reflecting a valuation multiple of 1.025x book value, and increased ownership in Arc Home to 66% from 44.6% [1][2]. - Arc Home achieved record non-agency origination volumes with a 79% year-over-year growth, contributing $0.06 of EAD per share to MITT during 2025 [1]. Financing Structure - Total financing as of December 31, 2025, was $8.1 billion, with a GAAP leverage ratio of 14.4x and an economic leverage ratio of 1.6x [1][2]. - The financing structure included $7.2 billion of non-recourse and $0.9 billion of recourse financing [1]. Dividends - Quarterly cash dividends declared on February 13, 2026, for preferred stock were $0.51563, $0.50, and $0.652391 per share, payable on March 17, 2026 [1]. - Total liquidity as of December 31, 2025, was $108.7 million [1].

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].

经济观察网黑石集团近期加大对AI公司Anthropic的投资，同时其与TPG收购豪洛捷股权案获中国监管机 构无条件批准。 近期事件 机构对黑石近期展望偏积极。截至2026年2月，24家机构中54%给予买入或增持评级，目标均价为 166.72美元，较当前股价有潜在上行空间。盈利预测显示，2026年第一季度每股收益预计同比增长 32.19%，AI领域布局和IPO退出计划被视作长期增长催化剂。 以上内容基于公开资料整理，不构成投资建议。 黑石集团在近7天内有两项关键事件值得关注。首先，黑石于2026年2月宣布加大对人工智能公司 Anthropic的投资，持股规模提升至约10亿美元，Anthropic投后估值达3500亿美元，该投资主要通过黑 石私募股权策略基金进行，凸显其在AI赛道的持续布局。其次，黑石与TPG公司收购豪洛捷(Hologic)股 权案于2026年2月10日获得国家市场监督管理总局无条件批准，交易预计在2026年3月或4月完成，可能 为黑石带来新的退出机会。 股票近期走势 近7个交易日(2026年2月6日至13日)，黑石股价呈现波动走势。根据实时数据，股价从2月6日收盘价 128.20美元波动至2月1 ...

Market Overview - Wall Street is experiencing significant disruption concerns due to AI, leading to a sell-off in various sectors, particularly software companies, which has resulted in sharp losses in U.S. stocks this week [1][2]. Software Sector - The S&P 500 Software & Services index has lost approximately $2 trillion in value since its peak in October, with half of this loss occurring in the past two weeks due to fears that AI could disrupt traditional subscription and enterprise tools [2]. - Notable declines in the Nasdaq 100 include Atlassian down 47%, Intuit down 40%, and Workday down 33% [4]. - The U.S. software sector is facing its worst drawdown in over three years, impacting alternative asset managers with exposure to software-related loans, with firms like Ares, Blackstone, and KKR seeing declines between 13% and 24% this year [5]. Financial Brokerage, Data Analytics & Legal Services - The financial industry, especially brokerages and data analytics firms, has been negatively affected after Altruist introduced AI-enabled tax planning features, raising fears about the viability of their business models [6]. - Shares of brokers such as LPL Financial and Charles Schwab fell over 7%, while S&P Global's shares dropped more than 25% in February, marking its worst month since 2009 [7]. Real Estate Services - Commercial real estate and investment managers have suffered as investors shift away from high-fee, labor-intensive business models perceived as vulnerable to AI disruption, with CBRE Group and Jones Lang LaSalle each dropping about 12% [8]. Insurance Sector - Insurance stocks have experienced a significant decline, with the S&P 500 insurance index falling 3.9% on a single day, its largest drop since mid-October, following the release of an AI-powered comparison tool by Insurify [10]. - Shares of Willis Towers Watson have decreased by 15% this week, while Aon and Arthur J. Gallagher fell by 9% and 15%, respectively [11]. Trucking & Logistics - The trucking and logistics sector saw unexpected declines, with stocks like Landstar System and C.H. Robinson dropping sharply after Algorhythm Holdings reported a significant increase in freight volumes without a corresponding rise in operational headcount [13].

Core Insights - Bill Holdings is considering a sale following pressure from activist investors for significant changes and improved profitability [1][2] Group 1: Activist Investors and Board Changes - In October, Bill Holdings agreed to add four new directors to its board, including two from activist hedge fund Starboard Value, which holds an 8.5% stake [2] - Elliott Investment Management, another activist investor, acquired at least a 5% stake last year to advocate for changes at Bill [2] - Barington Capital Group urged Bill's directors to cut costs and seek a buyer [2] Group 2: Potential Acquisition - Private equity firm Hellman & Friedman has reportedly held discussions about acquiring Bill [3] - The new board members will influence whether Bill pursues an independent strategy or opts for a sale [3] - A financial investor, likely a private equity firm, is seen as the most probable buyer due to recent interest in financial technology assets [6] Group 3: Company Performance - Bill Holdings serves approximately 498,500 businesses, including 9,500 accounting firms, and processes about 1% of the U.S. GDP annually [5] - The company reported a net loss of $2.6 million for the quarter ending December 31, contrasting with a profit of $33.5 million in the same period of 2024, while revenue increased by 14% to $414.7 million [5] Group 4: Industry Context - Recent acquisitions in the payments sector include AvidXchange's $2.2 billion deal and Melio's $2.5 billion acquisition by Xero, indicating a trend of consolidation in the financial technology space [6][7]