Group 1 - The U.S. banking, asset management, and financial services sectors faced heavy selling pressure, with the KBW Bank Index dropping over 5%, nearing its largest single-day decline since April of the previous year [1] - Major Wall Street firms such as Goldman Sachs and Morgan Stanley saw declines exceeding 7%, while Wells Fargo, Citigroup, and Bank of America dropped over 5% [1] - Concerns about financial system risks stemming from artificial intelligence and the collapse of the UK mortgage company MFS have shaken confidence in the private credit industry [1][3] Group 2 - Financial technology company Block announced layoffs of over 10,000 employees, reducing its workforce to below 6,000, citing increased productivity from AI as the reason [3] - The collapse of MFS has raised new concerns regarding the quality of private credit, with Apollo Global Management, Jefferies, and TPG identified as creditors of MFS [3][4] - MFS is reported to have a "double pledging" issue, potentially leading to a £930 million shortfall in its £1.2 billion debt, which has parallels to previous bankruptcy cases that caused significant losses for misled institutions [4] Group 3 - Jefferies shares fell over 10%, while Apollo Global Management dropped more than 8%, with KKR and TPG also experiencing declines [4] - The credit card and payment service provider American Express saw a decline of over 6%, as the market sold off assets sensitive to credit [5] - Truist Securities highlighted that the market is focused on American Express due to its direct reflection of potential white-collar unemployment risks [5]

TPG的一位发言人表示，该基金对Market Financial Solutions的总敞口为4400万英镑（约合5900万美 元）。 来源：环球市场播报 发言人称："根据公开披露的数据，TPG的敞口占MFS贷款敞口不到2%"。 ...

Key TakeawaysRBC Capital Markets has initiated coverage on major private equity firms Blackstone, KKR, and TPG with Outperform ratings, signaling a highly bullish outlook for the alternative asset management sector.Citigroup raised its price target for BHP Group to 2,800p (up from 2,600p), following a trend of analyst upgrades driven by the company's strong copper momentum and disciplined balance sheet.President Volodymyr Zelenskiy marked the fourth anniversary of the full-scale invasion of Ukraine, reaffir ...

KKR & Co. (NYSE:KKR) is poised to acquire a controlling stake in XCL Education Holdings under a transaction that assigns the Singapore-headquartered firm an enterprise value of approximately $1.3 billion, Bloomberg reported.The stake is being sold by TPG Inc. (NASDAQ:TPG) , with KKR prevailing over other bidders in a competitive process, according to the Bloomberg report, which cited people familiar with the deal it didn’t identify. Financial terms beyond the overall valuation — including the exact size of ...

Group 1 - KKR has agreed to acquire the majority stake in educational institution XCL for $1.3 billion [1] - The acquisition will be made from TPG, indicating a significant investment in the education sector by KKR [1]

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG Inc. ("TPG†or the "Company†) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that TPG Operating Group II, L.P. (the "Issuer†), an indirect subsidiary of TPG, intends to offer senior notes due 2031 (the "notes†) in a registered public offering, subject to market and other conditions. The notes will be fully and unconditionally guaranteed by TPG and certain of the Issuer's direct subsidiaries. The Issuer i. ...

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, ...

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].