TPG Operating Group II L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at TPGXL first as a credit instrument, not as common equity: it is a 6.950% fixed-rate junior subordinated note due 2064. The filed figures show a financial-services issuer with real top-line expansion: revenue was $1.5B in FY2023, $2.1B in FY2024, and $2.4B in FY2025. Profit, however, has been uneven: net income was $80.1M, then $23.5M, then $184.6M, with diluted EPS of -$0.04, -$0.42, and $0.45. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $705.0M and net income $93.4M, or $0.39 per diluted share; that followed fiscal Q1 2026 revenue of $620.0M and a net loss of $1.5M, or -$0.22 per diluted share. So the trend is improving, but not smooth.

In plain English: This is a long-term debt security issued by a financial services company, not a common stock. Filed figures show revenue rising and a return to profit in fiscal 2025, but quarterly results are uneven. At $20.43, the price is near the low end of its recent range, but the provided data are not enough to say whether it is cheap, fair, or expensive; for a debt security, that depends on repayment risk and interest rates.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer