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

> Source: Nexqual · https://nexqual.com/TPGXL · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, TPG Operating Group II, L.P. 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (TPGXL), nexqual.com/TPGXL" · informational, not investment advice.

**Price:** USD 20.67 (+2.68% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 20.13 · day 20.06–20.79 · 52w 19.86–26.05 · market cap null · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.06B, net income $236M (4.7% margin) (SEC filings).
- Total return with dividends: 1Y -13.9% vs S&P 500 +18.1%; 5Y -5.0% vs S&P 500 +85.1%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.98B | $2.00B | $2.39B | $3.50B | $4.67B | $5.06B |
| Net income | $0K | $92.4M | $80.1M | $23.5M | $185M | $236M |
| EPS (diluted) | $0.00 | -$0.19 | -$0.04 | -$0.42 | $0.45 | — |
| Net margin | 0.0% | 4.6% | 3.4% | 0.7% | 4.0% | 4.7% |
| Revenue growth | +135.3% | -59.8% | +19.3% | +46.5% | +33.4% | — |
| Cash + short-term investments | $973M | $1.11B | $665M | $808M | $826M | — |
| Total debt | — | $445M | $945M | $1.28B | $1.72B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 50.4x, Dec 2024 394.8x.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2024-03-04) |
|---|---|---|
| Total return | -13.9% | -5.0% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | -14.0% | -1.9% |
| Volatility (annualized) | 10.0% | 8.6% |
| Max drawdown | -16.9% (Apr 2026→Oct 2026) | -15.2% (Apr 2026→Oct 2026) |

## Peers
FGN (F&G Annuities & Life, Inc. 7.95) USD 23.01 -0.82% · ATHS (Athene Holding Ltd. 7.250% Fixe) USD 23.75 +0.42% · MGRE (Affiliated Managers Group, Inc.) USD 21.08 +1.05% · APOS (Apollo Global Management, Inc. ) USD 25.26 -0.92% · NMFCZ (New Mountain Finance Corporatio) USD 25.37 -0.06%

## More
Full page: https://nexqual.com/TPGXL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt