Market PerformanceTPG shares underperformed the general market, with shortfalls mainly involving decreases for management fees and fee AUM below consensus.
Near-term ChallengesTPG shares could be a penalty box near-term, given the soft 3Q print; weak 4Q guide; '25-'26 non-op expenses (which impact DE and the dividend); and the technical headwind from a potential secondary, an overblown concern.
Stock ValuationTPG's valuation fully reflects favorable expectations, indicating balanced risk-reward on the stock.