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• It's like a **bond fund** that specializes in mortgage-backed securities (MBS), similar to how a **Vanguard Total Bond Market ETF (BND)** invests in a diversified portfolio of bonds.
• It's like the **investment arm of a major bank** (e.g., **JPMorgan Chase**), but it solely focuses on profiting from mortgage-backed securities instead of traditional lending or banking.
• It's a type of **Real Estate Investment Trust (REIT)** that invests in mortgage-backed securities instead of owning physical properties, similar to how **Simon Property Group (SPG)** owns shopping malls.

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• Residential Mortgage-Backed Securities (RMBS): These are financial instruments representing claims to the cash flows from pools of residential mortgage loans, from which MITT earns interest income.
• Residential Mortgage Loans: MITT directly invests in and holds various types of residential mortgage loans, including prime jumbo and investor-owned property mortgages, to generate interest income.

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TPG Mortgage Investment Trust (symbol: MITT) is a mortgage real estate investment trust (mREIT). Its business model primarily involves investing in agency residential mortgage-backed securities (RMBS) and other mortgage-related assets. MITT generates income from the interest payments on these investments.

Unlike companies that sell products or services directly, an mREIT like MITT does not have "customers" in the traditional sense. Its revenue is primarily net interest income derived from its investment portfolio. However, the ultimate source of the cash flow for these mortgage assets comes from payments made by individuals on their home loans.

Therefore, interpreting "customers" as the indirect source of its revenue stream, MITT's investment activities are ultimately supported by and serve categories of individuals:

• Residential Homeowners (Conventional Mortgages): These are individuals who have obtained conventional mortgages (e.g., fixed-rate or adjustable-rate loans) to purchase or refinance residential properties. Their mortgage payments, which are pooled into agency RMBS (such as those guaranteed by Fannie Mae and Freddie Mac), are a primary source of interest income for MITT.

• Homeowners with Government-Insured/Guaranteed Loans: This category includes individuals who have secured mortgages through specific government programs, such as those insured by the Federal Housing Administration (FHA), guaranteed by the Department of Veterans Affairs (VA), or backed by the U.S. Department of Agriculture (USDA). These loans are often securitized into Ginnie Mae RMBS, which also form part of MITT's investment portfolio, contributing to its revenue stream.

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• TPG (TPG)
• Citigroup (C)
• JPMorgan Chase & Co. (JPM)
• Bank of America Corporation (BAC)

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TJ Durkin, Chief Executive Officer and President

TJ Durkin was appointed Chief Executive Officer in April 2021 and also serves as President. He previously served as President of AG Mortgage Investment Trust, Inc. before its name change to TPG Mortgage Investment Trust, Inc. The company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc. Under his leadership, TPG Mortgage Investment Trust has benefited from the resources of TPG's larger firm, combining deep, sector-driven expertise with TPG's global network and investment platform.

Brandon Fox, Interim Chief Financial Officer and Chief Accounting Officer

Brandon Fox has served as the Interim Chief Financial Officer since October 1, 2025, and as Chief Accounting Officer since January 2022. He also serves as Chief Financial Officer of TPG Real Estate Partners since July 2022 and as a managing director of TPG since January 2023. Mr. Fox possesses significant experience in corporate and asset acquisitions, SEC reporting, technical accounting, and financial planning and analysis. He holds an MBA with concentrations in corporate finance and strategy from the University of Chicago Booth School of Business and is a Certified Public Accountant (inactive).

Matthew Coleman, President

Matthew Coleman has served as President of TPG Real Estate Finance Trust (TRTX) since July 2020. He is also a partner of TPG, the chief operating officer of TPG Real Estate, and a member of the Manager's investment committee. Before joining TPG in 2012, Mr. Coleman was a Senior Vice President of the real estate private equity group at D. E. Shaw & Co. From 2000 to 2005, he practiced as an attorney in the areas of mergers and acquisitions, leveraged finance, and securities at Cravath, Swaine & Moore LLP. Mr. Coleman graduated summa cum laude from Wake Forest University with a B.A. in Economics and earned a J.D. from Yale Law School. He serves on the Boards of Directors of Bluegrass Senior Living, Tempore Properties, and Campus Student Housing.

Robert Foley, Former Chief Financial Officer

Robert Foley served as Chief Financial Officer from August 2015 until September 30, 2025. He is a partner of TPG Real Estate and a member of the Manager's investment committee. Prior to joining TPG Real Estate and the company in 2015, Mr. Foley directed credit-based investment activity in U.S. commercial real estate at Sixth Street Partners (formerly TPG Special Situations Partners) from 2013 to 2015. He was a co-founder, chief financial officer, and later chief operating officer of Gramercy Capital Corp. (NYSE: GPT), a publicly-traded REIT. Mr. Foley also co-headed high yield commercial real estate debt investing for Goldman Sachs & Co.'s special situations group and led the domestic commercial real estate capital markets business at Bankers Trust Company. He is an experienced principal investor and business builder. Following his retirement as CFO, Mr. Foley transitioned to a senior advisor role for TPG's real estate credit business.

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The key risks to TPG Mortgage Investment Trust (symbol: MITT) are primarily related to its nature as a residential mortgage real estate investment trust (REIT).

1. Interest Rate Fluctuations and Housing Market Dynamics: As a mortgage REIT, MITT is highly susceptible to changes in interest rates and the overall health of the U.S. housing market. Fluctuations in interest rates directly impact the profitability of its mortgage-related assets and its borrowing costs.

2. High Leverage and Financial Health: TPG Mortgage Investment Trust operates with a high debt-to-equity ratio, indicating significant financial leverage. Concerns about the company's financial strength are highlighted by indicators such as a low balance sheet rank and unfavorable Piotroski F-Score and Altman Z-Score, which suggest potential financial distress if not managed effectively.

3. Credit Risks and Market Volatility: The company's investment in residential mortgage-related assets exposes it to inherent credit risks. Furthermore, its expansion into areas like home equity and fintech-enhanced origination introduces additional exposure to credit risks and general market volatility, which can restrict returns and portfolio performance.

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TPG Mortgage Investment Trust (symbol: MITT) focuses on investing in a diversified portfolio of residential mortgage-related assets within the U.S. mortgage market. Its main products and services involve investments in residential mortgage-backed securities (RMBS), including both agency and non-agency MBS, alongside other residential investments such as non-agency loans, agency-eligible loans, home equity loans, and re- and non-performing loans. The company has recently shifted its strategic focus, reducing commercial real estate investments and increasing its allocation to residential assets, particularly Home Equity Loans.

The addressable markets for TPG Mortgage Investment Trust's main products and services are primarily within the United States:

• U.S. Mortgage-Backed Securities (MBS) Market: The overall U.S. MBS market is estimated at USD 15.55 trillion in 2025 and is projected to grow to USD 22.43 trillion by 2030, with a compound annual growth rate (CAGR) of 7.60% during this period. As of mid-2023, the Federal Reserve reported over USD 11 trillion in outstanding MBS in the United States.
• U.S. Agency MBS Market: The agency single-family MBS market reached $9.195 trillion at the end of 2024. As of June 2024, the Federal Reserve held approximately $2.3 trillion of agency MBS, representing almost 30% of the outstanding balance in the agency MBS market.
• U.S. Non-Agency MBS Market: This market segment had over $1.7 trillion in outstanding securities as of December 31, 2024. Another report indicates non-agency MBS outstanding totaled $477.98 billion at year-end 2024, showing a 10.0% increase from the end of 2023.
• U.S. Home Mortgage Market (broader market for underlying assets): The U.S. home loan market size is estimated at USD 2.29 trillion in 2025 and is expected to reach USD 3.02 trillion by 2030. Other estimates place the U.S. home mortgage market size at around USD 180.91 billion in 2023, with a projection to reach approximately USD 501.67 billion by 2032.

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TPG Mortgage Investment Trust (MITT) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion in Home Equity Lending and Residential Portfolio Shifts: The company is strategically expanding its home equity loan portfolio and shifting its investment focus towards residential and single-family assets. This move aims to achieve higher yields and more stable earnings. In the third quarter of 2025, MITT expanded its home equity loan portfolio to $1 billion.
2. Enhanced Contribution from Arc Home: MITT's increased ownership in Arc Home, along with Arc Home's proven capability in the non-qualified mortgage (non-QM) space, is anticipated to be a significant driver of earnings accretion and increased market share. This vertical integration is expected to boost profitability and efficiency.
3. Strategic Capital Rotation and Higher-Yielding Investments: TPG Mortgage Investment Trust plans to improve its financial structure and boost earnings power through strategic capital rotation, including the sale of legacy WMC or other non-core assets, and a shift towards higher-yielding investments. This strategy aims to enhance net margins and overall profitability.
4. Digital Underwriting and Fintech-Enhanced Origination: The adoption of digital underwriting and fintech-enhanced origination processes is expected to drive revenue growth by improving efficiency and profitability through streamlined operations and advanced technology.
5. Strong Securitization Execution: The company's ability to execute strong securitizations contributes to stable returns and positions it for growth in a dynamic market. MITT completed significant securitizations totaling over $1.7 billion in the third quarter of 2025.

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Share Repurchases

• TPG Mortgage Investment Trust (MITT) refrained from repurchasing any common or preferred stock during Q2 2025.
• There has been a consistent lack of significant share repurchase activity over the last several years.

Share Issuance

• In Q2 2025 (specifically August 1, 2025), MITT issued approximately 2.0 million common shares as consideration to acquire an additional 21.4% interest in Arc Home.
• The value of the shares issued for the Arc Home acquisition was $15.9 million.
• This issuance was approximately 1.8% dilutive to book value, inclusive of transaction-related expenses.

Inbound Investments

• TPG Mortgage Investment Trust's identity has been aligned with TPG's investment capabilities following TPG's acquisition of Angelo Gordon (MITT's external manager).

Outbound Investments

• On August 1, 2025, MITT acquired an additional 21.4% interest in Arc Home, increasing its ownership from 44.6% to 66.0%.
• MITT purchased $128 million of home equity loans during Q1 2025 and $100 million during Q2 2025 as part of its strategy to acquire and securitize home equity loans.
• In early Q3 2025, $40 million of capital was deployed into niche investments, expected to generate double-digit return-on-equity percentages.

Capital Expenditures

• No significant capital expenditures have been reported for TPG Mortgage Investment Trust in the last 3-5 years, as indicated by placeholder values in financial data.
• As a residential mortgage real estate investment trust (REIT), MITT primarily invests in financial instruments, typically resulting in minimal capital expenditures on physical assets.