TPG Mortgage Investment Trust (MITT)


Market Price (11/9/2026): $4.5 | Market Cap: $143.1 MilSector: Financials | Industry: Mortgage REITs

TPG Mortgage Investment Trust (MITT)


Market Price (11/9/2026): $4.5
Market Cap: $143.1 Mil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, Dividend Yield is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25%, FCF Yield is 55%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 199%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 199%

Low stock price volatility
Vol 12M is 32%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Private Credit, Show more.

Weak multi-year price returns
2Y Excs Rtn is -50%, 3Y Excs Rtn is -49%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 5041%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -47%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.3%, Rev Chg QQuarterly Revenue Change % is -103%

Key risks
MITT key risks include [1] its high level of leverage, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, Dividend Yield is 21%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25%, FCF Yield is 55%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 199%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 199%
2 Low stock price volatility
Vol 12M is 32%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Private Credit, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -50%, 3Y Excs Rtn is -49%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 5041%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -47%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.3%, Rev Chg QQuarterly Revenue Change % is -103%
7 Key risks
MITT key risks include [1] its high level of leverage, Show more.

MITT in ETFs

Weight = MITT's share of each fund

VTI0.00%
IWM0.01%
IWN0.01%
VTWO0.01%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/6/2026

TPG Mortgage Investment Trust (MITT) stock has lost about 35% since 7/31/2026 because of the following key factors:

1. Sharp Decline in Book Value Driven by Macroeconomic Headwinds.

TPG Mortgage Investment Trust (MITT) experienced a 7.3% decline in its book value per share during fiscal Q3 2026, dropping to $9.27 from $10.00 at the end of fiscal Q2 2026 (June 30, 2026). This entire decline occurred in September 2026 and was primarily attributed to a sharp selloff in interest rates and widening credit spreads across the mortgage REIT sector. Management indicated that roughly 50% of the book value decline was due to rate movements and 50% to spread movements.

2. Fiscal Q3 2026 Earnings Miss and Insufficient Dividend Coverage.

For fiscal Q3 2026, reported on November 3/4, 2026, MITT posted Earnings Available for Distribution (EAD) of $0.21 per diluted common share, missing analysts' consensus estimate of $0.26 per share by 19.23%. This EAD also fell short of the company's declared quarterly common dividend of $0.24 per share for the same period. Additionally, the company reported a GAAP net loss of $15.7 million, or $0.49 per share, largely due to unrealized mark-to-market losses on its investment portfolio.

Show more
Updated on 11/6/2026

TPG Mortgage Investment Trust (MITT) stock has lost about 35% since 7/31/2026 because of the following key factors:

1. Sharp Decline in Book Value Driven by Macroeconomic Headwinds.

TPG Mortgage Investment Trust (MITT) experienced a 7.3% decline in its book value per share during fiscal Q3 2026, dropping to $9.27 from $10.00 at the end of fiscal Q2 2026 (June 30, 2026). This entire decline occurred in September 2026 and was primarily attributed to a sharp selloff in interest rates and widening credit spreads across the mortgage REIT sector. Management indicated that roughly 50% of the book value decline was due to rate movements and 50% to spread movements.

2. Fiscal Q3 2026 Earnings Miss and Insufficient Dividend Coverage.

For fiscal Q3 2026, reported on November 3/4, 2026, MITT posted Earnings Available for Distribution (EAD) of $0.21 per diluted common share, missing analysts' consensus estimate of $0.26 per share by 19.23%. This EAD also fell short of the company's declared quarterly common dividend of $0.24 per share for the same period. Additionally, the company reported a GAAP net loss of $15.7 million, or $0.49 per share, largely due to unrealized mark-to-market losses on its investment portfolio.

3. Fiscal Q2 2026 Earnings Miss.

On August 10, 2026, MITT reported its fiscal Q2 2026 earnings per share (EPS) of $0.24, which missed the consensus analyst estimate of $0.2754 by 12.85%. This earnings shortfall contributed to a 10.86% drop in share price following the announcement.

4. Transaction Expenses from Proposed Cherry Hill Merger.

In fiscal Q3 2026, MITT incurred approximately $2 million in transaction-related expenses associated with its proposed acquisition of Cherry Hill Mortgage Investment Corporation. These expenses had a measurable impact, reducing the company's book value by approximately 0.6% during the quarter.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -33.5% change in MITT stock from 7/31/2026 to 11/8/2026 was primarily driven by a -39.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611082026Change
Stock Price ($)6.694.45-33.5%
Change Contribution By: 
Total Revenues ($ Mil)5939-33.4%
Net Income Margin (%)57.0%34.3%-39.9%
P/E Multiple6.310.566.5%
Shares Outstanding (Mil)3232-0.2%
Cumulative Contribution-33.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/8/2026
ReturnCorrelation
MITT-33.5% 
Market (SPY)-1.6%34.9%
Sector (XLF)0.4%30.8%

Fundamental Drivers

The -39.4% change in MITT stock from 4/30/2026 to 11/8/2026 was primarily driven by a -48.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611082026Change
Stock Price ($)7.354.45-39.4%
Change Contribution By: 
Total Revenues ($ Mil)7639-48.1%
Net Income Margin (%)64.3%34.3%-46.7%
P/E Multiple4.810.5119.3%
Shares Outstanding (Mil)3232-0.1%
Cumulative Contribution-39.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/8/2026
ReturnCorrelation
MITT-39.4% 
Market (SPY)2.6%30.2%
Sector (XLF)10.0%30.9%

Fundamental Drivers

The -29.0% change in MITT stock from 10/31/2025 to 11/8/2026 was primarily driven by a -47.3% change in the company's Net Income Margin (%).
(LTM values as of)1031202511082026Change
Stock Price ($)6.274.45-29.0%
Change Contribution By: 
Total Revenues ($ Mil)7139-44.8%
Net Income Margin (%)65.1%34.3%-47.3%
P/E Multiple4.010.5162.0%
Shares Outstanding (Mil)3032-6.7%
Cumulative Contribution-29.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/8/2026
ReturnCorrelation
MITT-29.0% 
Market (SPY)8.7%32.6%
Sector (XLF)10.5%36.8%

Fundamental Drivers

The 26.3% change in MITT stock from 10/31/2023 to 11/8/2026 was primarily driven by a 333.4% change in the company's P/E Multiple.
(LTM values as of)1031202311082026Change
Stock Price ($)3.524.4526.3%
Change Contribution By: 
Total Revenues ($ Mil)5939-33.9%
Net Income Margin (%)49.5%34.3%-30.8%
P/E Multiple2.410.5333.4%
Shares Outstanding (Mil)2032-36.3%
Cumulative Contribution26.3%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/8/2026
ReturnCorrelation
MITT26.3% 
Market (SPY)81.9%40.4%
Sector (XLF)84.4%42.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MITT Return24%-41%36%17%43%-42%-4%
Peers Return16%-20%20%4%22%-17%18%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
MITT Win Rate58%50%50%50%58%27% 
Peers Win Rate55%50%53%60%63%40% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
MITT Max Drawdown-29%-63%-26%-16%-24%-46% 
Peers Max Drawdown-15%-37%-29%-13%-18%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, AGNC, RITM, STWD, BXMT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventMITTS&P 500
2025 US Tariff Shock
  % Loss-18.1%-18.8%
  % Gain to Breakeven22.2%23.1%
  Time to Breakeven33 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-22.5%-9.5%
  % Gain to Breakeven29.0%10.5%
  Time to Breakeven55 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.0%-6.7%
  % Gain to Breakeven25.0%7.1%
  Time to Breakeven95 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-62.0%-24.5%
  % Gain to Breakeven163.4%32.4%
  Time to Breakeven646 days427 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-12.9%-19.2%
  % Gain to Breakeven14.8%23.8%
  Time to Breakeven30 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-34.8%-12.2%
  % Gain to Breakeven53.3%13.9%
  Time to Breakeven176 days62 days

Compare to NLY, AGNC, RITM, STWD, BXMT

In The Past

TPG Mortgage Investment Trust's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMITTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-22.5%-9.5%
  % Gain to Breakeven29.0%10.5%
  Time to Breakeven55 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-62.0%-24.5%
  % Gain to Breakeven163.4%32.4%
  Time to Breakeven646 days427 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-34.8%-12.2%
  % Gain to Breakeven53.3%13.9%
  Time to Breakeven176 days62 days
2014-2016 Oil Price Collapse
  % Loss-34.0%-6.8%
  % Gain to Breakeven51.5%7.3%
  Time to Breakeven174 days15 days
2013 Taper Tantrum
  % Loss-35.9%-0.2%
  % Gain to Breakeven56.1%0.2%
  Time to Breakeven609 days1 days

Compare to NLY, AGNC, RITM, STWD, BXMT

In The Past

TPG Mortgage Investment Trust's stock fell -18.1% during the 2025 US Tariff Shock. Such a loss loss requires a 22.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About TPG Mortgage Investment Trust (MITT)

```html

AG Mortgage Investment Trust (MITT) operates as a residential mortgage real estate investment trust (REIT) in the United States. The company's primary business involves strategically investing in a diverse portfolio of assets, predominantly focused on residential mortgages and related securities, with a smaller allocation to commercial investments. This allows MITT to generate income through its holdings in the U.S. real estate and mortgage debt markets.

MITT's investment portfolio includes a variety of residential mortgage investments such as non-qualifying mortgage loans, government-sponsored entity non-owner occupied loans, and both re-performing and non-performing loans. The company also invests in land-related financing and agency residential mortgage-backed securities (RMBS). As a REIT, MITT is structured to distribute at least 90% of its taxable income to its stockholders, its primary beneficiaries, which allows the company to generally avoid federal corporate income taxes.

```

AI Analysis | Feedback

Here are 1-2 brief analogies for AG Mortgage Investment Trust (MITT):

  • Think of it as a specialized investment fund, much like one from Vanguard or BlackRock, but solely focused on buying and managing residential mortgage loans and related securities.

  • It's similar to the mortgage investment arm of a large bank like JPMorgan Chase, but operating as a dedicated company that earns income from its portfolio of residential mortgage assets.

AI Analysis | Feedback

  • Non-qualifying Mortgage Loans: Investments in residential mortgage loans that do not meet standard underwriting criteria.
  • Government-sponsored Entity Non-owner Occupied Loans: Investments in loans for non-owner-occupied residential properties backed by government-sponsored entities.
  • Re/Non-performing Loans: Investments in residential mortgage loans that are either currently in default or have resumed payments after a period of default.
  • Land Related Financing: Investments or financing specifically related to land development or acquisition.
  • Agency Residential Mortgage-Backed Securities (RMBS): Securities backed by pools of residential mortgages and guaranteed by government-sponsored entities.
  • Commercial Investments: Investments in commercial real estate assets or related financial instruments.

AI Analysis | Feedback

AG Mortgage Investment Trust, Inc. (symbol: MITT) operates as a residential mortgage real estate investment trust (REIT). As an mREIT, it primarily generates income from interest payments on its portfolio of mortgage loans and mortgage-backed securities, rather than selling products or services in a traditional sense. Therefore, its "customers" can be understood as the ultimate borrowers whose payments generate the company's revenue.

Based on the company's investment portfolio, its customer categories (i.e., the borrowers whose debt obligations contribute to MITT's income) include:

  1. Individual Homeowners and Residential Property Investors: These are the borrowers making payments on the non-qualifying mortgage loans, government-sponsored entity non-owner occupied loans, and re/non-performing residential loans that MITT holds directly. They also represent the underlying borrowers for the agency residential mortgage-backed securities in MITT's portfolio.
  2. Commercial Real Estate Borrowers: These are businesses or investors who have obtained loans for commercial properties, which are part of MITT's commercial investments.
  3. Land Developers and Investors: These entities, typically businesses or professional investors, have secured land-related financing from MITT.

AI Analysis | Feedback

AG Mortgage Investment Trust, Inc. (MITT) invests in residential mortgage-backed securities, including those issued or guaranteed by government-sponsored enterprises. As such, key entities that facilitate the creation and guarantee of a significant portion of these securities can be considered major suppliers of the underlying assets for MITT's investment portfolio.

  • Fannie Mae (Symbol: FNMA)
  • Freddie Mac (Symbol: FMCC)

AI Analysis | Feedback

T.J. Durkin, Chief Executive Officer and President

T.J. Durkin was appointed CEO of TPG Mortgage Investment Trust (formerly AG Mortgage Investment Trust, Inc.) effective October 1, 2022, and also serves as President and a member of the board of directors. He joined Angelo, Gordon & Co., L.P., the parent of the company's external manager (now part of TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG), in 2008. Mr. Durkin is a Managing Director, a member of the firm's Advisory Board and Executive Committee, and Co-Head of the Structured Credit Platform. He is also a co-Portfolio Manager of Angelo Gordon's residential mortgage and consumer debt securities portfolios and a board member of Arc Home, an affiliated mortgage originator and GSE licensed servicer. Prior to joining Angelo Gordon, he began his career at Bear, Stearns & Co. where he was a Managing Director on the Non-Agency Trading Desk. The company's external management by an affiliate of TPG Angelo Gordon indicates a pattern of managing a company backed by a private equity-like firm.

Anthony Rossiello, Chief Financial Officer and Treasurer

Anthony Rossiello was appointed Chief Financial Officer and Principal Financial Officer effective January 1, 2021, and also serves as Treasurer and a Managing Director of TPG Angelo Gordon. He joined Angelo Gordon's finance team in August 2020 as Controller of the company and served as interim Principal Accounting Officer during 2020. Before joining Angelo Gordon, Mr. Rossiello was a Senior Manager at Ernst & Young LLP, bringing over 11 years of accounting and finance experience, primarily working with publicly traded companies in the banking and mortgage REIT industry, as well as private companies in the mortgage origination and servicing industry. Mr. Rossiello is employed by AG REIT Management, LLC, the external manager.

Nicholas Smith, Chief Investment Officer

Nicholas Smith was appointed Chief Investment Officer effective April 12, 2021, and became a board member effective October 1, 2022. He joined TPG Angelo Gordon in 2021 as a Managing Director in the Structured Credit & Specialty Finance team and is the head of the strategy's Residential Whole Loan Business. Prior to his appointment as CIO and joining TPG Angelo Gordon, Mr. Smith was a Managing Director at Bank of America Securities, where he was the Head of Non-Agency Residential Mortgage Trading and Asset-Backed Securities Trading, leading a team of over 30 professionals and developing the Whole Loan Purchase Program. He previously worked at Guggenheim Capital Markets and Bear, Stearns & Co. in various trading, banking, and structuring roles.

Jenny B. Neslin, General Counsel and Secretary

Jenny B. Neslin was appointed General Counsel and Secretary of the company, effective April 5, 2021. She joined TPG Angelo Gordon's legal team as a Managing Director in April 2021. Prior to joining an affiliate of NorthStar in July 2013, Ms. Neslin was an associate in the Capital Markets group at Clifford Chance US LLP, where she primarily advised REITs and investment banks in public and private capital markets transactions. Ms. Neslin is employed by AG REIT Management, LLC, the external manager of the company.

Debra Hess, Non-Executive Chair of the Board

Debra Hess was appointed non-executive chair of the board of directors effective October 1, 2022, having previously served as the lead independent director. She is a seasoned real estate and mortgage industry executive with over 25 years of investment and leadership experience, bringing deep knowledge of MITT's business. From 1993 to 2003, Ms. Hess held various positions at Goldman, Sachs & Co., including Vice President in Goldman Sachs' Principal Finance Group and Manager of Financial Reporting. Before 1993, she was employed by Chemical Banking Corporation and Arthur Andersen & Company.

AI Analysis | Feedback

The key risks to TPG Mortgage Investment Trust (symbol: MITT), which was formerly known as AG Mortgage Investment Trust, Inc., are primarily driven by the inherent nature of its business as a residential mortgage real estate investment trust (REIT).

  1. Interest Rate and Market Fluctuations: As a mortgage REIT, TPG Mortgage Investment Trust is highly susceptible to changes in interest rates, the yield curve, and general economic conditions. Fluctuations in these factors can significantly impact the company's profitability, its ability to maintain dividend payments, and the market value of its residential mortgage-related assets. The company's net interest margin is particularly sensitive to rate movements.
  2. Financing and Liquidity Risk: The company relies heavily on the availability and favorable terms of financing arrangements, including repurchase financing. A concentration in repo financing providers and a reliance on short-term funding expose the company to risks related to financing costs and liquidity. The ability to obtain and maintain these financing arrangements on favorable terms is crucial for its operations.
  3. Credit Risk: TPG Mortgage Investment Trust's investment portfolio includes residential investments such as non-qualifying mortgage loans, government-sponsored entity non-owner occupied loans, re/non-performing loans, and non-agency residential mortgage-backed securities (RMBS. These types of investments carry inherent credit risk, as changes in default rates or delinquencies, and decreased recovery rates on its assets, could adversely affect the company's financial performance.

AI Analysis | Feedback

null

AI Analysis | Feedback

TPG Mortgage Investment Trust (symbol: MITT) operates as a residential mortgage real estate investment trust with an investment portfolio that includes various residential and commercial real estate-related assets in the United States.

The addressable markets for their main products and services in the U.S. are as follows:

  • Non-qualifying mortgage loans (Non-QM loans): The U.S. Non-QM loan market represented approximately $182 billion in origination volume in 2024. This segment is projected to grow, with some forecasts suggesting it could reach 10-15% of the total U.S. mortgage origination market in 2025. The broader non-agency segment of the mortgage market, which includes non-QM loans, is valued at approximately $4.8 trillion in the U.S.
  • Government-sponsored entity (GSE) non-owner occupied loans: While Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac are significant players in the overall U.S. residential mortgage market, holding approximately $6.5 trillion in outstanding mortgage balances as of Q2 2025, a specific market size for "GSE non-owner occupied loans" is not readily available. However, these loans are part of broader speculative housing transactions.
  • Re/non-performing loans (NPLs): The total value of non-performing loans in the United States was reported at $194.681 billion in December 2025.
  • Land related financing: A specific market size for "land related financing" is not available. This type of financing falls under the larger U.S. real estate loan market, which was valued at $3.5 trillion in 2024.
  • Agency residential mortgage-backed securities (Agency RMBS): The U.S. Mortgage-Backed Securities (MBS) market was estimated at over $11 trillion in outstanding securities as of mid-2023. Agency RMBS constitutes a substantial portion of this market, with gross agency issuance totaling approximately $1.1 trillion in 2024.
  • Commercial investments (Commercial Real Estate): The United States Commercial Real Estate Market size is estimated at $1.74 trillion in 2026.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for AG Mortgage Investment Trust (MITT)

  • Rotation into Higher-Yielding Investments: AG Mortgage Investment Trust is actively reallocating capital from legacy residential and commercial exposures into higher-yielding home equity and agency-eligible mortgage strategies. This strategic rotation was a primary driver of earnings growth in 2025 and is expected to continue contributing to revenue expansion over the next 2-3 years, driven by substantial growth in its home equity portfolio.
  • Growth and Profitability of Arc Home: The company anticipates continued earnings momentum from Arc Home, an independent mortgage originator in which AG Mortgage Investment Trust holds a 66% ownership stake. Arc Home achieved record lock volumes and a significant increase in non-QM mortgage fundings in 2025, and its strong earnings are expected to further boost AG Mortgage Investment Trust's Earnings Available for Distribution (EAD) in the future.
  • Capital Redeployment from Legacy Asset Resolution and Call Rights: Management plans to resolve legacy WMC commercial real estate (CRE) loans by mid-2026, freeing up capital for redeployment into higher-return strategies. Additionally, the company expects to exercise call rights on in-the-money securitizations, which could release approximately $35 million of equity to be reinvested into higher-ROE assets, thereby enhancing future earnings.
  • Programmatic Securitization Activity: AG Mortgage Investment Trust has established itself as a programmatic issuer in the home equity space, executing multiple securitizations. This ongoing activity enables efficient capital management, allowing the company to recycle capital and expand its investment capacity, which directly supports revenue generation from its diversified portfolio of residential mortgage-related assets.

AI Analysis | Feedback

Share Issuance

  • In August 2025, TPG Mortgage Investment Trust (then AG Mortgage Investment Trust) issued 2,000,000 shares of common stock, valued at $15.9 million, to acquire an additional 21.4% interest in Arc Home, increasing its ownership to 66.0%.
  • A 1-for-3 reverse stock split of common stock was completed on July 22, 2021, reducing the number of outstanding shares from 48,510,978 to approximately 16,164,007.

Inbound Investments

  • TPG Mortgage Investment Trust (formerly AG Mortgage Investment Trust) is externally managed by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., which is part of TPG. This strategic alignment with TPG, following TPG's acquisition of Angelo Gordon, provides the company with enhanced resources.

Outbound Investments

  • TPG Mortgage Investment Trust significantly increased capital allocation to the home equity sector, including acquiring approximately $130 million of additional home equity loans from nonbank originators in Q1 2025 and purchasing $128 million and $100 million of home equity loans in Q1 and Q2 2025, respectively.
  • In Q1 2025, the company partnered with a leading nonbank mortgage originator to issue a $500 million home equity securitization.
  • The company increased its ownership in Arc Home from 45% to 66% through the acquisition of an additional 21.4% interest in August 2025, with the investment in Arc Home totaling $49.2 million as of September 30, 2025.

Capital Expenditures

  • In 2025, the company executed 10 securitizations totaling $4.2 billion.
  • The investment portfolio grew 27% in 2025 compared to 2024, reaching $8.5 billion by year-end, driven by over $3 billion in total loan purchases throughout the year.
  • Management anticipates exercising call rights on in-the-money securitizations to free approximately $35 million of equity for redeployment into higher-return strategies.

Peer Outperformance in Mortgage REITs

MITT has outperformed 59% of its 34 Mortgage REITs peers over 5Y. Mortgage REITs ranks 17th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Mortgage REITs constituents that MITT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
19%
of 36 industry peers · -35.1% return
3Y
71%
of 35 industry peers · 21.4% return
5Y
59%
of 34 industry peers · -37.7% return
No Mortgage REITs peer with a comparable growth profile has beaten MITT by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is MITT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 29.4%72.7%116.0% SPNT 167% · RGA 156% · RNR 127%
Diversified Banks 12 28.4%141.2%88.0% CM 145% · RY 127% · JPM 124%
Investment Banking & Brokerage 13 -6.7%89.5%85.6% IBKR 323% · SNEX 156% · GS 139%
Multi-Sector Holdings 4 8.8%60.0%80.0% BRK-B 98% · VOYA 62% · JEF 34%
Life & Health Insurance 20 9.7%57.7%76.6% JXN 500% · UNM 240% · FG 211%
Property & Casualty Insurance 42 13.8%73.5%66.7% TRV 174% · ACGL 165% · PGR 164%
Multi-line Insurance 9 5.4%70.7%56.0% AIZ 107% · GNW 101% · L 92%
Regional Banks 267 29.4%92.4%46.2% CBC 272% · FCNCA 172% · NIC 137%
Insurance Brokers 15 2.2%10.0%29.6% LIFE 297% · ARX 89% · WTW 51%
Financial Exchanges & Data 15 16.6%31.2%15.9% CBOE 182% · VIRT 132% · CME 71%
Asset Management & Custody Banks 85 -6.7%20.9%12.8% VCTR 233% · WT 209% · AAMI 204%
Consumer Finance 30 2.5%85.0%7.2% ENVA 337% · FCFS 129% · ECPG 90%
Commercial & Residential Mortgage Finance 14 -43.9%29.5%2.6% FNMA 348% · FMCC 305% · ACT 151%
Diversified Financial Services 4 -6.2%22.5%-0.8% FRHC 150% · EQH 71%
Specialized Finance 3 25.4%33.0%-20.4% CACC -20% · HASI -21%
Transaction & Payment Processing Services 17 23.6%10.4%-29.1% V 99% · MA 92% · CPAY 84%
Mortgage REITs ← 35 -20.5%-10.7%-38.7% RITM 34% · DX 16% · AGNC 10%
Diversified Capital Markets 20 -47.8%-4.9%-69.5% LPLA 81% · TW 37% · RIOT -54%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MITTNLYAGNCRITMSTWDBXMTMedian
NameTPG Mort.Annaly C.AGNC Inv.Rithm Ca.Starwood.Blacksto. 
Mkt Price4.5018.858.839.3412.0711.6210.48
Mkt Cap0.114.410.65.24.42.04.8
Rev LTM391,3552363,846701555628
Op Inc LTM-------
FCF LTM782,6591,137-1,432367353360
FCF 3Y Avg621,597572-1,991473323398
CFO LTM783,7181,137-1,428984353668
CFO 3Y Avg622,485572-1,946711323448

Growth & Margins

MITTNLYAGNCRITMSTWDBXMTMedian
NameTPG Mort.Annaly C.AGNC Inv.Rithm Ca.Starwood.Blacksto. 
Rev Chg LTM-47.3%-20.4%-75.3%27.1%-8.6%9.2%-14.5%
Rev Chg 3Y Avg-8.3%189.5%42.3%21.1%-9.0%-6.7%7.2%
Rev Chg Q-103.2%-205.1%-259.0%75.1%-54.5%-41.2%-78.8%
QoQ Delta Rev Chg LTM-40.9%-57.3%-90.2%16.3%-13.6%-9.0%-27.3%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM199.4%274.3%481.8%-37.1%140.4%63.6%169.9%
CFO/Rev 3Y Avg116.0%246.2%181.0%-65.4%92.3%60.5%104.2%
FCF/Rev LTM199.4%196.2%481.8%-37.2%52.4%63.6%129.9%
FCF/Rev 3Y Avg116.0%123.7%181.0%-67.3%59.1%60.5%88.3%

Valuation

MITTNLYAGNCRITMSTWDBXMTMedian
NameTPG Mort.Annaly C.AGNC Inv.Rithm Ca.Starwood.Blacksto. 
Mkt Cap0.114.410.65.24.42.04.8
P/S3.610.644.91.46.33.55.0
P/Op Inc-------
P/EBIT-------
P/E10.612.9102.910.5-18.7-5.210.6
P/CFO1.83.99.3-3.74.55.54.2
Total Yield30.2%23.3%18.1%23.1%10.9%-3.0%20.6%
Dividend Yield20.6%15.5%17.2%13.4%16.3%17.0%16.6%
FCF Yield 3Y Avg30.3%11.6%5.3%-35.0%7.6%12.4%9.6%
D/E50.22.90.07.33.07.35.1
Net D/E49.82.9-0.06.12.97.04.5

Returns

MITTNLYAGNCRITMSTWDBXMTMedian
NameTPG Mort.Annaly C.AGNC Inv.Rithm Ca.Starwood.Blacksto. 
1M Rtn-20.1%3.0%3.2%8.1%-5.0%5.3%3.1%
3M Rtn-33.9%-15.1%-15.4%-5.7%-24.1%-14.6%-15.2%
6M Rtn-39.5%-10.5%-12.7%0.3%-27.6%-35.1%-20.2%
12M Rtn-34.3%-1.5%-2.0%-6.0%-26.3%-29.1%-16.2%
3Y Rtn22.7%67.9%65.2%28.2%-13.3%-24.1%25.5%
1M Excs Rtn-15.9%8.2%8.1%13.4%-0.3%8.9%8.2%
3M Excs Rtn-20.9%-9.7%-9.9%-0.0%-20.1%-9.7%-9.8%
6M Excs Rtn-39.2%-10.2%-12.4%0.6%-27.3%-34.8%-19.9%
12M Excs Rtn-41.9%-9.2%-9.7%-15.3%-35.1%-38.1%-25.2%
3Y Excs Rtn-48.2%-0.2%1.6%-44.5%-82.8%-96.7%-46.4%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Loans and Securities7555-796-392
Total7555-796-392


Net Income by Segment
$ Mil202520242018
Loans and Securities728126
Arc Home31 
Other-48-46 
Corporate  -36
Single-Family Rental Properties  -2
Total2736-12


Assets by Segment
$ Mil20252024201820172016
Loans and Securities8,6006,7613,374  
Other61122   
Arc Home5031   
Corporate  33  
Single-Family Rental Properties  143  
Single Segment   3,7892,629
Total8,7126,9143,5493,7892,629


Price Behavior

Price Behavior
Market Price$4.45 
Market Cap ($ Bil)0.1 
First Trading Date06/30/2011 
Distance from 52W High-46.4% 
   50 Days200 Days
DMA Price$5.81$6.84
DMA Trenddowndown
Distance from DMA-23.3%-34.9%
 3M1YR
Volatility39.3%31.9%
Downside Capture109.57116.79
Upside Capture-45.7356.36
Correlation (S&P 500)37.2%35.7%
MITT Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.721.000.850.570.690.78
Up Beta-3.130.070.590.280.450.55
Down Beta0.600.61-0.000.150.360.79
Up Capture81%79%68%39%68%80%
Bmk +ve Days12182862130427
Stock +ve Days11183055116370
Down Capture104%172%170%119%102%99%
Bmk -ve Days10253664121325
Stock -ve Days11243267123352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MITT
MITT-34.1%31.9%-1.28-
Sector ETF (XLF)10.0%15.3%0.4137.1%
Equity (SPY)9.5%13.6%0.4035.4%
Gold (GLD)1.6%28.7%0.0512.1%
Commodities (DBC)38.4%21.2%1.42-26.2%
Real Estate (VNQ)11.3%14.2%0.5139.8%
Bitcoin (BTCUSD)-27.2%43.6%-0.6112.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MITT
MITT-6.8%35.6%-0.13-
Sector ETF (XLF)9.0%18.4%0.3545.4%
Equity (SPY)11.3%17.3%0.4843.9%
Gold (GLD)17.5%19.1%0.7410.1%
Commodities (DBC)8.1%19.6%0.306.4%
Real Estate (VNQ)1.3%18.9%-0.0448.9%
Bitcoin (BTCUSD)4.0%51.6%0.2620.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MITT
MITT-12.3%67.9%0.07-
Sector ETF (XLF)13.2%22.1%0.5436.2%
Equity (SPY)15.0%18.0%0.7031.1%
Gold (GLD)11.9%16.5%0.591.8%
Commodities (DBC)7.5%18.1%0.3310.3%
Real Estate (VNQ)5.9%20.7%0.2440.3%
Bitcoin (BTCUSD)60.0%66.3%1.009.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity1.4 Mil
Short Interest: % Change Since 9302026-10.2%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest3.1 days
Basic Shares Quantity31.8 Mil
Short % of Basic Shares4.4%

Earnings Returns History

Updated 11/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2026-2.6%  
8/10/2026-10.9%-4.7%-4.4%
4/29/2026-6.1%-3.3%-4.9%
11/4/20256.7%8.8%15.5%
8/1/2025-7.8%-2.8%0.0%
5/6/2025-2.7%4.1%9.2%
3/3/20251.6%-1.1%-0.9%
11/5/2024-2.9%-1.3%-3.2%
...
SUMMARY STATS   
# Positive131013
# Negative111310
Median Positive6.3%7.3%11.3%
Median Negative-3.9%-3.5%-3.8%
Max Positive17.8%29.2%29.4%
Max Negative-10.9%-10.3%-23.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/2026-2.6%  
8/10/2026-10.9%-4.7%-4.4%
4/29/2026-6.1%-3.3%-4.9%
11/4/20256.7%8.8%15.5%
8/1/2025-7.8%-2.8%0.0%
5/6/2025-2.7%4.1%9.2%
3/3/20251.6%-1.1%-0.9%
11/5/2024-2.9%-1.3%-3.2%
8/2/2024-9.2%-10.3%-2.1%
5/3/20248.9%16.7%19.4%
2/22/2024-2.2%-1.5%3.0%
11/7/20231.3%2.1%11.3%
8/7/20234.2%0.8%-1.4%
5/5/20236.8%5.8%15.5%
2/23/20231.5%0.8%-12.6%
11/4/20226.3%14.3%26.7%
8/3/2022-9.1%-7.7%-23.8%
5/6/20221.9%-5.1%5.9%
2/24/20220.8%-2.9%1.3%
11/5/202110.6%11.0%-9.6%
7/30/2021-1.6%-3.5%-2.1%
5/6/20217.4%-4.6%7.4%
2/19/202117.8%29.2%29.4%
11/6/2020-3.9%-5.3%18.5%
SUMMARY STATS   
# Positive131013
# Negative111310
Median Positive6.3%7.3%11.3%
Median Negative-3.9%-3.5%-3.8%
Max Positive17.8%29.2%29.4%
Max Negative-10.9%-10.3%-23.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/06/202610-Q
06/30/202608/10/202610-Q
03/31/202605/01/202610-Q
12/31/202502/25/202610-K
09/30/202511/07/202510-Q
06/30/202508/05/202510-Q
03/31/202505/07/202510-Q
12/31/202403/04/202510-K
09/30/202411/06/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/11/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/06/202610-Q
06/30/202608/10/202610-Q
03/31/202605/01/202610-Q
12/31/202502/25/202610-K
09/30/202511/07/202510-Q
06/30/202508/05/202510-Q
03/31/202505/07/202510-Q
12/31/202403/04/202510-K
09/30/202411/06/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202303/11/202410-K
09/30/202311/09/202310-Q
06/30/202308/09/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/08/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/03/202110-Q
03/31/202105/07/202110-Q
12/31/202002/23/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202006/12/202010-Q
12/31/201902/28/202010-K
Core Cache Last Updated: 11/8/2026