TPG Mortgage Investment Trust Inc
MITT—
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TPG Mortgage Investment Trust Inc AI Insights
Informational only. Not investment advice.Snapshot
- Trading at 0.80x book value (10.92/share) with 15.1% ROE TTM - significant discount to tangible equity despite above-median profitability.[Price to Book Ratio]
- Debt/equity of 24.6x with 8.4B total debt vs 339M common equity - extreme leverage typical for mREIT but amplifies interest rate sensitivity.[Debt to Equity]
- Net margin 66.6% TTM vs industry median 14.7% - 4.5x advantage driven by spread income on leveraged mortgage portfolio.[Net Margin TTM]
Watch Triggers
- Book Value Per Share: Decline >10% quarter-over-quarter — Signals portfolio losses eroding equity cushion - at 24.6x leverage, book erosion accelerates quickly.
- Net Margin TTM: Falls below 50% — Spread compression would indicate funding cost increases outpacing asset yields.
- Dividends Paid Per Share TTM: Cut >20% from 0.81/share — Dividend cuts typically trigger 20-30% selloffs in mREIT sector.
Bull Case
Deep discount to book (0.80x) with 15.1% ROE creates asymmetric upside - if P/B normalizes to 1.0x, 25% capital gain plus 9% yield.
Price to Book RatioROE TTMDividends Paid Per Share TTM
Net margin 66.6% (4.5x industry median) demonstrates effective spread management despite 377M interest expense on 8.4B debt.
Net Margin TTMInterest Expense TTMTotal Debt
Bear Case
24.6x debt/equity means 4% adverse move in portfolio value wipes out entire equity - existential leverage risk in rate volatility.
Debt to EquityTotal DebtCommon Stockholders Equity
EPS declined 17.6% over 5Y while revenue grew 22% - spread compression trend suggests structural margin pressure.
EPS Growth 5yrTotal Revenue 5yr Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Book value discount likely to narrow if interest rate volatility declines and spread income remains stable.
1-3ymed
- P/B of 0.80x implies 20% upside to book
- ROE 15.1% exceeds industry median 4.5% by 3.4x
- FCF of 56.5M TTM covers 6.2M dividend with 9x coverage
Book value 10.92/share vs 8.69 stock priceNet income 49.7M on 339M equityDividend yield ~9.3% (0.81/share TTM)
Valuation Context
Caveats
MITT Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$246.16M | — | ||
$7.89B | — | ||
18 | — | ||
$59.01M | -12.7% | — | |
$0.42 | -34.9% | — | |
0% | — | ||
57.0% | -11.5% | — | |
$67.91M | +21.6% | — | |
10.4% | -4.0% | — | |
Beta 5Y (Monthly) | unknown | — |
MITT Dividend History
58 dividends
2026
$0.240003/31/26$0.2400
2025
$0.850012/31/25$0.2300
09/30/25$0.2100
06/30/25$0.2100
03/31/25$0.2000
2024
$0.750012/31/24$0.1900
09/30/24$0.1900
06/28/24$0.1900
03/27/24$0.1800
2023
$0.720012/28/23$0.0500
11/29/23$0.0500
11/02/23$0.0800
09/28/23$0.1800
06/29/23$0.1800
03/30/23$0.1800
2022
$0.810012/29/22$0.1800
09/29/22$0.2100
06/29/22$0.2100
03/30/22$0.2100
2021
$0.670012/30/21$0.2100
09/29/21$0.2100
06/29/21$0.0700
03/31/21$0.1800
2020
$0.090012/30/20$0.0900
2019
$5.700012/30/19$1.3500
09/27/19$1.3500
06/27/19$1.5000
03/28/19$1.5000
2018
$5.925012/28/18$1.5000
09/27/18$1.5000
06/28/18$1.5000
03/28/18$1.4250
2017
$6.000012/28/17$1.4250
09/28/17$1.7250
06/15/17$1.4250
03/17/17$1.4250
2016
$5.700012/15/16$1.4250
09/21/16$1.4250
06/16/16$1.4250
03/17/16$1.4250
2015
$6.825012/17/15$1.4250
09/17/15$1.8000
06/18/15$1.8000
03/19/15$1.8000
2014
$7.200012/16/14$1.8000
09/18/14$1.8000
06/17/14$1.8000
03/14/14$1.8000
2013
$8.400012/16/13$1.8000
09/17/13$1.8000
06/14/13$2.4000
03/14/13$2.4000
2012
$8.910012/14/12$2.4000
09/14/12$2.3100
06/27/12$2.1000
03/28/12$2.1000
2011
$3.300012/28/11$2.1000
09/28/11$1.2000
MITT Stock Splits
1 stock split
07/23/213:1 split
MITT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/01/26 | 03/31/26 | 10-Q | |
02/25/26 | 12/31/25 | Unknown | |
11/07/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
03/04/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
03/11/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/27/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
06/12/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/05/13 | 09/30/13 | 10-Q | |
08/07/13 | 06/30/13 | 10-Q | |
05/07/13 | 03/31/13 | 10-Q | |
03/06/13 | 12/31/12 | 10-K | |
11/15/12 | 09/30/12 | 10-Q | |
08/08/12 | 06/30/12 | 10-Q | |
05/15/12 | 03/31/12 | 10-Q | |
11/14/11 | 09/30/11 | 10-Q | |
08/12/11 | 06/30/11 | 10-Q |