What are the investment strengths of TPG Mortgage Investment Trust Inc (MITT)?

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. Net margin 66.6% (4.5x industry median) demonstrates effective spread management despite 377M interest expense on 8.4B debt.

What are the investment risks for TPG Mortgage Investment Trust Inc (MITT)?

24.6x debt/equity means 4% adverse move in portfolio value wipes out entire equity - existential leverage risk in rate volatility. EPS declined 17.6% over 5Y while revenue grew 22% - spread compression trend suggests structural margin pressure.

TPG Mortgage Investment Trust Inc

MITT

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TPG Mortgage Investment Trust Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-17

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

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MITT Fundamentals

Real Estate and Rental and Leasing → Real Estate

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$232.27M		—
Enterprise Value	$8.28B		—
P/E Ratio	8.1		—
Total Revenue - TTM	$75.67M	+0.5%	—
Earnings Per Share (diluted) - TTM	$0.90	-15.1%	—
Operating Margin - TTM	0%		—
Net Margin - TTM	64.3%	-9.7%	—
Free Cash Flow - TTM	$59.57M	+6.7%	—
Return on Common Equity - TTM	14.7%	-3.0%	—
Beta 5Y (Monthly)	unknown		—

MITT Dividend History

58 dividends

2026

$0.2400

03/31/26$0.2400

2025

$0.8500

12/31/25$0.2300

09/30/25$0.2100

06/30/25$0.2100

03/31/25$0.2000

2024

$0.7500

12/31/24$0.1900

09/30/24$0.1900

06/28/24$0.1900

03/27/24$0.1800

2023

$0.7200

12/28/23$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

$0.8100

12/29/22$0.1800

09/29/22$0.2100

06/29/22$0.2100

03/30/22$0.2100

2021

$0.6700

12/30/21$0.2100

09/29/21$0.2100

06/29/21$0.0700

03/31/21$0.1800

2020

$0.0900

12/30/20$0.0900

2019

$5.7000

12/30/19$1.3500

09/27/19$1.3500

06/27/19$1.5000

03/28/19$1.5000

2018

$5.9250

12/28/18$1.5000

09/27/18$1.5000

06/28/18$1.5000

03/28/18$1.4250

2017

$6.0000

12/28/17$1.4250

09/28/17$1.7250

06/15/17$1.4250

03/17/17$1.4250

2016

$5.7000

12/15/16$1.4250

09/21/16$1.4250

06/16/16$1.4250

03/17/16$1.4250

2015

$6.8250

12/17/15$1.4250

09/17/15$1.8000

06/18/15$1.8000

03/19/15$1.8000

2014

$7.2000

12/16/14$1.8000

09/18/14$1.8000

06/17/14$1.8000

03/14/14$1.8000

2013

$8.4000

12/16/13$1.8000

09/17/13$1.8000

06/14/13$2.4000

03/14/13$2.4000

2012

$8.9100

12/14/12$2.4000

09/14/12$2.3100

06/27/12$2.1000

03/28/12$2.1000

2011

$3.3000

12/28/11$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
02/25/26	12/31/25	Unknown	0001628280-26-011775
11/07/25	09/30/25	10-Q	0001628280-25-050624
08/05/25	06/30/25	10-Q	0001514281-25-000086
05/07/25	03/31/25	10-Q	0001514281-25-000062
03/04/25	12/31/24	10-K	0001514281-25-000026
11/06/24	09/30/24	10-Q	0001514281-24-000155
08/06/24	06/30/24	10-Q	0001514281-24-000118
05/07/24	03/31/24	10-Q	0001514281-24-000086
03/11/24	12/31/23	10-K	0001514281-24-000033
11/09/23	09/30/23	10-Q	0001514281-23-000145
08/09/23	06/30/23	10-Q	0001514281-23-000092
05/05/23	03/31/23	10-Q	0001514281-23-000048
02/27/23	12/31/22	10-K	0001514281-23-000020
11/08/22	09/30/22	10-Q	0001514281-22-000095
08/05/22	06/30/22	10-Q	0001514281-22-000068
05/06/22	03/31/22	10-Q	0001514281-22-000045
02/25/22	12/31/21	10-K	0001514281-22-000023
11/05/21	09/30/21	10-Q	0001514281-21-000127
08/03/21	06/30/21	10-Q	0001514281-21-000112
05/07/21	03/31/21	10-Q	0001514281-21-000067
02/23/21	12/31/20	10-K	0001514281-21-000025
11/06/20	09/30/20	10-Q	0001514281-20-000139
08/10/20	06/30/20	10-Q	0001514281-20-000094
06/12/20	03/31/20	10-Q	0001514281-20-000070
02/28/20	12/31/19	10-K	0001514281-20-000018
11/05/19	09/30/19	10-Q	0001514281-19-000116
08/06/19	06/30/19	10-Q	0001514281-19-000075
05/03/19	03/31/19	10-Q	0001514281-19-000046
02/27/19	12/31/18	10-K	0001514281-19-000022
11/09/18	09/30/18	10-Q	0001514281-18-000019
08/07/18	06/30/18	10-Q	0001144204-18-042392
05/03/18	03/31/18	10-Q	0001144204-18-025026
02/28/18	12/31/17	10-K	0001144204-18-011808
11/01/17	09/30/17	10-Q	0001144204-17-055461
08/09/17	06/30/17	10-Q	0001144204-17-041540
05/04/17	03/31/17	10-Q	0001144204-17-024577
03/01/17	12/31/16	10-K	0001144204-17-012099
11/04/16	09/30/16	10-Q	0001144204-16-131656
08/05/16	06/30/16	10-Q	0001144204-16-116847
05/06/16	03/31/16	10-Q	0001144204-16-099465
02/26/16	12/31/15	10-K	0001144204-16-084692
11/05/15	09/30/15	10-Q	0001144204-15-063028
08/06/15	06/30/15	10-Q	0001144204-15-046795
05/07/15	03/31/15	10-Q	0001144204-15-028352
03/02/15	12/31/14	10-K	0001144204-15-013300
11/06/14	09/30/14	10-Q	0001144204-14-065695
08/11/14	06/30/14	10-Q	0001144204-14-048426
05/07/14	03/31/14	10-Q	0001144204-14-028293
02/28/14	12/31/13	10-K	0001144204-14-012449
11/05/13	09/30/13	10-Q	0001144204-13-058805
08/07/13	06/30/13	10-Q	0001144204-13-043654
05/07/13	03/31/13	10-Q	0001144204-13-026873
03/06/13	12/31/12	10-K	0001144204-13-013218
11/15/12	09/30/12	10-Q	0001144204-12-062930
08/08/12	06/30/12	10-Q	0001144204-12-043708
05/15/12	03/31/12	10-Q	0001193125-12-234136
11/14/11	09/30/11	10-Q	0001193125-11-310467
08/12/11	06/30/11	10-Q	0001193125-11-221561