TPG Mortgage Investment Trust, Inc. Reports Full Year and Fourth Quarter 2025 Results
NEW YORK--( BUSINESS WIRE)--TPG Mortgage Investment Trust, Inc. ("MITT," "we," the "Company," or "our") (NYSE: MITT) today reported financial results for the full year and quarter ended December 31, 2025.
MANAGEMENT REMARKS
“We delivered strong performance throughout 2025, proving the success of our disciplined, programmatic securitization approach,” said T.J. Durkin, Chief Executive Officer and President. “We executed 10 securitizations in 2025, increased our dividend throughout the course of the year by 21% from the fourth quarter 2024, and produced a total return in excess of 42% for our shareholders when considering dividends and stock price appreciation. As we look ahead to 2026, we remain focused on resolving the legacy WMC commercial loans and driving further earnings power through our call strategy and Arc Home to create even greater value for our shareholders.”
FULL YEAR AND FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS
Full Year 2025:
Fourth Quarter 2025:
INVESTING AND FINANCING HIGHLIGHTS
DIVIDENDS
STOCKHOLDER CALL
The Company invites stockholders, prospective stockholders, and analysts to participate in MITT’s fourth quarter earnings conference call on Tuesday, February 17, 2026 at 8:30 a.m. Eastern Time.
To participate in the call by telephone, please dial (800) 343-4849 at least five minutes prior to the start time. International callers should dial (203) 518-9848. The Conference ID is MITTQ425. To listen to the live webcast of the conference call, please go to https://event.on24.com/wcc/r/5221421/0FA0B49A3C9692D8C21BCF3FDF7797E3 and register using the same Conference ID.
The Company issued an earnings presentation detailing its fourth quarter 2025 financial results, which is available on the Company’s website, www.mitt.tpg.com, under "Presentations" in the "News & Presentations" section.
For those unable to listen to the live call, an audio replay will be available on February 17, 2026 through 9:00 a.m. Eastern Time on March 17, 2026. To access the replay, please go to the Company’s website at www.mitt.tpg.com.
ABOUT TPG MORTGAGE INVESTMENT TRUST, INC.
TPG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The Company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc. (NASDAQ: TPG).
Additional information can be found on the Company’s website at www.mitt.tpg.com.
FORWARD LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Words such as "expects," "endeavor," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "should," "may," "projects," "could," "estimates," "continue" or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us, and are not guarantees of future performance. Forward-looking statements regarding the Company include, but are not limited to, our levels of liquidity, the success of the Company's disciplined, programmatic securitization strategy, the Company’s ability to continue producing total return and greater value for stockholders, whether the Company’s earnings will continue to support its dividend, including its ability to further increase its dividend, levels of securitization activity, the Company’s ability to resolve its legacy WMC commercial loans within the time and manner anticipated, whether the Company’s call strategy will drive earnings power, and Arc Home’s performance, its origination volumes and its ability to continue to contribute meaningfully to the Company’s EAD. These forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, without limitation, changes in general economic or market conditions, including changes in inflation, tariffs, interest rates and the fair value of our assets; changes in government regulations affecting our business; the Company’s ability to grow its residential loan portfolio; changes in prepayment rates and mortgage default rates on the Company’s assets; financing needs and arrangements; and the risk factors contained in the Company’s filings with the Securities and Exchange Commission ("SEC"), including those described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in other reports and documents filed by the Company with the SEC from time to time, which are accessible on the SEC's website, http://www.sec.gov/. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this press release are made only as of the date of this press release or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. All financial information in this press release is as of December 31, 2025, unless otherwise indicated.
NON-GAAP FINANCIAL MEASURES
This press release contains EAD and Economic Leverage Ratio, non-GAAP financial measures. Our presentation of these measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. These non-GAAP measures should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.
NON-GAAP FINANCIAL MEASURES
Earnings Available for Distribution (3),(4)
A reconciliation of GAAP Net Income/(loss) available to common stockholders to EAD for the three months ended December 31, 2025, the three months ended December 31, 2024, and the year ended December 31, 2025 is set forth below (in thousands, except per share data):
Three Months Ended
December 31, 2025
Three Months Ended
December 31, 2024
Year Ended
December 31, 2025
Net Income/(loss) available to common stockholders
$
8,012
$
8,817
$
27,426
Add (Deduct):
Net realized (gain)/loss
4,021
(7,010
)
11,083
Net unrealized (gain)/loss
(6,892
)
3,532
(20,853
)
Transaction related expenses (a)
1,420
1,075
8,147
Equity in (earnings)/loss from affiliates
240
(1,042
)
(2,821
)
EAD from equity method investments (b),(c),(d)
1,221
(72
)
4,007
Dollar roll income/(loss) (e)
(134
)
—
(677
)
Earnings available for distribution
$
7,888
$
5,300
$
26,312
Earnings available for distribution, per diluted share
$
0.25
$
0.18
$
0.86
Consolidated statements of operations line item:
Three Months Ended
December 31, 2025
Three Months Ended
December 31, 2024
Year Ended
December 31, 2025
Transaction related expenses
$
1,264
$
1,000
$
7,305
Interest expense
115
75
358
Income tax expense
41
—
484
Transaction related expenses
$
1,420
$
1,075
$
8,147
Economic Leverage Ratio (8)
The calculation in the table below divides GAAP Leverage and Economic Leverage by our GAAP stockholders’ equity to derive our leverage ratios. The following table presents a reconciliation of our Economic Leverage ratio to GAAP Leverage ($ in thousands).
December 31, 2025
Leverage
Stockholders' Equity
Leverage Ratio
Securitized debt, at fair value (a)
$
7,177,923
Financing arrangements (b)
826,394
Senior unsecured notes (b)
96,458
Restricted cash posted on Financing arrangements
(7,838
)
GAAP Leverage
$
8,092,937
$
560,734
14.4x
Non-recourse financing arrangements (a)
(7,177,923
)
Economic Leverage
$
915,014
$
560,734
1.6x
(a) Securitized debt, at fair value is non-recourse to the Company.
(b) Financing arrangements and senior unsecured notes are recourse to the Company.