TPG Mortgage Investment Trust Inc
- Open
- 6.73
- Day high
- 6.73
- Day low
- 6.66
- Prev close
- 6.73
- Volume
- 39K
- Mkt cap
- $208M
- P/E (TTM)
- 9.0
- EPS (TTM)
- $0.74
- P/B
- 0.4
- P/S
- 0.4
- Yield
- 13.76%
- Per share
- $0.92
TPG Mortgage Investment Trust Inc (MITT) is a Real Estate company listed on NYSE. The stock is down 9% over the past year. Drillr has 1 published research article covering MITT.
TPG Mortgage Investment Trust Inc (MITT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MITT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $0.27 | $0.24 | -10.7% | $22M | -17.2% |
| Apr 29, 2026 | $0.25 | $0.26 | +4.0% | $12M | -43.9% |
| Feb 17, 2026 | $0.24 | $0.25 | +2.8% | $132M | +471.5% |
| Nov 4, 2025 | $0.23 | $0.23 | +0.0% | $26M | +13.9% |
| Aug 1, 2025 | $0.23 | $0.18 | -21.7% | $15M | -24.1% |
| Mar 3, 2025 | $0.19 | $0.18 | -5.3% | $19M | -4.0% |
| Aug 2, 2024 | $0.22 | $0.21 | -4.5% | $104M | +511.5% |
| May 3, 2024 | $0.16 | $0.21 | +31.2% | $96M | +562.8% |
| Feb 22, 2024 | $0.15 | $0.17 | +13.3% | $78M | +486.0% |
| May 5, 2023 | $0.14 | $0.03 | -78.6% | $21M | +43.6% |
| Feb 23, 2023 | $0.15 | $0.05 | -66.7% | $20M | +52.8% |
| Nov 4, 2022 | $-0.00 | $-0.03 | -4125.4% | $10M | -42.0% |
MITT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 30, 2026 | HESS DEBRA ANNdirector | Grant | 16,931 | — |
| Apr 30, 2026 | Hurley Diannedirector | Grant | 12,979 | — |
| Apr 30, 2026 | Jozoff Matthewdirector | Grant | 12,979 | — |
| Apr 30, 2026 | MITCHELL M CHRISTIANdirector | Grant | 12,979 | — |
| Apr 2, 2026 | Jozoff Matthewdirector | Grant | 2,777 | — |
| Apr 2, 2026 | MITCHELL M CHRISTIANdirector | Grant | 2,777 | — |
| Apr 2, 2026 | Hurley Diannedirector | Grant | 2,777 | — |
| Apr 2, 2026 | HESS DEBRA ANNdirector | Grant | 3,819 | — |
| Jan 15, 2026 | Neslin Jenny Bofficer: General Counsel & Secretary | Tax | 7,640 | $8.86 |
| Jan 15, 2026 | Rossiello Anthony Williamofficer: CFO & Treasurer | Tax | 6,933 | $8.86 |
| Jan 6, 2026 | Jozoff Matthewdirector | Grant | 2,328 | — |
| Jan 6, 2026 | MITCHELL M CHRISTIANdirector | Grant | 2,328 | — |
| Jan 6, 2026 | HESS DEBRA ANNdirector | Grant | 3,201 | — |
| Jan 6, 2026 | Hurley Diannedirector | Grant | 2,328 | — |
| Oct 2, 2025 | MITCHELL M CHRISTIANdirector | Grant | 2,747 | — |
Source: MITT SEC Form 4 filings, latest Apr 30, 2026. For informational purposes only — not investment advice.
See the full MITT insider & 13F page →TPG Mortgage Investment Trust Inc company profile
Overview
AG Mortgage Investment Trust, Inc. (NYSE:MITT) is a residential mortgage real estate investment trust (REIT) founded in 2011 and based in New York. The company operates as a specialty finance firm that invests in residential mortgage loans and related securities. MITT is managed by Angelo Gordon, a subsidiary of TPG Inc., which provides the company with access to extensive expertise in mortgage finance and a broad network of industry relationships. Since its inception, the company has evolved from a diversified mortgage REIT to focus primarily on non-agency residential mortgage credit, including non-qualifying mortgage loans, home equity loans, and agency-eligible residential mortgages. The company completed a significant strategic acquisition of WMC in late 2023, which increased its market capitalization by approximately 45% and expanded its operational capabilities.
Business
AG Mortgage Investment Trust operates in the mortgage REIT sector, which is a specialized segment of real estate investment trusts that focuses on mortgage-related investments rather than direct property ownership. The company's core business involves acquiring, financing, and managing residential mortgage loans and mortgage-backed securities. The company's investment portfolio, valued at approximately $7.1 billion as of Q1 2025, consists of several key segments: 1. Non-Qualifying Mortgage (Non-QM) Loans - These are residential mortgage loans that do not meet the strict underwriting criteria established by government-sponsored enterprises like Fannie Mae and Freddie Mac. Non-QM loans typically serve borrowers with non-traditional income documentation, self-employed individuals, or those with unique financial profiles. This segment represents a significant portion of MITT's historical focus. 2. Home Equity Loans - A growing segment representing approximately $228 million of the portfolio. These are second-lien loans secured by residential properties, allowing homeowners to borrow against their home equity. The company views this as a major growth opportunity with an estimated total addressable market of $2 trillion and annual originations of $200-300 billion. 3. Agency-Eligible Loans - These are residential mortgage loans that meet government-sponsored enterprise standards but are held in portfolio rather than sold to agencies. The company often securitizes these loans to optimize financing costs. 4. Re/Non-Performing Loans - Distressed mortgage loans that the company acquires at discounts and either works out with borrowers or liquidates. 5. Agency Residential Mortgage-Backed Securities (RMBS) - Securities backed by pools of residential mortgages that carry government agency guarantees. The company also owns Arc Home, a mortgage origination platform that sources loans for MITT's investment portfolio while also generating fee income through loan origination and servicing activities.
Revenue model
AG Mortgage Investment Trust generates revenue through a net interest margin model typical of financial institutions. The company's primary revenue streams include: 1. Net Interest Income - The core revenue driver, representing the spread between interest earned on mortgage loans and securities versus the cost of financing these assets. The company finances its investments through securitizations (85% of financing), repurchase agreements, and other structured financing arrangements at a weighted average cost of approximately 4.9%. 2. Gain on Sale - Revenue generated when the company sells mortgage loans or securities at prices above their carrying value, particularly through its Arc Home origination platform. 3. Fee Income - Generated through Arc Home's mortgage origination and servicing activities. The company's customers are primarily institutional investors who purchase the securitized bonds backed by MITT's mortgage loans, as well as individual borrowers who obtain mortgages through Arc Home. Several factors significantly impact MITT's profitability margins: Positive Margin Drivers: Rising interest rate environments can benefit the company if asset yields increase faster than financing costs. Credit spread widening in secondary markets creates acquisition opportunities at attractive yields. Reduced competition from traditional banks creates opportunities for higher returns. Successful securitization execution lowers financing costs and improves net interest margins. Negative Margin Drivers: Interest rate volatility can compress net interest margins if financing costs rise faster than asset yields. Credit deterioration in the mortgage portfolio increases provision expenses. Securitization market disruptions can increase financing costs significantly. Prepayment speed acceleration reduces the duration and profitability of mortgage investments. Regulatory changes affecting non-QM lending standards could impact asset quality and pricing. The company maintains relatively low leverage (1.6x economic leverage ratio) compared to traditional mortgage REITs, which provides stability but may limit return potential during favorable market conditions.
Competitive moat
AG Mortgage Investment Trust operates in a moderately competitive mortgage finance sector with limited sustainable competitive advantages. The company's primary moat elements include: Operational Expertise and Platform - MITT benefits from Angelo Gordon's specialized expertise in residential mortgage finance and TPG's broader financial resources. The company has developed proprietary underwriting capabilities and maintains a custom-built residential mortgage asset management platform that provides operational advantages in sourcing, evaluating, and managing mortgage investments. Market Relationships and Sourcing - The company has cultivated deep relationships across the residential finance ecosystem, providing access to loan flow and securitization markets. These relationships are particularly valuable in the non-QM and home equity lending spaces where deal flow is more relationship-dependent than in agency markets. Securitization Capabilities - MITT has demonstrated consistent ability to execute securitizations across multiple asset classes, having completed six securitizations in 2024 alone. This capability provides more cost-effective financing than many competitors and creates barriers for smaller players. However, the company's moat is relatively narrow due to several competitive vulnerabilities: Limited Differentiation - The core business model of acquiring and financing mortgage loans is easily replicable by well-capitalized competitors. The company competes directly with other mortgage REITs, specialty finance companies, and opportunistic capital for the same asset classes. Regulatory and Market Risks - The business is highly sensitive to regulatory changes, interest rate movements, and credit market conditions that can rapidly erode competitive positioning. Government-sponsored enterprise reforms could significantly impact the non-QM market dynamics. Scale Limitations - With approximately $7.1 billion in assets, MITT lacks the scale advantages of larger mortgage REITs and faces potential pressure from both larger competitors with better financing access and smaller, more nimble players in niche markets. The company's competitive position is moderately defensible in the near term due to management expertise and market relationships, but faces ongoing pressure from larger, better-capitalized competitors and potential disruption from regulatory changes or market shifts.
Risks & safety
AG Mortgage Investment Trust presents a moderate risk profile with adequate liquidity but high leverage characteristics typical of mortgage REITs. • Liquidity Position: Strong with $115.5 million in cash and short-term investments as of Q1 2025, providing operational flexibility and acquisition capacity • Leverage Metrics: Economic leverage ratio of 1.6x is conservative for the mortgage REIT sector, though debt-to-equity ratio of 12.4x reflects the highly leveraged nature of the business model • Solvency Risk: Low near-term solvency risk given strong liquidity position and programmatic securitization capabilities, though business model inherently sensitive to credit market disruptions • Valuation Metrics: Trading at significant discount with P/E ratio of 4.7x and price-to-book ratio of 0.40x, suggesting either market skepticism or potential value opportunity • Dividend Coverage: Earnings available for distribution of approximately $0.76 per share covers annual dividend of $0.75-0.80 per share, though coverage is tight • Asset Quality: Portfolio delinquency rate of approximately 1% indicates strong credit quality, with average borrower credit scores in mid-700s for home equity loans • Interest Rate Sensitivity: Moderate exposure to interest rate volatility, though company has demonstrated ability to navigate rate cycles through active portfolio management
Recent development
Over the past several years, AG Mortgage Investment Trust has undergone significant strategic transformation and operational improvements. The most notable development was the acquisition of WMC in December 2023, which increased the company's market capitalization by approximately 45% and provided expected annual expense savings of $5-7 million while expanding operational capabilities. The company has executed a strategic pivot in asset allocation, rotating capital from non-QM loans toward agency-eligible loans and increasingly into home equity loans. This shift reflects management's view that the home equity market represents a significant growth opportunity, with the company targeting this $2 trillion addressable market where annual originations reach $200-300 billion. The home equity portfolio has grown from zero to $228 million, with management indicating this segment will dominate future capital deployment. Arc Home's operational transformation has been another key focus, with the mortgage origination platform achieving breakeven performance in late 2024 and showing improved gain-on-sale margins. The company has invested in new leadership and technology to enhance operational leverage, with lock volumes increasing 50% year-over-year in Q1 2025. The company has also optimized its capital structure through multiple initiatives including retiring $86 million in WMC convertible notes, issuing senior unsecured notes to improve financing flexibility, and maintaining a disciplined approach to leverage management. Economic leverage has been reduced from historical levels above 2.5x to the current 1.6x, providing greater financial stability. Securitization execution has remained a core competency, with the company completing six securitizations in 2024 alone across multiple asset classes. This programmatic approach to securitization has enabled cost-effective financing with 85% of the portfolio funded through securitizations at a 4.9% weighted average cost.
MITT company profile · for informational purposes only — not investment advice.
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