TPG Mortgage Investment Trust, Inc. (MITT) is a real estate investment trust (REIT) headquartered in New York, NY. The company was founded on March 1, 2011, and operates primarily in the residential mortgage sector. Its investment strategy centers on acquiring and managing a diversified portfolio of 'target assets,' which include ...TPG Mortgage Investment Trust, Inc. (MITT) is a real estate investment trust (REIT) headquartered in New York, NY. The company was founded on March 1, 2011, and operates primarily in the residential mortgage sector. Its investment strategy centers on acquiring and managing a diversified portfolio of 'target assets,' which include residential mortgage loans, RMBS, and other real estate-related securities. A significant portion of its investments is in RMBS that are either issued or guaranteed by GSEs such as Fannie Mae and Freddie Mac, providing a level of credit protection. The company aims to generate attractive risk-adjusted returns through a combination of interest income and capital appreciation. As a REIT, MITT is required to distribute at least 90% of its taxable income to shareholders in the form of dividends, which is reflected in its high dividend payout ratio. Financially, the company has shown a net profit margin of around 7.1% and a return on equity of approximately 6.1%. It maintains a high level of financial leverage, with a debt-to-equity ratio of about 14.1, which is typical for mortgage REITs that use borrowed funds to amplify returns. The current market capitalization stands at approximately $222 million, and the stock is traded on the New York Stock Exchange. The company's leadership is headed by CEO Thomas J. Durkin, who guides its strategic direction. MITT's operations are supported by a team of professionals skilled in mortgage finance, asset management, and risk assessment. Despite market fluctuations, MITT continues to focus on its niche in residential mortgage assets, aiming to provide stable dividends to its investors.
Founded
2011
CEO
Thomas J. Durkin
Full Name
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$472.7M
+14.4%
+11.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$48.7M
-12.7%
+500.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+94.7%
-0.2%
+16334.5%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+96.9%
+0.4%
+3229.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+10.3%
-23.7%
+458.7%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$59.6M
+6.7%
+11.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+12.6%
-6.7%
-0.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
1444.7%
+24.0%
-4.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.09x
-98.9%
+344.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and thank you for standing by. Welcome to the TPG Mortgage Investment Trust, Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to turn the call over to Jenny Neslin, General Counsel for the company. Please go ahead.
Jenny Neslin: Thank you. Good morning, everyone, and welcome to the Second Quarter 2026 Earnings Call for TPG Mortgage Investment Trust. With me on the call today are T.J. Durkin, our CEO and President; Nick Smith, our Chief Investment Officer; and Anthony Rossiello, our Chief Financial Officer. Before we begin, please note that the information discussed in today's call may contain forward-looking statements. Any forward-looking statements made during today's call are subject to certain risks and uncertainties, which are outlined in our SEC filings, including under the headings Cautionary Statement Regarding Forward-Looking Statements, Risk Factors and Management's Discussion and Analysis. The company's actual results may differ materially from these statements. We encourage you to read the disclosure regarding forward-looking statements contained in our SEC filings, including our most recently filed Form 10-K for the year ended December 31, 2025, and our subsequent reports filed from time to time with the SEC. Except as required by law, we are not obligated and do not intend to update or to review or revise any forward-looking statements, whether as a result of new information, future events or otherwise. During the call today, we will refer to certain non-GAAP financial measures. Please refer to our SEC filings for reconciliations to the most comparable GAAP measures. We will also reference the earnings presentation and the transaction presentation that were posted to our website this morning. To view the slide presentation, turn to our website, www.mitt.tpg.com, and click the link for the Q2 2026 earnings presentation or the transaction presentation as applicable on the home page. Again, welcome to the call, and thank you for joining us today. With that, I'd like to turn the call over to T.J.
Thomas Durkin: Thank you, Jenny. Good morning, everyone. I'm very pleased to report another strong quarter for MITT, highlighted by second quarter earnings and the announcement of our definitive agreement to acquire Cherry Hill Mortgage Investment Corporation. We believe this transaction represents a transformational step forward for MITT. The combined scale will benefit from significantly enhanced scale, meaningful G&A synergies and a highly complementary portfolio mix that remains firmly centered on our core focus, the residential mortgage ecosystem. As a reminder, MITT has a proven track record of executing and creating value through strategic acquisitions, including the WMC transaction that closed in December 2023. Since that acquisition, MITT has dramatically outperformed its peers, increasing our dividend 5x for a …
