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TPG Mortgage Investment Trust, Inc. operates as a residential mortgage real estate investment trust in the United States. Its investment portfolio comprises residential investments, such as non-agency loans, agency-eligible loans, home equity loans, re-and non-performing loans, and non-agency residential mortgage-backed securities, as well as commercial loans and commercial mortgage-backed securities. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. TPG Mortgage Investment Trust, Inc. was formerly known as AG Mortgage Investment Trust, Inc. and changed its name to TPG Mortgage Investment Trust, Inc. in December 2025. The company was incorporated in 2011 and is based in New York, New York. TPG Mortgage Investment Trust, Inc. operates as a subsidiary of TPG Inc.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $76M | - | $49M | $60M | 14.3% | 0.5% | -12.7% |
| 2024 | $75M | - | $56M | $56M | 17.3% | 37.1% | 3.6% |
| 2023 | $55M | - | $54M | $28M | 17.5% | -841.7% | -201.3% |
| 2022 | $-7M | - | $-53M | $23M | -21.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | -7.40 | 54.92 | 75.32 | 75.67 |
| Operating Revenue | - | -7.40 | 54.92 | 75.32 | 75.67 |
| Selling General And Administration | - | 1.92 | 1.83 | 2.42 | 2.14 |
| Interest Income | - | 180.30 | 260.33 | 408.50 | 480.33 |
| Interest Expense | - | 118.92 | 212.50 | 342.60 | 403.80 |
| Net Interest Income | - | 61.38 | 47.83 | 65.89 | 76.53 |
| Pretax Income | - | -42.84 | 55.17 | 55.85 | 49.56 |
| Tax Provision | - | - | - | 0.11 | 0.89 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 4.01 | -0.01 | -0.13 |
| Net Income Continuous Operations | - | -53.10 | 53.78 | 55.74 | 48.67 |
| Net Income From Continuing And Discontinued Operation | - | -53.10 | 53.78 | 55.74 | 48.67 |
| Net Income From Continuing Operation Net Minority Interest | - | -53.10 | 53.78 | 55.74 | 48.67 |
| Net Income | - | -53.10 | 53.78 | 55.74 | 48.67 |
| Net Income Common Stockholders | - | -71.44 | 35.44 | 36.38 | 27.43 |
| Net Income Including Noncontrolling Interests | - | -53.10 | 53.78 | 55.74 | 48.67 |
| Normalized Income | - | -36.63 | 38.68 | 58.89 | 55.84 |
| Diluted NI Availto Com Stockholders | - | -71.44 | 35.44 | 36.38 | 27.43 |
| Basic Average Shares | - | 22.89 | 21.10 | 29.49 | 30.54 |
| Diluted Average Shares | - | 22.89 | 21.10 | 29.51 | 30.56 |
| Total Unusual Items | - | -16.47 | 19.11 | -3.16 | -7.30 |
| Total Unusual Items Excluding Goodwill | - | -16.47 | 19.11 | -3.16 | -7.30 |
| Preferred Stock Dividends | - | 18.34 | 18.34 | 19.35 | 21.24 |
| Net Income Discontinuous Operations | 0 | - | - | - | - |
| Earnings From Equity Interest Net Of Tax | 31.89 | -10.26 | -1.39 | 3.14 | - |
| Special Income Charges | - | -16.47 | 19.11 | -3.16 | -7.30 |
| Restructuring And Mergern Acquisition | - | 16.47 | -19.11 | 3.16 | 7.30 |
| Gain On Sale Of Security | - | 481.78 | -83.90 | -25.71 | -160.70 |
| General And Administrative Expense | - | 1.92 | 1.83 | 2.42 | 2.14 |
| Other Gand A | 6.81 | 8.10 | - | - | - |
| Salaries And Wages | - | 0.68 | 0.74 | 1.16 | 1.12 |
| Insurance And Claims | - | 1.24 | 1.09 | 1.26 | 1.02 |
| Otherunder Preferred Stock Dividend | -0.47 | - | - | - | - |
| Professional Expense And Contract Services Expense | - | 1.99 | 2.19 | 1.60 | 1.59 |
| Other Non Interest Expense | - | 15.05 | 14.84 | 15.43 | 17.90 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TPG Mortgage Investment Trust, Inc.this co. | MITT | $245M | 5.03↑ premium | 0.72 | 14.3% | - |
| Ready Capital Corporation | RC | $285M | -1.24 | 0.20 | -16.0% | - |
| Ares Commercial Real Estate Corporation | ACRE | $280M | -310.62 | 0.55 | -0.2% | - |
| NexPoint Diversified Real Estate Trust | NXDT | $271M | -2.16 | 0.39 | -17.9% | - |
| BRT Apartments Corp. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| BRT |
| $270M |
| -22.61 |
| 1.52 |
| -6.7% |
| 19.66 |
| SITE Centers Corp. | SITC | $260M | 1.46 | 0.78 | 53.1% | 1.86 |
| Chicago Atlantic Real Estate Finance, Inc. | REFI | $240M | 6.65 | 0.78 | 11.7% | - |
| American Realty Investors, Inc. | ARL | $233M | 14.81 | 0.38 | 2.6% | 10.64 |
| Stratus Properties Inc. | STRS | $213M | 17.75 | 1.04 | 5.9% | 17.95 |
| Peer Median | - | 0.11 | 0.66 | 1.2% | 14.30 | |