TPG Mortgage Investment Trust (MITT) Q1 2026 earnings summary

Executive summary

• Delivered Earnings Available for Distribution (EAD) of $0.26 per share in Q1 2026, exceeding the $0.24 dividend, which was raised for the fourth time since early 2025.

• Maintained disciplined leverage (1.7x) and rotated capital into higher-return residential credit, scaling Arc Home profitability.

• Arc Home contributed to EAD growth, with origination volumes up 25% year-over-year and ownership increased to 56%-66%.

• Book value per share declined 4.9% to $9.97, impacted by March's Middle East conflict and industry-wide volatility.

• Management expects at least 50% of Q1's book value decline has already been recovered in April and sees clear line of sight to higher ROEs and EAD in 2026.

Financial highlights

• GAAP net loss of $8.7 million ($0.27 per share) driven by unrealized portfolio losses, partially offset by hedge and Arc Home gains.

• Book value per share declined 4.9% to $9.97; economic return was negative 2.6% including the dividend.

• Net interest income was $21.1 million in Q1 2026, with net interest margin at 0.6%.

• EAD of $0.26 per share increased sequentially and fully covered the dividend.

• Ended quarter with $100 million liquidity, including $49 million cash and $50 million committed financing.

Outlook and guidance

• Management expects continued capital rotation into residential credit and higher earnings power through 2026.

• Book value recovery underway; at least 50% of Q1 decline recouped in April.

• Expectation for continued dividend increases as earnings power grows.

• Arc Home expected to maintain momentum, with Q2 volumes tracking near budget despite seasonality.

• Forward-looking statements highlight macroeconomic and regulatory risks.