TPG Mortgage Investment Trust (MITT) Q2 2026 earnings summary

Executive summary

• Announced a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation, expected to close in Q4 2026, enhancing scale, earnings power, and portfolio diversification.

• Book value per share increased to $10.00 as of June 30, 2026, with net income available to common stockholders of $9.1 million ($0.29 per share) for Q2 2026.

• Achieved EAD of $0.24 per share, fully covering the declared dividend of $0.24 per share.

• Arc Home origination volumes increased 28% year-over-year, contributing $6.6 million in distributions and supporting EAD.

• Maintained a disciplined leverage profile and continued capital rotation into high-returning residential credit strategies.

Financial highlights

• Book value per share reached $10.00 as of June 30, 2026, up from $9.97 in Q1 2026.

• Net income available to common stockholders was $9.1 million or $0.29 per share for Q2 2026.

• EAD was $0.24 per share, matching the declared dividend.

• Economic return for the quarter was 2.7%, inclusive of the $0.24 dividend.

• Investment portfolio totaled $7.7 billion, primarily in high-quality agency-eligible non-QM and home equity loans.

Outlook and guidance

• Management expects the Cherry Hill acquisition to expand equity capital, drive cost synergies, and provide durable cash flows, with closing anticipated in Q4 2026.

• Clear line of sight to stronger ROEs, higher EAD, and continued dividend growth through 2026.

• Anticipates $0.05 incremental EAD in the short term from redeploying legacy commercial loan capital, with an additional $0.15 per share annual EAD benefit expected from further asset recycling.

• Expects to issue over $1.25 billion in home equity securitizations in Q3 2026.

• Focus remains on rotating capital into home equity loans and retaining tranches from securitizations.