TPG Mortgage Investment Trust (MITT) Q3 2026 earnings summary

Executive summary

• Q3 net loss available to common stockholders was $15.743 million, or $0.49 per diluted share; EAD was $6.632 million, or $0.21 per diluted share.

• Book value fell 7.3% to $9.27 per share, and economic return was -4.9%, including the $0.24 common dividend.

• Higher rates and wider spreads pressured valuations, while home equity investment and securitizations supported portfolio growth and net interest margin expansion.

• Capital redeployment, legacy commercial asset resolution and the proposed Cherry Hill merger were identified as potential earnings and long-term value drivers.

Financial highlights

• Net interest income was $20.7 million, versus $19.5 million in Q3 2025; GAAP net loss was $10.5 million, versus net income of $20.0 million.

• Net loss available to common stockholders was $15.743 million, or $0.49 per diluted share, versus income of $14.6 million, or $0.47 per share, in Q3 2025.

• EAD was $6.632 million, or $0.21 per diluted share, versus $7.1 million, or $0.23 per diluted share, in Q3 2025.

• Book value per share was $9.27, down from $10.00 at Q2 end; total equity was $522.8 million and Q3 economic ROE was -4.9%.

• Net unrealized losses were $222.5 million on residential mortgage loans and $4.8 million on commercial loans, partly offset by $201.7 million of securitized-debt gains.

Outlook and guidance

• Redeploying capital from legacy commercial assets into residential strategies is expected to add $0.15–$0.20 of annual EAD in 2027, depending on resolution timing.

• Legacy commercial asset resolutions are expected in stages, targeted for 2027; proceeds are expected to repay financing before reinvestment, including in home equity investments.

• Management cited target ROEs of 15%–20% for redeployed capital and $0.03 per share of EAD from sale proceeds used to repay financing.

• The proposed Cherry Hill merger was expected to close in Q4 2026, subject to stockholder approvals and customary closing conditions.