TPG Mortgage Investment Trust (MITT) Q4 2025 earnings summary

Executive summary

• Delivered strong 2025 results with a 42% total shareholder return, stable book value, and increased earnings available for distribution, supporting multiple dividend increases.

• Achieved 6.5% economic ROE for 2025, driven by strategic equity rotation and Arc Home profitability.

• Investment portfolio grew 27% year-over-year to $8.5 billion, with significant expansion in Home Equity and Agency-Eligible Loans.

• Executed 10 securitizations in 2025, including $4.2 billion in transactions and $2.4 billion in home equity loans.

• Focused on resolving legacy WMC commercial loans and enhancing earnings via call strategy and Arc Home.

Financial highlights

• Book value per share ended 2025 at $10.48, up from $10.46 in Q3.

• EAD for 2025 was $0.86 per share, with Q4 EAD at $0.25 per share, fully covering the $0.23 quarterly dividend.

• Net income available to common shareholders was $0.90 per share for 2025 and $0.25 in Q4.

• Dividends per share in 2025 totaled $0.85, up 13.3% year-over-year, with Q4 dividend of $0.23, up 9.5% sequentially.

• Total liquidity at year-end was $109 million, including $58 million in cash and $50 million committed financing for home equity loans.

Outlook and guidance

• Plans to resolve legacy WMC CRE loans in H1 2026 and reinvest proceeds into higher ROE strategies.

• Focus remains on generating attractive risk-adjusted returns as a programmatic aggregator and issuer of Non-Agency residential loan securitizations.

• Expects further earnings power from executing call rights on legacy deals and capital redeployment.

• Anticipates continued growth at Arc Home, with January 2026 marking its strongest month since returning to profitability.

• Ongoing rotation of capital from legacy commercial assets to higher-yielding residential assets.