TPG Mortgage Investment Trust (MITT) Q4 2025 earnings summary

Executive summary

• Delivered strong 2025 results with a 42% total shareholder return, 6.5% economic ROE, and stable book value, driven by portfolio growth, dividend increases, and Arc Home profitability.

• Raised the quarterly dividend three times in 2025, totaling a 21% increase and 13.3% year-over-year growth.

• Achieved 27% year-over-year investment portfolio growth, with significant expansion in Home Equity and Agency-Eligible Loans.

• Arc Home delivered record Non-Agency origination volumes, up 79% year-over-year, and contributed positively to EAD.

• Outlined 2026 objectives: resolve legacy CRE loans, reinvest capital, and leverage Arc Home and call strategy for future earnings growth.

Financial highlights

• Book value per share increased to $10.48 at year-end 2025.

• EAD was $0.86 per share for 2025 and $0.25 in Q4, covering annual dividends of $0.85 per share.

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

• Net interest income for 2025 was $79.2 million, with a 4% sequential increase in Q4.

• Total equity at year-end was $560.7 million; liquidity was $109 million, including $58 million in cash.

Outlook and guidance

• Earnings power expected to increase in 2026 as capital is redeployed from legacy CRE loans into higher-yielding residential investments.

• Focus remains on home equity and agency-eligible credits, with continued growth anticipated through partnerships.

• Aggressive exercise of call rights on in-the-money securitizations planned for 2026.

• Management highlights potential risks from market conditions, regulation, and portfolio performance.