MITTMEDIUM SIGNALMANAGEMENT10-K

MITT completed a corporate name change to TPG Mortgage Investment Trust while experiencing significant growth in assets and liabilities alongside deteriorating profitability metrics.

The name change from AG Mortgage Investment Trust to TPG Mortgage Investment Trust reflects the company's integration under TPG's ownership and leverages TPG's securitization platform for financing operations. The substantial increase in outstanding shares (from 29.7M to 31.7M) suggests recent equity raises to fund growth, while the shift in financing infrastructure indicates strategic realignment under new ownership.

Comparing 2026-02-25 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

MITT demonstrated significant balance sheet expansion with total assets growing 26% to $8.7B and liabilities increasing 28% to $8.2B, indicating aggressive growth in the mortgage portfolio. However, this growth came at a steep cost as interest expenses surged 79% to $212.5M, causing net income to decline 13% to $48.7M despite the larger asset base. The 51% decline in cash to $57.8M combined with deteriorating profit margins suggests the company is experiencing margin compression while rapidly scaling operations, which investors should monitor closely for sustainability.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+78.7%
$118.9M→$212.5M

Interest expense surged 78.7% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
-51.3%
$118.7M→$57.8M

Cash declined 51.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
+28%
$6.4B→$8.2B

Liabilities increased 28% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+26%
$6.9B→$8.7B

Asset base grew 26% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
-12.7%
$55.7M→$48.7M

Net income declined 12.7% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-03-04
ADDED
As of February 17, 2026, there were 31,735,457 shares of common stock outstanding.
Effective as of December 16, 2025, we changed our name from "AG Mortgage Investment Trust, Inc." to "TPG Mortgage Investment Trust, Inc." We focus our investment activities primarily on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market.
We finance our acquired loans through various financing lines on a short-term basis and utilize TPG Inc.'s ("TPG") proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit.
Currently, our Residential Investments primarily consist of Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans and Non-Agency RMBS collateralized by these loan types, which we refer to as our target assets.
Agency-Eligible Loans (1) Agency-Eligible Loans are loans that are collateralized by a first lien mortgaged property and are primarily secured by investment properties.
These loans are underwritten in accordance with GSE guidelines, but are not guaranteed by a GSE.
Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, we include these loans within our Non-Agency securitizations.
Home Equity Loans (1) Home Equity Loans consist of revolving lines of credit and closed-end loans secured primarily by second liens on residential mortgaged properties.
These products provide borrowers with access to home equity without requiring the payoff of an existing mortgage.
Revolving lines of credit generally feature an initial draw period of 3 to 5 years, after which the balances convert to 15- or 25-year amortizing loans.
REMOVED
As of March 3, 2025, there were 29,658,830 shares of common stock outstanding.
We focus our investment activities primarily on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market.
We finance our acquired loans through various financing lines on a short-term basis and utilize Angelo, Gordon Co., L.P.'s ("TPG Angelo Gordon") proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit.
In December 2023, we acquired Western Asset Mortgage Capital Corporation ("WMC"), an externally managed mortgage REIT that focused on investing in, financing and managing a portfolio of residential mortgage loans, real estate related securities, and commercial real estate loans.
Through this acquisition, we increased our investment portfolio by $1.2 billion, which primarily consisted of Securitized Non-Agency Loans.
For more information, refer to the "WMC Acquisition" section below.
Currently, our Residential Investments primarily consist of newly originated Non-Agency Loans, Agency-Eligible Loans and Home Equity Loans, which we refer to as our target assets.
Agency-Eligible Loans (1) Agency-Eligible Loans are loans that are underwritten in accordance with GSE guidelines and are primarily secured by investment properties, but are not guaranteed by a GSE.
Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations.
Home Equity Loans (1) Home Equity Loans are revolving lines of credit or closed-end loans secured primarily by a second lien on a residential mortgaged property which provide borrowers access to the equity in their home without the need to pay off their existing mortgage.
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