The company maintains a highly leveraged capital structure with a debt-to-equity ratio of 14.14 as of 2026Q1, while total assets have contracted from $9.0 billion in 2025Q3 to $8.3 billion.
| Total Assets | 8.29B | 8.71B | 6.91B | 6.13B | 4.37B | 3.36B | 1.4B | 4.35B | 11.38M | 3B | 1.9B |
| Asset Growth % | 73.26% | 26.01% | 12.85% | 40.2% | 29.95% | 140.19% | -67.8% | 38112.49% | -99.62% | 58.08% | - |
| Real Estate & Other Assets | 60.66M | 30.36M | 0 | 0 | 0 | -3.36B | -3.16M | -17.77M | -3.55B | -3.79B | -2.63B |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 67.72M | 76.32M | 0 | 0 | 0 | 116.38M | 0 | 0 | 3.64B | 3.88B | 2.74B |
| Cash & Equivalents | 67.72M | 76.32M | 138.57M | 125.57M | 98.8M | 100.23M | 62.32M | 125.37M | 81.39M | 52.81M | 79.05M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | -49.1M | -173.5M | -156.14M | -120.2M | 3.41B | -66.19M | -140.61M | 3.55B | 3.79B | 2.63B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 7.74B | 8.15B | 6.37B | 5.6B | 3.91B | 2.79B | 990.34M | 3.5B | 287K | 281.93K | 277K |
| Total Debt | 7.7B | 8.1B | 6.33B | 5.56B | 3.88B | 2.78B | 929.21M | 3.46B | 6.06M | 2.49M | 5.6M |
| Net Debt | 7.63B | 8.02B | 6.19B | 5.44B | 3.78B | 2.68B | 866.89M | 3.33B | -75.32M | -50.32M | -73.46M |
| Long-Term Debt | 6.85B | 7.27B | 5.59B | 4.8B | 3.26B | 999.22M | 418.29M | 168.32M | 0 | 0 | 0 |
| Short-Term Borrowings | 850.23M | 826.39M | 742.11M | 767.59M | 621.19M | 1.78B | 510.91M | 3.29B | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 850.23M | 826.39M | 0 | 0 | 0 | 1.78B | 0 | 0 | 5.62B | 3.12B | 2.02B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.89B | 3.08B | 1.97B |
| Other Liabilities | 47.33M | 50.02M | -5.59B | -4.8B | -3.26B | 15.39M | -418.29M | -168.32M | 2.8B | 2.98B | 1.86B |
| Total Equity | 544.4M | 560.73M | 543.42M | 528.37M | 462.8M | 570.38M | 409.7M | 849.05M | 6.21B | 6.78B | 4.5B |
| Equity Growth % | 7.49% | 3.19% | 2.85% | 14.17% | -18.86% | 39.22% | -51.75% | -86.33% | -8.43% | 50.85% | - |
| Shareholders Equity | 544.4M | 560.73M | 543.42M | 528.37M | 462.8M | 570.38M | 409.7M | 849.05M | 3.55B | 3.79B | 2.63B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.66B | 2.99B | 1.87B |
| Common Stock | 317K | 317K | 296K | 294K | 212K | 239K | 414K | 327K | 0 | 0 | 0 |
| Additional Paid-in Capital | 840.4M | 840.4M | 824.38M | 823.72M | 778.61M | 796.47M | 688.87M | 662.18M | 595.41M | 585.53M | 576.28M |
| Retained Earnings | -516.79M | -500.46M | -501.73M | -516.11M | -536.49M | -446.8M | -518.06M | -85.92M | 656.01M | 714.26M | 655.88M |
| Preferred Stock | 220.47M | 220.47M | 220.47M | 220.47M | 220.47M | 220.47M | 238.48M | 272.46M | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.4% | 0.62% | 0.85% | 1.02% | -1.37% | 4.38% | -14.65% | 4.26% | -0.8% | 4.32% | 3.27% |
| Return on Equity (ROE) | 6.11% | 8.82% | 10.4% | 10.85% | -10.28% | 21.26% | -66.88% | 2.63% | -0.19% | 1.88% | 1.38% |
| Debt / Assets | 92.86% | 92.99% | 91.56% | 90.83% | 88.87% | 82.58% | 66.37% | 79.53% | 53.3% | 0.08% | 0.29% |
| Debt / Equity | 14.14x | 14.45x | 11.65x | 10.53x | 8.39x | 4.87x | 2.27x | 4.07x | 0.00x | 0.00x | 0.00x |
| Net Debt / EBITDA | 20.45x | 16.95x | 15.54x | 97.22x | - | 27.83x | - | 29.49x | -0.43x | -0.20x | -0.35x |
| Book Value per Share | 17.15 | 18.05 | 18.41 | 25.04 | 20.22 | 35.13 | 34.93 | 79.10 | 656.20 | 729.66 | 482.50 |
Excessive leverage and volatility
According to the provided financial data, MITN maintains a debt-to-equity ratio of 14.14 as of 2026Q1, which represents a significant reliance on debt financing that appears to constrain the company's ability to absorb further valuation shocks within its mortgage-backed securities portfolio.
The high leverage profile suggests that even minor fluctuations in asset values could lead to substantial volatility in book value per share. Investors should monitor whether this debt structure remains sustainable if interest rate volatility continues to pressure the underlying collateral performance.
As reported in the quarterly balance sheet figures, total assets declined from $9.0 billion in 2025Q3 to $8.3 billion in 2026Q1, suggesting a strategic or forced reduction in the investment portfolio size during a period of heightened market uncertainty.
This contraction may indicate that management is attempting to deleverage or that the portfolio is experiencing significant runoff without sufficient replacement. The trend warrants further investigation into whether this reduction is a proactive risk management measure or a symptom of limited access to new capital.
Based on the company's reported figures, cash balances have fluctuated significantly, dropping from a peak of $148.4 million in 2024Q2 to $67.7 million by 2026Q1, which may indicate tightening liquidity as the firm navigates ongoing interest rate and valuation headwinds.
The decline in cash reserves appears to limit the company's buffer against potential margin calls or unexpected capital requirements. This liquidity profile suggests that the firm may have reduced flexibility to support its dividend or fund new investment opportunities without external financing.
As indicated by the provided data, the persistent gap between total assets and equity, coupled with the lack of tangible property assets, suggests that the balance sheet is almost entirely composed of financial instruments subject to mark-to-market accounting volatility.
This structure implies that the company's book value is highly sensitive to external market pricing rather than intrinsic property performance. Investors should be wary that the reported equity may not accurately reflect the liquidation value of the underlying mortgage assets in a stressed market environment.
Quick answers to the most common questions about buying MITN stock.
As of 2025, TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) had total assets of $8.71B including $76.3M in current assets.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) carries total debt of $8.10B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) has total shareholders' equity (book value) of $560.7M ($18.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.