Liquidity is under pressure as cash balances dropped to $67.7 million in 2026Q1, and the FFO to Net Income ratio of -5.71 indicates a persistent disconnect between GAAP earnings and actual cash-generating capacity.
| Cash from Operations | 67.91M | 63.75M | 55.84M | 28.13M | 39.09M | 26.3M | 34.77M | 81.38M | 100.99M | 80.23M | 67.42M |
| Operating CF Growth % | 44.07% | 14.17% | 98.48% | -28.04% | 48.66% | -24.37% | -57.27% | -19.42% | 25.87% | 19% | - |
| Operating CF / Revenue % | 16.99% | 13.49% | 13.51% | 44.2% | 17933.49% | 25.54% | -9.45% | 66.07% | 79.27% | 69.92% | 54.29% |
| Net Income | 33.63M | 48.67M | 55.74M | 53.78M | -53.1M | 104.19M | -421.58M | 97.34M | 3.5M | 118.56M | 63.68M |
| Depreciation & Amortization | 27.77M | 22.97M | 10.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 669K | 712K | 667K | 380K | 327K | 320K | 582K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.84M | -8.41M | -15.69M | -28.21M | 90.77M | -72.6M | 460.54M | -14.16M | 86.38M | -35.9M | 1.5M |
| Working Capital Changes | -1K | -186K | 4.4M | 2.18M | 1.1M | -5.61M | -4.77M | -1.8M | 11.11M | 1.35M | -213.81K |
| Cash from Investing | -1.03B | -1.67B | -713.13M | -433.5M | -1.51B | -1.9B | 2.16B | -763.11M | 138.08M | -1.15B | 540.15M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -84.12M | -81.22M | -654.09M | -316M | -110.62M | 0 | -549.19M | -2.28B | -2.46B | -2.26B | -977.75M |
| Sale of Investments | 4.17M | 6.84M | 607.14M | 300.09M | 547.87M | 0 | 2.84B | 1.72B | 2.96B | 1.07B | 1.47B |
| Other Investing | -945.68M | -1.59B | -666.19M | -417.6M | -1.94B | -1.9B | -130.86M | -205.51M | -128.82M | 8.94M | -3.26M |
| Cash from Financing | 896.22M | 1.55B | 670.29M | 432.14M | 1.47B | 1.91B | -2.26B | 722.7M | -207.53M | 1.05B | -601.35M |
| Dividends Paid | -20.83M | -24.46M | -37.19M | -35.78M | -37.77M | -29.62M | -35.28M | -77.58M | -68.72M | -69.2M | -66.78M |
| Common Dividends | 10.94M | 0 | -37.19M | -35.78M | -37.77M | -29.62M | -35.28M | 0 | -68.72M | -66.41M | -66.78M |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Share Repurchases | 0 | 0 | 0 | -6.35M | -18.22M | -3.56M | 0 | 0 | 0 | 0 | -9.93M |
| Other Financing | 1.22B | -21.27M | -251K | -9.04M | 8.71M | 92.16M | -54.75M | -104.76M | 102.08M | 9.73M | 4.37M |
| Net Change in Cash | -61.49M | -62.25M | 12.99M | 26.77M | -1.43M | 37.91M | -63.05M | 43.98M | 28.57M | -26.24M | 6.22M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 10K | -162K | 3.01M | 0 | 0 | 0 |
| Cash at Beginning | 76.32M | 138.57M | 125.57M | 98.8M | 100.23M | 62.32M | 125.37M | 81.39M | 52.81M | 79.05M | 72.84M |
| Cash at End | 67.72M | 76.32M | 138.57M | 125.57M | 98.8M | 100.23M | 62.32M | 125.37M | 81.39M | 52.81M | 79.05M |
| Free Cash Flow | 67.91M | 63.75M | 55.84M | 28.13M | 39.09M | 26.3M | 34.77M | 81.38M | 75.83M | 76.83M | 67.42M |
| FCF Growth % | 6.66% | 14.17% | 98.48% | -28.04% | 48.66% | -24.37% | -57.27% | 7.32% | -1.3% | 13.96% | - |
| FCF / Revenue % | 16.99% | 13.49% | 13.51% | 44.2% | 17933.49% | 25.54% | -9.45% | 66.07% | 59.52% | 66.96% | 54.29% |
Mark-to-market earnings volatility
As reported in financial statements, the FFO to Net Income ratio fluctuated wildly from -5.71 in 2026Q1 to 2.92 in 2025Q2, indicating that GAAP operating cash flow is frequently decoupled from the underlying economic earnings generated by the mortgage portfolio's interest income and realized gains.
The extreme variance in FFO conversion suggests that non-cash mark-to-market adjustments on mortgage-backed securities are creating significant noise in the reported earnings. Investors should monitor whether this volatility is a permanent feature of the current asset mix or a temporary byproduct of interest rate hedging strategies.
Based on the company's reported figures, the dividend payout ratio reached 1.51 in 2026Q1, signaling that the current distribution level is not being fully supported by FFO, which warrants further investigation into the sustainability of the payout given the recent decline in core earnings.
The inability to consistently cover dividends with FFO suggests that the trust may be relying on capital recycling or balance sheet liquidity to maintain distributions. This trend appears to be a significant risk factor for income-focused investors who rely on the stability of the current dividend yield.
According to recent SEC filings, the persistent gap between GAAP Net Income and FFO highlights how non-cash valuation adjustments on the mortgage portfolio frequently distort the company's true cash-generating capacity, making traditional GAAP metrics unreliable for assessing the trust's actual ability to fund operations.
The reliance on fair value accounting for mortgage assets means that reported net income is highly sensitive to market-wide spread widening rather than operational performance. This distortion makes it difficult to ascertain the underlying health of the credit-sensitive residential loan segment without stripping out these non-cash items.
As indicated by the provided data, the lack of consistent AFFO reporting suggests that the company's true free cash flow available for distribution is obscured by capitalized costs and potential valuation impairments that are not immediately visible in the standard GAAP operating cash flow statement.
The absence of clear AFFO metrics prevents a precise assessment of the cash buffer available after accounting for recurring maintenance and leasing costs. This lack of transparency may indicate that the trust is underestimating the impact of credit-sensitive asset depreciation on its long-term distributable cash flow.
Quick answers to the most common questions about buying MITN stock.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) generated $63.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) generated $63.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) returned $24.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.