The firm's financial position appears increasingly fragile, with a debt-to-equity ratio that has climbed to 14.14 and a critically low current ratio of 0.08 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 67.72M | 76.32M | 6.66B | 0 | 0 | 2.75B | 627.14M | 0 | 56.41M | 27.81M | 61.04M | 57.41M | 76.25M | 185.73M | 271.34M | 45.3M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 67.72M | 76.32M | 118.66M | 111.53M | 84.62M | 68.08M | 47.93M | 125.37M | 31.58M | 15.2M | 52.47M | 46.25M | 64.36M | 86.19M | 158.72M | 35.85M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.73M | -2.13M | -3.7M | -1.76M | -38.08M | 31.05M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.06K | - | - |
| Other Current Assets | 0 | -47.87M | 54.84M | -142.1M | -106.02M | 48.3M | 32.22M | -140.61M | 0 | 0 | 0 | 0 | 0 | 86.11M | -271.34M | 4.47M |
| Total Non-Current Assets | 8.22B | 8.64B | 255.01M | 0 | 0 | 611.01M | 772.91M | 0 | 3.01B | 3.62B | 2.41B | 2.9B | 3.14B | 3.5B | 4.58B | 1.35B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.55B | -171.97M | -222.45M | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 3.16M | 0 | 26.65M | 5.08M | 412.65K | 425.31K | 628.37K | 0 | 0 | 0 |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 8.29B | 8.71B | 6.91B | 6.13B | 4.37B | 3.36B | 1.4B | 4.35B | 3.55B | 3.79B | 2.63B | 3.16B | 3.46B | 3.68B | 4.86B | 1.39B |
| Asset Turnover | 0.06x | 0.05x | 0.06x | 0.04x | 0.06x | 0.02x | -0.13x | 0.03x | 0.04x | 0.03x | 0.05x | 0.04x | 0.04x | 0.00x | 0.02x | 0.02x |
| Asset Growth % | 73.26% | 26.01% | 12.85% | 40.2% | 29.95% | 140.19% | -67.8% | 22.51% | -6.34% | 44.15% | -16.92% | -8.51% | -6.14% | -24.11% | 248.27% | - |
| Total Current Liabilities | 850.23M | 826.39M | 782.39M | 0 | 0 | 1.79B | 71.13M | 3.33B | 19.93M | 1.55M | 1.72M | 1.71M | 1.74M | 61.16M | 3.91B | 1.19B |
| Accounts Payable | 0 | 36.04M | 0 | 23.91M | 14.12M | 0 | 51.14M | 0 | 19.64M | 9.34M | 2.57M | 3.93M | 2.46M | 3.84M | 0 | 19.37M |
| Days Payables Outstanding | 340.8 | 528.49 | - | 498.17 | 298.03 | - | 1.47K | - | 718.48 | 338.45 | 91.87 | 134.8 | 84.75 | 131.1 | - | - |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | -50.02M | 5.63M | -33.51M | -23.43M | 5.02M | 15.28M | 39M | -44.77M | -27.78M | -23.78M | -26.65M | -30.64M | -2.95B | 113.15M | 1.16B |
| Current Ratio | 0.08x | 0.09x | 8.51x | - | - | 1.53x | 8.82x | - | 2.83x | 17.99x | 35.53x | 33.48x | 43.73x | 3.04x | 0.07x | 0.04x |
| Quick Ratio | 0.08x | 0.09x | 8.51x | - | - | 1.53x | 8.82x | - | 2.92x | 19.37x | 37.69x | 34.50x | 65.57x | 2.53x | 0.07x | 0.04x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.89B | 7.32B | 5.59B | 0 | 0 | 999.3M | 919.21M | 0 | 2.83B | 3.07B | 1.97B | 2.5B | 2.72B | 2.92B | 149.53M | 0 |
| Long-Term Debt | 6.85B | 7.27B | 5.59B | 5.56B | 3.88B | 999.22M | 919.21M | 168.32M | 10.86M | 3.02B | 21.49M | 0 | 39.78M | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 7.74B | 8.15B | 6.37B | 5.6B | 3.91B | 2.79B | 990.34M | 3.5B | 2.89B | 3.08B | 1.97B | 2.5B | 2.73B | 2.98B | 4.06B | 1.19B |
| Total Debt | 7.7B | 8.1B | 6.33B | 5.56B | 3.88B | 2.78B | 919.27M | 3.46B | 2.83B | 16.48M | 21.49M | 426.94M | 39.78M | 2.89B | 3.91B | 0 |
| Net Debt | 7.63B | 8.02B | 6.21B | 5.45B | 3.8B | 2.71B | 871.35M | 3.33B | 2.8B | 1.28M | -30.98M | 380.69M | -24.59M | 2.81B | 3.75B | -35.85M |
| Debt / Equity | 14.14x | 14.45x | 11.65x | 10.53x | 8.39x | 4.87x | 2.24x | 4.07x | 0.85x | 0.00x | 0.01x | 0.64x | 0.05x | 4.11x | 4.92x | - |
| Debt / EBITDA | 16.83x | 17.87x | 15.89x | 20.90x | 59.00x | 21.13x | - | 18.45x | 38.29x | 0.10x | 0.22x | 9.48x | 0.29x | - | 26.09x | - |
| Net Debt / EBITDA | 16.68x | 17.70x | 15.59x | 20.48x | 57.72x | 20.61x | - | 17.78x | 37.86x | 0.01x | -0.32x | 8.45x | -0.18x | - | 25.03x | -1.73x |
| Interest Coverage | - | 1.12x | 1.16x | 1.25x | 0.55x | 4.82x | -10.41x | 2.08x | 1.05x | 3.71x | 2.88x | 1.44x | 5.13x | -0.12x | 9.99x | 12.19x |
| Total Equity | 544.4M | 560.73M | 543.42M | 528.37M | 462.8M | 570.38M | 409.7M | 849.05M | 3.32B | 3.71B | 2.52B | 666.94M | 732.68M | 704.43M | 794.62M | 206.28M |
| Equity Growth % | 7.49% | 3.19% | 2.85% | 14.17% | -18.86% | 39.22% | -51.75% | -74.41% | -10.5% | 46.92% | 278.29% | -8.97% | 4.01% | -11.35% | 285.21% | - |
| Book Value per Share | 17.15 | 18.05 | 18.41 | 25.04 | 20.22 | 35.13 | 34.93 | 79.10 | 350.52 | 398.83 | 270.77 | 70.43 | 77.33 | 75.41 | 130.78 | 104.29 |
| Total Shareholders' Equity | 544.4M | 560.73M | 543.42M | 528.37M | 462.8M | 570.38M | 409.7M | 849.05M | 656.01M | 714.26M | 655.88M | 666.94M | 732.68M | 704.43M | 794.62M | 206.28M |
| Common Stock | 317K | 317K | 296K | 294K | 212K | 239K | 138K | 327K | 287K | 281.93K | 277K | 282.86K | 283.86K | 283.66K | 269.62K | 100.1K |
| Retained Earnings | -516.79M | -500.46M | -501.73M | -516.11M | -536.49M | -446.8M | -518.06M | -85.92M | -100.9M | -32.77M | -81.89M | -79.13M | -14.87M | -42.69M | 81.07M | 7.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 656.01M | 714.26M | 655.88M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.66B | 2.99B | 1.87B | 0 | 0 | 0 | 0 | 0 |
Excessive leverage and liquidity
According to reported financial statements, MITP's debt-to-equity ratio has climbed from 10.53 in 2023Q4 to 14.14 by 2026Q1, indicating a persistent trend of increasing leverage that leaves the balance sheet increasingly sensitive to asset valuation volatility and potential liquidity constraints in the mortgage market.
The consistent expansion of the debt-to-equity ratio suggests that the company is relying heavily on external financing to maintain its asset base. This trajectory warrants caution, as the lack of meaningful equity growth implies that the firm is not retaining sufficient earnings to deleverage, potentially limiting its strategic flexibility.
Based on the latest quarterly filings, MITP carries $7.7 billion in total debt against only $544.4 million in equity, resulting in a leverage profile that appears significantly more aggressive than most peers, which may heighten refinancing risks as the 2029 maturity date approaches.
The reliance on $7.7 billion of debt to support an $8.3 billion asset base suggests that even minor fluctuations in asset values could lead to significant margin calls. Investors should monitor the composition of this debt, as the high leverage ratio leaves little room for error in a volatile interest rate environment.
As reported in recent balance sheet data, the company's current ratio remains critically low at 0.08 as of 2026Q1, suggesting that the firm maintains minimal liquid assets relative to its short-term obligations, which may necessitate frequent reliance on external financing to meet immediate cash requirements.
The extremely low current ratio indicates that the company is operating with almost no margin for error regarding its short-term liquidity needs. This lack of a cash buffer suggests that any disruption in the repo markets or a sudden increase in redemption requests could force the company to liquidate assets at unfavorable prices.
Based on the provided financial data, MITP has accumulated a retained earnings deficit of $516.8 million as of 2026Q1, which underscores the long-term erosion of shareholder capital and suggests that the company's historical profitability has been insufficient to build a robust equity base.
The persistent negative retained earnings balance indicates that the company has struggled to generate sustainable net income over the long term. This structural deficit may limit the company's ability to absorb future credit losses, as there is no accumulated surplus to buffer against potential impairments in the loan portfolio.
Quick answers to the most common questions about buying MITP stock.
As of 2025, TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITP) had total assets of $8.71B including $76.3M in current assets.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITP) 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 (MITP) 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 (MITP) 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.