Despite maintaining a robust 92.9% gross margin in 2026Q1, the company's net profitability remains volatile, swinging from a $35.4 million profit in 2023Q4 to a $3.6 million loss in 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 |
|---|
| Sales/Revenue | 492.91M | 472.69M | 413.19M | 274.71M | 256.77M | 67.52M | -181.26M | 147.3M | 127.41M | 114.75M | 124.18M | 119.09M | 153.26M | 13.1M | 109.54M | 21.55M |
| Revenue Growth % | 16.14% | 14.4% | 50.41% | 6.99% | 280.28% | 137.25% | -223.06% | 15.61% | 11.03% | -7.59% | 4.28% | -22.3% | 1069.52% | -88.04% | 408.39% | - |
| Cost of Goods Sold | 28.43M | 24.89M | 21.05M | 17.52M | 17.29M | 13.61M | 12.67M | 11.44M | 9.98M | 10.07M | 10.21M | 10.64M | 10.6M | 10.69M | 6.41M | 0 |
| COGS % of Revenue | - | 5.27% | 5.1% | 6.38% | 6.74% | 20.16% | -6.99% | 7.77% | 7.83% | 8.77% | 8.22% | 8.94% | 6.92% | 81.57% | 5.85% | - |
| Gross Profit | 464.48M | 447.8M | 392.14M | 257.19M | 239.48M | 53.91M | -193.93M | 135.85M | 117.43M | 104.68M | 113.97M | 108.44M | 142.66M | 2.42M | 103.13M | 21.55M |
| Gross Margin % | 94.23% | 94.73% | 94.9% | 93.62% | 93.26% | 79.84% | 106.99% | 92.23% | 92.17% | 91.23% | 91.78% | 91.06% | 93.08% | 18.43% | 94.15% | 100% |
| Gross Profit Growth % | - | 14.19% | 52.47% | 7.4% | 344.24% | 127.8% | -242.75% | 15.69% | 12.18% | -8.15% | 5.09% | -23.98% | 5805.91% | -97.66% | 378.63% | - |
| Operating Expenses | 4.55M | -10.03M | -6.34M | 8.63M | 146.93M | -52.95M | 180.41M | 26.11M | 121.6M | -8.85M | 34.6M | 89.92M | 32.23M | 33.22M | -31.81M | 2.58M |
| OpEx % of Revenue | - | -2.12% | -1.53% | 3.14% | 57.22% | -78.43% | -99.53% | 17.72% | 95.45% | -7.72% | 27.86% | 75.51% | 21.03% | 253.48% | -29.04% | 11.95% |
| Selling, General & Admin | 3.32M | 2.14M | 7.53M | 7.71M | 8.1M | 6.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 0.45% | 1.82% | 2.81% | 3.15% | 10.09% | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 459.93M | 457.84M | 398.48M | 248.56M | 92.55M | 106.86M | -374.34M | 109.75M | -4.17M | 113.54M | 79.36M | 18.52M | 110.43M | -30.8M | 134.94M | 18.97M |
| Operating Margin % | 93.31% | 96.86% | 96.44% | 90.48% | 36.04% | 158.26% | 206.52% | 74.51% | -3.28% | 98.94% | 63.91% | 15.55% | 72.06% | -235.05% | 123.18% | 88.05% |
| Operating Income Growth % | - | 14.9% | 60.31% | 168.57% | -13.39% | 128.55% | -441.09% | 2728.67% | -103.68% | 43.06% | 328.52% | -83.23% | 458.53% | -122.83% | 611.29% | - |
| EBITDA | 457.33M | 453.35M | 398.45M | 266.28M | 65.82M | 131.44M | -384.64M | 187.45M | 74.01M | 162.28M | 97.47M | 45.05M | 135.81M | -2.98M | 149.95M | 20.67M |
| EBITDA Margin % | 92.78% | 95.91% | 96.43% | 96.93% | 25.63% | 194.66% | 212.2% | 127.26% | 58.09% | 141.42% | 78.49% | 37.83% | 88.62% | -22.77% | 136.89% | 95.92% |
| EBITDA Growth % | 47.24% | 13.78% | 49.63% | 304.58% | -49.92% | 134.17% | -305.2% | 153.28% | -54.4% | 66.5% | 116.36% | -66.83% | 4651.76% | -101.99% | 625.53% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 457.33M | 453.35M | 398.45M | 266.28M | 65.82M | 131.44M | -384.64M | 187.45M | 74.01M | 162.28M | 97.47M | 45.05M | 135.81M | -2.98M | 149.95M | 20.67M |
| Net Interest Income | 78.33M | 76.53M | 65.89M | 47.83M | 61.38M | 43.41M | 37.58M | 81.55M | 85.97M | 85.12M | 89.22M | 110.04M | 115.08M | 125.45M | 81.37M | 0 |
| Interest Income | 501.01M | 480.33M | 408.5M | 260.33M | 180.3M | 70.66M | 74.53M | 171.66M | 156.47M | 128.84M | 123.01M | 141.27M | 141.57M | 151M | 96.38M | 1.7M |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 34.65M | 49.56M | 55.85M | 53.78M | -53.1M | 104.19M | -421.58M | 97.34M | 3.5M | 118.56M | 63.68M | 13.82M | 109.32M | -28.54M | 134.94M | 18.97M |
| Pretax Margin % | 7.03% | 10.48% | 13.52% | 19.58% | -20.68% | 154.3% | 232.59% | 66.08% | 2.75% | 103.32% | 51.28% | 11.6% | 71.33% | -217.77% | 123.18% | 88.05% |
| Income Tax | 1.02M | 888K | 112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79.91K | 3.04M | 0 | 0 |
| Effective Tax Rate % | 2.93% | 1.79% | 0.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.07% | -10.66% | 0% | 0% |
| Net Income | 33.63M | 48.67M | 55.74M | 53.78M | -53.1M | 104.19M | -420.92M | 92.92M | 1.57M | 118.56M | 63.68M | 13.82M | 109.4M | -31.58M | 134.94M | 18.97M |
| Net Margin % | 6.82% | 10.3% | 13.49% | 19.58% | -20.68% | 154.3% | 232.22% | 63.08% | 1.23% | 103.32% | 51.28% | 11.6% | 71.38% | -240.98% | 123.18% | 88.05% |
| Net Income Growth % | -27.4% | -12.68% | 3.63% | 201.29% | -150.97% | 124.75% | -552.98% | 5826.15% | -98.68% | 86.17% | 360.85% | -87.37% | 446.42% | -123.4% | 611.29% | - |
| Net Income (Continuing) | 33.63M | 48.67M | 55.74M | 53.78M | -53.1M | 104.19M | -421.58M | 97.34M | 3.5M | 118.56M | 63.68M | 13.82M | 109.4M | -31.58M | 134.94M | 18.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 1.06 | 0.90 | 1.23 | 1.68 | -3.12 | 5.29 | -36.73 | 7.15 | -1.26 | 11.31 | 5.40 | 0.03 | 10.11 | -3.38 | 21.54 | 9.59 |
| EPS Growth % | -54.53% | -26.83% | -26.79% | 153.85% | -158.98% | 114.4% | -613.71% | 667.46% | -111.14% | 109.44% | 17900% | -99.7% | 399.11% | -115.69% | 124.61% | - |
| EPS (Basic) | - | 0.90 | 1.23 | 1.68 | -3.12 | 5.29 | -36.73 | 7.16 | -1.26 | 11.31 | 5.40 | 0.03 | 10.14 | -3.39 | 21.60 | 9.59 |
| Diluted Shares Outstanding | 31.74M | 31.06M | 29.51M | 21.1M | 22.89M | 16.23M | 11.73M | 10.73M | 9.46M | 9.29M | 9.32M | 9.47M | 9.47M | 9.34M | 6.08M | 1.98M |
| Basic Shares Outstanding | 31.74M | 31.05M | 29.49M | 21.09M | 17.01M | 16.23M | 11.73M | 10.73M | 9.46M | 9.29M | 9.32M | 9.47M | 9.46M | 9.33M | 6.06M | 1.98M |
| Dividend Payout Ratio | - | 50.27% | 32.25% | 32.42% | - | 10.35% | - | 66.52% | 3523.85% | 47.01% | 83.71% | 493.14% | 62.25% | - | 34.59% | 21.11% |
Net interest margin compression
According to recent financial disclosures, MITP experienced a 20.9% revenue increase in 2026Q1, yet this growth remains highly inconsistent, as evidenced by the significant fluctuations in quarterly top-line performance ranging from a 2.3% contraction in 2023Q4 to a 63.6% surge in 2024Q1.
The erratic revenue trajectory suggests that the company's reliance on non-agency credit and business purpose loans leaves it susceptible to rapid shifts in market liquidity and interest rate environments. Investors should monitor whether the recent growth reflects sustainable origination volume or merely the impact of fair value adjustments on existing assets.
As reported in quarterly filings, the company maintains a high gross margin of 92.9% as of 2026Q1, though this figure masks the underlying volatility in net profitability, which plummeted to -2.7% in the same period due to the high cost of debt and valuation adjustments.
The disparity between gross and net margins indicates that the firm's profitability is heavily leveraged to the spread between loan yields and financing costs. The compression of net margins suggests that the current interest rate environment is effectively eroding the benefits of the company's vertically integrated origination platform.
Based on the provided income statement data, operating income reached $103.8M in 2026Q1, yet the conversion to net income remains challenged, with the company reporting a net loss of $3.6M despite maintaining a robust 79.8% operating margin during the same period.
This divergence implies that non-operating items, likely related to fair value mark-to-market adjustments or interest expense on securitized debt, are significantly impacting the bottom line. The lack of consistent correlation between operating income and net income warrants further investigation into the firm's hedging effectiveness and debt service requirements.
Financial statements indicate that net income has swung from a high of $35.4M in 2023Q4 to a loss of $3.6M in 2026Q1, suggesting that the company's earnings quality is highly sensitive to non-cash fair value fluctuations rather than core operational cash generation.
Short-sellers may focus on the volatility of these earnings as a sign that the company's book value is vulnerable to further downward revisions in a high-rate environment. The reliance on fair value accounting makes it difficult to ascertain the true underlying cash-generating capacity of the loan portfolio.
Quick answers to the most common questions about buying MITP stock.
For fiscal year 2025, TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITP) reported total revenue of $472.7M. This represents a 2093.8% increase compared to $21.5M in 2011.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITP) is profitable, generating $48.7M in net income for the fiscal year ending 2025 with a net profit margin of 10.3%.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITP) reported an operating income of $457.8M, resulting in an operating profit margin of 96.9%. This margin reflects the operational efficiency of the business before interest and taxes.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITP) generated $447.8M in gross profit for the year, representing a gross profit margin of 94.7%. This demonstrates the company's core pricing power and production efficiency.