The firm maintains a highly leveraged profile with a debt-to-equity ratio of 14.14, leaving the balance sheet vulnerable to interest rate volatility and potential margin calls.
| 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 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 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% | - |
| Real Estate & Other Assets | 60.66M | 58.9M | 172.2M | -62.81M | -73.13M | 449M | 537.81M | -17.77M | 2.1M | -3.62B | -2.41B | -2.9B | -3.14B | 50.75M | 454.07K | 8.84M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.55B | -171.97M | -222.45M | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| 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 & Equivalents | 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 |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| 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 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 3.16M | 0 | 26.65M | 5.08M | 412.65K | 425.31K | 628.37K | 0 | 0 | 0 |
| 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 |
| 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 |
| Short-Term Borrowings | 850.23M | 826.39M | 742.45M | 0 | 0 | 1.78B | 68K | 3.29B | 0 | 0 | 0 | 0 | 0 | 2.89B | 3.91B | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.71B | -40.86M | -45.66M | -2.43B | -2.65B | -2.89B | 0 | 0 |
| Other Liabilities | 47.33M | 50.02M | 103K | -5.56B | -3.88B | 87K | 0 | -168.32M | -10.86M | 52.61M | 1.8M | 30.05M | 0 | 2.98B | 149.53M | 0 |
| 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% | - |
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.66B | 2.99B | 1.87B | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 317K | 317K | 296K | 294K | 212K | 239K | 138K | 327K | 287K | 281.93K | 277K | 282.86K | 283.86K | 283.66K | 269.62K | 100.1K |
| Additional Paid-in Capital | 840.4M | 840.4M | 824.38M | 823.72M | 778.61M | 796.47M | 689.15M | 662.18M | 595.41M | 585.53M | 576.28M | 584.58M | 586.05M | 585.62M | 552.07M | 198.23M |
| 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 |
| Preferred Stock | 220.47M | 220.47M | 220.47M | 220.47M | 220.47M | 220.47M | 238.48M | 272.46M | 161.21M | 161.21M | 161.21M | 161.21M | 161.21M | 161.21M | 161.21M | 0 |
| Return on Assets (ROA) | 0.4% | 0.62% | 0.85% | 1.02% | -1.37% | 4.38% | -14.65% | 2.35% | 0.04% | 3.69% | 2.2% | 0.42% | 3.06% | -0.74% | 4.32% | 1.36% |
| Return on Equity (ROE) | 6.11% | 8.82% | 10.4% | 10.85% | -10.28% | 21.26% | -66.88% | 4.46% | 0.04% | 3.81% | 3.99% | 1.97% | 15.22% | -4.21% | 26.96% | 9.2% |
| Debt / Assets | 92.86% | 92.99% | 91.56% | 90.83% | 88.87% | 82.58% | 65.66% | 79.53% | 79.84% | 0.43% | 0.82% | 13.49% | 1.15% | 78.54% | 80.56% | - |
| 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 | - |
| 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 |
| 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 |
Excessive leverage and liquidity
According to recent SEC filings, MITT's debt-to-equity ratio reached 14.14 in 2026Q1, reflecting a persistent reliance on high-cost repo financing that leaves the balance sheet acutely sensitive to interest rate volatility and potential margin calls on its residential credit and land-related financing asset portfolios.
The consistent D/E ratio exceeding 10x suggests that the firm operates with minimal equity cushion to absorb asset-side valuation declines. This leverage profile appears to amplify the impact of fair value adjustments on book value, potentially limiting management's ability to pivot the portfolio during periods of market stress.
As reported in financial statements, cash reserves declined to $67.7 million in 2026Q1 from a peak of $125.6 million in 2023Q4, indicating a tightening liquidity position that may hinder the firm's ability to fund new acquisitions or meet unexpected margin calls on its repo facilities.
The reduction in cash, coupled with the firm's reliance on short-term financing, suggests that liquidity management has become a primary operational constraint. Investors should monitor whether the current cash balance is sufficient to support the firm's ongoing securitization activities without necessitating further dilutive equity issuance.
Based on MITT's reported figures, total equity has remained largely stagnant, hovering near $544 million in 2026Q1, which suggests that the firm has struggled to grow its book value organically while navigating the complexities of its external management fee structure and volatile credit market conditions.
The lack of meaningful equity growth, despite the firm's active securitization strategy, may indicate that earnings are being consumed by dividends or valuation write-downs rather than reinvested into the business. This stagnation warrants investigation into whether the current capital structure can support long-term shareholder value creation.
Data from recent SEC filings indicates that while the firm has shifted toward term-securitization to mitigate repo risk, the lack of consistent AFFO reporting suggests that off-balance-sheet obligations and capitalized costs may be masking the true cash-on-cash yield of the underlying residential credit portfolio.
The transition to securitized debt appears to be a strategic attempt to lock in financing costs, yet the complexity of these structures makes it difficult to assess the true recourse risk to the balance sheet. This opacity may lead to an underestimation of the firm's actual leverage and potential for future liquidity shortfalls.
Quick answers to the most common questions about buying MITT stock.
As of 2025, TPG Mortgage Investment Trust Inc (MITT) had total assets of $8.71B including $76.3M in current assets.
TPG Mortgage Investment Trust Inc (MITT) 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 (MITT) 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 (MITT) 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.