Liquidity buffers have tightened significantly, with cash reserves falling to $67.7 million in 2026Q1 from a peak of $125.6 million in 2023Q4, while the dividend payout ratio of 1.51 indicates that distributions currently exceed AFFO generation.
| 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 |
|---|
| Cash from Operations | 67.91M | 59.57M | 55.84M | 28.13M | 22.52M | 26.3M | 4.16M | 65.24M | 78.03M | 79.48M | 66.92M | 87.06M | 93.84M | 130.81M | 114.81M | 15.41M |
| Operating CF Growth % | 92.75% | 6.68% | 98.48% | 24.93% | -14.37% | 532.77% | -93.63% | -16.4% | -1.82% | 18.76% | -23.12% | -7.23% | -28.26% | 13.93% | 644.9% | - |
| Operating CF / Revenue % | 13.78% | 12.6% | 13.51% | 10.24% | 8.77% | 38.95% | -2.29% | 44.29% | 61.25% | 69.26% | 53.89% | 73.1% | 61.23% | 998.2% | 104.81% | 71.54% |
| Net Income | 33.63M | 48.67M | 55.74M | 53.78M | -53.1M | 104.19M | -421.58M | 97.34M | 1.57M | 118.56M | 63.68M | 13.82M | 109.4M | -31.58M | 134.94M | 18.97M |
| Depreciation & Amortization | 24.12M | 22.97M | 0 | 0 | 5.46M | 6.08M | 0 | 4.11M | 2.34M | 10.39M | 3.65M | 12.19M | 16.77M | 41.18M | 46.75M | 0 |
| Stock-Based Compensation | 669K | 712K | 667K | 380K | 327K | 320K | 582K | 748K | 631K | 540.74K | 418.49K | 284.38K | 438.5K | 433.16K | 561.91K | 38.02K |
| Other Non-Cash Items | 9.24M | -12.59M | -4.96M | -28.21M | 68.73M | -72.61M | 429.93M | -31.05M | 60.53M | -40.97M | 10.39M | 17.15M | -3.64M | 123.86M | -29.54M | -2.65M |
| Working Capital Changes | 255K | -186K | 4.4M | 2.18M | 1.1M | -5.6M | -4.77M | -1.8M | 12.97M | 1.35M | 63.64K | 1.49M | -4.88M | 3.11M | -65.22K | -942.31K |
| Cash from Investing | -1.03B | -1.67B | -713.13M | -433.5M | -1.49B | -1.9B | 2.19B | -746.96M | 161.04M | -1.17B | 540.65M | 314.1M | 326.58M | 908.82M | -3.46B | -1.36B |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.16M | 3.4M | 0 | 0 | 730.15K | 0 | 0 | 0 |
| Purchase of Investments | -90.38M | -81.22M | -666.54M | -294.42M | -108.56M | -924.66M | -621.65M | -2.33B | -2.45B | -2.25B | -963.43M | -1.61B | -1.04B | -3.46B | -4.94B | -1.44B |
| Sale of Investments | 11.27M | 6.84M | 629.22M | 308.28M | 669.63M | 985.06M | 2.85B | 1.71B | 2.96B | 1.07B | 1.44B | 1.91B | 1.55B | 4.37B | 1.48B | 82.35M |
| Other Investing | -946.53M | -1.59B | -675.82M | -447.37M | -2.05B | -1.96B | -32.37M | -126.61M | -350.09M | 12.56M | 66.31M | 7.92M | -176.66M | 1.8M | -1.57M | -4.67M |
| 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 | -419.27M | -442.24M | -1.1B | 3.46B | 1.38B |
| Dividends Paid | -43.96M | -45.73M | -37.19M | -35.78M | -37.77M | -29.62M | -35.28M | -77.58M | -68.72M | -69.2M | -66.78M | -81.61M | -81.57M | -93.7M | -50.29M | -4M |
| Common Dividends | -12.17M | -24.46M | -17.98M | -17.44M | -19.42M | -10.78M | -14.73M | -61.81M | -55.25M | -55.73M | -53.31M | -68.14M | -68.1M | -80.23M | -46.68M | -4M |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 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 | -472.89K | 0 | 0 | 0 | -1K |
| Other Financing | -346.99M | 0 | -251K | -9.04M | 8.71M | 0 | -54.75M | -104.76M | 102.08M | 9.73M | 4.37M | -10.39M | -43.09M | 36.78M | -7.02M | -2.71M |
| Net Change in Cash | -61.49M | -62.25M | 12.99M | 26.77M | -1.43M | 37.91M | -63.05M | 41.01M | 31.54M | -37.27M | 6.22M | -18.11M | -21.83M | -63.4M | 113.74M | 1.38B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 10K | -162K | 41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35B |
| Cash at Beginning | 76.32M | 138.57M | 125.57M | 98.8M | 100.23M | 62.32M | 125.37M | 84.36M | 52.81M | 52.47M | 46.25M | 64.36M | 86.19M | 149.59M | 35.85M | -1.35B |
| Cash at End | 67.72M | 76.32M | 138.57M | 125.57M | 98.8M | 100.23M | 62.32M | 125.37M | 84.36M | 15.2M | 52.47M | 46.25M | 64.36M | 86.19M | 149.59M | 35.85M |
| Free Cash Flow | 67.91M | 59.57M | 55.84M | 28.13M | 22.52M | 26.3M | 4.16M | 65.24M | 52.87M | 76.08M | 66.92M | 87.06M | 93.11M | 130.81M | 114.81M | 15.41M |
| FCF Growth % | 21.57% | 6.68% | 98.48% | 24.93% | -14.37% | 532.77% | -93.63% | 23.39% | -30.5% | 13.68% | -23.12% | -6.5% | -28.82% | 13.93% | 644.9% | - |
| FCF / Revenue % | 13.78% | 12.6% | 13.51% | 10.24% | 8.77% | 38.95% | -2.29% | 44.29% | 41.5% | 66.3% | 53.89% | 73.1% | 60.75% | 998.2% | 104.81% | 71.54% |
Dividend coverage and liquidity
According to recent SEC filings, MITT's FFO of $4.9 million in 2026Q1 significantly trailed the $20.3 million in GAAP operating cash flow, illustrating a persistent disconnect between accounting-based cash metrics and the underlying volatility inherent in the firm's fair-value-heavy investment portfolio and securitization activities.
The wide variance between GAAP operating cash flow and FFO suggests that non-cash fair value adjustments and interest accruals are heavily distorting the firm's reported earnings. Investors should monitor this gap, as it implies that the cash generated from operations may not be as readily available for distribution as the headline operating cash flow figures might suggest.
As reported in financial statements, the dividend payout ratio reached 1.51 in 2026Q1, indicating that the company paid out significantly more in dividends than it generated in AFFO, a trend that warrants investigation into the sustainability of current shareholder distributions given the recent earnings volatility.
The inability to cover the dividend with AFFO in the most recent quarter suggests a reliance on capital reserves or balance sheet liquidity to maintain payouts. This payout profile appears unsustainable if the current spread compression in the non-QM and residential credit segments persists over the coming quarters.
Based on MITT's reported figures, the FFO to Net Income ratio of -5.71 in 2026Q1 highlights how GAAP net income is frequently rendered non-representative by unrealized fair value swings, complicating the assessment of the firm's true economic performance and its ability to generate recurring cash flow.
The extreme volatility in the FFO to Net Income ratio indicates that the firm's bottom line is highly sensitive to market sentiment rather than operational cash generation. Analysts should treat GAAP net income as a secondary metric, focusing instead on the core earnings capacity which appears to be under significant structural pressure.
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 may provide temporary stability, but it also introduces complex cash flow timing issues that are not fully captured in standard operating metrics. Investors should remain cautious, as the potential for future margin calls on remaining repo facilities remains a latent risk that could impair liquidity during periods of market stress.
Quick answers to the most common questions about buying MITT stock.
TPG Mortgage Investment Trust Inc (MITT) generated $59.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TPG Mortgage Investment Trust Inc (MITT) generated $59.6M 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 (MITT) 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 (MITT) returned $45.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.