Revenue expanded by 20.9% in 2026Q1, yet bottom-line stability remains elusive as evidenced by a net loss of $3.6 million and significant FFO per share contraction to $0.15.
TPG Mortgage Investment Trust Inc (MITT) annual income statement — 15-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 487.03M | 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 % | 13.67% | 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% | - |
| Property Operating Expenses | 129.17M | 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 |
| Net Operating Income (NOI) | 357.86M | 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 |
| NOI Margin % | 73.48% | 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% |
| Operating Expenses | -13.16M | -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 |
| G&A Expenses | 3.84M | 2.14M | 7.53M | 7.71M | 8.1M | 6.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 385.71M | 480.8M | 398.45M | 266.28M | 98.01M | 112.94M | -384.64M | 113.86M | -1.84M | 123.92M | 83.02M | 45.05M | 135.81M | -2.98M | 149.95M | 20.67M |
| EBITDA Margin % | 79.2% | 101.72% | 96.43% | 96.93% | 38.17% | 167.27% | 212.2% | 77.3% | -1.44% | 107.99% | 66.85% | 37.83% | 88.62% | -22.77% | 136.89% | 95.92% |
| Depreciation & Amortization | 13.81M | 22.97M | 0 | 0 | 5.46M | 6.08M | 0 | 4.11M | 2.34M | 10.39M | 3.65M | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 2.84% | 4.86% | 0% | 0% | 2.13% | 9.01% | 0% | 2.79% | 1.83% | 9.05% | 2.94% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | 371.02M | 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 % | 76.18% | 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% |
| Interest Expense | 4M | 403.8M | 342.6M | 212.5M | 118.92M | 27.25M | 36.95M | 90.11M | 70.5M | 43.72M | 33.78M | 31.23M | 26.5M | 25.55M | 15.01M | 1.7M |
| 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 |
| Non-Operating Income | -107.61M | 4.48M | 23K | -17.72M | 26.73M | -24.57M | 10.3M | -77.7M | -78.18M | -48.74M | -18.1M | -26.53M | -25.38M | -27.82M | -15.01M | -1.7M |
| Pretax Income | 45.16M | 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 % | 9.27% | 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 | 1.2M | 888K | 112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79.91K | 3.04M | 0 | 0 |
| Effective Tax Rate % | 2.67% | 1.79% | 0.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.07% | -10.66% | 0% | 0% |
| Net Income | 43.95M | 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 % | 9.02% | 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 % | -5.16% | -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% | - |
| Funds From Operations (FFO) | 108.74M | 71.64M | 55.74M | 53.78M | -47.64M | 110.27M | -420.92M | 97.03M | 3.9M | 128.95M | 67.34M | 26.01M | 126.17M | 9.6M | 181.69M | 18.97M |
| FFO Margin % | 22.33% | 15.15% | 13.49% | 19.58% | -18.55% | 163.31% | 232.22% | 65.88% | 3.06% | 112.37% | 54.23% | 21.84% | 82.33% | 73.24% | 165.86% | 88.05% |
| FFO Growth % | 0% | - | - | - | -143.2% | - | - | 2385.45% | -96.97% | 91.49% | 158.85% | -79.38% | 1214.6% | -94.72% | - | - |
| FFO per Share | 3.43 | 2.31 | 1.89 | 2.55 | -2.08 | 6.79 | -35.88 | 9.04 | 0.41 | 13.87 | 7.23 | 2.75 | 13.32 | 1.03 | 29.90 | 9.59 |
| FFO Payout Ratio % | 35.11% | 34.15% | 32.25% | 32.42% | -40.77% | 9.78% | -3.5% | 63.7% | 1415.32% | 43.22% | 79.17% | 261.96% | 53.98% | 835.93% | 25.69% | 21.11% |
| EPS (Diluted) | 1.38 | 0.90 | 1.23 | 1.68 | -3.12 | 5.29 | -36.73 | 7.15 | 0.17 | 11.31 | 5.40 | 0.03 | 10.11 | -3.38 | 21.54 | 9.59 |
| EPS Growth % | -28.85% | -26.83% | -26.79% | 153.85% | -158.98% | 114.4% | -613.71% | 4105.88% | -98.5% | 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 | 0.17 | 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 |
Quick answers to the most common questions about buying MITT stock.
For fiscal year 2025, TPG Mortgage Investment Trust Inc (MITT) reported total revenue of $472.7M. This represents a 2093.8% increase compared to $21.5M in 2011.
TPG Mortgage Investment Trust Inc (MITT) 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 (MITT) 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 (MITT) 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.
Key Metrics
Top Statement Risk
Interest rate spread compression
Metrics are mathematically derived from official filings.
Revenue Growth Amidst Margin Volatility
According to the latest quarterly filings, MITT reported revenue of $130.1 million in 2026Q1, representing a 20.9% year-over-year increase, yet this top-line expansion appears disconnected from bottom-line stability as the firm navigates a complex transition toward non-QM securitizations and increased exposure to land-related financing assets.
The revenue trajectory suggests that the firm is successfully scaling its asset base, but the inconsistent conversion of this growth into net income warrants caution. Investors should monitor whether the reliance on securitization-driven revenue can provide sustainable cash flow in an environment where financing costs remain elevated.
Property Level Profitability Margin Compression
As reported in financial statements, the NOI margin experienced a significant contraction to 16.1% in 2025Q1 before recovering to 92.9% by 2026Q1, highlighting the extreme sensitivity of the firm's operating model to fair value adjustments and the underlying cost of repo-based leverage.
The sharp fluctuation in NOI margins suggests that the firm's profitability is highly susceptible to market-driven valuation swings rather than purely operational efficiency. This volatility implies that the core business model may be more exposed to interest rate cycles than traditional mortgage REITs with more stable funding structures.
FFO Volatility Challenges Dividend Sustainability
Based on MITT's reported figures, FFO per share dropped from $1.09 in 2025Q3 to $0.15 in 2026Q1, a trend that suggests significant earnings pressure and raises questions regarding the long-term safety of the dividend yield in the face of shifting credit market conditions.
The erratic nature of FFO generation appears to be a byproduct of the firm's reliance on transactional gains and fair value adjustments. Analysts should investigate whether the current dividend payout is supported by recurring interest income or if it is increasingly reliant on non-recurring capital events.
Fair Value Accounting Obscures Performance
Data from recent SEC filings indicates that GAAP net income frequently diverges from operational reality, with a net loss of $3.6 million in 2026Q1 contrasting with positive revenue growth, suggesting that fair value accounting may be masking the true economic performance of the underlying loan portfolio.
The discrepancy between headline net income and revenue growth suggests that unrealized mark-to-market adjustments are creating significant noise in the income statement. Investors should be wary of relying on GAAP metrics, as they may not accurately reflect the cash-generating capacity of the firm's residential credit assets.