Core Viewpoint - TPG Mortgage Investment Trust, Inc. (NYSE:MITT) has faced challenges in its recent earnings report, indicating a trend of underperformance in the competitive mortgage investment sector [1][4] Financial Performance - MITT reported revenue of approximately $22.98 million, slightly below the estimated $23.16 million, continuing a trend of underperformance over the past four quarters [2][4] - The earnings per share (EPS) came in at $0.25, missing the Zacks Consensus Estimate of $0.26, resulting in an earnings surprise of -3.85%, although this represents an increase from $0.18 in the same quarter last year [2][4] Financial Ratios - The company has a price-to-earnings (P/E) ratio of approximately 5.77 and a price-to-sales ratio of about 1.64, reflecting how investors value its earnings and sales [3][4] - The enterprise value to sales ratio is notably high at 53.27, indicating a significant valuation in relation to sales [3] - MITT's debt-to-equity ratio stands at 14.94, showing a high reliance on debt financing, while maintaining a current ratio of 2.09, suggesting good short-term financial health [3][4] - The earnings yield is reported at 17.33%, highlighting the efficiency of the company's earnings [3]

TPG Mortgage Investment Trust (MITT) came out with quarterly earnings of $0.25 per share, missing the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.85%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.23 per share when it actually produced earnings of $0.23, delivering no surprise.Over the last f ...

ability to continue producing total return and greater value for stockholders, whether the Company's earnings will continue to support its dividend, including its ability to further increase its dividend, levels of securitization activity, the Company's ability to resolve its legacy WMC commercial loans within the time and manner anticipated, whether the Company's call strategy will drive earnings power, and Arc Home's performance, its origination volumes and its ability to continue to contribute meaningful ...

Core Viewpoint - The analysis focuses on comparing TPG Mortgage Investment Trust's (MITT) two baby bonds, MITN and MITP, highlighting the call risk associated with MITN and the overall attractiveness of MITP due to its lower call risk [2][4][16]. Company Overview - TPG Mortgage Investment Trust is a mortgage REIT that experienced significant losses in common equity during the pandemic, which affected its recovery potential [9][12]. - The company has preferred shares and baby bonds that investors can compare for better investment decisions [14]. Baby Bonds Comparison - MITN has more call risk compared to MITP, making MITP the preferred choice for investors [2][16]. - Both baby bonds have similar characteristics, including a 9.5% coupon rate, but MITN matures slightly earlier, which typically would be a positive factor [3][5]. - The current trading price for both bonds is $25.25, with yield to maturity at 9.40% for MITN and 9.44% for MITP [6][10]. Investment Considerations - The yield on these baby bonds is competitive within the sector, although not the highest [13]. - Baby bonds are preferred for their transparency in trading compared to traditional bonds, making them appealing to investors [13]. - International investors may find baby bonds more attractive due to interest payments, while domestic investors might prefer preferred shares for tax advantages [15]. Conclusion - A slight price decrease of 2% would enhance the attractiveness of these baby bonds by increasing yield-to-call and yield-to-maturity [16].

Core Viewpoint - TPG Mortgage Investment Trust, Inc. has announced the tax treatment of its distributions for common and preferred stock for the year 2025, providing essential information for stockholders regarding their tax reporting obligations [1]. Common Stock Distributions - The common stock distribution per share for 2025 is detailed as follows: - For the record date of March 31, 2025, the payable date is April 30, 2025, with a distribution of $0.20 per share, classified entirely as ordinary dividends [1]. - For the record date of June 30, 2025, the payable date is July 31, 2025, with a distribution of $0.21 per share, also classified entirely as ordinary dividends [1]. Preferred Stock Distributions - The distributions for Series A 8.25% Cumulative Redeemable Preferred Stock are as follows: - For the record date of February 28, 2025, the payable date is March 17, 2025, with a distribution of $0.515630 per share, classified entirely as ordinary dividends [1]. - For the record date of May 30, 2025, the payable date is June 17, 2025, with the same distribution of $0.515630 per share [1]. - The distributions for Series B 8.00% Cumulative Redeemable Preferred Stock are as follows: - For the record date of February 28, 2025, the payable date is March 17, 2025, with a distribution of $0.500000 per share, classified entirely as ordinary dividends [1]. - For the record date of May 30, 2025, the payable date is June 17, 2025, with the same distribution of $0.500000 per share [1]. - The distributions for Series C 8.000% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock are as follows: - For the record date of February 28, 2025, the payable date is March 17, 2025, with a distribution of $0.693062 per share, classified entirely as ordinary dividends [1]. - For the record date of May 30, 2025, the payable date is June 17, 2025, with a distribution of $0.704864 per share, also classified entirely as ordinary dividends [1]. Company Overview - TPG Mortgage Investment Trust, Inc. is a residential mortgage REIT focused on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market [1].

Core Viewpoint - TPG Mortgage Investment Trust (MITT), formerly known as AG Mortgage Investment Trust, has demonstrated strong performance, achieving approximately 43% gain over the past year, significantly outperforming the VanEck Mortgage total return of around 14% [1] Company Performance - TPG Mortgage Investment Trust has been identified as one of the best-performing mortgage real estate investment trusts (mREITs) in the market [1] Investment Strategy - The investment approach discussed includes a focus on fundamental long-term perspectives, with a combination of long stock positions, covered calls, and cash secured puts being utilized [1]

Core Viewpoint - TPG Mortgage Investment Trust (MITT), formerly known as AG Mortgage Investment Trust, has demonstrated strong performance, achieving approximately 43% gain over the past year, significantly outperforming the VanEck Mortgage total return of around 14% [1]. Company Performance - TPG Mortgage Investment Trust has been identified as one of the best-performing mortgage real estate investment trusts (mREITs) in the market [1]. Investment Strategy - The investment approach discussed includes a focus on fundamental long-term perspectives, with a combination of long stock positions, covered calls, and cash secured puts being utilized [1].

Financial Performance - The company achieved a book value per share of $10.46 and a net income available to common stockholders of $0.47 per diluted common share[257]. - Net income available to common stockholders for Q3 2025 was $14,617,000, compared to $11,924,000 in Q3 2024, representing a 22.5% increase[350]. - Net interest income for Q3 2025 was $19.482 million, an increase of $4.532 million from Q3 2024[288]. - Interest income rose to $124.714 million in Q3 2025, up $17.258 million from the previous year, driven by a higher weighted average yield[288]. - Net income available to common stockholders for the nine months ended September 30, 2025 was $19,414 thousand, a decrease of $8,153 thousand from $27,567 thousand in the same period of 2024[319]. - Total net realized loss for the three months ended September 30, 2025 was $(3,578) thousand, an improvement from $(10,788) thousand in the same period of 2024[299]. - Total net unrealized gain for the three months ended September 30, 2025 was $13,199 thousand, compared to $19,700 thousand for the same period in 2024, a decrease of $6,501 thousand[302]. Dividends and Shareholder Returns - The company declared a dividend of $0.21 per common share in Q3 2025[257]. - During the nine months ended September 30, 2025, the company declared common stock dividends of $0.62 per share and preferred stock dividends of $1.54689, $1.50, and $2.103968 per share for Series A, B, and C respectively[406]. - Earnings available for distribution for Q3 2025 was $7,091,000, up from $4,876,000 in Q3 2024, indicating a 45.4% growth[350]. Investment Activities - In Q3 2025, the company reported a total investment purchase of $1,719.5 million, including $888.6 million in Agency-Eligible Loans and $830.9 million in Home Equity Loans[252]. - The company executed four rated securitizations in Q3 2025, totaling an unpaid principal balance of $1,712.4 million[256]. - The company focuses on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market[260]. - The company aims to allocate capital to investment opportunities with attractive risk/return profiles, focusing on newly-originated residential mortgage loans[353]. Portfolio and Asset Management - As of September 30, 2025, the company’s investment portfolio primarily consisted of newly originated Non-Agency Loans, Agency-Eligible Loans, and Home Equity Loans[262]. - Total Investment Portfolio amounts to $8,994,870, with a fair value of $8,791,474, yielding 6.11%[359]. - Securitized Non-Agency Loans total $7,350,818 with a fair value of $7,142,686, yielding 5.76%[359]. - Securitized Home Equity Loans stand at $985,292 with a fair value of $1,007,911, yielding 7.73%[359]. - The fair value of Non-Agency RMBS was $161.02 million, with a weighted average coupon of 2.45% and a weighted average life of 4.70 years[381]. Financing and Leverage - The company operates as a residential mortgage REIT, aiming to provide attractive risk-adjusted returns primarily through dividends and capital appreciation[259]. - The leverage ratio is influenced by portfolio mix, liquidity, financing availability, and regulatory developments[356]. - GAAP leverage as of September 30, 2025, is $8,358,196, resulting in a leverage ratio of 14.9x against stockholders' equity of $559,843[400]. - Economic leverage, a non-GAAP measure, is $930,953 with a leverage ratio of 1.7x[400]. Market Conditions - Prevailing mortgage rates fell over 30 basis points to approximately 6.3% by the end of Q3 2025, the lowest level since Q4 2024[276]. - The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 1.7% year-over-year in July 2025, with New York City home prices leading gains at 6.4%[275]. - Total existing home inventory was 1.53 million units in August 2025, the highest since June 2020, but still below typical levels from 2016 to 2019[277]. Management and Fees - The management fee to affiliates increased to $6,947 thousand for the nine months ended September 30, 2025, compared to $5,202 thousand in the same period of 2024[319]. - The management fee is calculated at 1.50% of Stockholders' Equity per annum, with management fees incurred of $2.3 million for the three months ended September 30, 2025, compared to $1.7 million in 2024[426]. - Total expense reimbursements to the manager or its affiliates amounted to $1.974 million for the three months ended September 30, 2025, compared to $1.852 million in 2024[434]. Risk Management - The company may utilize derivative instruments to hedge interest rate risks associated with its financing portfolio[402]. - The net interest margin is a key metric for evaluating the profitability of interest income versus interest expense, including the impact of interest rate swaps[354]. - The weighted average yield for the investment portfolio is calculated based on estimates of future cash flows and adjusts for actual prepayment and cash flow activity[355].

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Core Viewpoint - AG Mortgage Investment Trust (MITT) reported quarterly earnings of $0.23 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.17 per share a year ago [1]. Financial Performance - The company posted revenues of $19.48 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.59%, compared to $14.95 million in the same quarter last year [2]. - Over the last four quarters, AG Mortgage Investment Trust has not surpassed consensus EPS or revenue estimates [2]. Stock Performance - AG Mortgage Investment Trust shares have increased approximately 7.5% since the beginning of the year, while the S&P 500 has gained 16.5% [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $21 million, and for the current fiscal year, it is $0.87 on revenues of $78 million [7]. - The trend of estimate revisions for AG Mortgage Investment Trust was mixed prior to the earnings release, which may change following the recent report [6]. Industry Context - The REIT and Equity Trust industry is currently ranked in the top 39% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8].