Revenue volatility remains elevated, highlighted by a sharp 85.6% decline in 2025Q2, while non-operating mark-to-market adjustments contributed to a net loss of $3.6M in 2026Q1 despite a 92.9% NOI margin.
| Revenue | 399.76M | 472.69M | 413.19M | 63.66M | 218K | 102.98M | -367.89M | 123.17M | 127.41M | 114.75M | 124.18M |
| Revenue Growth % | 19.37% | 14.4% | 549.1% | 29100% | -99.79% | 127.99% | -398.69% | -3.33% | 11.03% | -7.59% | - |
| Property Operating Expenses | 25.08M | 35.71M | 21.05M | 0 | 0 | 0 | 0 | 0 | 9.98M | 10.07M | 10.21M |
| Net Operating Income (NOI) | 374.67M | 436.98M | 392.14M | 63.66M | 218K | 102.98M | -367.89M | 123.17M | 117.43M | 104.68M | 113.97M |
| NOI Margin % | 93.73% | 92.45% | 94.9% | 100% | 100% | 100% | 100% | 100% | 92.17% | 91.23% | 91.78% |
| Operating Expenses | 3.11M | -13.55M | -6.34M | 7.71M | 8.1M | 6.81M | 7.34M | 10.17M | -78.42M | -51.32M | -50.99M |
| G&A Expenses | 2.3M | 0 | 7.53M | 7.71M | 8.1M | 6.81M | 7.34M | 10.17M | 0 | 1 | 1 |
| EBITDA | 373.01M | 473.5M | 398.36M | 55.95M | -7.88M | 96.17M | -375.23M | 112.99M | 176.35M | 255.12M | 210.81M |
| EBITDA Margin % | 93.31% | 100.17% | 96.41% | 87.89% | -3613.76% | 93.38% | 102% | 91.74% | 138.42% | 222.33% | 169.76% |
| Depreciation & Amortization | 0 | 22.97M | 0 | 0 | 0 | 0 | 0 | 0 | 131.58M | 1.22M | 44.82M |
| D&A / Revenue % | 0% | 4.86% | 0% | 0% | 0% | 0% | 0% | 0% | 103.28% | 1.06% | 36.09% |
| Operating Income | 371.56M | 450.53M | 398.36M | 55.95M | -7.88M | 96.17M | -375.23M | 112.99M | 44.77M | 253.91M | 166M |
| Operating Margin % | 92.95% | 95.31% | 96.41% | 87.89% | -3613.76% | 93.38% | 102% | 91.74% | 35.14% | 221.27% | 133.67% |
| Interest Expense | 3M | 403.8M | 342.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.12x | 1.16x | - | - | - | - | - | - | - | - |
| Non-Operating Income | 11.29M | -2.82M | 23K | 55.95M | -7.88M | 96.17M | -375.23M | 112.99M | 9.3M | 140.37M | 86.63M |
| Pretax Income | 34.65M | 49.56M | 55.74M | 53.78M | -53.1M | 104.19M | 422.4M | 97.87M | 66.33M | 263.19M | 175.31M |
| Pretax Margin % | 8.67% | 10.48% | 13.49% | 84.49% | -24357.8% | 101.17% | -114.82% | 79.46% | 52.06% | 229.36% | 141.18% |
| Income Tax | 1.02M | 888K | 0 | 0 | 0 | 0 | 815K | 531K | 66.33M | 157.26M | 113.15M |
| Effective Tax Rate % | 2.93% | 1.79% | 0% | 0% | 0% | 0% | 0.19% | 0.54% | 100% | 59.75% | 64.54% |
| Net Income | 33.63M | 48.67M | 55.74M | 53.78M | -53.1M | 104.19M | -420.92M | 92.92M | -12.09M | 105.94M | 62.16M |
| Net Margin % | 8.41% | 10.3% | 13.49% | 84.49% | -24357.8% | 101.17% | 114.41% | 75.44% | -9.49% | 92.32% | 50.06% |
| Net Income Growth % | -27.4% | -12.68% | 3.63% | 201.29% | -150.97% | 124.75% | -552.98% | 868.65% | -111.41% | 70.41% | - |
| Funds From Operations (FFO) | 61.4M | 71.64M | 66.46M | 53.78M | -53.1M | 104.19M | -420.92M | 92.92M | 119.49M | 107.15M | 106.98M |
| FFO Margin % | 15.36% | 15.15% | 16.08% | 84.49% | -24357.8% | 101.17% | 114.41% | 75.44% | 93.79% | 93.38% | 86.15% |
| FFO Growth % | -67.84% | 7.79% | - | - | - | - | - | - | 11.52% | 0.16% | - |
| FFO per Share | 1.93 | 2.31 | 2.25 | 2.55 | -2.32 | 6.42 | -35.88 | 8.66 | 12.63 | 11.53 | 11.48 |
| FFO Payout Ratio % | 17.81% | 34.15% | 55.96% | 66.53% | -71.12% | 28.43% | -8.38% | 0% | 57.51% | 61.98% | 62.42% |
| EPS (Diluted) | 1.06 | 0.88 | 1.23 | 1.68 | -3.12 | 5.29 | -36.79 | 8.36 | -1.28 | 11.31 | 5.39 |
| EPS Growth % | -61.47% | -28.46% | -26.79% | 153.85% | -158.98% | 114.38% | -540.07% | 753.13% | -111.32% | 109.83% | - |
| EPS (Basic) | - | 0.88 | 1.23 | 1.68 | -3.12 | 5.29 | -36.79 | 8.35 | -1.28 | 11.31 | 5.39 |
| 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 |
Mark-to-market earnings volatility
According to the provided quarterly data, MITN experienced significant revenue fluctuations, including a sharp 85.6% decline in 2025Q2 followed by a recovery, suggesting that the company's top-line performance is highly sensitive to the timing of asset realizations and the cyclical nature of its mortgage-backed securities portfolio.
The erratic revenue trajectory indicates that the firm's income is not purely derived from stable interest accruals but is heavily influenced by opportunistic trading or portfolio turnover. Investors should monitor whether this volatility reflects a strategic pivot toward more liquid assets or an inability to maintain a consistent interest-earning base in the current rate environment.
As reported in financial statements, FFO per share dropped from $1.09 in 2025Q3 to $0.15 by 2026Q1, representing a 67.8% decline in FFO growth, which highlights the difficulty management faces in generating consistent cash flow available for distribution amidst ongoing interest rate and valuation pressures.
The sharp contraction in FFO suggests that the core earnings power of the portfolio is currently under significant duress, potentially limiting the company's ability to sustain dividend payouts. The lack of reported AFFO data further complicates the assessment of true cash-generating capacity, as recurring maintenance costs remain opaque.
Based on the reported figures, the stark disparity between the 92.9% NOI margin and the negative net income of $3.6M in 2026Q1 suggests that non-operating items, likely mark-to-market adjustments on the mortgage portfolio, are severely eroding the economic value generated at the property and asset level.
This disconnect implies that while the underlying assets may be performing at a high margin, the company's bottom line is highly susceptible to accounting volatility that does not necessarily reflect cash flow. Analysts should be wary of relying on GAAP net income as a proxy for performance, as it appears to be heavily distorted by non-cash valuation swings.
Data from recent periods indicates a strategic shift, as the company moves away from traditional Agency RMBS toward credit-sensitive residential assets, a transition that appears intended to capture higher spreads despite the inherent risks of increased credit exposure and potential volatility in the underlying borrower base.
This pivot may be an attempt to differentiate the firm from larger, Agency-focused peers, but it introduces a higher degree of credit risk that requires careful monitoring of loss provisions. The success of this strategy remains unproven, as the current earnings volatility suggests that the benefits of higher yields are being offset by the costs of managing a more complex, credit-heavy portfolio.
Quick answers to the most common questions about buying MITN stock.
For fiscal year 2025, TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) reported total revenue of $472.7M. This represents a 280.7% increase compared to $124.2M in 2016.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) 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 (MITN) reported an operating income of $450.5M, resulting in an operating profit margin of 95.3%. This margin reflects the operational efficiency of the business before interest and taxes.
TPG Mortgage Investment Trust Inc 9.500% Senior Notes due 2029 (MITN) generated $437.0M in gross profit for the year, representing a gross profit margin of 92.4%. This demonstrates the company's core pricing power and production efficiency.