TPG Mortgage Investment Trust

MITT

REIT - Mortgage · Real Estate

Price

$7.08

+0.10 (+1.50%)

Market Cap

$225.3M

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+91.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 16.2M (2021) → 31.1M (2025)

TPG Mortgage Investment Trust (formerly AG Mortgage Investment Trust) is a real estate investment trust that invests in mortgage-related assets. Instead of owning physical buildings, it buys residential mortgage loans and mortgage-backed securities — essentially pools of home loans. Its main customers are the financial markets, and it operates within the broader U.S. housing finance system.

The company makes money by borrowing at lower short-term interest rates and investing in higher-yielding mortgage assets, pocketing the difference — a strategy called the "net interest margin." It operates almost entirely in the United States and has a market cap of roughly $200 million, making it a small player in the mortgage REIT space. The biggest risk it faces is interest rate sensitivity: when rates rise sharply or the spread between borrowing costs and mortgage yields narrows, profitability can shrink quickly, which has historically pressured its dividend and book value.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-228.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

3.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$8.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

TPG Mortgage Investment Trust is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

0.6%

Thin — 0.6% gross margin

Operating Margin

-3.1%

Losing money on operations — -3.1%

ROCE

-0.0%

Weak — -0.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+11.4%

Steady sales growth (+11.4% YoY)

EPS YoY

-54.5%

Earnings shrinking (-54.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

202%

Turns 202% of profit into real cash

FCF Margin

14.4%

Converts sales into free cash efficiently (14.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

14.14

Heavy debt load (14.14)

Interest Cover

0.83x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

17.6x

Fair value — P/E 17.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+10.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.6 → 6.7)

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Dividends

Dividend Yield

12.90%

Healthy income — 12.90% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+16.5%

Dividend growing fast (16.5% YoY)

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