MITT EAD Falls Short of Unchanged Common Dividend

The Tip Desk · November 4, 2026 · 2 min read

Earnings available for distribution were $0.21 a share in the third quarter, below the $0.24 common dividend, as book value per share fell 7.3% to $9.27.

TPG Mortgage Investment Trust, Inc. (MITT) reported earnings available for distribution of $0.21 a share for the three months ended September 30, 2026, down from $0.24 in the prior quarter and no longer covering the $0.24 common dividend it declared.

The residential mortgage REIT swung to a net loss available to common stockholders of $0.49 a diluted share, or $15.74 million, from net income of $0.29 a share in the second quarter. Book value per share fell 7.3% to $9.27 as of September 30, reversing the 2.7% economic return on equity recorded in the prior quarter. Quarterly economic return on equity was (4.9)%.

Chief Executive Officer and President T.J. Durkin said the company remained focused on executing its core residential strategies, sponsoring three home equity securitizations and rotating capital into higher-returning residential credit despite a challenging September. Transaction-related expenses excluded from EAD totaled $4.21 million, including $2.0 million related to the proposed acquisition of Cherry Hill Mortgage Investment Corporation and $2.1 million primarily related to the securitization and acquisition of residential mortgage loans. Those Cherry Hill costs accounted for 0.6% of the decline in book value.

The investment portfolio stood at $7.6 billion at quarter-end, down from $7.7 billion. Financing was $7.2 billion, with $6.1 billion non-recourse and $1.1 billion recourse. GAAP leverage was 13.7x and economic leverage 2.0x. Net interest margin was 0.8%, including a 0.01% benefit from the net interest component of interest rate swaps. Total liquidity was $84.7 million, comprising $56.7 million of cash and cash equivalents and $28.0 million of available committed financing.

The company’s $45.7 million investment in Arc Home was valued at 1.025x book value. The common dividend remained $0.24 a share, matching the second-quarter declaration. On November 2, the company declared quarterly cash dividends of $0.51563, $0.50, and $0.677518 a share on Series A, B, and C preferred stock, payable December 17 to holders of record November 30.

MITT entered an agreement dated August 9, 2026, to acquire Cherry Hill. At closing, each outstanding CHMI common share converts into 0.3063 MITT common shares plus $0.41 in cash from MITT and $0.52 in cash from AG REIT Management, LLC. CHMI Series A and B preferred shares convert 1-for-1 into newly issued MITT Series D and E preferred stock.

Looking ahead, the company said it believes continued capital redeployment, the resolution of legacy commercial assets and the Cherry Hill merger will position MITT for stronger earnings and long-term shareholder value creation.