--- title: "TPG Mortgage Investment Trust | 10-Q: FY2026 Q1 Revenue: USD 113.63 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/284939084.md" datetime: "2026-05-01T20:45:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284939084.md) - [en](https://longbridge.com/en/news/284939084.md) - [zh-HK](https://longbridge.com/zh-HK/news/284939084.md) --- # TPG Mortgage Investment Trust | 10-Q: FY2026 Q1 Revenue: USD 113.63 M Revenue: As of FY2026 Q1, the actual value is USD 113.63 M. EPS: As of FY2026 Q1, the actual value is USD -0.27, missing the estimate of USD 0.2065. EBIT: As of FY2026 Q1, the actual value is USD -26.02 M. TPG Mortgage Investment Trust, Inc. reported a net loss of - $3,562 thousand for the three months ended March 31, 2026, a decrease from a net income of $11,477 thousand for the same period in 2025, resulting in a net loss available to common stockholders of - $8,715 thousand in Q1 2026 compared to a net income of $6,173 thousand in Q1 2025 . #### Net Interest Income Total net interest income increased to $20,643 thousand for Q1 2026 from $18,849 thousand in Q1 2025 . Interest income rose to $129,808 thousand in Q1 2026 from $109,130 thousand in Q1 2025, while interest expense also increased to $109,165 thousand from $90,281 thousand over the same periods . #### Other Income/(Loss) Other income/(loss) shifted from a gain of $1,549 thousand in Q1 2025 to a loss of - $16,176 thousand in Q1 2026, primarily driven by net unrealized losses of - $16,460 thousand in Q1 2026, contrasting with net unrealized gains of $802 thousand in Q1 2025 . Net realized gain/(loss) was - $118 thousand in Q1 2026, compared to $10 thousand in Q1 2025 . #### Expenses Total expenses slightly decreased to $9,847 thousand in Q1 2026 from $10,078 thousand in Q1 2025 . Management fees to affiliates remained stable at $2,319 thousand in Q1 2026 versus $2,327 thousand in Q1 2025 . Non-investment related expenses decreased to $2,656 thousand from $3,280 thousand, while investment related expenses increased to $4,298 thousand from $3,410 thousand . Transaction related expenses declined to $574 thousand from $1,061 thousand . #### Equity in Earnings from Affiliates Equity in earnings from affiliates increased to $2,000 thousand in Q1 2026 from $1,185 thousand in Q1 2025 . #### Cash Flows from Operating Activities Net cash provided by operating activities increased to $20,341 thousand in Q1 2026 from $11,997 thousand in Q1 2025 . #### Cash Flows from Investing Activities Net cash provided by investing activities was $326,897 thousand in Q1 2026, a significant change from net cash used in investing activities of - $314,725 thousand in Q1 2025 . This was influenced by lower purchases of residential mortgage loans ($87,017 thousand in Q1 2026 vs. $497,417 thousand in Q1 2025) and higher principal repayments on residential mortgage loans ($386,964 thousand in Q1 2026 vs. $187,762 thousand in Q1 2025) . #### Cash Flows from Financing Activities Net cash used in financing activities was - $355,837 thousand in Q1 2026, compared to net cash provided of $293,377 thousand in Q1 2025 . This change was largely due to principal repayments on securitized debt ($366,991 thousand in Q1 2026 vs. $171,109 thousand in Q1 2025) and the absence of proceeds from issuance of securitized debt in Q1 2026 (compared to $410,678 thousand in Q1 2025) . #### Loans and Securities Segment **Residential Mortgage Loans Portfolio (as of March 31, 2026)** **Securitized Residential Mortgage Loans (at fair value)**: Total fair value was $7,538,748 thousand (December 31, 2025: $7,999,619 thousand) . Non-Agency Loans: $6,543,261 thousand (December 31, 2025: $6,904,872 thousand), with a weighted average coupon of 5.84% and yield of 5.71% . Home Equity Loans: $864,198 thousand (December 31, 2025: $960,533 thousand), with a weighted average coupon of 9.80% and yield of 7.40% . Re- and Non-Performing Loans: $131,289 thousand (December 31, 2025: $134,214 thousand), with a weighted average coupon of 4.21% and yield of 6.04% . **Residential Mortgage Loans (at fair value)**: Total fair value was $228,524 thousand (December 31, 2025: $199,677 thousand) . Agency-Eligible Loans: $21,487 thousand (December 31, 2025: $21,149 thousand), with a weighted average coupon of 6.84% and yield of 6.41% . Home Equity Loans: $173,207 thousand (December 31, 2025: $142,339 thousand), with a weighted average coupon of 8.79% and yield of 7.71% . Non-Agency Loans: $32,893 thousand (December 31, 2025: $35,108 thousand), with a weighted average coupon of 6.12% and yield of 4.81% . **Residential Mortgage Loan Delinquency Status (as of March 31, 2026)** Total Securitized residential mortgage loans: Unpaid principal balance of $7,679,311 thousand, with 96.8% current, 1.3% 30-59 days past due, 0.6% 60-89 days past due, and 1.3% 90+ days past due . Total Residential mortgage loans: Unpaid principal balance of $222,294 thousand, with 91.9% current, 1.1% 30-59 days past due, 0.7% 60-89 days past due, and 5.9% 90+ days past due . **Purchases and Sales of Residential Mortgage Loans (Q1 2026 vs. Q1 2025)** Purchases: Total fair value of purchases decreased to $86,869 thousand in Q1 2026 from $495,008 thousand in Q1 2025, including Home Equity Loans ($86,383 thousand in Q1 2026 vs. $128,240 thousand in Q1 2025) and Agency-Eligible Loans ($486 thousand vs. $366,768 thousand) . Sales: The Company sold Home Equity Loans with proceeds of $49,375 thousand in Q1 2026 . In Q1 2025, sales included Non-Agency Loans ($11,336 thousand) and Re- and Non-Performing Loans ($9,092 thousand), totaling $20,428 thousand . **Geographic Concentration of Credit Risk (Residential Portfolio as of March 31, 2026)**California: 30%, Florida: 10%, New York: 8%, Texas: 6%, Other U.S. States: 46% . **Legacy WMC Commercial Loans (as of March 31, 2026)**Total fair value was $51,504 thousand (December 31, 2025: $55,376 thousand), with a weighted average coupon of 7.60% . **Real Estate Securities Portfolio (as of March 31, 2026)**Total fair value was $279,387 thousand (December 31, 2025: $260,304 thousand) . Non-Agency RMBS: $221,477 thousand (December 31, 2025: $201,381 thousand), with a weighted average coupon of 4.25% and yield of 8.33% . Legacy WMC CMBS: $42,250 thousand (December 31, 2025: $42,565 thousand), with a weighted average coupon of 5.92% and yield of 16.66% . Agency RMBS Interest Only: $15,660 thousand (December 31, 2025: $16,358 thousand), with a weighted average coupon of 4.54% and yield of 8.06% . **Financing and Debt** Financing Arrangements: Total current face of $850,231 thousand (December 31, 2025: $826,394 thousand), with a weighted average funding cost of 5.17% and life of 0.21 years . Securitized Debt: Total current face of $6,953,996 thousand (December 31, 2025: $7,177,923 thousand), with a weighted average funding cost of 5.37% and life of 5.39 years . Senior Unsecured Notes: Total principal amount of $99,500 thousand (December 31, 2025: $96,458 thousand), with a weighted average rate of 10.61% and life of 3.08 years . #### Arc Home Segment TPG Mortgage Investment Trust, Inc. owned an approximate 66.0% interest in Arc Home, LLC as of March 31, 2026 . #### Outlook and Strategy TPG Mortgage Investment Trust, Inc. expects to either hold its Legacy WMC Commercial Investments until maturity or opportunistically exit these investments . The Company anticipates the sales of underlying hotels collateralizing Loan A to be completed in the second half of 2026, though there are no assurances regarding completion or timing . ### Related Stocks - [MITT.US](https://longbridge.com/en/quote/MITT.US.md) ## Related News & Research - [AG Mortgage Investment Trust (MITT) to Release Earnings on Friday](https://longbridge.com/en/news/293709302.md) - [Complex Inter-Creditor Conflicts: How TPG’s Multi-Level Investments Can Adversely Impact TPG RE Finance Trust](https://longbridge.com/en/news/294330758.md) - [TPG RE Finance Trust, Inc. Reports Operating Results for the Quarter Ended June 30, 2026 | TPG Stock News](https://longbridge.com/en/news/294112637.md) - [Analysts Offer Insights on Financial Companies: TPG (TPG) and Ares Capital (ARCC)](https://longbridge.com/en/news/294576179.md) - [PennyMac Mortgage Investment Trust (NYSE:PMT) Announces Quarterly Earnings Results, Misses Estimates By $0.07 EPS](https://longbridge.com/en/news/294266527.md)