TPG Mortgage Investment Trust, Inc. Reports Third Quarter 2026 Results

NEW YORK--(BUSINESS WIRE)--TPG Mortgage Investment Trust, Inc. ("MITT," "we," the "Company," or "our") (NYSE: MITT) today reported financial results for the quarter ended September 30, 2026.

MANAGEMENT REMARKS

“Despite a challenging September, we remained focused on executing our core residential strategies, sponsoring three home equity securitizations and rotating capital into higher-returning residential credit,” said T.J. Durkin, Chief Executive Officer and President. “Looking ahead, we believe continued capital redeployment, the resolution of our legacy commercial assets and the Cherry Hill merger will position MITT for stronger earnings and long-term shareholder value creation.”

THIRD QUARTER FINANCIAL HIGHLIGHTS

• $9.27 Book Value per share as of September 30, 2026 compared to $10.00 as of June 30, 2026⁽¹⁾
  • Decrease of (7.3)% from June 30, 2026
    • Transaction related expenses included $2.0 million related to the proposed acquisition of Cherry Hill Mortgage Investment Corporation representing (0.6)% of the decrease in Book Value
  • Quarterly economic return on equity of (4.9)%⁽²⁾
• $(0.49) of Net Income/(Loss) Available to Common Stockholders per diluted common share⁽³⁾
• $0.21 of Earnings Available for Distribution ("EAD") per diluted common share^(3),(4)
• $0.24 dividend per common share declared in the third quarter of 2026

INVESTING AND FINANCING HIGHLIGHTS

• $7.6 billion Investment Portfolio as of September 30, 2026⁽⁵⁾
  • 0.8% Net Interest Margin, which includes a 0.01% benefit from the net interest component of our interest rate swaps⁽⁶⁾
• $45.7 million investment in Arc Home as of September 30, 2026 determined using a valuation multiple of 1.025x book value⁽⁷⁾
• $7.2 billion of financing as of September 30, 2026⁽⁵⁾
  • $6.1 billion of non-recourse and $1.1 billion of recourse financing
  • 13.7x GAAP Leverage Ratio and 2.0x Economic Leverage Ratio⁽⁸⁾
• $84.7 million of total liquidity as of September 30, 2026⁽⁹⁾

PROPOSED CHERRY HILL MORTGAGE INVESTMENT CORPORATION MERGER

• As previously announced, the Company entered into an Agreement and Plan of Merger, dated as of August 9, 2026, to acquire Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) (the "Merger")
• At the effective time of the Merger, each outstanding share of CHMI common stock will be converted into the right to receive the following: (A) 0.3063 shares of MITT Common Stock pursuant to a fixed exchange ratio plus (B) (i) $0.41 per share in cash from MITT and (ii) $0.52 per share in cash from AG REIT Management, LLC ("MITT Manager")
• Each share of CHMI Series A and B Preferred Stock will convert 1-for-1 into newly issued MITT Series D and E Preferred Stock, respectively, having the rights preferences, privileges and voting powers substantially the same as those of the CHMI Series A Preferred Stock and CHMI Series B Preferred Stock, respectively

DIVIDENDS

• On September 15, 2026, declared a third quarter dividend of $0.24 per common share
• On November 2, 2026, declared quarterly cash dividends of $0.51563, $0.50, and $0.677518 per share on our Series A, Series B, and Series C Preferred Stock, respectively, payable on December 17, 2026 to preferred shareholders of record on November 30, 2026

STOCKHOLDER CALL

The Company invites stockholders, prospective stockholders, and analysts to participate in MITT’s third quarter earnings conference call on Wednesday, November 4, 2026 at 8:30 a.m. Eastern Time.

To participate in the call by telephone, please dial (888) 660-6196 at least five minutes prior to the start time. International callers should dial (929) 203-1911. The Conference ID is MITTQ326. To listen to the live webcast of the conference call, please go to https://app.webinar.net/lNj7eomJznv and register using the same Conference ID.

The Company issued an earnings presentation detailing its third quarter 2026 financial results, which is available on the Company’s website, www.mitt.tpg.com, under "Presentations" in the "News & Presentations" section.

For those unable to listen to the live call, an audio replay will be available on November 4, 2026 through 9:00 a.m. Eastern Time on December 4, 2026. To access the replay, please go to the Company’s website at www.mitt.tpg.com.

ABOUT TPG MORTGAGE INVESTMENT TRUST, INC.

TPG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The Company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc. (NASDAQ: TPG).

Additional information can be found on the Company’s website at www.mitt.tpg.com.

Participants in the Solicitation Relating to the Merger

MITT and certain of its directors and executive officers and certain other affiliates of MITT may be deemed to be participants in the solicitation of proxies from the common stockholders of MITT in respect of the proposed Merger. Information regarding MITT and its directors and executive officers and their ownership of common stock of MITT can be found in MITT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, and in its definitive proxy statement relating to its 2026 annual meeting of stockholders, filed with the SEC on March 16, 2026. Additional information regarding the interests of such participants in the Merger is included in the joint proxy statement/prospectus dated October 8, 2026 and other relevant documents relating to the proposed Merger filed with the SEC. These documents are available free of charge on the SEC’s website and from MITT using the sources indicated above.

No Offer or Solicitation

This communication and the information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”). This communication may be deemed to be solicitation material in respect of the proposed Merger.

FORWARD LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Words such as "expects," "endeavor," "anticipates," "intends," "plans," "believes," "seeks," "will," "should," "may," "projects," "could," "estimates," "continue" or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us, and are not guarantees of future performance. Forward-looking statements regarding the Company include, but are not limited to, the Company’s leverage profile, the Company’s ability to continue rotating capital into higher-returning residential credit investments, whether the Company is well positioned to grow earnings and create long-term value for stockholders, statements related to the proposed Merger, including the anticipated timing, benefits and financial and operational impact thereof, other statements of management’s belief, intentions or goals, and other statements that are not historical facts. These forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, without limitation, changes in general economic or market conditions, including changes in inflation, tariffs, interest rates and the fair value of our assets; changes in government regulations affecting our business; the Company’s ability to grow its residential loan portfolio; changes in prepayment rates and mortgage default rates on the Company’s assets; financing needs and arrangements; MITT’s and CHMI’s ability to complete the proposed Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approval from CHMI’s and MITT’s respective stockholders and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; risks related to diverting the attention of MITT and CHMI management from ongoing business operations; failure to realize the expected benefits of the proposed Merger; significant transaction costs and/or unknown or inestimable liabilities; the risk of stockholder litigation in connection with the proposed Merger, including resulting expense or delay; the risk that MITT’s and CHMI’s respective businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; and effects relating to the announcement of the proposed Merger or any further announcements or the consummation of the proposed Merger on the market price of MITT’s or CHMI’s common stock; and the risk factors contained in the Company’s filings with the Securities and Exchange Commission ("SEC"), including those described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and in other reports and documents filed by the Company with the SEC from time to time, which are accessible on the SEC's website, http://www.sec.gov/. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this press release are made only as of the date of this press release or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. All financial information in this press release is as of September 30, 2026, unless otherwise indicated.

NON-GAAP FINANCIAL MEASURES

This press release contains EAD and Economic Leverage Ratio, non-GAAP financial measures. Our presentation of these measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. These non-GAAP measures should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results included herein should be carefully evaluated.

NON-GAAP FINANCIAL MEASURES

Earnings Available for Distribution⁽⁴⁾

A reconciliation of GAAP Net Income/(loss) available to common stockholders to EAD is set forth below (in thousands, except per share data).

Economic Leverage Ratio⁽⁸⁾

The calculation in the table below divides GAAP Leverage and Economic Leverage by our GAAP stockholders’ equity to derive our leverage ratios. The following table presents a reconciliation of our GAAP Leverage ratio to our Economic Leverage ratio ($ in thousands).

Footnotes

1. Book value is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock of $228.0 million.
2. The economic return on equity represents the change in book value per share during the period, plus the common dividends per share declared over the period, divided by book value per share from the prior period.
3. Diluted per share figures are calculated using diluted weighted average outstanding shares in accordance with GAAP.
4. We define EAD, a non-GAAP financial measure, as Net Income/(loss) available to common stockholders excluding (i) (a) unrealized gains/(losses) on loans, real estate securities, derivatives and other investments, inclusive of our investment in AG Arc and Arc Home's net mortgage servicing rights, and (b) net realized gains/(losses) on the sale or termination of such instruments, (ii) any transaction related expenses incurred in connection with the acquisition, disposition, or securitization of our investments, (iii) the income tax effect on non-EAD income/(loss) items, and (iv) certain other nonrecurring gains or losses. Items (i) through (iv) above include any amount related to those items held in affiliated entities. EAD includes the net interest income and other income earned on our investments on a yield adjusted basis, including the net interest component of interest rate swaps, TBA dollar roll income/(loss), or any other investment activity that may earn or pay net interest or its economic equivalent. Additionally, EAD includes the net operating income/(loss) from Arc Home. Transaction related expenses are primarily comprised of costs incurred prior to or at the time of executing our securitizations and acquiring or disposing of residential mortgage loans. These costs are nonrecurring and may include underwriting fees, legal fees, diligence fees, and other similar transaction related expenses. Recurring expenses, such as servicing fees, custodial fees, trustee fees and other similar ongoing fees are not excluded from earnings available for distribution. Management considers the transaction related expenses and income taxes related to non-EAD income/(loss) items to be similar to realized losses incurred at the acquisition, disposition, or securitization of an asset and does not view them as being part of its core operations.
5. The Investment Portfolio consists of Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all of which are held at fair value. Financing is inclusive of Securitized Debt, which is held at fair value, Financing Arrangements, and Senior Unsecured Notes. This press release excludes investments held through AG Arc LLC unless otherwise noted.
6. Net interest margin is calculated by subtracting the weighted average cost of funds on our financing from the weighted average yield for our Investment Portfolio, which excludes cash held.
7. We invest in Arc Home LLC, a licensed mortgage originator, through AG Arc LLC, one of our equity method investees. Our investment in AG Arc LLC represents a 66.0% ownership interest as of September 30, 2026.
8. We define GAAP Leverage as the sum of (1) Securitized debt, at fair value, (2) Financing arrangements, net of any restricted cash posted on such financing arrangements, (3) Senior Unsecured Notes, and (4) the amount payable on purchases that have not yet settled less the financing remaining on sales that have not yet settled. We define Economic Leverage, a non-GAAP financial measure, as the sum of our GAAP Leverage, exclusive of any fully non-recourse financing arrangements, and our net TBA position (at cost), if any. Our leverage does not include any financing utilized through AG Arc.
9. Total liquidity includes $56.7 million of cash and cash equivalents and $28.0 million of available committed financing. As of September 30, 2026, we pledged residential mortgage loans in which the Company has no outstanding financing but has $28.0 million of available financing which is contractually committed.

TPG Mortgage Investment Trust, Inc.
Investor Relations
(212) 692-2110
mittir@tpg.com