TPG Mortgage Investment Trust

MITT

REIT - Mortgage · Real Estate

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Strong

Dividends

Exceptional

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Winston Score History

The full picture

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.

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

+13.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+123.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

3.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$7.9B cash & investments

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

Growth + cash flow

TPG Mortgage Investment Trust is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

94.6%

Premium pricing power — 94.6% gross margin

Profit after running costs

Operating Margin

96.3%

Excellent — 96.3% operating margin

Return on the money invested

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+13.7%

Fast-growing sales (+13.7% YoY)

Profit growth

EPS YoY

-28.8%

Earnings shrinking (-28.8% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

180%

Turns 180% of profit into real cash

Spare cash per sale

FCF Margin

16.2%

Converts sales into free cash efficiently (16.2%)

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

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Stability

What it owes vs what it owns

Debt / Equity

11.99

Heavy debt load (11.99)

Covers its interest

Interest Cover

0.86x

Dangerous — barely covers interest (0.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

9.1x

no trend

Attractive valuation — P/E 9.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+2.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

12.90%

no trend

Healthy income — 12.90% yield

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

Dividend record

Dividend Growth

+16.5%

no trend

Dividend growing fast (16.5% YoY)

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