0001628280-26-029382.txt : 20260501 0001628280-26-029382.hdr.sgml : 20260501 20260501164013 ACCESSION NUMBER: 0001628280-26-029382 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 100 CONFORMED PERIOD OF REPORT: 20260331 FILED AS OF DATE: 20260501 DATE AS OF CHANGE: 20260501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TPG Mortgage Investment Trust, Inc. CENTRAL INDEX KEY: 0001514281 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction EIN: 275254382 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35151 FILM NUMBER: 26933350 BUSINESS ADDRESS: STREET 1: 245 PARK AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10167 BUSINESS PHONE: 212-692-2000 MAIL ADDRESS: STREET 1: 245 PARK AVENUE STREET 2: 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10167 FORMER COMPANY: FORMER CONFORMED NAME: AG Mortgage Investment Trust, Inc. DATE OF NAME CHANGE: 20110325 FORMER COMPANY: FORMER CONFORMED NAME: Alexander Mortgage REIT, Inc. DATE OF NAME CHANGE: 20110302 10-Q 1 mitt-20260331.htm 10-Q mitt-20260331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________

FORM 10-Q
__________________________________________________ 
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                          to                         
Commission file number 001-35151
_____________________________________________________________________ 

TPG MORTGAGE INVESTMENT TRUST, INC.
(Exact name of registrant as specified in its charter) 
_____________________________________________________________________ 
Maryland27-5254382
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
245 Park Avenue, 26th Floor
New York, New York
10167
(Address of Principal Executive Offices)(Zip Code)
(212) 692-2000
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbols:Name of each exchange on which registered:
Common Stock, $0.01 par value per shareMITT
New York Stock Exchange (NYSE)
8.25% Series A Cumulative Redeemable Preferred StockMITT PrA
New York Stock Exchange (NYSE)
8.00% Series B Cumulative Redeemable Preferred StockMITT PrB
New York Stock Exchange (NYSE)
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockMITT PrC
New York Stock Exchange (NYSE)
9.500% Senior Notes due 2029MITN
 New York Stock Exchange (NYSE)
9.500% Senior Notes due 2029MITP
New York Stock Exchange (NYSE)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   ý    No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 and Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated filer ¨     Accelerated filer ý Non-Accelerated filer ¨ Smaller reporting company ☒  Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes   ☐     No   ý
As of April 29, 2026, there were 31,803,475 outstanding shares of common stock of TPG Mortgage Investment Trust, Inc.


TPG MORTGAGE INVESTMENT TRUST, INC.
TABLE OF CONTENTS
 Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



PART I
 
ITEM 1. FINANCIAL STATEMENTS
 
TPG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
March 31, 2026December 31, 2025
Assets
Securitized residential mortgage loans, at fair value - $744,893 and $766,901 pledged as collateral, respectively (1)
$7,538,748 $7,999,619 
Residential mortgage loans, at fair value - $227,587 and $198,596 pledged as collateral, respectively
228,524 199,677 
Commercial loans, at fair value - $51,504 and $55,376 pledged as collateral, respectively
51,504 55,376 
Real estate securities, at fair value - $249,430 and $231,894 pledged as collateral, respectively
279,387 260,304 
Investments in debt and equity of affiliates61,774 61,333 
Cash and cash equivalents49,307 57,832 
Restricted cash18,415 18,489 
Other assets - $0 and $319 pledged as collateral, respectively
60,656 58,900 
Total Assets$8,288,315 $8,711,530 
Liabilities
Securitized debt, at fair value (1)$6,749,708 $7,177,923 
Financing arrangements850,231 826,394 
Senior unsecured notes96,655 96,458 
Dividend payable7,617 7,301 
Other liabilities (2)39,708 42,720 
Total Liabilities7,743,919 8,150,796 
Commitments and Contingencies (Note 12)
Stockholders’ Equity
Preferred stock - $227,991 aggregate liquidation preference
220,472 220,472 
Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 31,735 and 31,744 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
317 317 
Additional paid-in capital840,396 840,401 
Retained earnings/(deficit)(516,789)(500,456)
Total Stockholders' Equity544,396 560,734 
Total Liabilities and Stockholders’ Equity$8,288,315 $8,711,530 
(1)These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details.
(2)Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
3


TPG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

Three Months Ended
March 31, 2026March 31, 2025
Net Interest Income
Interest income$129,808 $109,130 
Interest expense109,165 90,281 
Total Net Interest Income20,643 18,849 
Other Income/(Loss)
Net interest component of interest rate swaps402 737 
Net realized gain/(loss)(118)10 
Net unrealized gain/(loss)(16,460)802 
Total Other Income/(Loss)(16,176)1,549 
Expenses
Management fee to affiliate (1)2,319 2,327 
Non-investment related expenses (1)2,656 3,280 
Investment related expenses (1)4,298 3,410 
Transaction related expenses (1)574 1,061 
Total Expenses9,847 10,078 
Income/(loss) before equity in earnings/(loss) from affiliates(5,380)10,320 
Equity in earnings/(loss) from affiliates2,000 1,185 
Income/(Loss) before Income Taxes(3,380)11,505 
Income tax expense182 28 
Net Income/(Loss)(3,562)11,477 
Dividends on preferred stock5,153 5,304 
Net Income/(Loss) Available to Common Stockholders$(8,715)$6,173 
Earnings/(Loss) Per Share of Common Stock
Basic$(0.27)$0.21 
Diluted$(0.27)$0.21 
Weighted Average Number of Shares of Common Stock Outstanding
Basic31,738 29,659 
Diluted31,738 29,688 
(1) Refer to Note 10 for additional details on related party transactions.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4


TPG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands, except per share data)

For the Three Months Ended March 31, 2026 and March 31, 2025
Common StockPreferred 
Stock		Additional
Paid-in Capital		Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 202631,744 $317 $220,472 $840,401 $(500,456)$560,734 
Grant of restricted stock and amortization of equity based compensation, net (1)(9)— — (5)— (5)
Common dividends declared ($0.24 per share)
— — — — (7,617)(7,617)
Preferred dividends declared (2)— — — — (5,154)(5,154)
Net Income/(Loss)— — — — (3,562)(3,562)
Balance at March 31, 202631,735 $317 $220,472 $840,396 $(516,789)$544,396 
Common StockPreferred 
Stock		Additional
Paid-in Capital		Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 202529,640 $296 $220,472 $824,380 $(501,725)$543,423 
Grant of restricted stock and amortization of equity based compensation19 1 — 207 — 208 
Common dividends declared ($0.20 per share)
— — — — (5,932)(5,932)
Preferred dividends declared (2)— — — — (5,306)(5,306)
Net Income/(Loss)— — — — 11,477 11,477 
Balance at March 31, 202529,659 $297 $220,472 $824,587 $(501,486)$543,870 
(1)During the three months ended March 31, 2026, the Company retired 19 thousand shares of common stock to pay $0.2 million of withholding taxes on the net settlement of equity based compensation.
(2)For the three months ended March 31, 2026 and 2025, dividends totaling $0.51563 and $0.51563 per share of Series A Preferred Stock, $0.50 and $0.50 per share of Series B Preferred Stock, and $0.652391 and $0.693062 per share of Series C Preferred Stock outstanding were declared, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


TPG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended
March 31, 2026March 31, 2025
Cash Flows from Operating Activities
Net income/(loss)$(3,562)$11,477 
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)8,413 3,605 
Net realized (gain)/loss118 (10)
Net unrealized (gain)/loss16,460 (802)
Grant of restricted stock and amortization of equity based compensation165 208 
Equity in (earnings)/loss from affiliates(2,000)(1,185)
Change in operating assets/liabilities:
Other assets3,811 1,112 
Other liabilities(3,064)(2,408)
Net cash provided by (used in) operating activities20,341 11,997 
Cash Flows from Investing Activities
Purchases of residential mortgage loans(87,017)(497,417)
Purchases of real estate securities(28,963)(26,064)
Proceeds from sales of residential mortgage loans49,375 20,428 
Proceeds from sales of real estate securities— 2,672 
Principal repayments on residential mortgage loans386,964 187,762 
Principal repayments on real estate securities7,852 2,404 
Principal funding on residential mortgage loans(4,063)(2,381)
Distributions received in excess of income from investments in debt and equity of affiliates1,564 2,097 
Net settlement of interest rate swaps and other instruments1,395 (6,436)
Cash flows provided by other investing activities1,138 2,210 
Cash flows used in other investing activities(1,348)— 
Net cash provided by (used in) investing activities326,897 (314,725)
Cash Flows from Financing Activities
Net borrowings under (repayments of) financing arrangements23,837 67,868 
Principal repayments on fixed-rate long-term financing arrangements— (3,113)
Deferred financing costs paid(58)(9)
Proceeds from issuance of securitized debt — 410,678 
Principal repayments on securitized debt (366,991)(171,109)
Withholding taxes paid on the net settlement of equity based compensation
(170)— 
Dividends paid on common stock(7,301)(5,632)
Dividends paid on preferred stock(5,154)(5,306)
Net cash provided by (used in) financing activities(355,837)293,377 
Net change in cash and cash equivalents and restricted cash(8,599)(9,351)
Cash and cash equivalents and restricted cash, Beginning of Period76,321 138,568 
Cash and cash equivalents and restricted cash, End of Period$67,722 $129,217 
6


Three Months Ended
March 31, 2026March 31, 2025
Supplemental disclosure of cash flow information:
Cash paid for interest$107,676 $84,764 
Cash paid for taxes$328 $71 
Supplemental disclosure of non-cash financing and investing activities:
Transfer from residential mortgage loans to securitized residential mortgage loans$— $430,970 
Common stock dividends declared but not paid$7,617 $5,932 
Transfer from residential mortgage loans to other assets$3,896 $3,743 

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
March 31, 2026March 31, 2025
Cash and cash equivalents$49,307 $115,549 
Restricted cash18,415 13,668 
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$67,722 $129,217 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.

7


TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026  

1. Organization

TPG Mortgage Investment Trust, Inc. (the "Company" or "MITT") 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’s investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. The Company obtains its residential mortgage loans through Arc Home, LLC ("Arc Home"), a residential mortgage loan originator in which the Company owned an approximate 66.0% interest as of March 31, 2026, and through other third-party origination partners.

The Company’s assets, excluding its ownership in Arc Home, include Residential Investments, Agency RMBS and Legacy WMC Commercial Investments. Currently, its Residential Investments primarily consist of Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans, and Non-Agency RMBS collateralized by these loan types. The Company may invest in other types of residential mortgage loans and other mortgage related assets. The Company's asset classes are primarily comprised of the following:
Asset ClassDescription
Residential Investments
Non-Agency Loans(1)
•Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise ("GSE"). Non-Agency Loans consist of Qualified mortgage loans ("QM Loans") and Non-Qualified mortgage loans ("Non-QM Loans") which are collateralized by a first lien mortgaged property. QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Financial Protection Bureau.
Agency-Eligible Loans(1)
•Agency-Eligible Loans are loans that are collateralized by a first lien mortgaged property and are primarily secured by investment properties. These loans are underwritten in accordance with GSE guidelines, but are not guaranteed by a GSE. Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations.
Home Equity Loans(1)
•Home Equity Loans consist of revolving lines of credit and closed-end loans secured primarily by second liens on residential mortgaged properties. These products provide borrowers with access to home equity without requiring the payoff of an existing mortgage. Revolving lines of credit generally feature an initial draw period of 3 to 5 years, after which the balances convert to 15- or 25-year amortizing loans. Closed-end home equity loans are primarily fixed-rate obligations where the full principal amount is funded at origination and repaid through a fully amortizing schedule with original terms to maturity ranging from 10 to 30 years.
Re- and Non-Performing Loans(1)
•Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property.
Non-Agency RMBS(2)
•Non-Agency Residential Mortgage-Backed Securities ("RMBS") represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. Non-Agency RMBS are primarily secured by Non-QM, Agency-Eligible, Home Equity, and Prime Jumbo Loans.
Agency RMBS(2)
•Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government such as Ginnie Mae.
Legacy WMC Commercial Investments(3)
Commercial Loans
•Commercial loans represent first lien commercial mortgage loan participations.
CMBS(2)
•Commercial Mortgage-Backed Securities ("CMBS") represent fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.
(1)These investments are included in the "Securitized residential mortgage loans, at fair value" or "Residential mortgage loans, at fair value" line items on the consolidated balance sheets.
8

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
(2)These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets.
(3)These investments include commercial loans and CMBS (collectively, the "Legacy WMC Commercial Investments") that were acquired in connection with the acquisition of Western Asset Mortgage Capital Corporation (“WMC”) on December 6, 2023. The Company expects to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.

The Company conducts its business through two reportable segments: (i) Loans and Securities and (ii) Arc Home. This reflects how the Company manages its business and analyzes and reports its results of operations. Refer to Note 13 for additional details on segment reporting.

The Company was incorporated in the state of Maryland on March 1, 2011 and commenced operations in July 2011. The Company conducts its operations to qualify and be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is externally managed by AG REIT Management, LLC, a Delaware limited liability company (the "Manager"), a wholly-owned subsidiary of TPG Inc. ("TPG"). The Manager has delegated to Angelo, Gordon & Co., L.P. ("TPG Angelo Gordon"), an affiliate of TPG, the overall responsibility of its day-to-day duties and obligations arising under the management agreement.

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and certain variable interest entities. All intercompany balances and transactions have been eliminated in consolidation.

2. Summary of significant accounting policies
 
Consolidation and basis of presentation

The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows have been included for the interim period and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year.

Significant accounting policies

There have been no significant changes to the Company's accounting policies included in Note 2 to the consolidated financial statements of the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2025. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2025 included in the Form 10-K.

Use of estimates
 
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from those estimates.

Investment consolidation

When the Company has a variable interest in an entity, it is required to determine whether the entity is a variable interest entity ("VIE") or a voting interest entity ("VOE"), the classification of which will determine the consolidation model that the Company is required to follow when determining whether it should consolidate the entity. When an entity does not possess the characteristics of a VIE, the Company will determine whether it has a controlling financial interest and meets the criteria for consolidation under the voting interest entity model.
 
An entity is a VIE if the equity investors (i) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (ii) are unable to direct the entity’s activities or (iii) are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of Accounting Standards Codification ("ASC") 810-10,
9

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
"Consolidation" are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances.
 
A Special Purpose Entity ("SPE") is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement.

The Company enters into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans (the trusts in which these loans are deposited are referred to as "Non-Agency VIEs", "Home Equity VIEs", and "RPL/NPL VIEs", respectively), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations. Based on the evaluations of each VIE, the Company may conclude that the VIEs should be consolidated and, as a result, transferred assets of these VIEs would be determined to be secured borrowings. Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a similar manner. The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable as a basis for measuring the less observable financial instruments. The Company has determined that the fair value of the liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs. See Note 3 for more detail regarding the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.

Transfers of financial assets
 
The Company may periodically enter into transactions in which it transfers assets to a third-party. Upon a transfer of financial assets, the Company will sometimes retain or acquire senior or subordinated interests in the related assets. Pursuant to ASC 860-10, "Transfers and Servicing", a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term "participating interest" to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale.
 
Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control—an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair value. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to
10

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.
 
From time to time, the Company may securitize mortgage loans it holds if such financing is available. These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the consolidated balance sheets or as a "financing" and will be classified as "Securitized residential mortgage loans, at fair value" on the consolidated balance sheets, depending upon the structure of the securitization transaction. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing."

Recent accounting pronouncements

Expense disaggregation

In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220- 40)", and in January 2025, the FASB issued ASU 2025-01, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date". This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact upon adoption, but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.

Interim Reporting

In December 2025, the FASB issued ASU 2025-11, "Interim Reporting (Topic 270): Narrow-Scope Improvements," which amends the guidance in ASC 270, Interim Reporting. This standard enhances interim disclosure requirements by clarifying the information that must be presented in quarterly periods, including improved transparency regarding significant events, accounting policy updates, and material developments that occur between annual reporting dates. This ASU also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact upon adoption, but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.
11

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
3. Loans
 
Residential mortgage loans

The tables below detail information regarding the Company’s residential mortgage loan portfolio by collateral type as of March 31, 2026 and December 31, 2025 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.
 Unpaid Principal Balance  Gross Unrealized Weighted Average
March 31, 2026
Premium
(Discount)		Amortized CostGainsLossesFair ValueCouponYield (1)Life 
(Years) (2)
Securitized residential mortgage loans, at fair value (3)
Non-Agency Loans (4) $6,728,033 $59,696 $6,787,729 $58,492 $(302,960)$6,543,261 5.84 %5.71 %7.30
Home Equity Loans798,646 58,151 856,797 10,948 (3,547)864,198 9.80 %7.40 %4.42
Re- and Non-Performing Loans152,632 (9,286)143,346 — (12,057)131,289 4.21 %6.04 %5.19
Total Securitized residential mortgage loans, at fair value$7,679,311 $108,561 $7,787,872 $69,440 $(318,564)$7,538,748 6.22 %5.90 %6.95
Residential mortgage loans, at fair value
Agency-Eligible Loans$20,951 $287 $21,238 $250 $(1)$21,487 6.84 %6.41 %4.42
Home Equity Loans166,703 5,891 172,594 613 — 173,207 8.79 %7.71 %4.91
Non-Agency Loans33,660 587 34,247 11 (1,365)32,893 6.12 %4.81 %4.20
Re- and Non-Performing Loans980 (638)342 595 — 937 N/ANM1.09
Total Residential mortgage loans, at fair value$222,294 $6,127 $228,421 $1,469 $(1,366)$228,524 8.20 %7.48 %4.74
Total as of March 31, 2026
$7,901,605 $114,688 $8,016,293 $70,909 $(319,930)$7,767,272 6.27 %5.94 %6.89
Unpaid Principal BalanceGross UnrealizedWeighted Average
December 31, 2025
Premium
(Discount)		Amortized CostGainsLossesFair ValueCouponYield (1)Life 
(Years) (2)
Securitized residential mortgage loans, at fair value (3)
Non-Agency Loans (4)$7,026,365 $59,755 $7,086,120 $84,870 $(266,118)$6,904,872 5.87 %5.74 %7.30
Home Equity Loans874,718 61,241 935,959 24,574 — 960,533 9.81 %7.70 %5.43
Re- and Non-Performing Loans155,984 (9,693)146,291 — (12,077)134,214 4.22 %5.93 %5.54
Total Securitized residential mortgage loans, at fair value$8,057,067 $111,303 $8,168,370 $109,444 $(278,195)$7,999,619 6.27 %5.97 %7.07
Residential mortgage loans, at fair value
Agency-Eligible Loans$20,524 $326 $20,850 $299 $— $21,149 6.83 %6.34 %4.83
Home Equity Loans135,804 5,913 141,717 663 (41)142,339 9.07 %7.77 %4.83
Non-Agency Loans36,578 638 37,216 18 (2,126)35,108 6.14 %3.62 %4.17
Re- and Non-Performing Loans1,140 (696)444 637 — 1,081 N/ANM1.12
Total Residential mortgage loans, at fair value$194,046 $6,181 $200,227 $1,617 $(2,167)$199,677 8.27 %7.22 %4.68
Total as of December 31, 2025
$8,251,113 $117,484 $8,368,597 $111,061 $(280,362)$8,199,296 6.32 %6.00 %7.01
NM - Not Meaningful
(1)The weighted average yields are calculated based on the amortized cost of the underlying loans.
(2)This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the lives of the underlying mortgage loans, periodic payments of principal, and prepayments of principal.
(3)Refer to the "Variable interest entities" section below for additional details related to the assets and liabilities of VIEs consolidated on the Company's consolidated balance sheets.
(4)Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization.


12

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
The following tables present information regarding the delinquency status of the Company's residential mortgage loans ($ in thousands).
Unpaid Principal BalanceLoan Count (1)Aging by Unpaid Principal Balance (1)
March 31, 2026
Current30-59 Days60-89 Days90+ Days (2)
Securitized residential mortgage loans
Non-Agency Loans$6,728,033 17,787$6,527,852$87,383$38,094$74,704
Home Equity Loans798,646 9,849790,7462,9571,0113,932
Re- and Non-Performing Loans152,632 1,050124,53311,4103,44313,246
Total Securitized residential mortgage loans$7,679,311 28,686 $7,443,131$101,750$42,548$91,882
Residential mortgage loans
Agency-Eligible Loans$20,951 39$20,497$—$454$—
Home Equity Loans166,703 1,677 166,3342498931
Non-Agency Loans33,660 4917,5382,0881,05712,977
Re- and Non-Performing Loans (1)980 N/AN/AN/AN/AN/A
Total Residential mortgage loans$222,294 1,765 $204,369$2,337$1,600$13,008
Total as of March 31, 2026
$7,901,605 30,451 $7,647,500$104,087$44,148$104,890
Percent of Unpaid Principal Balance (1)96.8 %1.3 %0.6 %1.3 %
Unpaid Principal BalanceLoan Count (1)Aging by Unpaid Principal Balance (1)
December 31, 2025
Current30-59 Days60-89 Days90+ Days (2)
Securitized residential mortgage loans
Non-Agency Loans$7,026,365 18,430$6,833,324$76,326$32,323$84,392
Home Equity Loans874,718 10,599869,4322,9634891,834
Re- and Non-Performing Loans155,984 1,073123,90114,7305,24712,106
Total Securitized residential mortgage loans$8,057,067 30,102 $7,826,657$94,019$38,059$98,332
Residential mortgage loans
Agency-Eligible Loans$20,524 38$19,825$699$—$—
Home Equity Loans135,804 1,368135,773——31
Non-Agency Loans36,578 5316,4681,4441,11217,554
Re- and Non-Performing Loans (1)1,140 N/AN/AN/AN/AN/A
Total Residential mortgage loans$194,046 1,459 $172,066$2,143$1,112$17,585
Total as of December 31, 2025
$8,251,113 31,561 $7,998,723$96,162$39,171$115,917
Percent of Unpaid Principal Balance (1)96.9 %1.2 %0.5 %1.4 %
(1)Loan count and aging data exclude the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.
(2)Represents loans that either have a delinquency status greater than 90 days or are in the process of foreclosure. As of March 31, 2026, the $104.9 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $41.9 million and loans in the process of foreclosure with a fair value of $58.3 million. As of December 31, 2025, the $115.9 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $54.0 million and loans in the process of foreclosure with a fair value of $57.1 million.

As of March 31, 2026 and December 31, 2025, 6.2% and 6.4%, respectively, of the unpaid principal balance of the Company's securitized residential mortgage loans and residential mortgage loans were adjustable rate mortgages.
 
During the three months ended March 31, 2026 and 2025, the Company purchased residential mortgage loans, as detailed below (in thousands).
Three Months Ended
March 31, 2026
March 31, 2025
Unpaid Principal BalanceFair Value (1)Unpaid Principal BalanceFair Value (1)
Agency-Eligible Loans$475 $486 $361,538 $366,768 
Home Equity Loans83,491 86,383 123,276 128,240 
Total$83,966 $86,869 $484,814 $495,008 
(1)Fair value represents purchase price at acquisition.
13

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026

During the three months ended March 31, 2026 and 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).
Three Months Ended
 Number of LoansProceedsRealized GainsRealized Losses
March 31, 2026
Home Equity Loans601 $49,375 $26 $(25)
March 31, 2025
Non-Agency Loans21 $11,336 $341 $(1,152)
Re- and Non-Performing Loans88 9,092 832 (1,149)
Total109 $20,428 $1,173 $(2,301)
The Company’s residential mortgage loan portfolio consists of mortgage loans on residential real estate located throughout the United States. The following is a summary of the geographic concentration of credit risk as of March 31, 2026 and December 31, 2025 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio.
 
Geographic Concentration of Credit Risk (1)March 31, 2026December 31, 2025
California30 %30 %
Florida10 %10 %
New York8 %8 %
Texas6 %6 %
Other46 %46 %
(1)Excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.
 
Variable interest entities

The Company entered into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans, of which the securitization trusts are considered VIEs. The Company was determined to be the primary beneficiary of the VIEs and, as a result, consolidated the assets and liabilities of the VIEs on its consolidated balance sheets. In a securitization transaction, a pool of loans is transferred to a wholly-owned subsidiary of the Company and the loans are deposited into a newly created securitization trust. The securitization trust issues various classes of mortgage pass-through certificates backed by the cash flows from the underlying residential mortgage loans (the "Certificates"). As the sponsor of the securitization, the Company retains certain Certificates issued by the securitization trusts in order to satisfy risk retention rules, which generally require the sponsor to retain at least 5% of the fair value of the Certificates issued in the securitization. The Company's continuing involvement in these securitization trusts represents its retained Certificates and the ability to purchase all of the outstanding Certificates upon the occurrence of certain events through an optional redemption right held by the Company. The Company has also engaged a related party of the Manager and subsidiary of TPG to act as the servicing administrator of certain securitization trusts.
14

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026

The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of March 31, 2026 and December 31, 2025 (in thousands).
Non-Agency VIEsHome Equity VIEsRPL/NPL VIEsTotal VIEs
March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Assets
Securitized residential mortgage loans, at fair value (1)$6,543,261 $6,904,872 $864,198 $960,533 $131,289 $134,214 $7,538,748 $7,999,619 
Restricted Cash12 — 1,055 1,055 10 12 1,077 1,067 
Other assets35,521 37,711 7,362 8,128 5,327 5,517 48,210 51,356 
Total Assets$6,578,794 $6,942,583 $872,615 $969,716 $136,626 $139,743 $7,588,035 $8,052,042 
Liabilities
Securitized debt, at fair value (1) (2)$5,922,951 $6,265,540 $735,458 $817,889 $91,299 $94,494 $6,749,708 $7,177,923 
Other liabilities25,250 26,129 4,107 4,497 266 274 29,623 30,900 
Total Liabilities$5,948,201 $6,291,669 $739,565 $822,386 $91,565 $94,768 $6,779,331 $7,208,823 
Total Equity (3)$630,593 $650,914 $133,050 $147,330 $45,061 $44,975 $808,704 $843,219 
(1)Securitized residential mortgage loans in Non-Agency VIEs include loans that were considered to be Agency-Eligible prior to the Company's securitization.
(2)The holders of the securitized debt have no recourse to the general credit of the Company. The Company generally has no obligation to provide any other explicit or implicit support to the VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers’ home equity line of credit for which the Company may be required to fund.
(3)The Company had outstanding financing arrangements collateralized by the Company's retained interests in its VIEs. Refer to Note 6 for additional information.

15

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026


Legacy WMC Commercial loans

The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of March 31, 2026 and December 31, 2025 ($ in thousands). The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.

March 31, 2026
 Premium /
(Discount)
Amortized CostGross Unrealized LossesFair ValueWeighted AverageMaturity Date (3)LTV (4)Location
Loan (1)(2)Unpaid Principal BalanceCoupon Yield (3)Life (Years) (3)
Loan A (5)$7,259 $(29)$7,230 $(1,308)$5,922 7.87 %— %N/AN/A61.63 %IL, FL
Loan B (5)13,206 (52)13,154 (2,381)10,773 7.87 %— %N/AN/A75.33 %CA
Loan C (5)24,535 (99)24,436 (4,422)20,014 7.87 %— %N/AN/A77.22 %NY
Loan D (6)22,204 (1,005)21,199 (6,404)14,795 7.05 %— %N/AN/A42.50 %CT
Total$67,204 $(1,185)$66,019 $(14,515)$51,504 7.60 %— %N/A65.06 %
December 31, 2025
 Premium /
(Discount)
Amortized CostGross Unrealized LossesFair ValueWeighted AverageMaturity Date (3)LTV (4)Location
Loan (1)(2)Unpaid Principal BalanceCoupon Yield (3)Life (Years) (3)
Loan A (5)$7,259 $(29)$7,230 $(684)$6,546 7.98 %— %N/AN/A61.63 %IL, FL
Loan B (5)13,206 (52)13,154 (1,244)11,910 7.98 %— %N/AN/A75.33 %CA
Loan C (5)24,535 (99)24,436 (2,310)22,126 7.98 %— %N/AN/A77.22 %NY
Loan D (6)22,204 (611)21,593 (6,799)14,794 7.16 %— %N/AN/A42.50 %CT
Total$67,204 $(791)$66,413 $(11,037)$55,376 7.71 %— %N/A65.69 %
(1)The Company has the contractual right to receive a balloon payment for each loan.
(2)Each commercial loan investment is a first mortgage loan.
(3)The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of March 31, 2026 and December 31, 2025. See footnotes 5 and 6 for further details related to each loan. In March 2026, the Company extended the maturity of its financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026. All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance, which was $25.4 million as of March 31, 2026.
(4)Represents the LTV at acquisition of WMC. The total LTV on commercial loans is presented based on fair value.
(5)Loans A, B, and C have a floating rate coupon equal to 4.20% plus one-month SOFR and are collateralized by hotels. During the second quarter 2025, these loans entered maturity default and were placed on non-accrual. Following a period of forbearance, the lender parties and the borrower are pursuing consensual sales of the hotels, which may include transferring title of all or certain of the properties to the lender parties via a deed-in-lieu of foreclosure to facilitate the sales. The Company expects the sales of the underlying hotels which collateralize Loan A to be completed in the second half of 2026. There are no assurances that sales can be completed in the manner or within the time anticipated or at all.
(6)Loan D has a floating rate coupon equal to 3.38% plus one-month SOFR and is collateralized by a retail property. During the third quarter 2025, the loan entered maturity default. The property is generating positive cash flow and, as of the date of this report, the Company has continued to receive interest payments from the property’s cash flows. The lender parties are actively engaged with a third party commercial sales advisor to sell the property, however there are no assurances that a sale can be completed.
16

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
4. Real Estate Securities
 
The following tables detail the Company’s real estate securities portfolio by collateral type as of March 31, 2026 and December 31, 2025 ($ in thousands). The Company’s real estate securities include its interest in VIEs in which the Company has concluded that it is not the primary beneficiary and, as a result, did not consolidate the VIEs. The gross unrealized gains/(losses) in the tables below represent inception to date unrealized gains/(losses) since acquisition. 
 Current Face (1)
 Premium/
(Discount) (1)
Amortized CostGross UnrealizedFair Value (2)Weighted Average
March 31, 2026GainsLossesCoupon (3)Yield (4)Life (Years) (5)
Non-Agency RMBS
Non-QM Loans (6)$48,814 $(2,043)$48,501 $767 $(2,258)$47,010 3.30 %6.40 %2.92
Agency-Eligible Loans (7)42,760 (2,558)40,784 1,701 (176)42,309 3.61 %7.39 %6.39
Home Equity Loans (7)106,195 (3,851)123,278 5,942 (371)128,849 5.47 %9.40 %5.25
Prime Jumbo Loans 4,281 (1,604)2,678 631 — 3,309 4.44 %8.83 %17.94
Total Non-Agency RMBS202,050 (10,056)215,241 9,041 (2,805)221,477 4.25 %8.33 %5.06
Legacy WMC CMBS (8)82,573 (35,707)46,866 5,305 (9,921)42,250 5.92 %16.66 %1.74
Agency RMBS Interest OnlyN/AN/A16,024 347 (711)15,660 4.54 %8.06 %5.44
Total as of March 31, 2026
$284,623 $(45,763)$278,131 $14,693 $(13,437)$279,387 4.62 %9.72 %4.74
Current Face (1)
 Premium /
(Discount) (1)
Amortized CostGross UnrealizedFair Value (2)Weighted Average
December 31, 2025GainsLossesCoupon (3)Yield (4)Life (Years) (5)
Non-Agency RMBS        
Non-QM Loans (6)$48,814 $(2,160)$48,526 $816 $(2,379)$46,963 3.11 %6.66 %3.57
Agency-Eligible Loans (7)44,491 (2,656)42,439 1,841 (117)44,163 3.57 %7.41 %6.74
Home Equity Loans (7)84,647 (2,018)99,617 7,514 (189)106,942 5.55 %10.47 %5.51
Prime Jumbo Loans4,256 (1,616)2,640 673 — 3,313 4.49 %8.82 %18.36
Total Non-Agency RMBS182,208 (8,450)193,222 10,844 (2,685)201,381 4.09 %8.82 %5.39
Legacy WMC CMBS (8)82,962 (37,015)45,947 5,814 (9,196)42,565 5.95 %15.30 %1.73
Agency RMBS Interest OnlyN/AN/A16,630 249 (521)16,358 4.57 %7.30 %5.17
Total as of December 31, 2025
$265,170 $(45,465)$255,799 $16,907 $(12,402)$260,304 4.55 %9.89 %4.93
(1)Current Face and Premium/(Discount) exclude Interest Only securities, which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of March 31, 2026, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $63.2 million, $37.8 million, $290.8 million, and $82.7 million, respectively. As of December 31, 2025, the notional value of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $66.3 million, $40.4 million, $249.1 million, and $85.0 million, respectively.
(2)The fair value of the securities held in unconsolidated VIEs represents the Company’s maximum loss exposure in unconsolidated VIEs. The Company generally has no obligation to provide any other explicit or implicit support to unconsolidated VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund.
(3)Equity residual investments with a zero coupon rate are excluded from this calculation.
(4)The weighted average yields are calculated based on the amortized cost of the underlying securities.
(5)Actual maturities may be shorter or longer than stated contractual maturities. Maturities are affected by prepayments of principal.
(6)Certain Non-Agency RMBS include securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG securitization shelf under which the Company or private funds under the management of TPG securitize loans. These securities were retained from rated Non-QM Loan securitizations the Company participated in alongside private funds managed by TPG. The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts. As of March 31, 2026 and December 31, 2025, the Company’s Non-QM Loans includes $42.4 million and $42.4 million of retained securities from these transactions, respectively.
(7)For certain Non-Agency RMBS, the Company acted as a co-sponsor alongside an unrelated third party of rated securitizations. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitizations and represents the Company’s continuing involvement in these securitization trusts. The remaining tranches were sold to third parties and certain private funds managed by TPG or its affiliates, or were retained by the Company. As of March 31, 2026 and December 31, 2025, the Company’s Agency-Eligible Loans includes $40.3 million and $42.2 million of retained securities from these transactions, respectively. As of March 31, 2026 and December 31, 2025, the Company’s Home Equity Loans includes $102.7 million and $78.7 million of retained securities from these transactions, respectively.
(8)As of March 31, 2026 and December 31, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and $23.5 million, respectively, and a fair value of $5.1 million and $6.3 million, respectively, which are on non-accrual or cost recovery status.

17

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2026 and December 31, 2025 (in thousands).
March 31, 2026Non-Agency RMBSLegacy WMC CMBSAgency RMBSReal Estate Securities Total

Weighted Average Life (1)
Fair ValueAmortized
Cost		Fair ValueAmortized CostFair ValueAmortized
Cost		Fair ValueAmortized
Cost
Less than or equal to one year$— $— $4,694 $8,617 $— $— $4,694 $8,617 
Greater than one year and less than or equal to five years155,310 153,971 37,556 38,249 626 579 193,492 192,799 
Greater than five years and less than or equal to ten years44,475 40,340 — — 15,034 15,445 59,509 55,785 
Greater than ten years21,692 20,930 — — — — 21,692 20,930 
Total as of March 31, 2026
$221,477 $215,241 $42,250 $46,866 $15,660 $16,024 $279,387 $278,131 
December 31, 2025Non-Agency RMBSLegacy WMC CMBSAgency RMBSReal Estate Securities Total

Weighted Average Life (1)
Fair ValueAmortized
Cost		Fair ValueAmortized CostFair ValueAmortized
Cost		Fair ValueAmortized
Cost
Less than or equal to one year$— $— $4,921 $8,589 $— $— $4,921 $8,589 
Greater than one year and less than or equal to five years98,432 96,270 37,644 37,358 838 600 136,914 134,228 
Greater than five years and less than or equal to ten years80,653 75,378 — — 15,520 16,030 96,173 91,408 
Greater than ten years22,296 21,574 — — — — 22,296 21,574 
Total as of December 31, 2025
$201,381 $193,222 $42,565 $45,947 $16,358 $16,630 $260,304 $255,799 
(1)This is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

The Company did not sell any real estate securities during the three months ended March 31, 2026. The Company sold real estate securities during the three months ended March 31, 2025 as detailed below ($ in thousands).
Three Months Ended
Number of SecuritiesProceedsRealized GainsRealized Losses
March 31, 2025
Agency RMBS1$1,894 $241 $— 
Non-Agency RMBS1778 37 — 
Total2$2,672 $278 $— 

5. Fair value measurements

The fair value of the Company's financial instruments is determined in accordance with the provisions of ASC 820, "Fair Value Measurements and Disclosures." When possible, the Company determines fair value using third-party data sources. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices and may include quoted prices for similar assets and liabilities in active markets. Level 3 inputs are significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used and reflect the Company’s assumptions about the factors that market participants would use in pricing an asset or liability, and would be based on the best information available. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

18

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands).
 
Fair Value at March 31, 2026
Fair Value at December 31, 2025
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets:    
Securitized residential mortgage loans $— $— $7,538,748 $7,538,748 $— $— $7,999,619 $7,999,619 
Residential mortgage loans — 937 227,587 228,524 — 1,081 198,596 199,677 
Legacy WMC Commercial Loans— — 51,504 51,504 — — 55,376 55,376 
Non-Agency RMBS— 9,913 211,564 221,477 — 9,835 191,546 201,381 
Legacy WMC CMBS— 42,250 — 42,250 — 42,565 — 42,565 
Agency RMBS— 15,660 — 15,660 — 16,358 — 16,358 
Derivative assets (1)— 6,289 — 6,289 — 5,395 — 5,395 
Cash equivalents (2)47,232 — — 47,232 55,979 — — 55,979 
Other assets1,392 — — 1,392 — — — — 
AG Arc (3)— — 52,334 52,334 — — 50,016 50,016 
Total Assets Measured at Fair Value$48,624 $75,049 $8,081,737 $8,205,410 $55,979 $75,234 $8,495,153 $8,626,366 
Liabilities:
Securitized debt$— $— $(6,749,708)$(6,749,708)$— $— $(7,177,923)$(7,177,923)
Derivative liabilities (1)— (814)— (814)— (1,169)— (1,169)
Total Liabilities Measured at Fair Value$— $(814)$(6,749,708)$(6,750,522)$— $(1,169)$(7,177,923)$(7,179,092)
(1)As of March 31, 2026, the Company applied a reduction in fair value of $6.2 million and $0.8 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2025, the Company applied a reduction in fair value of $5.3 million and $1.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively.
(2)The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents. Cash equivalents may include cash invested in money market funds and are carried at cost, which approximates fair value.
(3)The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has elected the fair value option with respect to its investment pursuant to ASC 825.

The valuation of certain of the Company’s assets and liabilities, including residential mortgage loans, securitized debt, commercial loans, certain securities, loan purchase commitments and forward purchase commitments, is determined by the Manager using third-party pricing services where available, valuation analyses from third-party pricing service providers, or model-based pricing. Third-party pricing service providers conduct independent valuation analyses based on a review of source documents, available market data, and comparable investments. The analyses provided by valuation service providers are reviewed and considered by the Manager. The evaluation considers the underlying characteristics of each loan, which are observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and historical prepayment speeds. The Company also considers loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts, and valuations of the underlying properties. The variables considered most significant to the determination of the fair value of these assets and liabilities include market-implied discount rates, projections of default rates, delinquency rates, prepayment rates, loss severity, recovery rates, reperformance rates, timeline to liquidation, and, for forward purchase commitments, pull-through rates. The Company and third-party pricing service providers use loan level data and macro-economic inputs to generate loss adjusted cash flows and other information in determining the fair value. Because of the inherent uncertainty of such valuation, the fair value established for these assets and liabilities held by the Company may differ from the fair value that would have been established if a ready market existed for these mortgage loans.

19

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
Fair values for the Company’s securities and derivatives may be based upon prices obtained from third-party pricing services or broker quotations. The valuation methodology of the Company’s third-party pricing services incorporates commonly used market pricing methods, including a spread measurement to various indices, which are observable inputs. The evaluation also considers the underlying characteristics of each investment, which are also observable inputs, including: coupon, maturity date, loan age, reset date, collateral type, periodic and life cap, geography, and prepayment speeds. The Company collects and considers current market intelligence on all major markets, including benchmark security evaluations and bid-lists from various sources, when available. As part of the Company’s risk management process, the Company reviews and analyzes all prices obtained by comparing prices to recently completed transactions involving the same or similar investments on or near the reporting date. If, in the opinion of the Manager, one or more prices reported to the Company are not reliable or unavailable, the Manager reviews the fair value based on characteristics of the investment it receives from the issuer and available market information.

The Company's investment in Arc Home is evaluated on a periodic basis using a market approach. In applying the market approach, fair value is determined by multiplying Arc Home's book value by a relevant valuation multiple observed based on a range of comparable public entities or transactions, adjusted by management as appropriate for differences between the investment and the referenced comparables. The evaluation also considers the underlying financial performance of Arc Home, general economic conditions, and relevant trends within the mortgage banking industry.

Changes in the market environment and other events that may occur over the life of these investments may cause the gains or losses ultimately realized to be different than the valuations currently estimated. The significant unobservable inputs used in the fair value measurement of the Company’s loans and securities are yields, prepayment rates, probability of default, and loss severity in the event of default. Significant increases (decreases) in any of those inputs in isolation would result in a significantly lower (higher) fair value measurement. Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The significant unobservable input used in the fair value measurement of the Company’s investment in Arc Home is the book value multiple. Significant increases (decreases) in the multiple applied would result in a significantly higher (lower) fair value measurement.

The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three months ended March 31, 2026 and 2025.

The Company did not have any transfers of assets or liabilities between Levels 1 or 2 and Level 3 of the fair value hierarchy during the three months ended March 31, 2026 and 2025. Transfers into the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of reduced levels of market transparency. Transfers out of the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of increased levels of market transparency. Indications of increases or decreases in levels of market transparency include a change in observable transactions or executable quotes involving these instruments or similar instruments. Changes in these indications could impact price transparency, and thereby cause a change in level designations in future periods.

20

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value (in thousands).
Three Months Ended March 31, 2026
Residential Mortgage
Loans (1)		Legacy WMC Commercial LoansNon-Agency
RMBS		Other Assets (2)AG ArcSecuritized
Debt
Beginning balance$8,198,215 $55,376 $191,546 $— $50,016 $(7,177,923)
Purchases86,737 — 28,651 — — — 
Proceeds from sales or settlements(49,375)— — (2)— — 
Principal repayments(386,824)— (5,905)— — 363,141 
Principal funding4,063 — — — — — 
Included in net income:
Net premium and discount amortization (3)(2,396)(393)(779)— — (3,122)
Net realized gain/(loss)(60)— — 2 — — 
Net unrealized gain/(loss)(79,681)(3,479)(1,949)— — 68,196 
Equity in earnings/(loss) from affiliates— — — — 2,318 — 
Other (4)(4,344)— — — — — 
Ending Balance$7,766,335 $51,504 $211,564 $— $52,334 $(6,749,708)
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2026
Net premium and discount amortization (3)$(2,303)$(393)$(779)$— $— $(3,122)
Net unrealized gain/(loss)(79,712)(3,479)(1,949)— — 68,196 
Equity in earnings/(loss) from affiliates— — — — 2,318 — 
Three Months Ended March 31, 2025
Residential Mortgage
Loans (1)		Legacy WMC Commercial LoansNon-Agency
RMBS		Other Assets (2)AG ArcSecuritized
Debt		Other Liabilities (2)
Beginning balance$6,416,066 $67,005 $115,533 $204 $30,778 $(5,491,967)$(336)
Purchases494,769 — 25,963 — — — — 
Issuances of Securitized Debt— — — — — (408,670)— 
Proceeds from sales or settlements(20,428)— — (258)— — 298 
Principal repayments(187,597)— (1,094)— — 170,775 — 
Principal funding2,381 — — — — — — 
Included in net income:
Net premium and discount amortization (3)1,891 270 (692)— — (6,807)— 
Net realized gain/(loss)(1,067)— — 258 — — (298)
Net unrealized gain/(loss)107,843 (1,771)1,408 (204)— (100,022)336 
Equity in earnings/(loss) from affiliates— — — — 1,464 — — 
Other (4)(4,062)— — — — — — 
Ending Balance$6,809,796 $65,504 $141,118 $— $32,242 $(5,836,691)$— 
Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2025
Net premium and discount amortization (3)1,830 270 (692)— — (6,807)— 
Net unrealized gain/(loss)106,986 (1,771)1,408 — — (100,022)— 
Equity in earnings/(loss) from affiliates— — — — 1,464 — — 
(1)Includes Securitized residential mortgage loans.
(2)Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.
(3)Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.
(4)Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.

21

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
The following table presents a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of March 31, 2026 and December 31, 2025 ($ in thousands).
March 31, 2026December 31, 2025
Valuation TechniqueUnobservable InputFair ValueRange
(Weighted Average) (1)		Fair ValueRange
(Weighted Average) (1)
Securitized Residential Mortgage Loans
Yield
5.36% - 18.27% (5.97%)
5.13% - 18.10% (5.78%)
Discounted Cash FlowProjected Collateral Prepayments$7,538,748 
4.68% - 22.00% (10.12%)
$7,999,619 
4.92% - 22.00% (10.09%)
Projected Collateral Losses
0.00% - 1.76% (0.08%)
0.00% - 1.77% (0.09%)
Projected Collateral Severities (2)
10.00% - 100.00% (27.88%)
10.00% - 100.00% (28.23%)
Residential Mortgage Loans
Yield
2.50% - 11.03% (6.96%)
5.39% - 11.61% (7.08%)
Discounted Cash FlowProjected Collateral Prepayments$227,587 
0.99% - 36.13% (16.12%)
$198,596 
1.98% - 33.46% (16.06%)
Projected Collateral Losses
0.00% - 34.31% (1.76%)
0.00% - 18.29% (1.47%)
Projected Collateral Severities (2)
1.09% - 20.00% (17.61%)
4.43% - 100.00% (17.79%)
Legacy WMC Commercial Loans
Yield
6.42% - 7.31% (6.67%)
5.95% - 6.95% (6.68%)
Discounted Cash FlowCredit Spread$51,504 
260 bps - 356 bps (288 bps)
$55,376 
231 bps - 325 bps (300 bps)
Recovery Percentage (3)
68.33% - 85.55% (80.60%)
68.33% - 93.29% (86.62%)
Non-Agency RMBS
Yield
5.14% - 16.00% (7.39%)
4.83% - 20.00% (7.56%)
Discounted Cash FlowProjected Collateral Prepayments$211,564 
7.81% - 13.24% (11.02%)
$191,546 
7.55% - 15.23% (11.23%)
Projected Collateral Losses
0.00% - 0.50% (0.11%)
0.00% - 0.38% (0.06%)
Projected Collateral Severities
10.00% - 100.00% (62.04%)
10.00% - 100.00% (56.87%)
AG Arc
Comparable MultipleBook Value Multiple$52,334 
1.05x - 1.05x (1.05x)
$50,016 
1.025x - 1.025x (1.025x)
Securitized Debt
Yield
4.76% - 30.00% (5.65%)
4.37% - 30.00% (5.42%)
Discounted Cash FlowProjected Collateral Prepayments$(6,749,708)
4.68% - 22.00% (10.09%)
$(7,177,923)
4.92% - 22.00% (10.09%)
Projected Collateral Losses
0.00% - 0.50% (0.08%)
0.00% - 0.50% (0.08%)
Projected Collateral Severities
10.00% - 100.00% (27.46%)
10.00% - 100.00% (27.79%)
(1)Amounts are weighted based on fair value.
(2)Projected collateral severities excludes assumed recoveries on certain residential mortgage loans.
(3)Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2026 and December 31, 2025.


22

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
6. Financing

The following table presents a summary of the Company's financing as of March 31, 2026 and December 31, 2025 ($ in thousands).
March 31, 2026
December 31, 2025
FinancingWeighted AverageCollateral Fair Value (1)(2)Financing
Current FaceCarrying ValueStated MaturityFunding CostLife (Years)Carrying Value
Financing Arrangements by Asset Type (3)
Securitized Residential Mortgage Loans (4)
Non-Agency Loans $415,277 $415,277 Apr 2026 - Jun 20265.17 %0.20$623,149 $428,657 
Home Equity Loans64,826 64,826 Jun 20264.62 %0.2080,041 67,752 
Re- and Non-Performing Loans27,191 27,191 May 2026 - Jun 20265.72 %0.1441,703 27,264 
Residential Mortgage Loans (5)
Agency-Eligible Loans19,672 19,672 Sep 2026 - Mar 20275.38 %0.6321,487 19,490 
Home Equity Loans (6)87,343 87,343 Jun 2026 - Jul 20266.08 %0.25173,207 58,951 
Non-Agency Loans27,227 27,227 Jun 20265.47 %0.1932,893 29,817 
Legacy WMC Commercial Loans25,392 25,392 Sep 20266.43 %0.4751,504 27,436 
Non-Agency RMBS154,366 154,366 Apr 2026 - Jun 20264.54 %0.15192,214 137,386 
Legacy WMC CMBS 18,540 18,540 May 2026 - Jun 20265.20 %0.1642,226 18,540 
Agency RMBS10,397 10,397 Apr 2026 - Jun 20264.29 %0.2114,990 10,857 
Other Assets— — N/A— %0.00— 244 
Total Financing Arrangements$850,231 $850,231 5.17 %0.21$1,273,414 $826,394 
Securitized debt, at fair value (7)(8)
Non-Agency Loans (9)$6,144,984 $5,922,951 N/A5.37 %5.74N/A$6,265,540 
Home Equity Loans (9)712,612 735,458 N/A5.67 %2.28N/A817,889 
Re- and Non-Performing Loans96,400 91,299 N/A3.47 %2.81N/A94,494 
Total Securitized Debt$6,953,996 $6,749,708 5.37 %5.39N/A$7,177,923 
Senior Unsecured Notes (10)
February 2029 Senior Unsecured Notes$34,500 $33,407 Feb 202910.79 %2.92N/A$33,327 
May 2029 Senior Unsecured Notes65,000 63,248 May 202910.52 %3.17N/A63,131 
Total Senior Unsecured Notes$99,500 $96,655 10.61 %3.08N/A$96,458 
Total Financing$7,903,727 $7,696,594 5.41 %4.99$1,273,414 $8,100,775 
(1)The Company also had $8.0 million and $7.8 million of cash pledged under repurchase agreements as of March 31, 2026 and December 31, 2025, respectively.
(2)Under the terms of the Company’s financing agreements, the Company's financing counterparties may, in certain cases, sell or re-hypothecate the pledged collateral.
(3)Financing arrangements are recorded at amortized cost on the Company's consolidated balance sheets. The fair value of the Company's financing arrangements approximates the carrying value due to their floating interest rates and short-term maturities of generally one year or less. Financing arrangements are classified as Level 2 of the fair value hierarchy.
(4)Amounts pledged as collateral under Securitized residential mortgage loans include certain of the Company's retained interests in securitizations. Refer to Note 3 for more information on the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.
(5)The Company's Residential mortgage loan financing arrangements include a maximum borrowing capacity of $1.6 billion on facilities used to finance Agency-Eligible, Home Equity and Non-Agency Loans of which $50 million is contractually committed.
(6)The collateral fair value pledged includes $66.2 million of Home Equity Loans, with an unpaid principal balance of $63.7 million, in which the Company has no outstanding financing but has the ability to borrow at an advance rate of 87.5% of unpaid principal balance pledged as collateral. Of this available financing, $50 million is contractually committed
(7)The holders of the securitized debt have no recourse to the general credit of the Company. The Company generally has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs. Refer to Note 12 for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund.
(8)The weighted average funding costs are calculated based on the amortized cost of the underlying securities.
(9)The current face on the Company's Securitized debt in the Company's Non-Agency VIEs and Home Equity VIEs excludes Interest Only classes which have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of March 31, 2026, the notional value of interest only classes of Securitized debt in the Non-Agency VIEs and Home Equity VIEs was $3.5 billion and $265.1 million, respectively.
(10)The Senior Unsecured Notes are recorded at amortized cost in the Company's consolidated balance sheets. As of March 31, 2026, the fair value of the Senior Unsecured Notes was $99.6 million. The fair value of the Senior Unsecured Notes is based upon prices obtained from third-party pricing services or broker quotations and are classified as Level 2 of the fair value hierarchy.
23

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026

Senior Unsecured Notes

The Company’s Senior Unsecured Notes consist of $34.5 million principal amount 9.500% Senior Notes due February 2029 ("February 2029 Senior Unsecured Notes") and $65.0 million principal amount 9.500% Senior Notes due May 2029 ("May 2029 Senior Unsecured Notes" and together with the February 2029 Senior Unsecured Notes, the "Senior Unsecured Notes"). The February 2029 Senior Unsecured Notes were issued on January 26, 2024 in a public offering for net proceeds of approximately $32.8 million and the May 2029 Senior Unsecured Notes were issued on May 15, 2024 in a public offering for net proceeds of approximately $62.4 million. The below table provides a summary of the Senior Unsecured Notes as of March 31, 2026 ($ in thousands).
Principal Amount (1)Carrying ValueMaturity Date (2)Redemption Date (3)Rate (4)
February 2029 Senior Unsecured Notes
$34,500 $33,407 February 15, 2029February 15, 20269.500 %
May 2029 Senior Unsecured Notes
65,000 63,248 May 15, 2029May 15, 20269.500 %
(1)The Senior Unsecured Notes were issued at 100% of the principal amount.
(2)The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date.
(3)The Company may redeem the Senior Unsecured Notes in whole or in part at any time or from time to time at the Company’s option on or after the redemption date, upon not less than 30 days written notice to holders prior to the redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.
(4)The Senior Unsecured Notes bear interest at a rate equal to 9.500% per year, payable in cash quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on the applicable first pay date.

The below table details the total interest expense incurred on the Senior Unsecured Notes during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Coupon interest expense
$2,363 $2,363 
Amortization expense
197 177 
Total interest expense$2,560 $2,540 

24

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
Contractual maturities

The following table allocates the current face of the Company's borrowings under financing arrangements and the Senior Unsecured Notes as of March 31, 2026 by contractual maturity (in thousands). Securitized debt is excluded from the below table as it does not have a contractual maturity.
Within 30 DaysOver 30 Days to 3 MonthsOver 3 Months to 12 MonthsOver 12 MonthsTotal
Financing Arrangements by Asset Type
Securitized Residential Mortgage Loans
Non-Agency Loans$41,366 $373,911 $— $— $415,277 
Home Equity Loans— 64,826 — — 64,826 
Re- and Non-Performing Loans— 27,191 — — 27,191 
Residential Mortgage Loans
Agency-Eligible Loans— — 19,672 — 19,672 
Home Equity Loans— 291 87,052 — 87,343 
Non-Agency Loans— 27,227 — — 27,227 
Legacy WMC Commercial Loans (1)— — 25,392 — 25,392 
Non-Agency RMBS42,622 111,744 — — 154,366 
Legacy WMC CMBS— 18,540 — — 18,540 
Agency RMBS800 9,597 — — 10,397 
Total Financing Arrangements$84,788 $633,327 $132,116 $— $850,231 
Senior Unsecured Notes
February 2029 Senior Unsecured Notes$— $— $— $34,500 $34,500 
May 2029 Senior Unsecured Notes— — — 65,000 65,000 
Total Senior Unsecured Notes$— $— $— $99,500 $99,500 
(1)The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of March 31, 2026. In March 2026, the Company extended the maturity of its financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026. All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance.

Counterparties

The Company had outstanding financing arrangements with six counterparties as of March 31, 2026 and December 31, 2025.

The following table presents information as of March 31, 2026 and December 31, 2025 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities ($ in thousands).

March 31, 2026
December 31, 2025
CounterpartyStockholders' Equity
at Risk		Weighted Average
Maturity (days)		Percentage of
Stockholders' Equity		Stockholders' Equity
at Risk		Weighted Average
Maturity (days)		Percentage of
Stockholders' Equity
BofA Securities, Inc.$146,752 7727.0 %$150,267 6826.8 %
Goldman Sachs Bank USA139,661 7125.7 %153,393 10327.4 %
Barclays Capital Inc.96,445 7617.7 %80,721 7314.4 %
JP Morgan Securities, LLC29,202 295.4 %29,992 315.3 %

Financial Covenants

The Company’s financing arrangements generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers. In addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that the Company fails to comply with
25

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
the covenants contained in these financing arrangements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the associated agreement. Financings pursuant to financing arrangements are generally recourse to the Company. As of March 31, 2026, the Company is in compliance with all of its financial covenants.

7. Other assets and liabilities

The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands).
March 31, 2026December 31, 2025
Other assets
Interest receivable$44,673 $47,868 
Real estate owned10,494 7,398 
Derivative assets, at fair value56 149 
Other assets3,521 2,253 
Due from broker1,912 1,232 
Total Other assets$60,656 $58,900 
Other liabilities
Due to affiliates (1)$3,842 $4,580 
Interest payable32,594 34,385 
Accrued expenses2,317 1,836 
Due to broker604 1,655 
Payable on unsettled trades133 — 
Taxes payable218 264 
Total Other liabilities$39,708 $42,720 
(1)Refer to Note 10 for more information.

Derivatives

The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of March 31, 2026 and December 31, 2025 (in thousands).
Balance Sheet 
Location		March 31, 2026December 31, 2025
Derivatives and Other Instruments (1)NotionalFair ValueNotionalFair Value
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)Other assets$291,560 $56 $283,500 $149 
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3)Other liabilities113,000 — 89,060 — 
Forward Purchase Commitments
Other assets— — 475 — 
(1)As of March 31, 2026 and December 31, 2025, no derivatives held by the Company were designated as hedges for accounting purposes.
(2)As of March 31, 2026, the Company applied a reduction in fair value of $6.2 million and $0.8 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash. As of December 31, 2025, the Company applied a reduction in fair value of $5.3 million and $1.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.
(3)As of March 31, 2026, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.35%, a weighted average receive-variable rate of 3.68%, and a weighted average years to maturity of 4.16 years. As of December 31, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.30%, a weighted average receive-variable rate of 3.87%, and a weighted average years to maturity of 4.29 years.

Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, if applicable. The Company has not offset or netted any derivatives or other instruments with any financial instruments or cash collateral posted or received.
 
26

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
The Company must post cash or securities as collateral on its derivative instruments when their fair value declines. This typically occurs when prevailing market rates change adversely, with the severity of the change also dependent on the term of the derivatives involved. The posting of collateral is generally bilateral, meaning that if the fair value of the Company’s derivatives increases, its counterparty must post collateral. As of March 31, 2026, the Company's restricted cash balance included $9.4 million of collateral related to certain derivatives, of which $4.0 million represents cash collateral posted by the Company and $5.4 million represents amounts related to variation margin. As of December 31, 2025, the Company's restricted cash balance included $9.6 million of collateral related to certain derivatives, of which $5.5 million represents cash collateral posted by the Company and $4.1 million represents amounts related to variation margin.

The following table summarizes total income related to derivatives and other instruments for the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Included within Net interest component of interest rate swaps
Interest Rate Swaps$402 $737 
Included within Net unrealized gain/(loss)
Interest Rate Swaps1,858 (6,536)
Forward Purchase Commitments
— 132 
1,858 (6,404)
Included within Net realized gain/(loss)
Interest Rate Swaps54 782 
Forward Purchase Commitments
2 (40)
56 742 
Total income/(loss)$2,316 $(4,925)

Derivative Activity
 
The following table presents information about the Company’s derivatives for the three months ended March 31, 2026 and 2025 (in thousands).
Beginning Notional
Amount		Buys or CoversSales or
Shorts		Ending Notional
Amount		Derivative
Asset		Derivative
Liability
Three Months Ended March 31, 2026
Interest Rate Swaps$372,560 $65,000 $(33,000)$404,560 $56 $— 
Three Months Ended March 31, 2025
Interest Rate Swaps$342,550 $103,000 $(113,050)$332,500 $— $(256)

27

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
8. Earnings per share

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands, except per share data).


Three Months Ended
March 31, 2026March 31, 2025
Numerator:  
Net Income/(Loss)$(3,562)$11,477 
Dividends on preferred stock5,1535,304
Net Income/(Loss) Available to Common Stockholders$(8,715)$6,173 
Denominator:
Basic weighted average common shares outstanding31,738 29,659 
Dilutive effect of restricted stock units (1)— 29 
Diluted weighted average common shares outstanding31,738 29,688 
Earnings/(Loss) Per Share
Basic$(0.27)$0.21 
Diluted$(0.27)$0.21 
(1)Restricted stock units issued to certain directors of 16 thousand were excluded from the computation of diluted earnings per share because its effect would be anti-dilutive for the three months ended March 31, 2026.

Dividends

The following tables detail the Company's common stock dividends declared during the three months ended March 31, 2026 and 2025.
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Declaration DateRecord DatePayment DateCash Dividend Per ShareDeclaration DateRecord DatePayment DateCash Dividend Per Share
3/16/20263/31/20264/30/2026$0.24 3/17/20253/31/20254/30/2025$0.20 

The following tables detail the Company's preferred stock dividends declared and paid during the three months ended March 31, 2026 and 2025.

2026  Cash Dividend Per Share
Declaration DateRecord DatePayment Date
8.25% Series A
8.00% Series B
8.000% Series C
2/13/20262/27/20263/17/2026$0.51563 $0.50 $0.652391 
2025  Cash Dividend Per Share
Declaration DateRecord DatePayment Date
8.25% Series A
8.00% Series B
8.000% Series C
2/14/20252/28/20253/17/2025$0.51563 $0.50 $0.693062 

28

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
9. Income taxes
 
The Company conducts its operations to qualify and be taxed as a REIT. As a REIT, the Company is not subject to federal income tax to the extent that it makes qualifying distributions to its stockholders, and provided it satisfies on a continuing basis, through actual investment and operating results, the REIT requirements including certain asset, income, distribution, and stock ownership tests. The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes.

Excise Tax

Excise tax represents a non-deductible 4% tax on the required amount of the Company’s ordinary income and net capital gains not distributed during the year. The expense is calculated in accordance with applicable tax regulations. The below table details excise tax expense for the three months ended March 31, 2026 and 2025, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Excise tax expense$— $89 

REIT Net Operating Loss and Net Capital Loss Carryforwards

In connection with the WMC acquisition, the Company obtained federal net operating loss ("NOL") carryforwards of $321.6 million, of which $223.8 million do not have an expiration date and can be carried forward indefinitely. However, the Company’s use of the NOLs obtained in the WMC acquisition is limited under Section 382 of the Internal Revenue Code. As of March 31, 2026 and December 31, 2025, the remaining NOL carryforwards obtained in the WMC acquisition was $317.3 million.

As of March 31, 2026 and December 31, 2025, the Company had estimated net capital loss ("NCL") carryforwards of $63.9 million. These NCL carryforwards (which exclude NCLs acquired from WMC) can be utilized to offset future net gains from the sale of capital assets. NCL carryforwards of $225.7 million were generated during the year ended December 31, 2020 and any unutilized NCL carryforwards expired on December 31, 2025.

In connection with the WMC acquisition, the Company obtained NCL carryforwards. As of March 31, 2026 and December 31, 2025, these estimated NCL carryforwards were $153.9 million. These NCL carryforwards will expire between 2026 and 2030. However, the Company’s use of these NCLs is limited under Sections 382 and 383 of the Internal Revenue Code.

Taxable REIT Subsidiaries

The Company elected to treat certain domestic subsidiaries as taxable REIT subsidiaries ("TRSs"). The Company’s financial results are generally not expected to reflect provisions for current or deferred income taxes, except for any activities conducted through one or more TRSs that are subject to corporate income taxation. Currently, the Company has wholly owned domestic TRSs that are taxable as corporations and subject to U.S. federal, state, and local income tax on net income at the applicable corporate rates. The federal statutory rate for the three months ended March 31, 2026 and 2025 was 21%. The Company’s effective tax rate differs from its combined U.S. federal, state, and local corporate statutory tax rate primarily due to income earned at the REIT, which is not subject to tax due to the deduction for qualifying distributions made by the Company, and any change in the valuation allowance as disclosed in further detail below. The tax expense attributable to its TRSs is recorded in the "Income tax expense" line item on the consolidated statement of operations. The below table details the tax expense attributable to its TRSs for the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended
March 31, 2026March 31, 2025
Federal$82 $— 
State and Local100 28 
Income Tax Expense$182 $28 
29

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax reporting purposes at the TRS level. As of March 31, 2026 and December 31, 2025, the Company recorded a deferred tax asset of approximately $28.3 million and $28.5 million, respectively. The NOL carryforwards as of December 31, 2025 can be carried forward indefinitely. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which temporary differences become deductible. The Company concluded it is more likely than not the deferred tax asset will not be realized and established a valuation allowance of $28.3 million and $28.5 million as of March 31, 2026 and December 31, 2025.

Uncertain Income Tax Positions

Based on its analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of March 31, 2026 and December 31, 2025. The Company’s and WMC's federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service. There are no ongoing U.S. federal, state or local tax examinations related to the Company. In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes. The Company did not incur any interest or penalties during the three months ended March 31, 2026 and 2025.

10. Related party transactions
 
Manager

The Company has entered into a management agreement with the Manager, which provided for an initial term and will be deemed renewed automatically each year for an additional one-year period, subject to certain termination rights. The Company is externally managed and advised by the Manager. Pursuant to the terms of the management agreement, which became effective July 6, 2011 (upon the consummation of the Company’s initial public offering (the "IPO")), the Manager provides the Company with its management team, including its officers, along with appropriate support personnel. Each of the Company’s officers is an employee of TPG or its affiliates. The Company does not have any employees. The Manager has delegated to TPG Angelo Gordon, an affiliate of TPG, the overall responsibility of its day-to-day duties and obligations arising under the Company’s management agreement. Below is a description of the fees and reimbursements provided in the management agreement.

Management fee
 
The Manager is entitled to a management fee equal to 1.50% per annum, calculated and paid quarterly, of the Company’s Stockholders’ Equity. For purposes of calculating the management fee, "Stockholders’ Equity" means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements.

The below table details the management fees incurred during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
Consolidated statements of operations line item:March 31, 2026March 31, 2025
Management fee to affiliate$2,319 $2,327 

30

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
As of March 31, 2026 and December 31, 2025, the Company recorded management fees payable of $2.3 million and $2.3 million, respectively. The management fee payable is included within the "Due to affiliates" item within the "Other liabilities" line item on the consolidated balance sheets.

Incentive fee

The Manager is entitled to an annual incentive fee with respect to each applicable fiscal year, which will be equal to 15% of the amount by which the Company's cumulative adjusted net income from November 22, 2021 exceeds the cumulative hurdle amount, which represents an 8% return (cumulative, but not compounding) on an equity hurdle base consisting of the sum of (i) $341.5 million and (ii) the gross proceeds of any subsequent public or private common stock offerings by the Company. The annual incentive fee will be payable in cash, or, at the option of the Company's Board of Directors, shares of common stock or a combination of cash and shares.

During the three months ended March 31, 2026 and 2025, the Company did not incur any incentive fee expense.

Termination fee
 
Upon the occurrence of (i) the Company’s termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach by the Company of any material term of the management agreement, the Manager will be entitled to a termination fee equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of March 31, 2026 and December 31, 2025, no event of termination of the management agreement had occurred.
 
Expense reimbursement
 
The Company is required to reimburse the Manager or its affiliates for operating expenses which are incurred by the Manager or its affiliates on behalf of the Company, including expenses relating to legal, accounting, due diligence, and other services. The Company’s reimbursement obligation is not subject to any dollar limitation; however, the reimbursement is subject to an annual budget process which combines guidelines from the management agreement with oversight by the Company’s Board of Directors.
 
The Company reimburses the Manager or its affiliates for the Company’s allocable share of the compensation, including, without limitation, annual base salary, bonus, any related withholding taxes, and employee benefits paid to (i) the Company’s chief financial officer based on the percentage of time spent on Company affairs, (ii) the Company’s general counsel based on the percentage of time spent on the Company’s affairs, and (iii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance, and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs based upon the percentage of time devoted by such personnel to the Company’s affairs. In their capacities as officers or personnel of the Manager or its affiliates, they devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business.
 
The below table details the expense reimbursement incurred during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
Consolidated statements of operations line item:March 31, 2026March 31, 2025
Non-investment related expenses
$1,446 $1,839 
Investment related expenses
142 200 
Transaction related expenses75260
Expense reimbursements to Manager or its affiliates$1,663 $2,299 

As of March 31, 2026 and December 31, 2025, the Company recorded a reimbursement payable to the Manager or its affiliates of $1.3 million and $2.1 million, respectively. The reimbursement payable to the Manager or its affiliates is included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.
 
31

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
Investments in debt and equity of affiliates
 
The Company invests in credit sensitive residential assets through affiliated entities which hold an ownership interest in the assets. The Company is one investor, amongst other investors managed by affiliates of TPG, in such entities and has applied the equity method of accounting for such investments.

Arc Home

On December 9, 2015, the Company, alongside private funds managed by TPG or its affiliates, through AG Arc LLC ("AG Arc") formed Arc Home. As of March 31, 2026 and December 31, 2025, the Company had an approximate 66.0% interest in AG Arc. Arc Home is a multi-channel licensed mortgage originator and servicer primarily engaged in the business of originating and selling residential mortgage loans while retaining the mortgage servicing rights associated with certain loans that it originates. Arc Home is led by an external management team. The Company elected the fair value option with respect to its investment in AG Arc pursuant to ASC 825. The Company elected to treat its investment in AG Arc as a taxable REIT subsidiary.

On August 1, 2025, the Company purchased an additional 21.4% interest in AG Arc from certain private funds managed by an affiliate of TPG. In connection with the acquisition, the Company issued 2,027,676 restricted shares of the Company’s common stock as consideration. The Company continues to account for its investment in AG Arc using the equity method as it maintains significant influence, however does not have control over major decisions affecting AG Arc’s operations and financial policies.

MATH

On August 29, 2017, the Company, alongside private funds managed by TPG or its affiliates, formed Mortgage Acquisition Holding I LLC ("MATH") to conduct a residential mortgage investment strategy. MATH in turn sponsored the formation of Mortgage Acquisition Trust I LLC ("MATT") to purchase predominantly Non-QM Loans. MATT made an election to be treated as a REIT beginning with the 2018 tax year. The Company has an approximate 47.0% interest in MATH. MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.

Summary of investments in debt and equity of affiliates and related earnings

The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands).

March 31, 2026December 31, 2025
AssetsLiabilitiesEquityAssetsLiabilitiesEquity
Non-QM Securities (1)$8,680 $— $8,680 $9,439 $— $9,439 
Re/Non-Performing Securities547 — 547 599 — 599 
Total Residential Investments9,227 — 9,227 10,038 — 10,038 
AG Arc, at fair value52,334 — 52,334 50,016 — 50,016 
Cash and Other assets/(liabilities)228 (15)213 1,291 (12)1,279 
Investments in debt and equity of affiliates$61,789 $(15)$61,774 $61,345 $(12)$61,333 
(1)As of March 31, 2026 and December 31, 2025, MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.
32

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026

The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended
March 31, 2026March 31, 2025
Non-QM Securities$(274)$(71)
Re/Non-Performing Securities(38)(120)
AG Arc (1)(2)2,312 1,376 
Equity in earnings/(loss) from affiliates
$2,000 $1,185 
(1)Earnings/(loss) recognized by AG Arc do not include the Company's portion of gains or losses recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to "Transactions with Arc Home" below for more information on this accounting policy.
(2)As of March 31, 2026 and 2025, the Company had an approximate 66.0% and 44.6% interest in AG Arc, respectively.

Transactions with affiliates
 
Transactions with Red Creek Asset Management LLC
 
In connection with the Company’s investments in residential mortgage loans, the Company engages asset managers to provide advisory, consultation, asset management, and other services. The Company engaged Red Creek Asset Management LLC (the "Asset Manager"), a related party of the Manager and subsidiary of TPG, as the asset manager for certain of its residential mortgage loans. The Company pays the Asset Manager asset management fees which are assessed periodically by a third-party valuation firm. The below details the fees paid by the Company to the Asset Manager during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Fees paid to Asset Manager$550 $640 

As of March 31, 2026 and December 31, 2025, the Company recorded asset management fees payable of $0.2 million and $0.2 million, respectively. Asset management fees payable are included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.

Transactions with Arc Home

Arc Home may sell loans to the Company, third-parties, or affiliates of the Manager. The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Residential mortgage loans sold by Arc Home to the Company$475 $60,957 
    

In connection with the sale of loans from Arc Home to the Company, the Company eliminates any intra-entity profits or losses typically recognized through the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations and adjusts the cost basis of the underlying loans resulting in unrealized gains or losses on the underlying loans. The table below summarizes intra-entity profits eliminated during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026
March 31, 2025
Intra-Entity Profits Eliminated$6 $88 

The Company enters into forward purchase commitments with Arc Home whereby the Company commits to purchase residential mortgage loans from Arc Home at a particular price on a best-efforts basis. Actual loan purchases are contingent
33

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
upon successful loan closings. These commitments to purchase mortgage loans are classified as derivatives. From time to time, the Company may determine that certain loans it has previously committed to purchase will be sold to third parties and, as a result, the derivative will be settled on a net basis with Arc Home. See Note 7 and Note 12, if applicable, for more detail.

Transactions under the Company's Affiliated Transaction Policy

The below table details transactions where the Company purchased or sold assets from or to an affiliate of the Manager ($ in millions). The transactions were executed in accordance with the Company's Affiliated Transaction Policy. Refer to the "Transactions with Arc Home" section above for additional information related to transactions with Arc Home, which are excluded from the table below.

DateTransactionFair Value (1)Pricing Methodology
June 2025Purchase of Re/Non-Performing Securities (2)$0.1 Third party pricing vendors (3)
August 2025Purchase of AG Arc (4) (5)15.7 Third party pricing vendors (3)
(1)As of the transaction date.
(2)The Company purchased an additional interest in certain re/non-performing securities which are recorded within the “Investments in debt and equity of affiliates” line item on the consolidated balance sheets.
(3)Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy.
(4)The Company’s Board of Directors, including its independent directors, approved the transaction and obtained a fairness opinion from a third party financial advisor.
(5)Refer to “Investments in debt and equity of affiliates - Arc Home” above for additional information on this transaction.

11. Equity

Stock repurchase programs

On August 3, 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Repurchase Program") to repurchase up to $15.0 million of the Company’s outstanding common stock. The 2022 Repurchase Program does not have an expiration date and permits the Company to repurchase its shares through various methods, including open market repurchases, privately negotiated block transactions and Rule 10b5-1 plans. The Company may repurchase shares of its common stock from time to time in compliance with SEC regulations and other legal requirements. The extent to which the Company repurchases its shares, and the timing, manner, price, and amount of any such repurchases, will depend upon a variety of factors including market conditions and other corporate considerations as determined by the Company’s management, as well as the limits of the 2022 Repurchase Program and the Company's liquidity and business strategy. The 2022 Repurchase Program does not obligate the Company to acquire any particular amount of shares and may be modified or discontinued at any time. As of March 31, 2026, approximately $1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program. The Company did not repurchase common stock during the three months ended March 31, 2026 and 2025.

On May 4, 2023, the Company's Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $15.0 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program. As of March 31, 2026, the full $15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program. This authorization is in addition to the amount remaining under the 2022 Repurchase Program.

On February 22, 2021, the Company's Board of Directors authorized a stock repurchase program (the "Preferred Repurchase Program") pursuant to which the Company's Board of Directors granted a repurchase authorization to acquire shares of the Company's 8.25% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), 8.00% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock"), and 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") having an aggregate value of up to $20.0 million. No share repurchases under the Preferred Repurchase Program have been made since its authorization.

Shares of stock repurchased by the Company under any repurchase program, if any, will be cancelled and, until reissued by the Company, will be deemed to be authorized but unissued shares of its stock as required by Maryland law. The cost of the acquisition by the Company of shares of its own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings.

34

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
Restricted stock grants
 
Equity Incentive Plans

On May 5, 2025, following approval by stockholders at the Company’s annual stockholders meeting, the Company’s 2025 Equity Incentive Plan (the “2025 Equity Incentive Plan”) became effective. The maximum number of shares of the Company’s common stock that could be issued under the 2025 Equity Incentive Plan was 800,000 shares of common stock, plus 220,781 shares of common stock (which reflects the number of shares that remained available for issuance under the equity incentive plan approved in 2020 (the “2020 Equity Incentive Plan”) as of May 4, 2025), plus 86,666 shares of common stock that remained subject to outstanding awards under the 2020 Equity Incentive Plan but only to the extent that such shares become forfeited or otherwise lapse. As a result of the adoption of the 2025 Equity Incentive Plan, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).

Since inception of the 2025 Equity Incentive Plan and through March 31, 2026, the Company has granted an aggregate 35,586 shares of restricted common stock and 1,278 dividend equivalent units to its independent directors, all of which have vested. As of March 31, 2026, there were 983,917 remaining shares available to be issued under the 2025 Equity Incentive Plan.    

As of March 31, 2026, the Company has 12,981 restricted stock units and 3,327 associated dividend equivalent units outstanding, all of which are fully vested and held by one of the Company’s independent directors. These units will be settled on a one-for-one basis in shares of the Company's common stock upon the director's separation from service with the Company.

Manager Equity Incentive Plans

Following approval of the Company's stockholders at its 2021 annual meeting of stockholders, the AG Mortgage Investment Trust, Inc. 2021 Manager Equity Incentive Plan (the "2021 Manager Plan") became effective on April 7, 2021 and provides for a maximum of 573,425 shares of common stock that may be subject to awards thereunder to the Manager. As of March 31, 2026, there were no shares or awards issued under the 2021 Manager Plan. Following the execution of the Third Amendment to the management agreement in November 2021 related to the incentive fee, the Company's compensation committee no longer expects to continue its historical practice of making periodic equity grants to the Manager pursuant to the 2021 Manager Plan.

Equity distribution agreements

The Company has entered into separate equity distribution agreements (the "2024 Equity Distribution Agreements") with each of BTIG, LLC, JonesTrading Institutional Services LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. (collectively, the "2024 Sales Agents"), pursuant to which the Company may sell up to $75.0 million aggregate offering price of shares of its common stock from time to time through an "at-the-market" equity offering program under which the 2024 Sales Agents will act as sales agent. The Company did not issue any shares of common stock under its 2024 Equity Distribution Agreements during the three months ended March 31, 2026 and 2025.

Shelf registration statement

On March 26, 2024, the Company filed a new shelf registration statement, registering up to $1.0 billion of its securities, including capital stock (the "2024 Registration Statement"). The 2024 Registration Statement was declared effective on April 9, 2024 and will generally remain effective for three years. Upon effectiveness of the 2024 Registration Statement, the Company's previous S-3 registration statement filed in 2021 was terminated.

Acquisition of additional interest in AG Arc

On August 1, 2025, in connection with the acquisition of an additional 21.4% interest in AG Arc, the Company issued 2,027,676 restricted shares of the Company’s common stock (the “Holder Shares”) to certain funds managed by an affiliate of TPG (the “Holders”) as consideration. Refer to Note 10 for additional information. Pursuant to the registration rights agreement the Company entered into with the Holders, in August 2025, the Company filed a resale shelf registration statement on Form S-3 registering the resale of all the Holder Shares, which was declared effective by the Securities and Exchange Commission in August 2025. As March 31, 2026, the Holders no longer hold any shares of the Company’s common stock.

35

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
Preferred stock

The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $0.01 per share, in one or more classes or series. As of March 31, 2026 and December 31, 2025, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding.

The following table includes a summary of preferred stock issued and outstanding as of March 31, 2026 ($ and shares in thousands).
Preferred Stock SeriesIssuance DateShares OutstandingCarrying ValueAggregate Liquidation Preference (1)Optional Redemption
Date (2)		Rate (3)
Series A Preferred StockAugust 3, 20121,663 $40,110 $41,580 August 3, 20178.25%
Series B Preferred StockSeptember 27, 20123,728 90,187 93,191 September 17, 20178.00%
Series C Preferred StockSeptember 17, 20193,729 90,175 93,220 September 17, 2024(4)
Total9,120 $220,472 $227,991 
(1)The Company's Preferred Stock has a liquidation preference of $25.00 per share.
(2)Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption. Shares of the Company’s Preferred Stock are redeemable at $25.00 per share plus accumulated and unpaid dividends (whether or not declared) exclusively at the Company’s option.
(3)Dividends are payable quarterly in arrears on the 17th day of each March, June, September, and December and holders are entitled to receive cumulative cash dividends at the respective stated rate per annum before holders of common stock are entitled to receive any cash dividends.
(4)The initial dividend rate for the Series C Preferred Stock, from and including the date of original issue to, but not including, September 17, 2024, was 8.000% per annum of the $25.00 per share liquidation preference. On and after September 17, 2024, dividends on the Series C Preferred Stock accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month CME Term SOFR (plus a tenor spread adjustment of 0.26161%) plus a spread of 6.476%. Pursuant to the terms of the Series C Preferred Stock, the Company has appointed a calculation agent to determine the floating rate. The calculation agent may also implement changes to the business day convention, the definition of business day, the dividend determination date, and any method for obtaining the substitute or successor base rate if such rate is unavailable on the relevant business day, in a manner that is consistent with industry accepted practices.

The Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, holders of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock voting together as a single class with the holders of all other classes or series of its preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of any series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock whose terms are being changed.

12. Commitments and Contingencies
 
From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2026, the Company was not involved in any material legal proceedings.

The below table details the Company's outstanding commitments as of March 31, 2026 (in thousands).

Commitment typeDate of CommitmentTotal CommitmentFunded CommitmentRemaining Commitment
Home Equity Loans (1)Various$184,598 $166,703 $17,895 
(1)Represents the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund including $12.5 million, $4.1 million, and $1.3 million related to "Residential mortgage loans, at fair value," "Real estate securities, at fair value," and "Securitized residential mortgage loans, at fair value," respectively.

36

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
13. Segment Reporting

As of March 31, 2026, the Company's reportable segments include (i) Loans and Securities and (ii) Arc Home. Segment information for prior periods has been updated to conform to the current year presentation.

The structure of the reportable segments is differentiated by the financial information used by the Chief Operating Decision Maker (“CODM”) and the nature of the Company’s business activities, which is consistent with the reporting structure of the Company’s internal organization. The Company’s CODM is its Chief Executive Officer. The CODM uses net income/(loss) reported on the consolidated statements of operations as the primary measure to make resource allocation decisions and evaluate the segment results. The CODM is regularly provided operating expenses as presented on the consolidated statements of operations when evaluating the Company’s net income/(loss).

The accounting policies applied to the segments are the same as those described in Note 2 to the "Notes to Consolidated Financial Statements (unaudited)". Activities that are not directly attributable or not allocated to either of the reportable segments are reported within "Other" below as a reconciling item to the Company’s consolidated financial statements. Other activities primarily consist of cash and related interest income, the Senior Unsecured Notes and related interest expense, management fees, non-investment related expenses, and preferred stock dividends.

Loans and Securities Segment

The Loans and Securities segment is primarily focused on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. The Company finances its acquired loans through various financing lines on a short-term basis and utilizes TPG’s proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit. The Company's Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments are included in the Loans and Securities segment. This segment generates revenue primarily in the form of net interest income, inclusive of the cost or benefit of hedging, which represents the difference between the interest earned on the investments and the costs of financing and economic hedges in place on these investments. In addition, the Company's investments in loans and securities are recorded at fair value with any periodic change in fair value recorded in the "Net unrealized gain/(loss)" line item on the consolidated statement of operations which is included in the "Other Income/(Loss)" line item below.

Arc Home Segment

The Arc Home segment includes the Company's equity method investment in AG Arc, which owns Arc Home. Effective August 1, 2025, the Company’s ownership interest in AG Arc’s earnings is 66.0%. For all prior periods, the Company’s ownership interest in AG Arc’s earnings was 44.6%. Refer to Note 10 to the to the "Notes to Consolidated Financial Statements (unaudited)" for additional information related to the Company's investment in AG Arc. Arc Home is a multi-channel licensed mortgage originator and servicer led by an external management team. Arc Home generates revenue primarily through originating and selling residential mortgage loans. In addition, Arc Home recognizes net servicing revenue from mortgage servicing rights as well as net interest income and net unrealized gains or losses from originated residential mortgage loans prior to sale. The Company elected the fair value option with respect to its investment in AG Arc. The net income/(loss) recognized within the Arc Home segment is recorded in the "Equity in earnings/(loss) from affiliates" line item on the consolidated statement of operations and includes any periodic changes in the fair value of the investment.

37

TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026
Reportable Segments

The following tables present the reportable operating segments related to the Company’s results of operations for the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended March 31, 2026
Loans and SecuritiesArc Home
(1) (2)		OtherTotal
Interest income$129,413 $— $395 $129,808 
Interest expense106,605 — 2,560 109,165 
Total Net Interest Income22,808 — (2,165)20,643 
Total Other Income/(Loss)(16,176)— — (16,176)
Management fee to affiliate— — 2,319 2,319 
Non-investment related expenses— — 2,656 2,656 
Investment related expenses4,298 — — 4,298 
Transaction related expenses374 — 200 574 
Total Expenses4,672 — 5,175 9,847 
Income/(loss) before equity in earnings/(loss) from affiliates1,960 — (7,340)(5,380)
Equity in earnings/(loss) from affiliates(312)2,312 — 2,000 
Income/(loss) before income taxes1,648 2,312 (7,340)(3,380)
Income tax expense182 — — 182 
Net Income/(Loss)1,466 2,312 (7,340)(3,562)
Dividends on preferred stock— — 5,153 5,153 
Net Income/(Loss) Available to Common Stockholders$1,466 $2,312 $(12,493)$(8,715)

Three Months Ended March 31, 2025
Loans and SecuritiesArc Home
(1) (2)		OtherTotal
Interest income$108,052 $— $1,078 $109,130 
Interest expense87,741 — 2,540 90,281 
Total Net Interest Income20,311 — (1,462)18,849 
Total Other Income/(Loss)1,549 — — 1,549 
Management fee to affiliate— — 2,327 2,327 
Non-investment related expenses— — 3,280 3,280 
Investment related expenses3,410 — — 3,410 
Transaction related expenses1,061 — — 1,061 
Total Expenses4,471 — 5,607 10,078 
Income/(loss) before equity in earnings/(loss) from affiliates17,389 — (7,069)10,320 
Equity in earnings/(loss) from affiliates(191)1,376 — 1,185 
Income/(loss) before income taxes17,198 1,376 (7,069)11,505 
Income tax expense28 — — 28 
Net Income/(Loss)17,170 1,376 (7,069)11,477 
Dividends on preferred stock— — 5,304 5,304 
Net Income/(Loss) Available to Common Stockholders$17,170 $1,376 $(12,373)$6,173 
(1)Net Income/(loss) recognized by AG Arc does not include the Company's portion of gains or losses recorded by Arc Home in connection with the sale of residential mortgage loans to the Company. Refer to Note 10 for more information on this accounting policy.
(2)During the three months ended March 31, 2026 and 2025, the Company recorded an unrealized gain/(loss) on its investment in AG Arc of $1.1 million and $1.4 million, respectively.
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TPG Mortgage Investment Trust Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2026

The following table presents the Company's assets, liabilities, and stockholders' equity by reportable segment as of March 31, 2026 and December 31, 2025, which reconciles to the total assets, liabilities, and stockholders' equity of the Company on a consolidated basis (in thousands).
Loans and SecuritiesArc HomeOtherTotal
March 31, 2026
Total Assets$8,184,568 $52,334 $51,413 $8,288,315 
Total Liabilities7,633,542 — 110,377 7,743,919 
Total Stockholders' Equity551,026 52,334 (58,964)544,396 
December 31, 2025
Total Assets$8,600,220 $50,016 $61,294 $8,711,530 
Total Liabilities8,039,534 — 111,262 8,150,796 
Total Stockholders' Equity560,686 50,016 (49,968)560,734 

14. Subsequent Events

The Company announced that on April 27, 2026, its Board of Directors declared second quarter 2026 preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock in the amount of $0.51563, $0.50 and $0.665952 per share, respectively. The dividends will be paid on June 17, 2026 to holders of record on May 29, 2026.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
In this quarterly report on Form 10-Q, or this "report," we refer to TPG Mortgage Investment Trust, Inc. and its wholly-owned subsidiaries as "we," "us," the "Company," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our external manager, AG REIT Management, LLC, as our "Manager," we refer to the direct parent company of our Manager, Angelo, Gordon & Co., L.P., as "TPG Angelo Gordon", and we refer to the parent company of TPG Angelo Gordon, TPG Inc., as “TPG.”
 
The following discussion contains forward looking statements and should be read in conjunction with our consolidated financial statements and the accompanying notes to our consolidated financial statements, which are included in Item 1 of this report, as well as the information contained in our Annual Report on Form 10-K for the year ended December 31, 2025, and any subsequent filings.

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Forward-Looking Statements
 
We make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in this report that are subject to substantial known and unknown risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, returns, results of operations, plans, yields, objectives, the composition of our portfolio, actions by governmental entities, including the Federal Reserve, and the potential effects of actual and proposed legislation on us, and our views on certain macroeconomic trends. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "remain," "intend," "should," "could," "will," "may" or similar expressions, we intend to identify forward-looking statements.

These forward-looking statements are based upon information presently available to our management and are inherently subjective, uncertain and subject to change. There can be no assurance that actual results will not differ materially from our expectations. Some, but not all, of the factors that might cause such a difference include, without limitation:

•the persistence of labor shortages, supply chain imbalances, changes in trade policies and tariffs, conflict involving the U.S. and the Middle East, the Russia-Ukraine conflict, inflation, and the potential for an economic recession and market disruptions;
•changes in our business and investment strategy;
•our ability to predict and control costs;
•changes in interest rates and the fair value of our assets, including negative changes resulting in margin calls relating to the financing of our assets;
•changes in the yield curve;
•changes in prepayment rates on the loans we own or that underlie our investment securities;
•regulatory and structural changes in the residential loan market and its impact on non-agency mortgage markets;
•increased rates of default or delinquencies and/or decreased recovery rates on our assets;
•our ability to obtain and maintain financing arrangements on terms favorable to us or at all;
•our ability to enter into, or refinance, securitization transactions on the terms and pace anticipated or at all;
•the degree to which our hedging strategies may or may not protect us from interest rate and credit risk volatility;
•changes in general economic conditions, in our industry and in the finance and real estate markets, including the impact on the value of our assets;
•conditions in the market for residential mortgage investments and Agency RMBS;
•conditions in the market for commercial investments, including the Company's ability to successfully realize the commercial investments acquired from Western Asset Mortgage Capital Corporation ("WMC") within the timeframe anticipated or at all;
•legislative and regulatory actions by the U.S. Congress, U.S. Department of the Treasury, the Federal Reserve and other agencies and instrumentalities;
•our ability to make distributions to our stockholders in the future;
•our ability to maintain our qualification as a REIT for federal tax purposes; and
•our ability to qualify for an exemption from registration under the Investment Company Act of 1940, as amended (the "Investment Company Act").

We caution investors not to rely unduly on any forward-looking statements, which speak only as of the date made, and urge you to carefully consider the risks noted above and identified under the captions "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice.

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First Quarter 2026 Executive Summary

Financial Highlights

•$9.97 Book Value per share;
•$(0.27) of Net Income/(Loss) Available to Common Stockholders per diluted common share and $0.26 of Earnings Available for Distribution ("EAD") per diluted common share;
◦Refer to the "Earnings Available for Distribution" section below for further details related to our reconciliation of Net Income/(Loss) Available to Common Stockholders to EAD;
•14.1x GAAP Leverage Ratio and 1.7x Economic Leverage Ratio; and
•$0.24 dividend per common share declared in the first quarter 2026;
◦Increased our quarterly dividend from $0.23 per common share in the fourth quarter 2025, which represented a 4.3% increase.

Investment Activity

•The table below summarizes the fair value of purchases and proceeds from sales of investments during the quarter ended March 31, 2026 (in thousands).
InvestmentPurchasesSales
Agency-Eligible Loans$486 $— 
Home Equity Loans86,383 49,375 
Non-Agency RMBS(1)
28,651 — 
Total$115,520 $49,375 
(1)During the quarter, we partnered with a third-party mortgage originator and executed a rated securitization collateralized by $504.5 million of Home Equity Loans. As the co-sponsor, we retained an "eligible vertical interest" to comply with risk retention rules which consists of retaining at least 5% of each class of securities issued in the securitizations. Upon evaluating our retained interest in the securitization trust, we determined we were not the primary beneficiary and, as a result, did not consolidate the securitization trust, which resulted in us recording an investment in Non-Agency RMBS.

Financing Activity

•Pledged Home Equity Loans with a fair value of $66.2 million and an unpaid principal balance of $63.7 million, in which we have no outstanding financing but have the ability to borrow at an advance rate of 87.5% of unpaid principal balance pledged as collateral. As of March 31, 2026, $50 million of this available financing is contractually committed; and
•In March 2026, the we extended the maturity of our financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026. All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance, which was $25.4 million as of March 31, 2026.

Our company
 
We are 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. Our objective is to provide attractive risk-adjusted returns to our stockholders over the long-term, primarily through dividends and capital appreciation.

We focus our investment activities primarily on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. We obtain our assets through Arc Home, LLC ("Arc Home"), our residential mortgage loan originator in which we own an approximate 66.0% interest as of March 31, 2026, and through other third-party origination partners. We finance our acquired loans through various financing lines on a short-term basis and utilize TPG's proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit. Through our ownership in Arc Home, we also have exposure to mortgage banking activities. Arc Home is a multi-channel licensed mortgage originator and servicer primarily engaged in the business of originating and selling residential mortgage loans while retaining the mortgage servicing rights associated with certain loans that it originates.

Our investment portfolio (which excludes our ownership in Arc Home) primarily includes Residential Investments and Agency RMBS. Currently, our Residential Investments primarily consist of Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans and Non-Agency RMBS collateralized by these loan types, which we refer to as our target assets. In addition, we may also invest in other types of residential mortgage loans and other mortgage related assets
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As of March 31, 2026, our investment portfolio consisted of the following Residential Investments and Agency RMBS: 
Asset ClassDescription
Residential Investments
Non-Agency Loans(1)
•Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise ("GSE"). Non-Agency Loans consist of Qualified mortgage loans ("QM Loans") and Non-Qualified mortgage loans ("Non-QM Loans") which are collateralized by a first lien mortgaged property. QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Financial Protection Bureau.
Agency-Eligible Loans(1)
•Agency-Eligible Loans are loans that are collateralized by a first lien mortgaged property and are primarily secured by investment properties. These loans are underwritten in accordance with GSE guidelines, but are not guaranteed by a GSE. Although these loans are underwritten in accordance with GSE guidelines and can be delivered to Fannie Mae and Freddie Mac, the Company includes these loans within its Non-Agency securitizations.
Home Equity Loans(1)
•Home Equity Loans consist of revolving lines of credit and closed-end loans secured primarily by second liens on residential mortgaged properties. These products provide borrowers with access to home equity without requiring the payoff of an existing mortgage. Revolving lines of credit generally feature an initial draw period of 3 to 5 years, after which the balances convert to 15- or 25-year amortizing loans. Closed-end home equity loans are primarily fixed-rate obligations where the full principal amount is funded at origination and repaid through a fully amortizing schedule with original terms to maturity ranging from 10 to 30 years.
Re- and Non-Performing Loans(1)
•Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property.
Non-Agency RMBS(2)
•Non-Agency Residential Mortgage-Backed Securities ("RMBS") represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. Non-Agency RMBS are primarily secured by Non-QM, Agency-Eligible, Home Equity, and Prime Jumbo Loans.
Agency RMBS(2)
•Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government such as Ginnie Mae.
(1)These investments are included in the "Securitized residential mortgage loans, at fair value" or "Residential mortgage loans, at fair value" line items on the consolidated balance sheets.
(2)These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets.

In addition, our investment portfolio includes commercial loans and commercial-mortgage backed securities ("CMBS") (collectively, the "Legacy WMC Commercial Investments") that were acquired in the WMC acquisition. The Legacy WMC commercial loans primarily include first lien commercial mortgage loan participations and are included in the "Commercial loans, at fair value" line item on the consolidated balance sheets. The Legacy WMC CMBS primarily include fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans, and are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets. We expect to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.

Our primary sources of income are net interest income from our investment portfolio, changes in the fair value of our investments or hedge portfolio, and income from our investment in Arc Home. Net interest income consists of the interest income we earn on investments less the interest expense we incur on borrowed funds, inclusive of our cost or benefit of hedging. Income from our investment in Arc Home is generated through its mortgage banking activities which represents the origination and subsequent sale of residential mortgage loans and servicing income sourced from its mortgage servicing rights.

We were incorporated in Maryland on March 1, 2011 and commenced operations in July 2011. We conduct our operations to qualify and be taxed as a REIT for U.S. federal income tax purposes. Accordingly, we generally will not be subject to U.S. federal income taxes on our taxable income that we distribute to our stockholders as long as we maintain our intended qualification as a REIT, with the exception of business conducted in our domestic taxable REIT subsidiaries ("TRSs") which are subject to corporate income tax. We also operate our business in a manner that permits us to maintain our exemption from registration under the Investment Company Act.

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Our Manager and TPG Angelo Gordon

We are externally managed by our Manager, AG REIT Management, LLC, an indirect subsidiary of TPG (NASDAQ: TPG), a leading global alternative asset management firm.

Pursuant to the terms of our management agreement, our Manager provides us with our management team, including our officers, along with appropriate support personnel. All of our officers are employees of TPG or its affiliates. We do not have any employees. Our Manager is at all times subject to the supervision and oversight of our Board of Directors and has only such functions and authority as our Board of Directors delegates to it. Our Manager has delegated to TPG Angelo Gordon, an affiliate of TPG, the overall responsibility of its day-to-day duties and obligations arising under our management agreement. TPG Angelo Gordon is the direct parent company of our Manager and is a registered investment adviser under the Investment Advisers Act of 1940, as amended.

Through our relationship with our Manager, we benefit from the expertise and relationships that TPG's Credit platform has established which provides us with resources to generate attractive risk-adjusted returns for our stockholders. Our management has significant experience in the mortgage industry and expertise in structured credit investments. We are able to leverage our Manager, along with our ownership interest in Arc Home, a vertically integrated origination platform, to access investment opportunities in the non-agency residential mortgage loan market. This strategic advantage has enabled us to grow our investment portfolio and remain active in the securitization markets, utilizing the TPG Credit platform's proprietary securitization platform to deliver non-agency investments to a diverse mix of investors.

Market Conditions

During the fourth quarter of 2025 and through January 2026, Federal Reserve Chair Jerome Powell adopted a cautious posture as the central bank balanced a softening labor market against persistent inflation. Although the unemployment rate reached 4.4% by year-end, core inflation remained sticky near 3.0%. In response, the FOMC delivered two 25 basis point cuts in October and December, bringing the target Fed Funds range to 3.50% to 3.75%. However, at the January 2026 meeting, the Committee elected to hold rates steady, with Chair Powell signaling a patient, "meeting-by-meeting" approach. Throughout the first quarter of 2026, this cautious outlook was reinforced by a significant shift in the geopolitical and inflationary landscape. While the labor market showed relative stability with the unemployment rate ticking down slightly to 4.3% in March, the emergence of a Middle East conflict in late February triggered a sharp spike in energy prices. This energy shock complicated the disinflation narrative, pushing headline personal consumption expenditure (PCE) expectations for the second quarter toward 3.7% and prompting the Federal Reserve to maintain its pause at the March Federal Open Market Committee meeting.

By April 2026, the "higher-for-longer" sentiment has intensified. The Treasury market, which had seen the yield spread between 2-year and 10-year U.S. Treasuries widen to 70 basis points in January, experienced a notable flattening in late March as front-end yields rose in response to diminishing rate-cut expectations. As of quarter end, the 10-year Treasury yield was 4.32%, while the spread to the 2-year compressed to approximately 51 basis points. Reflecting this upward pressure on long-term borrowing costs, the 30-year fixed mortgage rate edged back up to 6.4% to end the quarter, reversing the modest easing to start the year.

RMBS credit spreads were mixed in the first quarter of 2026. Senior and mezzanine Non-QM spreads widened by 10 to 20 basis points, while subordinate tranches were as much as 25 to 50 basis points wider owing to the broader risk-off sentiment experienced at the end of the quarter. Senior prime jumbo spreads were approximately 10 basis points tighter, and other investment grade prime jumbo spreads tightened roughly 15 to 20 basis points, with that tightening mostly occurring at the start of the quarter. Closed-end second lien spreads were a few basis points tighter higher in the capital structure while mezzanine tranches were flat to a few basis points wider.

During the first quarter, primary RMBS market activity rose to $63 billion, a 10% increase from prior quarter and a robust 39% annual increase. Based on the pace of activity in the first quarter, annual issuance would approximate $250 billion, exceeding the $210 billion issued in 2025, and representing the largest post-GFC vintage. For the first quarter, the most active sector was Non-QM at $28 billion, followed by Home Equity Loans at $14 billion and Prime/Agency-Eligible at $12 billion. In addition, this quarter’s annual growth was largely driven by Non-QM, a rise of $13 billion, and Home Equity Loans, a rise of approximately $8 billion. Non-QM comprised the bulk of the first quarter’s activity at 45% with Home Equity Loans and Prime/Agency-Eligible following at 22% and 19%, respectively. Residential transition loans, also known as fix-and-flip loans, comprised 3% of total issuance and CRT was approximately 4%. Other sectors such as Single-Family Rental and Re/Non-performing loans comprised the balance.

The S&P Cotality Case-Shiller U.S. National Home Price Index was 0.9% higher year-over-year in January 2026, the latest data available, about 1.5% lower than the peak established in June 2025. Regional price variations continued to exist, and on an
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annual basis, metros in the Northeast and Midwest continued to lead gains while regions in Southeast, Texas and the Mountain West have been weaker. New York City area home prices led annual gains, rising by 4.9% from January 2025 to January 2026, and Chicago followed nearby at 4.6%. Detroit rose by 4.1% and Cleveland 3.6% over the period. On the other hand, regions in California were mixed. Southern California metros were a little higher while San Francisco fell by 40 basis points. Denver was lower by 2% and Dallas by 1.5%. In the Southeast, Atlanta slightly declined while Miami decreased by 90 basis points, and Tampa was 2.5% lower compared to year-ago readings. Home price growth and available for-sale inventory have had a relatively strong inverse relationship as regions with inventory growth using 2019 as a baseline, have had weaker home price gains, and vice versa.

Prevailing mortgage rates spent most of the quarter in the 6% to 6.15% area before rising in the latter part of March and continued to rise in April, according to the Freddie Mac Primary Mortgage Market Survey. Mortgage rates in April have reverted and are more in-line with September 2025 levels. Conforming mortgage interest rate locks mirrored the Freddie Mac survey and were in the very low 6% area until rising to approximately 6.4% at the end of the first quarter and into the start of April. The rise in the mortgage rate on outstanding mortgage debt continued to decelerate with that rate increasing just 4 basis points to 4.24% as of the fourth quarter of 2025, the latest data available, roughly 200 to 225 basis points lower than prevailing mortgage rates. This rate is over 110 basis points higher than its low of 3.31% in the first quarter of 2022. While this suggests some thawing of the mortgage lock-in effect, or disincentive for existing homeowners to sell their homes because their current mortgage rate is well below current market rates, this rate is up only 21 basis points from the start of 2025, showing the stickiness of low-rate borrowers staying in place and reduced housing activity.

Total existing home inventory increased slightly in March 2026 to 1.36 million, the latest data available, roughly in-line with year-ago levels. Existing home inventory in 2025 ran at the highest levels since 2020, averaging 1.3 to 1.5 million for most of the year, however these levels hardly breach the typical inventory levels of 1.5 to 2 million units that prevailed from 2016 to 2019 and well below the range of 1.7 to 2.5 million units from 2000 to 2004, periods with a smaller count of U.S. households. When evaluating new listings, which are a timelier barometer of home sale activity, 944 thousand new listings came to market in the first quarter of 2026, in line with activity in the first quarter of 2024, however 6% below year-ago levels. By comparison, new listings in the first quarter averaged about 1.2 million over 2015 to 2022. Over the previous three years, this reduced level of activity produced an annual shortage of over 1 million new listings compared to annual activity in 2015 to 2019 as well as pandemic-affected 2020 to 2022, underscoring the limited supply theme.

Presentation of investment, financing and hedging activities
 
In the "Investment activities," "Financing activities," "Hedging activities," and "Liquidity and capital resources" sections of this Item 2, we present information on our investment portfolio and the related financing arrangements inclusive of unconsolidated ownership interests in affiliates that are accounted for under GAAP using the equity method. Our investment portfolio excludes our investment in Arc Home.
Our investment portfolio and the related financing arrangements are presented along with a reconciliation to GAAP. This presentation of our investment portfolio is consistent with how our management team evaluates the business, and we believe this presentation, when considered with the GAAP presentation, provides supplemental information useful for investors in evaluating our investment portfolio and financial condition. See Note 10 to the "Notes to Consolidated Financial Statements (unaudited)" for a discussion of investments in debt and equity of affiliates. See below for further terms used when describing our investment portfolio.

•Our "Investment portfolio" includes our Residential Investments, Agency RMBS, inclusive of TBAs, and Legacy WMC Commercial Investments.
•Our "Residential Investments" refer to our residential mortgage loans and Non-Agency RMBS.
◦"Residential mortgage loans" or "Loans" refer to our Non-Agency Loans, Agency-Eligible Loans, Home Equity Loans, and Re/Non-Performing Loans (exclusive of retained tranches from unconsolidated securitizations).
◦"Non-Agency RMBS" refer to the retained tranches from unconsolidated securitizations of Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, Prime Jumbo Loans, and Re/Non-Performing Loans issued either under the Gold Creek Asset Trust ("GCAT") shelf or from third-parties.
•"Real estate securities" refers to our Non-Agency RMBS and Agency RMBS, inclusive of TBAs, as well as Legacy WMC CMBS that were acquired in the WMC acquisition.
•Our "Legacy WMC Commercial Investments" refer to the commercial loans and CMBS that we acquired in the WMC acquisition. We expect to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.
•Our "GAAP Residential Investments" refer to our Residential Investments excluding investments held within affiliated entities.
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•Our "GAAP Investment portfolio" includes our GAAP Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments.

For a reconciliation of our Investment portfolio to our GAAP Investment portfolio, see the Investment Portfolio section below.

Book value per share

The below table details book value per common share (in thousands, except per share data). Per share amounts for book value are calculated using all outstanding common shares in accordance with GAAP as of period end.

March 31, 2026December 31, 2025
Stockholders’ Equity$544,396 $560,734 
Less: Liquidation preference of preferred stock(227,991)(227,991)
Book Value$316,405 $332,743 
Common shares outstanding31,735 31,744 
Book value per common share$9.97 $10.48 

Results of Operations
 
Our operating results can be affected by a number of factors and primarily depend on the size and composition of our investment portfolio, the level of our net interest income, the fair value of our assets and the supply of, and demand for, our investments in residential mortgage loans in the marketplace, among other things, which can be impacted by unanticipated credit events experienced by borrowers whose residential mortgage loans are included in our investment portfolio, such as defaults, liquidations or delinquencies, and other unanticipated events in our markets. Our primary source of net income or loss available to common stockholders is our net interest income, inclusive of our cost or benefit of hedging, which represents the difference between the interest earned on our investment portfolio and the costs of financing and economic hedges in place on our investment portfolio, as well as any income or losses from our equity investments in affiliates which includes operating income/(loss) from Arc Home.
 
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Three Months Ended March 31, 2026 compared to the Three Months Ended March 31, 2025

The table below presents certain information from our consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025Change
Statement of Operations Data:   
Net Interest Income   
Interest income$129,808 $109,130 $20,678 
Interest expense109,165 90,281 18,884 
Total Net Interest Income20,643 18,849 1,794 
Other Income/(Loss)  
Net interest component of interest rate swaps402 737 (335)
Net realized gain/(loss)(118)10 (128)
Net unrealized gain/(loss)(16,460)802 (17,262)
Total Other Income/(Loss)(16,176)1,549 (17,725)
Expenses  
Management fee to affiliate2,319 2,327 (8)
Non-investment related expenses2,656 3,280 (624)
Investment related expenses4,298 3,410 888 
Transaction related expenses574 1,061 (487)
Total Expenses9,847 10,078 (231)
Income/(loss) before equity in earnings/(loss) from affiliates(5,380)10,320 (15,700)
Equity in earnings/(loss) from affiliates2,000 1,185 815 
Income/(Loss) before Income Taxes(3,380)11,505 (14,885)
Income tax expense182 28 154 
Net Income/(Loss)(3,562)11,477 (15,039)
Dividends on preferred stock5,153 5,304 (151)
Net Income/(Loss) Available to Common Stockholders$(8,715)$6,173 $(14,888)

Interest income

Interest income is calculated using the effective interest method for our GAAP investment portfolio.
 
Interest income increased from the three months ended March 31, 2025 to the three months ended March 31, 2026 primarily due to a higher weighted average amortized cost of our GAAP investment portfolio as a result of purchases of residential mortgage loans and Non-Agency RMBS. The following table presents a summary of the weighted average amortized cost of and the weighted average yield on our GAAP investment portfolio ($ in millions).
Three Months Ended
March 31, 2026March 31, 2025Change
Weighted average amortized cost of our GAAP investment portfolio
$8,535 $7,197 $1,338 
Weighted average yield on our GAAP investment portfolio6.08 %6.07 %0.01 %

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Interest expense

Interest expense is inclusive of our financing cost related to our financing arrangements on our GAAP investment portfolio, securitized debt, and Senior Unsecured Notes.

Interest expense increased from the three months ended March 31, 2025 to the three months ended March 31, 2026 due to a higher weighted average GAAP financing balance outstanding resulting primarily from the issuance of securitized debt during the period. Additionally, there was an increase in the weighted average financing rate. The following table presents a summary of the weighted average financing balance and the weighted average financing rate on our GAAP investment portfolio ($ in millions).
Three Months Ended
March 31, 2026March 31, 2025Change
Weighted average GAAP financing balance
$8,063 $6,749 $1,314 
Weighted average financing rate on our GAAP investment portfolio5.42 %5.35 %0.07 %

Net interest component of interest rate swaps

Net interest component of interest rate swaps represents the net interest income received or expense paid on our interest rate swaps.
 
We recorded income on the net interest component of interest rate swaps during the three months ended March 31, 2026 and 2025 as a result of our swap portfolio being in a net receive position during each of the entire periods. The decrease in income from the three months ended March 31, 2025 to the three months ended March 31, 2026 was the result of a decrease in the weighted average receive rate. The following table presents a summary of the weighted average notional value and the weighted average (pay)/receive rate on our interest rate swap portfolio for the three months ended March 31, 2026 and 2025 ($ in millions).
Three Months Ended
March 31, 2026March 31, 2025Change
Net weighted average interest rate swap notional value
$370 $347 $23 
Net weighted average (pay)/receive rate
0.44 %0.85 %(0.41)%
    

Net realized gain/(loss)
 
The following table presents a summary of Net realized gain/(loss) for the three months ended March 31, 2026 and 2025 (in thousands). See Note 3, Note 4, and Note 7 to the “Notes to Consolidated Financial Statements (unaudited)” for additional information on realized gains/(losses).
Three Months Ended
 March 31, 2026March 31, 2025
Sales of residential mortgage loans and loans transferred to or sold from Other assets$(174)$(1,010)
Sales of real estate securities— 278 
Settlement of derivatives and other instruments56 742 
Total Net realized gain/(loss)$(118)$10 

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Net unrealized gain/(loss)

The following table presents a summary of Net unrealized gain/(loss) for the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
 March 31, 2026March 31, 2025
Residential mortgage loans$(79,721)$107,757 
Commercial loans(3,479)(1,771)
Real estate securities(3,225)1,242 
Securitized debt68,196 (100,022)
Other assets(89)— 
Derivatives1,858 (6,404)
Total Net unrealized gain/(loss)$(16,460)$802 

Management fee to affiliate
 
Our management fee is based upon a percentage of our Stockholders’ Equity. See the "Contractual obligations" section of this Item 2 for further detail on the calculation of our management fee and for the definition of Stockholders’ Equity.

Non-investment related expenses

The following table presents a summary of our non-investment related expenses for the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Affiliate reimbursement (1)$1,446 $1,839 
Professional fees353 456 
D&O insurance255 255 
Directors' fees and equity based compensation254 336 
Excise tax expense— 89 
Other348 305 
Total Non-investment related expenses$2,656 $3,280 
(1)We are required to reimburse our Manager or its affiliates for operating expenses incurred by our Manager or its affiliates on our behalf, including certain compensation expenses and other expenses relating to legal, accounting, and other services. See the "Contractual obligations" section of this Item 2 for further detail.

Investment related expenses

The following table presents a summary of our investment related expenses for the three months ended March 31, 2026 and 2025 (in thousands). These expenses increased from the three months ended March 31, 2025 to the three months ended March 31, 2026 primarily due to an increase in our GAAP residential mortgage loan portfolio.
Three Months Ended
March 31, 2026March 31, 2025
Affiliate reimbursement (1)$142 $200 
Servicing fees2,657 1,940 
Residential mortgage loan asset management fees527 581 
Trustee and bank fees651 584 
Other321 105 
Total Investment related expenses$4,298 $3,410 
(1)We are required to reimburse our Manager or its affiliates for operating expenses incurred by our Manager or its affiliates on our behalf associated with our investment portfolio.
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Transaction related expenses

Transaction related expenses generally includes expenses associated with purchasing and securitizing residential mortgage loans. However, during the three months ended March 31, 2026, the expenses primarily consisted of $0.2 million related to legacy WMC commercial loan expenses and $0.2 million related to expenses associated with our “at-the-market” equity offering program. During the three months ended March 31, 2025, the expenses were primarily related to the execution of one rated securitization.

Equity in earnings/(loss) from affiliates
 
Equity in earnings/(loss) from affiliates represents our share of earnings and profits of investments held within affiliated entities. Substantially all of these investments are comprised of real estate securities, loans, and our investment in AG Arc which holds our investment in Arc Home. The below tables summarize the components of the "Equity in earnings/(loss) from affiliates" line item on our consolidated statements of operations (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
MATT Non-QM Securities$(274)$(71)
Re/Non-Performing Securities(38)(120)
AG Arc (1)2,312 1,376 
Equity in earnings/(loss) from affiliates
$2,000 $1,185 
(1)Effective August 1, 2025, our allocation of AG Arc’s earnings is 66.0%. For all prior periods, our allocation of AG Arc’s earnings was 44.6%.
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The below table breaks out the components in the "Equity in earnings/(loss) from affiliates" line item on our consolidated statements of operations (in thousands).
Three Months Ended
March 31, 2026March 31, 2025
Interest income$368 $684 
Interest expense— 3 
Total Net Interest Income (1)368 681 
Net unrealized gain/(loss) (650)(831)
Other operating expenses (1)30 41 
Total MATT Non-QM Securities and Re/Non Performing Securities (2)(312)(191)
Net operating income/(loss) from AG Arc (1) (3)1,276 110 
Other income/(loss) from AG Arc (3)(89)(49)
Unrealized gain/(loss) on investment in AG Arc (4)1,131 1,403 
Elimination of gains on loans sold from AG Arc to MITT (1) (5)(6)(88)
Total AG Arc Earnings/(Loss)2,312 1,376 
Equity in earnings/(loss) from affiliates
$2,000 $1,185 
(1)Represents items included in Earnings Available for Distribution. Refer to the “Earnings Available for Distribution” section below for further detail.
(2)Primarily represents earnings/(loss) from our investment in MATT Non-QM Securities.
(3)Net operating income/(loss) from AG Arc represents income/(loss) related to Arc Home's lending and servicing operations, net of operating expenses and related current tax expense or benefit. Other income/(loss) from AG Arc represents realized and unrealized changes in the fair value of Arc Home's mortgage servicing rights, transaction related expenses, and other asset impairments, net of related tax expense or benefit.
(4)As of March 31, 2026, the fair value of our investment in Arc Home was calculated using a valuation multiple of 1.05x of book value which increased from 1.025x of book value as of December 31, 2025. As of March 31, 2025, the fair value of our investment in Arc Home was calculated using a valuation multiple of 1.00x of book value which increased from 0.95x of book value as of December 31, 2024.
(5)The earnings recognized by AG Arc do not include our portion of gains recorded by Arc Home in connection with the sale of residential mortgage loans to us. Refer to Note 10 to the "Notes to Consolidated Financial Statements (unaudited)" for more information on this accounting policy.

Income tax expense

Income tax expense for the three months ended March 31, 2026 relates to taxable income recognized on investments in residential mortgage loans held within our our taxable REIT subsidiary. During the three months ended March 31, 2025, income tax expense represented minimum state and local tax filing fees.

Dividends on Preferred Stock

Holders of our Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock are entitled to receive cumulative cash dividends at their respective rates per annum on the $25.00 per share liquidation preference for each series. Our Series A Preferred Stock and Series B Preferred Stock have fixed rates of 8.25% and 8.00%, respectively. The initial dividend rate for our Series C Preferred Stock, from issuance through September 16, 2024, was 8.000%. On and after September 17, 2024, dividends on the Series C Preferred Stock accumulate at an annual floating rate of three-month CME Term SOFR (plus a tenor spread adjustment of 0.26161%) plus a spread of 6.476%.

Earnings Available for Distribution

One of our objectives is to generate net income from net interest margin on our portfolio, and management uses EAD, as one of several metrics, to help measure our performance against this objective. Management believes that this non-GAAP measure, when considered with our GAAP financial statements, provides supplemental information useful for investors to help evaluate our financial performance. However, management also believes that our definition of EAD has important limitations as it does not include certain earnings or losses our management team considers in evaluating our financial performance. Our presentation of EAD may not be comparable to similarly-titled measures of other companies, who may use different calculations. This non-
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GAAP measure should not be considered a substitute for, or superior to, Net Income/(loss) available to common stockholders or Net income/(loss) per diluted common share calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.

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.

A reconciliation of "Net Income/(loss) available to common stockholders" to EAD for three months ended March 31, 2026 and 2025 is set forth below (in thousands, except per share data).
Three Months Ended
March 31, 2026March 31, 2025
Net Income/(loss) available to common stockholders$(8,715)$6,173 
Add (Deduct):
Net realized (gain)/loss118 (10)
Net unrealized (gain)/loss16,460 (802)
Transaction related expenses (1)656 1,144 
Equity in (earnings)/loss from affiliates(2,000)(1,185)
EAD from equity method investments (2)1,608 662 
Earnings available for distribution$8,127 $5,982 
Earnings available for distribution, per Diluted Share$0.26 $0.20 
(1)The following table presents additional detail related to transaction related expenses excluded from EAD (in thousands). The interest expense line item relates to the amortization of deferred financing costs and the income tax expense line item relates to taxes incurred on items excluded from EAD, as defined above.
Three Months Ended
Consolidated statements of operations line item:March 31, 2026March 31, 2025
Transaction related expenses$574 $1,061 
Interest expense7483 
Income tax expense8 — 
Transaction related expenses$656 $1,144 
(2)The following table presents additional detail related to EAD from equity method investments (in thousands). Refer to the “Equity in earnings/(loss) from affiliates” section within the “Results of Operations” above for additional detail.
Three Months Ended
March 31, 2026March 31, 2025
Net interest income $368 $681 
Other operating expenses(30)(41)
Net operating income/(loss) from AG Arc 1,276 110 
Elimination of gains on loans sold from AG Arc to MITT(6)(88)
EAD from equity method investments
$1,608 $662 

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Investment activities

Investment activities

We aim to allocate capital to investment opportunities with attractive risk/return profiles in our target asset classes. Our investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans. We finance our acquired loans through various financing lines on a short-term basis and securitize the loans to obtain long-term, non-recourse, non-mark-to-market financing as market conditions permit. We may also invest in Agency RMBS to utilize excess liquidity. Our investment and capital allocation decisions depend on prevailing market conditions and compliance with Investment Company Act and REIT tests, among other factors, and may change over time in response to opportunities available in different economic and capital market environments. As a result, in reacting to market conditions and taking into account a variety of other factors, including liquidity, duration, and interest rate expectations, the mix of our assets changes over time as we deploy capital. We actively evaluate our investments based on factors including, among others, the characteristics of the underlying collateral, geography, expected return, expected future prepayment trends, supply of and demand for our investments, costs of financing, costs of hedging, expected future interest rate volatility, and the overall shape of the U.S. Treasury and interest rate swap yield curves.

Net interest margin and leverage ratio

Net interest margin and leverage ratio are metrics that management believes should be considered when evaluating the performance of our investment portfolio. Net interest margin provides investors visibility into our profitability of interest income versus interest expense including the net effect of our interest rate swaps for insight into earnings available for distribution.

GAAP net interest margin and non-GAAP net interest margin, a non-GAAP financial measure, are calculated by subtracting the weighted average cost of funds from the weighted average yield for our GAAP investment portfolio and our investment portfolio, respectively. The weighted average yield represents an effective interest rate on our cost basis, which utilizes all estimates of future cash flows and adjusts for actual prepayment and cash flow activity as of quarter-end. The calculation of weighted average yield is weighted on amortized cost at quarter-end. The weighted average cost of funds is the sum of the weighted average funding costs on total financing arrangements outstanding at quarter-end, including all non-recourse financing arrangements, and our weighted average hedging cost or benefit, which is the weighted average of the net pay or receive rates on our interest rate swaps. GAAP and non-GAAP cost of funds are weighted by the outstanding financing arrangements on our GAAP investment portfolio and our investment portfolio, respectively, and the amortized cost of securitized debt and senior unsecured notes at quarter-end.

Our leverage ratio is determined by our portfolio mix as well as many additional factors, including the liquidity of our portfolio, the availability and price of our financing, the available capacity to finance our assets, and anticipated regulatory developments. See the "Financing activities" section below for more detail on our leverage ratio.
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Investment portfolio

The following table presents a summary of our Investment Portfolio, inclusive of net interest margin and leverage ratios, as of March 31, 2026 and a reconciliation of these metrics on our Investment Portfolio to their respective metrics on our GAAP Investment Portfolio ($ in thousands).
InvestmentSecuritized DebtCost of Funds (c)Allocated Equity (d)Net Interest Margin
InstrumentAmortized CostFair ValueYield (a)(b)Amortized CostFair ValueFinancing ArrangementsLeverage Ratio (e)
Residential Investments
Securitized Non-Agency Loans$6,787,729 $6,543,261 5.71 %$6,104,907 $5,922,951 $415,2775.34 %$205,033 0.37 %2.0x
Securitized Home Equity Loans856,797 864,198 7.40 %735,616 735,458 64,8265.57 %63,914 1.83 %1.0x
Securitized Re/Non-Performing Loans143,346 131,289 6.04 %94,781 91,299 27,1913.97 %12,799 2.07 %2.1x
Agency-Eligible Loans21,238 21,487 6.41 %— — 19,6725.38 %1,815 1.03 %10.8x
Home Equity Loans172,594 173,207 7.71 %— — 87,3435.92 %85,864 1.79 %1.0x
Non-Agency Loans34,247 32,893 4.81 %— — 27,2275.47 %5,666 (0.66)%4.8x
Residential Whole Loans342 937 NM— — —— %937 NMN/A
Non-Agency RMBS224,548 230,704 8.54 %— — 154,3664.48 %76,338 4.06 %1.9x
Total Residential Investments8,240,841 7,997,976 6.01 %6,935,304 6,749,708 795,9025.33 %452,366 0.68 %1.8x
Agency RMBS16,024 15,660 8.06 %— — 10,3974.29 %5,263 3.77 %2.0x
Legacy WMC Commercial Investments (f)
Commercial Loans (g)66,019 51,504 — %— — 25,3926.43 %26,112 (6.43)%1.0x
CMBS (h)46,866 42,250 16.66 %— — 18,5405.20 %23,710 11.46 %0.8x
Total Legacy WMC Commercial Investments112,885 93,754 6.92 %— — 43,9325.91 %49,822 1.01 %0.9x
Total Investment Portfolio$8,369,750 $8,107,390 6.03 %$6,935,304 $6,749,708 $850,2315.33 %$507,451 0.70 %1.6x
Cash and Cash Equivalents (i)49,307 3.53 %
Interest Rate Swaps (j)9,082 0.33 %
Arc Home52,334 
Senior Unsecured Notes(96,655)10.61 %
Non-Interest Earning Assets, net22,877 
Total Stockholders' Equity$544,396 1.7x
InvestmentSecuritized DebtCost of Funds (c)Allocated Equity (d)Net Interest Margin
Amortized CostFair ValueYield (a)(b)Amortized CostFair ValueFinancing ArrangementsLeverage Ratio (e)
Total Investment Portfolio$8,369,750 $8,107,390 6.03 %$6,935,304 $6,749,708 $850,231 5.33 %$507,451 0.70 %1.6x
Investments in Debt and Equity of Affiliates9,307 9,227 13.32 %— — — — %9,227 13.32 %N/A
GAAP Investment Portfolio$8,360,443 $8,098,163 6.02 %$6,935,304 $6,749,708 $850,231 5.33 %$498,224 0.69 %14.1x
NM - Not Meaningful
(a)Excludes any net TBA positions.
(b)The weighted average yields are calculated based on the amortized cost of the underlying loans and securities.
(c)The cost of funds related to the financing on our investment portfolio inclusive of the benefit of 0.02% from our interest rate hedges was 5.33%. When including our Senior Unsecured Notes, the total cost of funds was 5.40%.
(d)Allocated equity represents the investment fair value less the associated securitized debt at fair value and financing arrangements, where applicable.
(e)The leverage ratio on each asset class and on our investment portfolio represents Economic Leverage as defined below in the "Financing Activities" section and is calculated by dividing each investment type's total recourse financing arrangements less any cash posted as collateral by its equity invested inclusive of any cash collateral posted on financing arrangements. The Economic Leverage Ratio excludes any fully non-recourse financing arrangements and includes any net receivables or payables on TBAs. The leverage ratio on our GAAP Investment Portfolio represents GAAP leverage as defined below in the "Financing Activities" section.
(f)We expect to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.
(g)The Legacy WMC Commercial Loans are on non-accrual or cost-recovery status.
(h)There are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and a fair value of $5.1 million which are on non-accrual or cost recovery status.
(i)Cash and cash equivalents may include a portion of cash invested in money market funds. The net interest margin represents the interest earned on money market funds as of period end.
(j)Interest rate swaps represents the sum of the net fair value of interest rate swaps and the margin posted on interest rate swaps as of period end. Net interest margin on interest rate swaps represents the weighted average net receive/(pay) rate as of period end. The impact of the net interest component of interest rate swaps on the cost of funds is included within the respective investment portfolio asset line items.


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Securitized Non-Agency Loans and Home Equity Loans

As noted above, our investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans. Non-Agency VIEs are collateralized by Non-Agency and Agency-Eligible Loans. Home Equity VIEs are collateralized by revolving lines of credit and closed-end loans secured primarily by a second lien on a residential mortgaged property. Refer to Notes 2 and 3 to the “Notes to Consolidated Financial Statements (unaudited)” for additional information on the assets and liabilities of our consolidated Non-Agency VIEs and Home Equity VIEs.

In each securitization transaction, a pool of loans is transferred into a newly formed securitization trust. The securitization trust issues various classes of mortgage pass-through certificates backed by the cash flows from the underlying residential mortgage loans (the "Certificates"). When we sponsor a residential mortgage loan securitization, we are generally required to retain at least 5% of the fair value of the Certificates issued in the securitization ("Risk Retention Rules"). We can retain either an "eligible vertical interest" (which consists of at least 5% of each class of securities issued in the securitization), an "eligible horizontal residual interest" (which is the most subordinate class of securities with a fair value of at least 5% of the aggregate credit risk) or a combination of both totaling 5% (the "Required Credit Risk"). We typically sell the senior classes of Certificates to unrelated third parties. When we choose to retain an eligible horizontal residual interest, we generally purchase the most subordinated classes of Certificates and the excess cash flow Certificates. When we choose to retain an eligible vertical interest, we purchase a 5% interest in each class of Certificates issued. We also may purchase the Certificates entitled to excess servicing fees and other Certificates not required to meet Risk Retention Rules.

If we are determined to be the primary beneficiary of these securitization transactions, we consolidate the respective VIE created to facilitate the transaction and record "Securitized residential mortgage loans" and "Securitized debt" on the consolidated balance sheets in accordance with U.S. GAAP. However, our equity at risk represents certain Certificates from each securitization which we retain.

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The following table summarizes our Securitized residential mortgage loans and Securitized debt, as well as the economic interest on retained Certificates related to our Non-Agency VIEs and Home Equity VIEs as of March 31, 2026 (in thousands).
Non-Agency VIEsHome Equity VIEs
Unpaid Principal BalanceFair ValueUnpaid Principal BalanceFair Value
Securitized residential mortgage loans in VIEs$6,728,033 $6,543,261 $798,646 $864,198 
Securitized debt in VIEs (1)6,144,984 5,922,951 712,612 735,458 
Other assets (2)N/A2,839 N/A1,055 
Retained Certificates from VIEs (3)(4)(5)(6)$623,149 $129,795 
Retained interests in VIEsCurrent FaceFair ValueCurrent FaceFair Value
Senior Bonds$127,041 $129,089 $33,072 $33,133 
Mezzanine Bonds23,348 21,802 1,117 1,129 
Subordinate Bonds435,265 320,952 51,844 48,372 
Interest Only / Excess Servicing Bonds (1)(7)N/A151,306 N/A47,161 
Retained Certificates from VIEs (3)(4)(5)(6)$623,149 $129,795 
Financing arrangements on retained Certificates from VIEs415,277 64,826 
Retained Certificates from VIEs, net of financing arrangements$207,872 $64,969 
(1)Interest Only securities have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. The Securitized debt in the Non-Agency VIEs and Interest Only/Excess Servicing Bonds line items include interest only classes with a notional value of $3.5 billion and $10.8 billion, respectively. The Securitized debt in the Home Equity VIEs and Interest Only/Excess Servicing Bonds line items include interest only classes with a notional value of $265.1 million and $533.5 million, respectively.
(2)For Non-Agency VIEs, represents the fair value of real estate owned within the VIEs and cash held in reserve accounts. We record real estate owned at the lower of cost or fair value less estimated costs to sell. We recorded real estate owned within our Non-Agency VIEs at $2.8 million. For Home Equity VIEs, represents cash held in reserve accounts within the Home Equity VIEs and included within our restricted cash.
(3)Maximum loss exposure from our involvement with VIEs pertains to the fair value of the Certificates retained from the VIEs. We generally have no obligation to provide any other explicit or implicit support to the securitization trusts. Refer to Note 12 to the "Notes to Consolidated Financial Statements (unaudited)" for commitments related to the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund.
(4)Our equity at risk included bonds in our Non-Agency VIEs and Home Equity VIEs with a fair value of $398.6 million and $43.3 million, respectively, held in order to comply with Risk Retention Rules. We are generally required to hold the Required Credit Risk until the later of (i) the fifth anniversary of the securitization closing date and (ii) the date on which the aggregate unpaid principal balance of the mortgage loans has been reduced to 25% of the aggregate unpaid principal balance of the mortgage loans as of the securitization closing date, but no longer than the seventh anniversary of the closing date.
(5)A portion of our equity at risk includes bonds exposed to the first loss of the securitization in the Non-Agency VIEs and Home Equity VIEs with a fair value of $97.3 million and $47.2 million, respectively.
(6)Excludes net other asset/(liabilities) held within the Non-Agency VIEs and Home Equity VIEs of $7.4 million and $3.3 million, respectively.
(7)As the sponsor and depositor of each securitization, we may purchase all of the outstanding Certificates (an "Optional Redemption") following the earlier of (1) an applicable anniversary date (typically two or three years) of the respective securitization or (2) the date at which the unpaid principal balance of the applicable collateral has declined below a certain percentage (typically 10% to 30%) of the principal balance originally contributed to the securitization. As of March 31, 2026, there were 11 Non-Agency securitizations with an unpaid principal balance of $2.5 billion that met the criteria for an Optional Redemption.

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Securitized residential mortgage loans and Residential mortgage loans

The following table presents information regarding collateral characteristics of our residential mortgage loans as of March 31, 2026 ($ in thousands).
Unpaid Principal BalanceWeighted Average (1)(2)
Fair ValueLoan Count (1)Original LTV Ratio (3)Current FICO (4)CouponLife (Years) (5)
Securitized residential mortgage loans
Non-Agency Loans$6,728,033 $6,543,261 17,78770.85 %7625.84 %7.30
Home Equity Loans798,646 864,198 9,84965.68 %7479.80 %4.42
Re- and Non-Performing Loans152,632 131,289 1,05080.22 %6714.21 %5.19
Total Securitized residential mortgage loans$7,679,311 $7,538,748 28,686 70.50 %7586.22 %6.95
Residential mortgage loans
Agency-Eligible Loans$20,951 $21,487 3970.82 %7636.84 %4.42
Home Equity Loans166,703 173,207 1,67764.06 %7578.79 %4.91
Non-Agency Loans33,660 32,893 4976.67 %6366.12 %4.20
Re- and Non-Performing Loans (1)980 937 N/AN/AN/AN/A1.09
Total Residential mortgage loans$222,294 $228,524 1,765 66.62 %7398.20 %4.74
Total as of March 31, 2026
$7,901,605 $7,767,272 30,451 70.39 %7586.27 %6.89
(1)Loan count and weighted average excludes the Re- and Non-Performing Loans subcategory of Residential mortgage loans above as there may be limited data available regarding the underlying collateral of these residual positions.
(2)Amounts are weighted based on unpaid principal balance.
(3)Represents the original LTV or, for Re- and Non-Performing Loans and Non-Agency Loans acquired from WMC, the LTV at acquisition. For Home Equity Loans, represents the combined LTV, which considers the loan balances on a borrower’s first mortgage and related Home Equity Loan.
(4)Weighted average current FICO excludes borrowers where FICO scores were not available. Data is based on the latest available information.
(5)Weighted average life is based on projected life. Typically, actual maturities are shorter than stated contractual maturities. Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.

See Note 3 to the "Notes to Consolidated Financial Statements (unaudited)" for additional information on credit quality and a breakout of geographic concentration of credit risk within loans we include in the "Securitized residential mortgage loans, at fair value" and "Residential mortgage loans, at fair value" line items on our consolidated balance sheets.

Legacy WMC Commercial loans

As of March 31, 2026, the borrowers of the Legacy WMC Commercial loans were in maturity default. The lender parties (including us) are evaluating with the borrowers consensual sales of the underlying properties collateralizing the loans and/or transferring title of all or certain of the properties to the lender parties via a deed-in-lieu of foreclosure. See Note 3 to the "Notes to Consolidated Financial Statements (unaudited)" for information on the status of the Legacy WMC Commercial loans, as well as coupons, weighted average life, geographic concentration, collateral characteristics, LTV, and maturities of the loans we include in the "Commercial loans, at fair value" line item on our consolidated balance sheets.

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Non-Agency RMBS and Legacy WMC CMBS

The following table presents the fair value, coupon, and weighted average life of our Non-Agency RMBS and Legacy WMC CMBS portfolios as of March 31, 2026 ($ in thousands).
Weighted Average
InstrumentCurrent FaceFair ValueCoupon (1)Life (Years) (2)
Non-Agency RMBS by collateral type:
Non-QM Loans (3)$53,311 $55,690 1.73 %2.12
Agency-Eligible Loans (3)42,760 42,309 3.61 %6.39
Home Equity Loans (3)106,195 128,849 5.47 %5.25
Prime Jumbo Loans (3)4,281 3,309 4.44 %17.94
Re- and Non-Performing Loans (3)N/A547 — %3.04
Total Non-Agency RMBS$206,547 $230,704 3.18 %4.16
Legacy WMC CMBS
Single-Asset/Single-Borrower - Fixed Rate$48,498 $25,093 6.11 %1.80
Single-Asset/Single-Borrower - Floating Rate19,033 5,844 6.78 %0.53
Conduit - Fixed Rate15,042 11,313 4.20 %3.06
Legacy WMC CMBS (4)$82,573 $42,250 5.92 %1.74
Total Non-Agency RMBS and Legacy WMC CMBS$289,120 $272,954 3.66 %3.93
Less: Investments in Debt and Equity of Affiliates$4,497 $9,227 0.60 %1.72
Total GAAP Non-Agency RMBS and Legacy WMC CMBS $284,623 $263,727 4.64 %4.65
(1)Equity residual investments with a zero coupon rate are excluded from this calculation.
(2)Weighted average life is based on projected life. Typically, actual maturities are shorter than stated contractual maturities.
(3)Interest Only securities have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. The notional value of interest only classes included in the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Re- and Non-Performing Loans line items was $278.0 million, $37.8 million, $290.8 million, and $0.7 million, respectively.
(4)There are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and a fair value of $5.1 million which are on non-accrual or cost recovery status.

The following table presents the fair value of our Non-Agency RMBS and Legacy WMC CMBS by credit rating as of March 31, 2026 (in thousands).

Credit Rating (1)Non-Agency RMBSLegacy WMC CMBS
AAA$89,113 $— 
AA12,379 — 
A22,023 — 
BBB30,246 — 
BB12,283 6,155 
B9,243 1,151 
Below B— 34,887 
Not Rated55,417 57 
Total Non-Agency RMBS and Legacy WMC CMBS$230,704 $42,250 
Less: Investments in Debt and Equity of Affiliates$9,227 $— 
Total GAAP Non-Agency RMBS and Legacy WMC CMBS $221,477 $42,250 
(1)Represents the minimum rating for rated assets of S&P, Moody's, Morningstar, and Fitch credit ratings, stated in terms of the S&P equivalent.

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The following table presents the geographic concentration of the underlying collateral for our Non-Agency RMBS and Legacy WMC CMBS portfolios as of March 31, 2026 ($ in thousands).

Non-Agency RMBSLegacy WMC CMBS
Geographic LocationConcentrationFair ValueGeographic LocationConcentrationFair Value
California28.8 %$66,380 California40.9 %$17,297 
Florida10.0 %23,061 Minnesota24.7 %10,415 
New York6.0 %13,794 Texas8.9 %3,777 
Texas4.0 %9,144 New York7.1 %3,000 
Arizona3.5 %8,188 Pennsylvania4.8 %2,008 
Other47.7 %110,137 Other13.6 %5,753 
Total100.0 %$230,704 Total100.0 %$42,250 

Agency RMBS

Although our investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans, from time to time we invest excess liquidity into Agency RMBS. The following table presents the fair value, constant prepayment rate (“CPR”), coupon, and weighted average life experienced on our Agency RMBS portfolio as of March 31, 2026 ($ in thousands).
Weighted Average
 Fair ValueCPR (1)CouponLife (Years) (2)
Agency RMBS Interest Only$15,660 8.1 %4.54 %5.44
(1)Represents the weighted average monthly CPRs published during the period for our in-place portfolio.
(2)Weighted average life is based on projected life. Typically, actual maturities are shorter than stated contractual maturities.

Financing activities

We use leverage to finance the purchase of our investment portfolio. Our leverage has primarily been in the form of repurchase agreements and facilities used to finance residential mortgage loans (which we refer to collectively as financing arrangements). We also utilize securitized debt to finance our loan portfolio. In addition, we may obtain financing through the issuance of senior unsecured notes.

Financing Arrangements

Repurchase agreements involve the sale and a simultaneous agreement to repurchase the transferred assets or similar assets at a future date. The amount borrowed generally is equal to the fair value of the assets pledged less an agreed-upon discount, referred to as a "haircut." The size of the haircut reflects the perceived risk associated with the pledged asset. Haircuts may change as our financing arrangements mature or roll and are sensitive to governmental regulations. Interest rates for our financing arrangements are determined based on prevailing rates (typically a spread over a base rate) corresponding to the terms of the borrowings, and interest is paid on a monthly basis or, for shorter term arrangements, at the end of the term. Repurchase agreements typically have a term of up to one year for loans and a term of 30 to 90 days for securities. Repurchase agreements are generally mark-to-market with respect to margin calls and recourse to us. We also have certain financing arrangements collateralized by residential mortgage loans which are recourse to us, but are not subject to mark-to-market margin calls. We had outstanding financing arrangements with six counterparties as of March 31, 2026.
 
Our financing arrangements generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions. Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers. In addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders. To the extent that we fail to comply with the covenants contained in these financing arrangements or are otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the associated agreement. As of March 31, 2026, we are in compliance with all of our financial covenants.

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Securitized Debt

As explained in the “Investment Activities” section above, our investment strategy focuses on acquiring and securitizing newly originated residential mortgage loans. In each securitization transaction, a pool of loans is transferred into a newly formed securitization trust. This trust issues Certificates, and we typically sell the senior classes of these Certificates to unrelated third parties. We record “Securitized debt" on our consolidated balance sheet in accordance with U.S. GAAP when we determine that we are the primary beneficiary of the securitization transaction. The proceeds from securitization transactions are used to repay any outstanding financing arrangements initially employed to acquire newly originated residential mortgage loans, replacing recourse financing with mark-to-market margin calls with securitized debt. Securitized debt is generally long-term in nature, non-recourse to us and is not subject to mark-to-market margin calls. Additionally, generally the holders of the securitized debt have no recourse to the general credit of the Company and we have no obligation to provide any other explicit or implicit support to the securitization trusts.

Senior Unsecured Notes

During 2024, we issued senior unsecured notes which consist of $34.5 million principal amount 9.500% Senior Notes due February 2029 and $65.0 million principal amount 9.500% Senior Notes due May 2029. See Note 6 to the "Notes to Consolidated Financial Statements (unaudited)" for additional information on the Senior Unsecured Notes.

Leverage

We use leverage to increase potential returns to our stockholders. Our financing strategy is designed to increase the size of our investment portfolio by borrowing against the fair value of the assets in our portfolio. As discussed above, financing arrangements are generally recourse to the Company whereas securitized debt used to finance our Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs is generally non-recourse to the Company. In addition to disclosing GAAP leverage, we also disclose Economic Leverage, which excludes non-recourse financing. Management believes that this non-GAAP measure, when considered with our GAAP financial statements, provides supplemental information useful for investors to help evaluate our use of leverage and the related risk associated with our leverage profile. Our presentation of Economic Leverage may not be comparable to similarly-titled measures of other companies, who may use different calculations. This non-GAAP measure should not be considered a substitute for, or superior to, GAAP leverage calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.

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 metric, 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.

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

March 31, 2026LeverageStockholders’ EquityLeverage Ratio
Securitized debt, at fair value (1)$6,749,708 
Financing arrangements (2)850,231 
Senior Unsecured Notes (2)96,655 
Restricted cash posted on financing arrangements(7,964)
Payable on unsettled trades133 
GAAP Leverage$7,688,763 $544,396 14.1x
Non-recourse financing arrangements (1)(6,749,708)
Economic Leverage$939,055 $544,396 1.7x
(1) Securitized debt, at fair value is non-recourse to the Company.
(2) Financing arrangements and senior unsecured notes are recourse to the Company.

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Hedging activities
 
Subject to maintaining our qualification as a REIT and our Investment Company Act exemption, to the extent leverage is deployed, we may utilize derivative instruments in an effort to hedge the interest rate risk associated with the financing of our portfolio. Specifically, we may seek to hedge our exposure to potential interest rate mismatches between the interest we earn on our investments and our borrowing costs caused by fluctuations in short-term interest rates. We may utilize interest rate swaps, swaption agreements, and other financial instruments such as short positions in to-be-announced securities. In utilizing leverage and interest rate derivatives, our objectives are to improve risk-adjusted returns and, where possible, to lock in, on a long-term basis, a spread between the yield on our assets and the costs of our financing and hedging. Derivatives have not been designated as hedging instruments for GAAP. See Note 7 in the "Notes to Consolidated Financial Statements (unaudited)" for more information.

Dividends

Federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT ordinary taxable income, without regard to the deduction for dividends paid and excluding net capital gains and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Before we pay any dividend, whether for U.S. federal income tax purposes or otherwise, we must first meet both our operating requirements and debt service on our financing arrangements and other debt payable. If our cash available for distribution is less than our net taxable income, we could be required to sell assets or borrow funds to make required cash distributions or we may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities.
 
As described above, our distribution requirements are based on taxable income rather than GAAP net income. Differences between taxable income and GAAP net income include (i) unrealized gains and losses associated with investment and derivative portfolios which are marked-to-market in current income for GAAP purposes, but excluded from taxable income until realized or settled, (ii) temporary differences related to amortization of premiums and discounts paid on investments, (iii) the timing and amount of deductions related to stock-based compensation, (iv) temporary differences related to the recognition of realized gains and losses on sold investments and certain terminated derivatives, (v) taxes, and (vi) differences between GAAP income or losses in our TRSs and taxable income resulting from dividend distributions to the REIT from our TRSs. Undistributed taxable income is based on current estimates and is not finalized until we file our annual tax return for that tax year, typically in October of the following year. As of December 31, 2025, we had estimated undistributed taxable income of approximately $0.12 per common share.

During the three months ended March 31, 2026, the Company declared common stock dividends of $0.24 per share. During the same period, the Company declared and paid preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock of $0.51563, $0.50, and $0.652391 per share, respectively.

Liquidity and capital resources
 
Our liquidity determines our ability to meet our cash obligations, including distributions to our stockholders, payment of our expenses, financing our investments and satisfying other general business needs.

Our principal sources of cash consist of borrowings under securitized debt and financing arrangements, principal and interest payments we receive on our investment portfolio, cash generated from our operating results, proceeds from the sale of investments, and proceeds from capital market transactions. We typically use cash to repay principal and interest on our securitized debt, financing arrangements and senior unsecured notes, to purchase loans, real estate securities, and other real estate related assets, to make dividend payments on our capital stock, to repurchase our capital stock, and to fund our operations. We may also generate liquidity when restricted cash that was pledged as collateral for clearing and executing trades, derivatives, and financing arrangements becomes unrestricted when the related collateral requirements are exceeded or at the maturity of the derivative or financing arrangement. Refer to "—Margin requirements" below discussing instances where we may use liquidity to meet margin requirements. As of March 31, 2026, we pledged Home Equity Loans with a fair value of $66.2 million and an unpaid principal balance of $63.7 million, in which we have no outstanding financing but have the ability to borrow at an advance rate of 87.5% of unpaid principal balance pledged as collateral. Of this available financing, $50.0 million is contractually committed. At March 31, 2026, we had $100.0 million of liquidity, which consisted of $49.3 million of cash and cash equivalents, $50.0 million of available committed financing on certain Home Equity Loans, and $0.7 million of unencumbered Agency RMBS available to support our liquidity needs.

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Margin requirements
 
The fair value of our loans and real estate securities fluctuate according to market conditions. When the fair value of the assets pledged as collateral to secure a financing arrangement decreases to the point where the difference between the collateral fair value and the financing arrangement amount is less than the haircut, our lenders may issue a "margin call," which requires us to post additional collateral to the lender in the form of additional assets or cash. Under our repurchase facilities, our lenders have full discretion to determine the fair value of the securities we pledge to them. Our lenders typically value assets based on recent transactions in the market. Lenders also issue margin calls as the published current principal balance factors change on the pool of mortgages underlying the securities pledged as collateral when scheduled and unscheduled paydowns are announced monthly. We experience margin calls in the ordinary course of our business. In addition to our cash and cash equivalents, we may hold unpledged Agency RMBS and maintain available committed financing on certain residential mortgage loans to effectively manage the margin requirements established by our lenders. We refer to this position as our "liquidity." The level of liquidity we maintain to meet margin calls is directly affected by our leverage levels, our haircuts and the price changes on our assets. Typically, if interest rates increase or if credit spreads widen, then the prices of our collateral (and our unpledged Agency RMBS that constitute a portion of our liquidity) will decline, we will experience margin calls, and we will need to use our liquidity to meet the margin calls. There can be no assurance that we will maintain sufficient levels of liquidity to meet any margin calls. If our haircuts on existing financing arrangements increase, our liquidity will proportionately decrease. We intend to maintain a level of liquidity in relation to our borrowings that enables us to meet reasonably anticipated margin calls but that also allows us to be substantially invested in the residential mortgage market. We may misjudge the appropriate amount of our liquidity by maintaining excessive liquidity, which would lower our investment returns, or by maintaining insufficient liquidity, which may force us to liquidate assets into potentially unfavorable market conditions and harm our results of operations and financial condition.

Similar to the margin calls that we receive on our borrowing agreements, we may also receive margin calls on our derivative instruments when their fair value declines. This typically occurs when prevailing market rates change adversely, with the severity of the change also dependent on the terms of the derivatives involved. We may also receive margin calls on our derivatives based on the implied volatility of interest rates. Our posting of collateral with our counterparties can be done in cash or assets, and is generally bilateral, which means that if the fair value of our interest rate hedges increases, our counterparty will be required to post collateral with us. Refer to the "Liquidity risk – derivatives" section of Item 3 below for a further discussion on margin.

Cash flows

The below details changes to our cash, cash equivalents, and restricted cash for the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
March 31, 2026March 31, 2025Change
Cash and cash equivalents and restricted cash, Beginning of Period$76,321 $138,568 $(62,247)
Net cash provided by (used in) operating activities (1)20,341 11,997 8,344 
Net cash provided by (used in) investing activities (2)326,897 (314,725)641,622 
Net cash provided by (used in) financing activities (3)(355,837)293,377 (649,214)
Net change in cash and cash equivalents and restricted cash(8,599)(9,351)752 
Cash and cash equivalents and restricted cash, End of Period$67,722 $129,217 $(61,495)
(1)Cash provided by operating activities is primarily attributable to net interest income less operating expenses for the three months ended March 31, 2026.
(2)Cash provided by investing activities for the three months ended March 31, 2026 was primarily attributable to principal repayments on our investment portfolio and proceeds from the sale of certain investments, offset by purchases of residential mortgage loans and real estate securities.
(3)Cash used in financing activities for the three months ended March 31, 2026 was primarily attributable to principal repayments on securitized debt and dividend payments, offset by net borrowing of repurchase agreements.

Stock repurchase programs

On August 3, 2022, our Board of Directors authorized a stock repurchase program (the "2022 Repurchase Program") to repurchase up to $15.0 million of our outstanding common stock. The 2022 Repurchase Program does not have an expiration
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date and permits us to repurchase our shares through various methods, including open market repurchases, privately negotiated block transactions and Rule 10b5-1 plans. We may repurchase shares of our common stock from time to time in compliance with SEC regulations and other legal requirements. The extent to which we repurchase our shares, and the timing, manner, price, and amount of any such repurchases, will depend upon a variety of factors including market conditions and other corporate considerations as determined by management, as well as the limits of the 2022 Repurchase Program and our liquidity and business strategy. The 2022 Repurchase Program does not obligate us to acquire any particular amount of shares and may be modified or discontinued at any time. As of the date of this filing, approximately $1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program. There were no shares repurchased during the three months ended March 31, 2026 and 2024.

On May 4, 2023, our Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $15.0 million of our outstanding common stock on substantially the same terms as the 2022 Repurchase Program. As of the date of this filing, the full $15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program. This authorization is in addition to the amount remaining under the 2022 Repurchase Program.

On February 22, 2021, our Board of Directors authorized a stock repurchase program (the "Preferred Repurchase Program") pursuant to which our Board of Directors granted a repurchase authorization to acquire shares of our Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock having an aggregate value of up to $20.0 million. No share repurchases under the Preferred Repurchase Program have been made since its authorization.

Shares of stock repurchased by us under any repurchase program, if any, will be cancelled and, until reissued by us, will be deemed to be authorized but unissued shares of our stock as required by Maryland law. The cost of the acquisition by us of shares of our own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings.

Equity distribution agreements

On November 6, 2024, we entered into separate equity distribution agreements (the "2024 Equity Distribution Agreements") with each of BTIG, LLC, JonesTrading Institutional Services LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. (collectively, the "2024 Sales Agents"), pursuant to which we may sell up to $75.0 million aggregate offering price of shares of our common stock from time to time through an "at-the-market" equity offering program under which the 2024 Sales Agents will act as sales agent. We did not issue any shares of common stock under the 2024 Equity Distribution Agreements during the three months ended March 31, 2026 and 2025.

Acquisition of additional interest in AG Arc

On August 1, 2025, in connection with the acquisition of an additional 21.4% interest in AG Arc LLC (“AG Arc”), we issued 2,027,676 restricted shares of common stock (the “Holder Shares”) to certain funds managed by an affiliate of TPG (the “Holders”) as consideration. Refer to Note 10 of the "Notes to Consolidated Financial Statements (unaudited)" for additional information. Pursuant to the registration rights agreement we entered into with the Holders, in August 2025, we filed a resale shelf registration statement on Form S-3 registering the resale of all the Holder Shares (the “Resale Shelf”), which was declared effective by the Securities and Exchange Commission in August 2025. As March 31, 2026, the Holders no longer hold any shares of our common stock.

Forward-looking statements regarding liquidity
 
Based upon our current portfolio, leverage and available borrowing arrangements, we believe the net proceeds of our common equity offerings, preferred equity offerings, senior unsecured note issuances, and private placements, combined with cash flow from operating activities, financing activities, and our available borrowing capacity will be sufficient to enable us to meet our anticipated liquidity requirements, including funding our investment activities, paying fees under our management agreement, funding our distributions to stockholders, funding financing maturities, and paying general corporate expenses.
 
Contractual obligations
 
Management agreement
 
The management agreement, as amended, provides for payment to the Manager of a management fee, an incentive fee, and reimbursements of certain expenses incurred by the Manager or its affiliates on behalf of us.
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Management fee

The management fee is calculated and payable quarterly in arrears in an amount equal to 1.50% of our Stockholders’ Equity, per annum. For purposes of calculating the management fee, "Stockholders’ Equity" means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus our retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items described below incurred in current or prior periods), less any amount that we pay for repurchases of our common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in our financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and our independent directors and after approval by a majority of our independent directors. Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on our financial statements. The below table details the management fees incurred during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
Consolidated statements of operations line item:March 31, 2026March 31, 2025
Management fee to affiliate$2,319 $2,327 

As of March 31, 2026 and December 31, 2025, we recorded management fees payable of $2.3 million and $2.3 million, respectively. The management fee payable is included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.
 
Incentive fee

The Manager is entitled to an annual incentive fee with respect to each applicable fiscal year, which will be equal to 15% of the amount by which our cumulative adjusted net income from November 22, 2021 exceeds the cumulative hurdle amount, which represents an 8% return (cumulative, but not compounding) on an equity hurdle base consisting of the sum of (i) $341.5 million and (ii) the gross proceeds of any subsequent public or private common stock offerings by us. The annual incentive fee will be payable in cash, or, at the option of our Board of Directors, shares of common stock or a combination of cash and shares.

During the three months ended March 31, 2026 and 2025, we did not incur any incentive fee expense.

Termination fee
 
Upon the occurrence of (i) our termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach by the Company of any material term of the management agreement, the Manager will be entitled to a termination fee equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of March 31, 2026 and December 31, 2025, no event of termination of the management agreement had occurred.

Expense reimbursement

Our Manager uses the proceeds from its management fee in part to pay compensation to its officers and personnel, who, notwithstanding that certain of them also are our officers, receive no compensation directly from us. We are required to reimburse our Manager or its affiliates for operating expenses incurred by our Manager or its affiliates on our behalf, including certain salary expenses and other expenses relating to legal, accounting, due diligence and other services. Our reimbursement obligation is not subject to any dollar limitation; however, reimbursements are subject to an annual budget process which combines guidelines from the management agreement with oversight by our Board of Directors and discussions with our Manager.

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The below table details the expense reimbursement incurred during the three months ended March 31, 2026 and 2025 (in thousands).
Three Months Ended
Consolidated statements of operations line item:March 31, 2026March 31, 2025
Non-investment related expenses
$1,446 $1,839 
Investment related expenses
142 200 
Transaction related expenses75260 
Expense reimbursements to Manager or its affiliates$1,663 $2,299 

As of March 31, 2026 and December 31, 2025, we recorded a reimbursement payable to our Manager or its affiliates of $1.3 million and $2.1 million, respectively The reimbursement payable to the Manager or its affiliates is included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.

Equity Incentive Plans

On May 5, 2025, following approval by stockholders at our annual stockholders meeting, our 2025 Equity Incentive Plan (the “2025 Equity Incentive Plan”) became effective. The maximum number of shares of our common stock that could be issued under the 2025 Equity Incentive Plan was 800,000 shares of common stock, plus 220,781 shares of common stock (which reflects the number of shares that remained available for issuance under the equity incentive plan approved in 2020 (the “2020 Equity Incentive Plan”) as of May 4, 2025), plus 86,666 shares of common stock that remained subject to outstanding awards under the 2020 Equity Incentive Plan but only to the extent that such shares become forfeited or otherwise lapse. As a result of the adoption of the 2025 Equity Incentive Plan, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).

Since inception of the 2025 Equity Incentive Plan and through March 31, 2026, we have granted an aggregate 35,586 shares of restricted common stock and 1,278 dividend equivalent units to our independent directors, all of which have vested. As of March 31, 2026, there were 983,917 remaining shares available to be issued under the 2025 Equity Incentive Plan.

As of March 31, 2026, we have 12,981 restricted stock units and 3,327 associated dividend equivalent units outstanding, all of which are fully vested and held by one of our independent directors. These units will be settled on a one-for-one basis in shares of our common stock upon the director's separation from service with us.

Manager Equity Incentive Plans

The AG Mortgage Investment Trust, Inc. 2021 Manager Equity Incentive Plan (the "2021 Manager Plan"), which became effective on April 7, 2021 following the approval of our stockholders at our 2021 annual meeting of stockholders, provides for a maximum of 573,425 shares of common stock that may be subject to awards thereunder to our Manager. As of March 31, 2026, there were no shares or awards issued under the 2021 Manager Plan. Following the execution of the Third Amendment to our management agreement in November 2021 related to the incentive fee, our compensation committee no longer expects to continue its historical practice of making periodic equity grants to the Manager pursuant to the 2021 Manager Plan.

Unfunded commitments

See Note 12 of the "Notes to Consolidated Financial Statements (unaudited)" for detail on our commitments as of March 31, 2026.

Off-balance sheet arrangements

Our investments in debt and equity of affiliates primarily consist of real estate securities and our interest in AG Arc. Investments in debt and equity of affiliates are accounted for using the equity method of accounting. Certain of our investments in debt and equity of affiliates securitize residential mortgage loans and retain interests in the subordinated tranches of the transferred assets. These retained interests are included in the MATT Non-QM Securities and Re/Non-Performing Securities line items of our investment portfolio. See Note 10 to the "Notes to Consolidated Financial Statements (unaudited)" for a discussion of investments in debt and equity of affiliates.

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We record TBA purchases and sales on the trade date and present the purchase or receipt net of the corresponding payable or receivable until the settlement date of the transaction. Refer to Note 7 to the "Notes to Consolidated Financial Statements (unaudited)" for additional detail on TBAs as of March 31, 2026, if applicable.

For additional information on our commitments as of March 31, 2026, refer to Note 12 of the "Notes to Consolidated Financial Statements (unaudited)." We do not expect these commitments, taken as a whole, to be significant to, or to have a material impact on, our overall liquidity or capital resources or our operations.

Critical accounting policies and estimates
 
We prepare our consolidated financial statements in conformity with GAAP, which requires the use of estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of income and expenses during the reporting period. These estimates are based, in part, on our judgment and assumptions regarding various economic conditions that we believe are reasonable based on facts and circumstances existing at the time of reporting. We believe that the estimates, judgments and assumptions utilized in the preparation of our consolidated financial statements are prudent and reasonable. Although our estimates contemplate conditions as of March 31, 2026 and how we expect them to change in the future, it is reasonably possible that actual conditions could be different than anticipated in arriving at those estimates, which could materially affect reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the periods presented.

Our most critical accounting policies include (i) Valuation of financial instruments, (ii) Accounting for loans, (iii) Accounting for real estate securities, (iv) Interest income recognition, (v) Financing arrangements, and (vi) Investment consolidation. Our critical accounting estimates are those which require assumptions to be made about matters that are highly uncertain and include (i), (iv), and (vi) above. A discussion of critical accounting policies and estimates is included in our Form 10-K. Our critical accounting policies and estimates have not materially changed since December 31, 2025.

REIT Qualification

We have elected to be treated as a REIT under Sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the "Code"). Our qualification as a REIT depends upon our ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Code relating to, among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the diversity of ownership of our shares. We believe that we are organized in conformity with the requirements for qualification and taxation as a REIT under the Code, and that our manner of operation enables us to meet the requirements for qualification and taxation as a REIT.

We generally need to distribute at least 90% of our ordinary taxable income each year (subject to certain adjustments) to our stockholders in order to qualify as a REIT under the Code. Our ability to make distributions to our stockholders depends, in part, upon the performance of our investment portfolio.

As a REIT, we generally are not subject to U.S. federal income tax on our REIT taxable income that we distribute currently to our stockholders. If we fail to qualify as a REIT in any taxable year and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal income tax at regular corporate rates and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year during which we lost our REIT qualification. Accordingly, our failure to qualify as a REIT could have a material adverse impact on our results of operations and our ability to pay distributions, if any, to our stockholders. Even if we qualify for taxation as a REIT, we may be subject to some U.S. federal, state and local taxes on our income or property. In addition, any income earned by a domestic taxable REIT subsidiary, or TRS, will be subject to corporate income taxation.

Investment Company Act Exemption
 
We conduct our business so as to maintain our exempt status under, and not to become regulated as an investment company for purposes of, the Investment Company Act. Under Section 3(a)(1)(A) of the Investment Company Act, a company is an investment company if it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities. Under Section 3(a)(1)(C) of the Investment Company Act, a company is deemed to be an investment company if it is engaged, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire "investment securities" having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis (the "40% Test"). "Investment securities" do not include, among other things, U.S. government securities, and securities issued by majority-owned subsidiaries
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that (i) are not investment companies and (ii) are not relying on the exceptions from the definition of investment company provided by Section 3(c)(1) or 3(c)(7) of the Investment Company Act (the so called "private investment company" exemptions).

We conduct our operations such that we will not be considered an investment company under Section 3(a)(1) of the Investment Company Act by complying with the 40% Test and not engaging primarily (or holding ourselves out as being engaged primarily) in the business of investing, reinvesting, or trading in securities. Rather, through wholly-owned or majority-owned subsidiaries, we are primarily engaged in the non-investment company businesses of these subsidiaries, namely the real estate finance business of purchasing or otherwise acquiring mortgage loans and other interests in real estate.

We currently have several subsidiaries that rely on the exclusion provided by Section 3(c)(7) of the Investment Company Act, each a "3(c)(7) subsidiary." In addition, we currently have several subsidiaries that rely on the exclusion provided by Section 3(c)(5)(C) of the Investment Company Act, each a "3(c)(5)(C) subsidiary."

While investments in 3(c)(7) subsidiaries are considered investment securities for the purposes of the 40% Test, investments in 3(c)(5)(C) subsidiaries are not considered investment securities for the purposes of the 40% Test, nor are investments in subsidiaries that rely on the exclusion provided by Section 3(a)(1)(C). Therefore, our investments in 3(c)(7) subsidiaries and other investment securities cannot exceed 40% of the value of our total assets (excluding U.S. government securities and cash) on an unconsolidated basis.

Section 3(c)(5)(C) of the Investment Company Act exempts from the definition of "investment company" entities primarily engaged in the business of purchasing or otherwise acquiring mortgages and other liens on and interests in real estate. The SEC staff generally requires an entity relying on Section 3(c)(5)(C) to invest at least 55% of its portfolio in "qualifying assets" and at least another 25% in additional qualifying assets or in "real estate-related assets" (with no more than 20% comprised of miscellaneous assets). Both the 40% Test and the requirements of the Section 3(c)(5)(C) exclusion limit the types of businesses in which we may engage and the types of assets we may hold, as well as the timing of sales and purchases of assets. For example, these restrictions limit our and our 3(c)(5)(C) subsidiaries’ ability to invest directly in Agency RMBS that represent less than the entire ownership in a pool of mortgage loans or debt and equity tranches of Non-Agency RMBS (in each case to the extent such interest are not retained interest in securitizations consisting of mortgage loans that were owned by us and such securitizations were not sponsored by us in order to obtain financing to acquire additional mortgage loans), certain real estate companies and assets not related to real estate.
 
The determination that we qualify for this exemption from being regulated as an investment company depends on various factual matters and circumstances. We closely monitor our holdings to ensure continuing and ongoing compliance with these tests. If we failed to comply with the 40% Test or another exemption under the Investment Company Act and became regulated as an investment company, our ability to, among other things, use leverage would be substantially reduced and, as a result, we would be unable to conduct our business as described in this report.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The primary components of our market risk relate to interest rates, liquidity, real estate, credit, prepayment rates, basis, and capital markets risk. While we do not seek to avoid risk completely, we seek to assume risk that can be reasonably quantified from historical experience and to actively manage that risk, to earn sufficient returns to justify taking those risks and to maintain capital levels consistent with the risks we undertake. Many of these risks have become particularly heightened due to sustained inflation, rising mortgage rates, the Federal Reserve's monetary policy actions, and market uncertainty from geopolitical risks.
 
Interest rate risk
 
Interest rate risk is highly sensitive to many factors, including governmental monetary, fiscal and tax policies, domestic and international economic and political considerations and other factors beyond our control. We are subject to interest rate risk in connection with both our investments and the financing under our financing arrangements. We generally seek to manage this risk by monitoring the reset index and the interest rate related to our investment portfolio and our financings; by structuring our financing arrangements to have a range of maturity terms, amortizations and interest rate adjustment periods; and by using derivative instruments to adjust interest rate sensitivity of our investment portfolio and borrowings. Our hedging techniques can be highly complex, and the value of our investment portfolio and derivatives may be adversely affected as a result of changing interest rates.
 
Interest rate effects on net interest income
 
Our operating results depend in large part upon differences between the yields earned on our investments and our cost of borrowing and upon the effectiveness of our interest rate hedging activities. The majority of our financing arrangements are short term in nature, exclusive of our residential mortgage loans financed through securitized debt. Repurchase agreements financing our securities portfolio or retained interests from our securitizations typically have an initial term between 30 and 90 days while repurchase agreements financing our residential mortgage loans prior to securitization have an initial term of one year. The financing rate on these agreements will generally be determined at the outset of each transaction by reference to prevailing rates plus a spread. As a result, our borrowing costs will tend to increase during periods of rising interest rates as we renew, or "roll", maturing transactions at the higher prevailing rates. When combined with the fact that the income we earn on our fixed interest rate investments will remain substantially unchanged, this will result in a narrowing of the net interest spread between the related assets and borrowings and may even result in losses.
 
In an attempt to offset the increase in funding costs related to rising interest rates, our Manager may cause us to enter into hedging transactions structured to provide us with positive cash flow in the event interest rates rise. Our Manager accomplishes this through the use of interest rate derivatives. Some hedging strategies involving the use of derivatives are highly complex, may produce volatile returns and may expose us to increased risks relating to counterparty defaults.
 
Interest rate effects on fair value
 
Another component of interest rate risk is the effect that changes in interest rates will have on the fair value of the assets that we acquire.
 
Generally, in a rising interest rate environment, the fair value of our loan and real estate securities portfolios would be expected to decrease, all other factors being held constant. In particular, the portion of our real estate securities and loan portfolios with fixed-rate coupons would be expected to decrease in value more severely than that portion with a floating-rate coupon. This is because fixed-rate coupon assets tend to have significantly more duration, or price sensitivity to changes in interest rates, than floating-rate coupon assets. Fixed-rate assets currently represent a majority of our portfolio.
 
The fair value of our investment portfolio could change at a different rate than the fair value of our liabilities when interest rates change. We measure the sensitivity of our portfolio to changes in interest rates by estimating the duration of our assets and liabilities. Duration is the approximate percentage change in fair value for an instantaneous 100 basis point parallel shift in the yield curve while assuming all other market risk factors remain constant. In general, our assets have higher duration than our liabilities. In order to reduce this exposure, we use hedging instruments to reduce the gap in duration between our assets and liabilities.

Interest rate sensitivity  

The following table quantifies the estimated percent change in GAAP equity, the fair value of our assets, and projected net interest income should interest rates go up or down instantaneously by 25, 50, and 75 basis points, assuming (i) the yield curves
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of the rate shocks will be parallel to each other and the current yield curve and (ii) all other market risk factors remain constant. These estimates were compiled using a combination of third-party services and models, market data and internal models. All changes in equity, assets, and income are measured as percentage changes from the GAAP equity, assets, and projected net interest income from our base interest rate scenario. The base interest rate scenario assumes spot and forward interest rates existing as of March 31, 2026. Actual results could differ materially from these estimates.
 
Agency RMBS and Agency-Eligible Loan assumptions attempt to predict default and prepayment activity at projected interest rate levels. To the extent that these estimates or other assumptions do not hold true, actual results will likely differ materially from projections and could result in percentage changes larger or smaller than the estimates in the table below. Moreover, if different models were employed in the analysis, materially different projections could result. In addition, while the table below reflects the estimated impact of interest rate increases and decreases on a static portfolio as of March 31, 2026, our Manager may from time to time sell any of our investments as a part of the overall management of our investment portfolio.

Change in Interest Rates (basis
points) (1)		Change in Fair
Value as a Percentage
of GAAP Equity (2)(3)		Change in Fair Value as a
Percentage of Assets (2)(3)		Percentage Change in
Projected Net Interest
Income (4)
75(2.2)%(0.1)%— %
50(1.4)%(0.1)%— %
25(0.7)%— %— %
(25)0.6 %— %(0.3)%
(50)1.2 %0.1 %(0.7)%
(75)1.8 %0.1 %(1.1)%
(1)Includes investments held through affiliated entities that are reported as "Investments in debt and equity of affiliates" on our consolidated balance sheet, but excludes AG Arc.
(2)Does not include cash investments, which typically have overnight maturities and are not expected to change in value as interest rates change.
(3)Changes in fair value as a percentage of GAAP equity and assets are inclusive of forward purchase commitments to acquire Non-Agency Loans and Agency-Eligible Loans as of March 31, 2026.
(4)Interest income includes trades settled as of March 31, 2026.

The information set forth in the interest rate sensitivity table above and all related disclosures constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Actual results could differ significantly from those estimated in the foregoing interest rate sensitivity table. See below for additional risks which may impact the fair value of our assets, GAAP equity and net income.

Liquidity risk

Our primary liquidity risk arises from financing long-maturity assets with shorter-term financings primarily in the form of financing arrangements. Our Manager seeks to mitigate our liquidity risks by maintaining a prudent level of leverage, monitoring our liquidity position on a daily basis and maintaining a reasonable cushion of cash and unpledged real estate securities and loans in our portfolio in order to meet future margin calls. In addition, our Manager seeks to further mitigate our liquidity risk by (i) maintaining relationships with a carefully selected group of financing counterparties and (ii) monitoring the ongoing financial stability and future business plans of our financing counterparties.

Liquidity risk – financing arrangements
 
We pledge mortgage loans or real estate securities and cash as collateral to secure our financing arrangements. Should the fair value of our mortgage loans or real estate securities pledged as collateral decrease (as a result of rising interest rates, changes in prepayment speeds, widening of credit spreads or otherwise), we will likely be subject to margin calls for additional collateral from our financing counterparties. Should the fair value of our mortgage loans or real estate securities decrease materially and suddenly, margin calls will likely increase causing an adverse change to our liquidity position which could result in substantial losses. In addition, we cannot be assured that we will always be able to roll our financing arrangements at their scheduled maturities, which could cause material additional harm to our liquidity position and result in substantial losses. Further, should funding conditions tighten as they did in 2007-2008, 2009 and more recently in March 2020, our financing arrangement counterparties may increase our margin requirements on new financings, including repurchase transactions that we roll at maturity with the same counterparty. This would require us to post additional collateral and would reduce our ability to use leverage and could potentially cause us to incur substantial losses.
 
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Liquidity risk – derivatives
 
The terms of our interest rate swaps require us to post collateral in the form of cash or Agency RMBS to our counterparties to satisfy two types of margin requirements: variation margin and initial margin.
 
We and our swap counterparties are both required to post variation margin to each other depending upon the daily moves in prevailing benchmark interest rates. The amount of this variation margin is derived from the mark to market valuation of our swaps. Hence, as our swaps lose value in a falling interest rate environment, we are required to post additional variation margin to our counterparties on a daily basis; conversely, as our swaps gain value in a rising interest rate environment, we are able to recall variation margin from our counterparties. By recalling variation margin from our swaps counterparties, we are able to partially mitigate the liquidity risk created by margin calls on our repurchase transactions during periods of rising interest rates.
 
Initial margin works differently. Collateral posted to meet initial margin requirements is intended to create a safety buffer to benefit our counterparties if we were to default on our payment obligations under the terms of the swaps and our counterparties were forced to unwind the swap. Initial margin on our centrally cleared trades varies from day to day depending upon various factors, including the absolute level of interest rates and the implied volatility of interest rates. There is a distinctly positive correlation between initial margin, on the one hand, and the absolute level of interest rates and implied volatility of interest rates, on the other hand. As a result, in times of rising interest rates or increasing rate volatility, we anticipate that the initial margin required on our centrally-cleared trades will likewise increase, potentially by a substantial amount. These margin increases will have a negative impact on our liquidity position and will likely impair the intended liquidity risk mitigation effect of our swaps discussed above.
 
Real estate value risk
 
Residential property values are subject to volatility and may be affected adversely by a number of factors outside of our control, including, but not limited to, national, regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors), local real estate conditions (such as an oversupply of housing), natural disasters, the effects of climate change (including flooding, drought, wildfire, tornadoes, and severe weather) and other natural events, construction quality, age and design, demographic factors, and retroactive changes to building or similar codes. Decreases in property values could cause us to suffer losses and reduce the value of the collateral underlying our investment portfolio as well as the potential sale proceeds available to repay our loans in the event of a default. In addition, substantial decreases in property values can increase the rate of strategic defaults by residential mortgage borrowers which can impact and create significant uncertainty in the recovery of principal and interest on our investments.

Credit risk

We are exposed to the risk of potential credit losses from an unanticipated increase in borrower defaults as well as general credit spread widening on any non-agency assets in our portfolio. We seek to manage this risk through our Manager’s pre-acquisition due diligence process and, if available, through the use of non-recourse financing, which limits our exposure to credit losses to the specific pool of collateral which is the subject of the non-recourse financing. Our Manager’s pre-acquisition due diligence process includes the evaluation of, among other things, relative valuation, supply and demand trends, the shape of various yield curves, prepayment rates, delinquency and default rates, recovery of various sectors and vintage of collateral.

The potential effects of sustained inflation, elevated mortgage rates and the Federal Reserve's monetary policy actions may cause an increase in credit risk of our credit sensitive assets. Any future period of payment deferrals, forbearance, delinquencies, defaults, foreclosures or losses will likely adversely affect our net interest income from residential loans and RMBS investments, the fair value of these assets, our ability to liquidate the collateral that may underlie these investments and obtain additional financing and the future profitability of our investments. Further, in the event of delinquencies, defaults and foreclosure, regulatory changes and policies designed to protect borrowers and renters may slow or prevent us from taking remediation actions.

Prepayment risk
 
Premiums arise when we acquire real estate assets at a price in excess of the principal balance of the mortgages securing such assets (i.e., par value). Conversely, discounts arise when we acquire assets at a price below the principal balance of the mortgages securing such assets. Premiums paid on our assets are amortized against interest income and accretable purchase discounts on our assets are accreted to interest income. Purchase premiums or discounts on our assets are amortized or accreted over the life of each respective asset using the effective yield method, adjusted for actual prepayment activity. An increase in the prepayment rate, as measured by the CPR, will typically accelerate the amortization of purchase premiums, thereby
70


reducing the yield or interest income earned on such assets. An increase in the prepayment rate will similarly accelerate the accretion of purchase discounts, conversely increasing the yield or interest income earned on such assets. A decrease in the prepayment rate will have a directionally opposite impact on the yield or interest income.
 
Differences between previously estimated cash flows and current actual and anticipated cash flows caused by changes to prepayment or other assumptions are adjusted retrospectively through a "catch up" adjustment for the impact of the cumulative change in the effective yield through the reporting date for securities accounted for under ASC 320-10 (generally, Agency RMBS) or adjusted prospectively through an adjustment of the yield over the remaining life of the investment for investments accounted for under ASC 325-40 (generally, Non-Agency RMBS and interest-only securities) and mortgage loans accounted for under ASC 310-10.
 
In addition, our interest rate hedges are structured in part based upon assumed levels of future prepayments within our mortgage loan or real estate securities portfolio. If prepayments are slower or faster than assumed, the life of the real estate securities or mortgage loans will be longer or shorter than assumed, respectively, which could reduce the effectiveness of our Manager’s hedging strategies and may cause losses on such transactions.
 
Our Manager seeks to mitigate our prepayment risk by investing in real estate assets with a variety of prepayment characteristics.
 
Basis risk
 
Basis risk refers to the possible decline in book value triggered by the risk of incurring losses on the fair value of Agency RMBS as a result of widening market spreads between the yields on Agency RMBS and the yields on comparable duration Treasury securities. The basis risk associated with fluctuations in fair value of Agency RMBS may relate to factors impacting the mortgage and fixed income markets other than changes in benchmark interest rates, such as actual or anticipated monetary policy actions by the Federal Reserve, market liquidity, or changes in required rates of return on different assets. Consequently, while we use interest rate swaps and other hedges to protect against moves in interest rates, such instruments will generally not protect our net book value against basis risk.

Capital Markets Risk

We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of our common stock, preferred stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and our related ability to finance our business through revolving facilities or other debt instruments. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore may require us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and terms of capital we raise.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining disclosure controls and procedures that are designed to ensure that information the Company is required to disclose in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that the Company’s management, including its principal executive officer and principal financial officer, as appropriate, allow for timely decisions regarding required disclosure.
 
We have evaluated, with the participation of our principal executive officer and principal financial officer, the effectiveness of our disclosure controls and procedures as of March 31, 2026. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow for timely decisions regarding required disclosure.
71


 
(b) Changes in Internal Control over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the period covered by this quarterly report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
72



 
PART II — OTHER INFORMATION
 
ITEM 1.LEGAL PROCEEDINGS.

We are at times subject to various legal proceedings and claims arising in the ordinary course of our business. In addition, in the ordinary course of business, we can be and are involved in governmental and regulatory examinations, information gathering requests, investigations and proceedings. As of the date of this report, we are not party to any litigation or legal proceedings, or to our knowledge, any threatened litigation or legal proceedings, which we believe, individually or in the aggregate, would have a material adverse effect on our results of operations or financial condition.

ITEM 1A.RISK FACTORS.

Refer to the risks identified under the caption "Risk Factors", in our Annual Report on Form 10-K for the year ended December 31, 2025 and our subsequent filings, which are available on the Securities and Exchange Commission’s website at www.sec.gov, and in the "Forward-Looking Statements" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections herein.

ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3.DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.MINE SAFETY DISCLOSURES

None.

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ITEM 5.OTHER INFORMATION.

Submission of Matters to a Vote of Security Holders - Results of 2026 Annual Meeting of Stockholders

On April 27, 2026, the Company held its 2026 annual meeting of stockholders, where the Company’s stockholders voted on the following matters which were set forth in the notice for the meeting:

1.Election of six directors to the Company's board of directors, with each director serving until the Company's 2027 annual meeting of stockholders or until his or her successor is duly elected and qualified;
2.Ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the year ending December 31, 2026; and
3.Approval, on an advisory basis, of the Company's executive compensation.

Each of the six nominees was elected, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm was ratified, and the executive compensation was approved on an advisory basis. The vote tabulation for each proposal is as follows:

1.Election of Directors:

DirectorVotes ForVotes WithheldBroker Non-Votes
Debra Hess13,138,467411,2868,090,642
T.J. Durkin13,279,416270,3378,090,642
Dianne Hurley13,261,219288,5348,090,642
Matthew Jozoff13,111,709438,0448,090,642
M. Christian Mitchell13,152,316397,4378,090,642
Nicholas Smith12,690,013859,7408,090,642
2.Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2026:

Votes ForVotes AgainstAbstentionsBroker Non-Votes
21,285,806217,015137,574—
3.Approval, on an advisory basis, of the Company's executive compensation:

Votes ForVotes AgainstAbstentionsBroker Non-Votes
12,616,889564,076368,7888,090,642
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ITEM 6.EXHIBITS.
 
Exhibit
No.
 
Description  
 
 
 
 
 
 
 
 
75


101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFXBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL)
*Filed herewith.
 
76


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 TPG MORTGAGE INVESTMENT TRUST, INC.
  
May 1, 2026By:/s/ THOMAS J. DURKIN
 Thomas J. Durkin
 Chief Executive Officer and President (principal executive officer)
  
May 1, 2026By:/s/ ANTHONY W. ROSSIELLO
 Anthony W. Rossiello
 Chief Financial Officer (principal financial
officer and principal accounting officer)

77

 EX-31.1 2 mittq12026exh311.htm EX-31.1 Document
Exhibit 31.1
CERTIFICATION
 
I, Thomas J. Durkin, certify that:

1.I have reviewed this quarterly report on Form 10-Q of TPG Mortgage Investment Trust, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
  
Date: May 1, 2026 
 /s/ Thomas J. Durkin
 Thomas J. Durkin
 Chief Executive Officer & President


 EX-31.2 3 mittq12026exh312.htm EX-31.2 Document
Exhibit 31.2
CERTIFICATION
 
I, Anthony W. Rossiello, certify that:

1.I have reviewed this quarterly report on Form 10-Q of TPG Mortgage Investment Trust, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 1, 2026 
 /s/ Anthony W. Rossiello
 Anthony W. Rossiello
 Chief Financial Officer
 


 EX-32.1 4 mittq12026exh321.htm EX-32.1 Document

EXHIBIT 32.1
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of TPG Mortgage Investment Trust, Inc. (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas J. Durkin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
 
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.
 
 /s/ Thomas J. Durkin
 Thomas J. Durkin
 Chief Executive Officer & President
 May 1, 2026


 EX-32.2 5 mittq12026exh322.htm EX-32.2 Document

EXHIBIT 32.2
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report on Form 10-Q of TPG Mortgage Investment Trust, Inc. (the "Company") for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Anthony W. Rossiello, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:
 
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

It is not intended that this statement be deemed to be filed for purposes of the Securities Exchange Act of 1934.

 
 /s/ Anthony W. Rossiello
 Anthony W. Rossiello
 Chief Financial Officer
 May 1, 2026


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Schedule of Assets Sold under Agreements to Repurchase [Table] Asset Sold under Agreement to Repurchase [Table] Tax Period [Axis] Tax Period [Axis] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Diluted (in shares) Diluted weighted average common shares outstanding (in shares) Weighted Average Number of Shares Outstanding, Diluted Non-GAAP Measure Description Non-GAAP Measure Description [Text Block] Reconciliation of Assets from Segment to Consolidated [Table] Reconciliation of Assets from Segment to Consolidated [Table] Loan Count Number Of Loans With Balances Number Of Loans With Balances Derivative [Table] Derivative [Table] Entity Small Business Entity Small Business Loan B Loan B [Member] Loan B Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Uncertain tax position, interest and penalties expense Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense AG Arc AG Arc [Member] Preferred stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) Preferred Stock, Shares Outstanding Document Transition Report Document Transition Report Schedule of Certain Concentrations of Credit Risk Within the Company's Mortgage Loan Portfolio Schedules of Concentration of Risk, by Risk Factor [Table Text Block] Underlying Securities Award Underlying Securities Amount Agency RMBS Interest Only Agency Residential Mortgage Backed Securities Interest Only [Member] Residential Mortgage backed securities having interest only. Principal repayments on residential mortgage loans Principal Repayments On Residential Mortgage Loans Proceeds received from principal payments on residential mortgage loans Equity Component [Domain] Equity Component [Domain] Document Period End Date Document Period End Date Income taxes Income Tax Disclosure [Text Block] Awards Close in Time to MNPI Disclosures, Table Awards Close in Time to MNPI Disclosures [Table Text Block] Document Type Document Type Level 3 Fair Value, Inputs, Level 3 [Member] Earnings per share Earnings Per Share [Text Block] Name Outstanding Recovery, Individual Name Additional paid-in capital Additional Paid in Capital Schedule Of To Be Announced Securities Activity [Table] Schedule Of To Be Announced Securities Activity [Table] 2024 Sales Agents BTIG, LLC, JonesTrading Institutional Services LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. [Member] BTIG, LLC, JonesTrading Institutional Services LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. Federal Home Loan Bank Branch [Axis] Federal Home Loan Bank Branch [Axis] Realized Gains Realized Gain On Sale Of Loan Realized Gain On Sale Of Loan Total income/(loss) Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, before Tax Proceeds Proceeds from Sale, Loan, Held-for-Sale Statistical Measurement [Axis] Statistical Measurement [Axis] Authorized amount for stock repurchase Share Repurchase Program, Authorized, Amount Fair Value Measurement Inputs and Valuation Techniques [Line Items] Fair Value Measurement Inputs and Valuation Techniques [Line Items] Aggregate Erroneous Compensation Amount Aggregate Erroneous Compensation Amount Withholding taxes paid on the net settlement of equity based compensation Payment, Tax Withholding, Share-Based Payment Arrangement Peer Group Issuers, Footnote Peer Group Issuers, Footnote [Text Block] Net Income/(Loss) Available to Common Stockholders Net Income (Loss) Available to Common Stockholders, Basic Weighted Average Yield Loan Receivable Weighted Average Yield Represents the Percentage of loans receivable weighted average yield. Share Repurchase Program [Domain] Share Repurchase Program [Domain] Schedule of Gains/(Losses) Related to Derivatives and Other Instruments Derivative Instruments, Gain (Loss) [Table Text Block] Outstanding financing Long-Term Line of Credit Level 1 Fair Value, Inputs, Level 1 [Member] Other assets Other Assets [Abstract] Redemption price (in dollars per share) Preferred Stock, Redemption Price Per Share Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Table] Diluted (in dollars per share) Earnings Per Share, Diluted Due to broker Due to Correspondent Brokers Supplemental disclosure of non-cash financing and investing activities: Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Legacy WMC Commercial Loans Commercial Loan [Member] Repurchase Agreements [Abstract] Repurchase Agreements [Abstract] Repurchase Agreements Consolidation Items [Domain] Consolidation Items [Domain] Investments, Debt and Equity Securities [Abstract] Investments, Debt and Equity Securities [Abstract] VIE, Not Primary Beneficiary Variable Interest Entity, Not Primary Beneficiary [Member] Intra-Entity Profits Eliminated Gross Profit Financing Receivable Portfolio Segment [Axis] Financing Receivable Portfolio Segment [Axis] Included in net income: Total Gain Loss Abstract Gain (Loss) on Securities [Line Items] Gain (Loss) on Securities [Line Items] Debt securities, measurement input Debt Securities, Available-For-Sale, Measurement Input, FVO Value of input used to measure investments in debt securities measured at fair value with changes in fair value recognized in net income (available-for-sale). Tax Credit Carryforward [Axis] Tax Credit Carryforward [Axis] Collaborative Arrangement and Arrangement Other than Collaborative [Table] Collaborative Arrangement and Arrangement Other than Collaborative [Table] Subsidiaries Subsidiaries [Member] Schedule of Investment Groups Summary Of Investment Groups [Table Text Block] Summary Of Investment Groups Weighted average useful life Available For Sale Securities Weighted Average Useful Life Available For Sale Securities Weighted Average Useful Life Expiration Date Trading Arrangement Expiration Date Other liabilities Increase (Decrease) in Other Operating Liabilities Geographic Concentration Risk Geographic Concentration Risk [Member] Proceeds from sales of real estate securities Proceeds Proceeds From Sale Of Available For Sale Securities Debt, FVO Amount of cash inflow from the sale of investments in debt securities measured at fair value with changes in fair value recognized in net income. Funded Commitment Long Term Purchase Commitment Funded, Amount The amount the entity has funded to date out of the amount it has agreed to spend under the long-term purchase commitment. Compensation Actually Paid vs. Net Income Compensation Actually Paid vs. Net Income [Text Block] Entity Current Reporting Status Entity Current Reporting Status Receivables [Abstract] Receivables [Abstract] Awards Close in Time to MNPI Disclosures Awards Close in Time to MNPI Disclosures [Table] Derivative liabilities, at fair value Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value Consolidated Entities [Domain] Consolidated Entities [Domain] Financial Instrument [Axis] Financial Instrument [Axis] Buys or Covers Derivative Additions Aggregate notional amount specified by the derivative additions. Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Executive Category: Executive Category [Axis] Mortgage loans Securitized residential mortgage loans, at fair value Collateral Fair Value SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate Limited Liability Company Limited Liability Company [Member] Current Fiscal Year End Date Current Fiscal Year End Date Schedule of Other Assets and Other Liabilities Schedule of Other Assets and Other Liabilities [Table Text Block] Number of dividend equivalent units granted (in shares) Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Number Of Dividend Equivalent Units Granted Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Number Of Dividend Equivalent Units Granted Derivative liabilities, reduction related to variation margin Derivative Liabilities, Increase (Decrease) Related To Variation Margin Derivative Liabilities, Increase (Decrease) Related To Variation Margin Schedule of Company's Residential Mortgage Loan Portfolio and Commercial Loan Portfolio Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Shares available to be awarded under equity incentive plans (in shares) Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant Cash and Other assets/(liabilities) Investments In And Advances To Affiliates, Other Assets (Liabilities) Investments In And Advances To Affiliates, Other Assets (Liabilities) Derivative Liability Derivative Liability Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table] Earnings Per Share, Basic, by Common Class, Including Two-Class Method [Table] Equity Awards Adjustments, Excluding Value Reported in Compensation Table Equity Awards Adjustments, Excluding Value Reported in the Compensation Table [Member] Schedule of Financial Instruments Measured at Fair Value Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Total Debt Securities, Available-For-Sale, Maturity, Allocated And Single Maturity Date, Fair Value, FVO Fair value of investments in debt securities measured at fair value with changes in fair value recognized in net income (available-for-sale), with single maturity date and allocated without single maturity date. Restricted stock units excluded from computation (in shares) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Weighted Average Number of Shares of Common Stock Outstanding Weighted Average Number of Shares Outstanding, Diluted [Abstract] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Derivative asset, reduction in fair value related to variation margin Derivative Asset, Increase (Decrease) Related To Variation Margin Derivative Asset, Increase (Decrease) Related To Variation Margin Net cash provided by (used in) financing activities Cash Provided by (Used in) Financing Activity, Including Discontinued Operation Unpaid Principal Balance Principal Amount Outstanding Of Loans Held-In-Portfolio Purchased During Period Principal Amount Outstanding Of Loans Held-In-Portfolio Purchased During Period Measure: Measure [Axis] Number of shares subject to issuance if forfeited or lapse (in shares) Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Authorized If Forfeited Or Lapse Share-Based Compensation Arrangement By Share-Based Payment Award, Number Of Shares Authorized If Forfeited Or Lapse Valuation Approach and Technique [Axis] Valuation Approach and Technique [Axis] Real estate securities, at fair value, pledged as collateral Available-For-Sale Securities Serve As Collateral For Borrowings, Fair Value The fair value of available-for-sale securities that serve as collateral for borrowings. Grant of restricted stock and amortization of equity based compensation, net Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures Value of common stock remained authorized for future share repurchases Share Repurchase Program, Remaining Authorized, Amount Incentive fee expense Investment Company, Incentive Fee Expense Investment Company, Incentive Fee Expense Pay vs Performance Disclosure, Table Pay vs Performance [Table Text Block] Forgone Recovery due to Violation of Home Country Law, Amount Forgone Recovery due to Violation of Home Country Law, Amount Amortization expense Amortization of Debt Issuance Costs Investment related expenses Investment Income, Investment Expense Entity Tax Identification Number Entity Tax Identification Number Discounted Cash Flow Valuation Technique, Discounted Cash Flow [Member] Net realized gain/(loss) Net realized (gain)/loss Investment And Derivative, Realized Gain (Loss), FVO Amount of realized gain (loss) on investments and derivatives measured at fair value with changes in fair value recognized in net income. Schedule of Variable Interest Entities Schedule of Variable Interest Entities [Table Text Block] Book Value Multiple Measurement Input, Book Value Multiple [Member] Measurement Input, Book Value Multiple [Member] Common stock, shares issued (in shares) Common Stock, Shares, Issued Legacy WMC CMBS Commercial Mortgage-Backed Securities [Member] Agency RMBS Agency RMBS Mortgage-Backed Security, Issued by US Government-Sponsored Enterprise [Member] Advance rate, percentage of unpaid principal balance Line Of Credit Facility, Advance Rate, Percentage Of Unpaid Principal Balance Line Of Credit Facility, Advance Rate, Percentage Of Unpaid Principal Balance Common stock dividends declared but not paid Dividends Payable, Current Trading Arrangement: Trading Arrangement [Axis] Total Shareholder Return Amount Total Shareholder Return Amount Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings Other Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] Security Exchange Name Security Exchange Name Investment related expenses Investment Related Expenses [Member] Investment Related Expenses Maximum borrowing capacity committed by lender Line Of Credit Facility, Maximum Borrowing Capacity, Committed By Lender Line Of Credit Facility, Maximum Borrowing Capacity, Committed By Lender Loans Financing Receivables [Text Block] Maximum borrowing capacity Line of Credit Facility, Maximum Borrowing Capacity Preferred dividends declared Dividends, Preferred Stock Real estate securities notional amount Real Estate Securities Notional Amount Real Estate Securities Notional Amount Asset Class [Domain] Asset Class [Domain] Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings Statement [Line Items] Statement [Line Items] Rule 10b5-1 Arrangement Adopted Rule 10b5-1 Arrangement Adopted [Flag] Cash and cash equivalents Cash and cash equivalents Cash and Cash Equivalent Fair Value Measurement Inputs and Valuation Techniques [Table] Fair Value Measurement Inputs and Valuation Techniques [Table] Subsequent Event [Line Items] Subsequent Event [Line Items] Common Stock Common Stock [Member] Issuances of Securitized Debt Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances Unpaid Principal Balance Unpaid Principal Balance Loan, Held-in-Portfolio, Principal Outstanding Dilutive effect of restricted stock units (in shares) Weighted Average Number of Shares Outstanding, Diluted, Adjustment Projected Collateral Prepayments Measurement Input, Prepayment Rate [Member] Included within Net unrealized gain/(loss) Unrealized gain (loss) on investments Unrealized Gain (Loss) on Investments Summary of significant accounting policies Significant Accounting Policies [Text Block] Schedule of Derivative Activity Schedule Of To Be Announced Securities Activity [Table Text Block] Reflects the tabular disclosure of To Be Announced Securities. Statistical Measurement [Domain] Statistical Measurement [Domain] Derivative receivable interest rate Derivative Receivable Interest Rate Interest rate on derivative. Related Party Transaction [Axis] Related Party Transaction [Axis] Asset Class [Axis] Asset Class [Axis] Valuation Approach and Technique [Domain] Valuation Approach and Technique [Domain] Interest Rate Swaps Interest Rate Swap [Member] Deferred financing costs paid Payments of Financing Costs Equity in earnings/(loss) from affiliates Income (Loss) from Equity Method Investments Earnings/(Loss) Per Share Earnings Per Share, Basic [Abstract] Number of Securities Number Of Securities Sold Represents the number of securities sold and settled during the reporting period. Schedule of Dividends Declared and Paid Dividends Declared [Table Text Block] Weighted Average Coupon Loan Receivable Weighted Average Coupon Rate The amount represents the loan receivables for weighted average coupon rate for the during period. Pledged Status [Axis] Pledged Status [Axis] Retired withholding taxes settlement of equity based compensation Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation Barclays Capital Inc. Barclays Capital Inc [Member] Trading Arrangements, by Individual Trading Arrangements, by Individual [Table] Basic (in dollars per share) Earnings Per Share, Basic Weighted Average Life (Years) Assets Sold Under Agreements To Repurchase Weighted Average Life Assets Sold Under Agreements To Repurchase Weighted Average Life Dividends declared (in dollars per share) Preferred Stock, Dividends Per Share, Declared Weighted Average Maturity (days) Repurchase Agreement Counterparty, Weighted Average Maturity of Agreements Non-investment related expenses Non-Investment Related Expenses [Member] Non-Investment Related Expenses Deferred tax assets Deferred Tax Assets, Gross Yield Measurement Input, Discount Rate [Member] Loan securitization, ownership interest Related Party, Loan Securitization, Ownership Interest Related Party, Loan Securitization, Ownership Interest Schedule of Segment Reporting Information, by Segment Schedule of Segment Reporting Information, by Segment [Table Text Block] Incentive Fee To Manager Incentive Fee To Manager [Member] Incentive Fee To Manager Measurement Input Type [Domain] Measurement Input Type [Domain] Affiliated Entity Affiliated Entity [Member] Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) Net realized gain/(loss) Debt Securities, Realized Gain (Loss) [Member] Debt Securities, Realized Gain (Loss) [Member] Net settlement of interest rate swaps and other instruments Net Settlement Of Interest Rate Swaps Net settlement of interest rate swaps. Award Timing MNPI Disclosure Award Timing MNPI Disclosure [Text Block] Securitized Residential Mortgage Loans Securitized residential mortgage loans, at fair value Securitized residential mortgage loans Variable Interest Entity, Primary Beneficiary [Member] Schedule of Accounts, Notes, Loans and Financing Receivable [Table] Accounts and Financing Receivables [Table] Net Interest Income Interest Income (Expense), Operating [Abstract] Derivative Instruments, Gain (Loss) [Line Items] Derivative Instruments, Gain (Loss) [Line Items] Segment Reporting, Asset Reconciling Item [Line Items] Segment Reporting, Asset Reconciling Item [Line Items] Tax Period [Domain] Tax Period [Domain] Total Liabilities and Stockholders’ Equity Liabilities and Equity Share issued in connection with acquisition (in shares) Stock Issued During Period, Shares, Acquisitions Derivative Instruments, Gain (Loss) [Table] Derivative Instruments, Gain (Loss) [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock Series C Fixed to Floating Rate Cumulative Redeemable Preferred Stock [Member] Series C Fixed to Floating Rate Cumulative Redeemable Preferred [Member] Schedule Of To Be Announced Securities Activity [Line Items] Schedule Of To Be Announced Securities Activity [Line Items] Accounting Policies [Abstract] Accounting Policies [Abstract] Concentration Risk Type [Domain] Concentration Risk Type [Domain] June 2025 Acquiring Affiliate June 2025 Acquiring Affiliate [Member] June 2025 Acquiring Affiliate Total Financing Arrangements Financing Arrangements, Excluding Non-Recourse Securitized Debt [Member] Financing Arrangements, Excluding Non-Recourse Securitized Debt Pay vs Performance Disclosure [Line Items] 90+ Days Financial Asset, Equal to or Greater than 90 Days Past Due [Member] 8.25% Series A Cumulative Redeemable Preferred Stock Series A Cumulative Redeemable Preferred Stock [Member] 8.25% Series A Cumulative Redeemable Preferred Stock [Member] Liquidation preference (in dollars per share) Preferred Stock, Liquidation Preference Per Share Liabilities Liabilities Liabilities [Abstract] Quarterly periods required to grant preferred stock voting rights Number Of Quarterly Periods Required To Grant Voting Rights To Preferred Stock Number Of Quarterly Periods Required To Grant Voting Rights To Preferred Stock 2021 Equity Incentive Plan 2021 Equity Incentive Plan [Member] 2021 Equity Incentive Plan Tax Year 2020 Tax Year 2020 [Member] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] Cash collateral posted by company Cash Posted As Collateral By Company Cash Posted As Collateral By Company Schedule of Variable Interest Entities [Table] Variable Interest Entity [Table] Statement of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Company Selected Measure Amount Company Selected Measure Amount Investments, market value Investments Fair Market Value This item represents the carrying amount of securities and loans held through affiliated entities. Repurchase Agreement Counterparty [Line Items] Repurchase Agreement Counterparty [Line Items] Measurement Input Type [Axis] Measurement Input Type [Axis] Investments in and Advances to Affiliates Categorization [Axis] Investment, Issuer Affiliation [Axis] Name Measure Name Goldman Sachs Bank USA Goldman Sachs Bank USA [Member] Goldman Sachs Bank USA Issuances of Securitized Debt Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances Class of Stock [Line Items] Class of Stock [Line Items] Percentage of unpaid principal balance with adjustable rate mortgages Financing Receivable, Percentage Of Unpaid Principal Balance That Are Adjustable Rate Mortgages Financing Receivable, Percentage Of Unpaid Principal Balance That Are Adjustable Rate Mortgages August 2025 Acquiring Affiliate August 2025 Acquiring Affiliate [Member] August 2025 Acquiring Affiliate Fees paid to Asset Manager Fees Paid to Asset Manager Amount of fee paid to assets manager. Carrying Value Long-Term Debt Legal Entity [Axis] Legal Entity [Axis] Total Assets Assets Assets Schedule of Excise Tax Expense Schedule of Excise Tax Expense [Table Text Block] Schedule of Excise Tax Expense Geographical [Domain] Geographical [Domain] Over 3 Months to 12 Months Maturity Three Months To Twelve Months [Member] Maturity Three Months To Twelve Months Recovery Percentage Measurement Input, Recovery Rate [Member] Measurement Input, Recovery Rate [Member] Greater than one year and less than or equal to five years Debt Securities, Available-For-Sale, Maturity, Allocated And Single Maturity Date, After One Through Five Years, Amortized Cost, FVO Amortized cost of investment in debt securities measured at fair value with changes in fair value recognized in net income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following latest fiscal year. Excludes interim and annual periods when interim period is reported on rolling approach, from latest statement of financial position date. Cash Flows from Operating Activities Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract] Receivable Type [Axis] Receivable Type [Axis] Concentration Risk Type [Axis] Concentration Risk Type [Axis] Variable Interest Entity [Line Items] Variable Interest Entity [Line Items] Common dividends declared (in dollars per share) Dividends declared per share (in dollars per share) Common Stock, Dividends, Per Share, Declared Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Debt Securities, Available-for-sale [Line Items] Debt Securities, Available-for-Sale [Line Items] Weighted Average Funding Cost Assets Sold Under Agreements To Repurchase Weighted Average Funding Cost Represents the weighted average funding cost for assets sold under agreements to repurchase. Level 2 Fair Value, Inputs, Level 2 [Member] Proceeds from issuance of securitized debt Proceeds from Accounts Receivable Securitization Insider Trading Policies and Procedures Not Adopted Insider Trading Policies and Procedures Not Adopted [Text Block] Business Combination [Domain] Business Combination [Domain] Gross Unrealized Losses Gross Unrealized Losses Loans Receivable, Gross Unrealized Losses The amount represent the loans receivable gross unrealized loss for the during period. Related Party Related Party [Member] Asset Pledged as Collateral Asset Pledged as Collateral [Member] Schedule of Components of Income Tax Expense Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Real estate securities, at fair value - $249,430 and $231,894 pledged as collateral, respectively Fair value Available For Sale Securities, Debt Securities, FVO Amount of investments in debt securities measured at fair value with changes in fair value recognized in net income. Residential mortgage loans Residential Mortgage Loans Residential Mortgage [Member] Plan Name [Axis] Plan Name [Axis] Payable on unsettled trades Payable On Unsettled Trades Payable On Unsettled Trades Financing arrangements Debt, Long-Term And Short-Term, Combined Amount Excluding Convertible Senior Notes Debt, Long-Term And Short-Term, Combined Amount Excluding Convertible Senior Notes Document Information [Table] Document Information [Table] PEO PEO [Member] Income/(loss) before equity in earnings/(loss) from affiliates Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Change in operating assets/liabilities: Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital [Abstract] Retained Earnings/(Deficit) Retained Earnings [Member] Cash and cash equivalents and restricted cash, Beginning of Period Cash and cash equivalents and restricted cash, End of Period Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation Income Statement [Abstract] Income Statement [Abstract] Derivative assets Loan purchase commitment, at fair value Derivative Asset Real Estate Securities Real Estate Securities [Member] Real Estate Securities Schedule of Real Estate Securities Portfolio Schedule Of Real Estate Securities [Table Text Block] Tabular disclosure of real estate securities portfolio. Coupon interest expense Interest Expense, Debt, Excluding Amortization Restatement does not require Recovery Restatement Does Not Require Recovery [Text Block] Total Liabilities Measured at Fair Value Liabilities, Fair Value Disclosure Notional amount Derivative, Notional Amount Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Due from broker Due from Correspondent Brokers Schedule of Senior Unsecured Notes Summary Of Senior Unsecured Notes [Table Text Block] Summary Of Senior Unsecured Notes City Area Code City Area Code Award Timing, How MNPI Considered Award Timing, How MNPI Considered [Text Block] Loans held-for-sale, measurement input Loan, Held-for-Sale, Measurement Input Principal repayments Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements Principal repayments on securitized debt Repayments of Accounts Receivable Securitization Cash Flows from Investing Activities Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract] Pay vs Performance Disclosure Pay vs Performance Disclosure [Table] Transfer from residential mortgage loans to securitized residential mortgage loans Transfer From Residential Mortgage Loans To Securitized Residential Mortgage Loans Transfer From Residential Mortgage Loans To Securitized Residential Mortgage Loans Interest receivable Interest Receivable Related Party Transactions [Abstract] Related Party Transactions [Abstract] Other liabilities Total Other liabilities Other Liabilities Long-term debt, measurement input Long-Term Debt, Measurement Input Gross Unrealized Gains Gross Unrealized Gains Loans Receivable, Gross Unrealized Gains The amount represent the loans receivable gross unrealized gains for the during period. 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