TPG Mortgage Investment Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TPG Mortgage Investment Trust, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0	0	4.09
Interest expense	33.8	43.7	70.5	90.1	36.9	27.3	119	213
Other non-operating income	-4.74	43.6	-71.5	39.1	-424	59.6	-61.2	46	21.7	13.2
Pre-tax income	62.2	106	-12.1	89.7	-420	72.3	-42.8	55.2	55.8	49.6
Income tax	0					0	0.16	0.25	0.11	0.89
Income from continuing operations		119	3.5	97.3	-422	104
Net income	63.7	119	1.57	92.9	-421	104	-53.1	53.8	55.7	48.7
EPS, basic	5.40	11.32	-1.26	7.18	-36.73	5.29	-3.12	1.68	1.23	0.90
EPS, diluted	5.40	11.32	-1.26	7.18	-36.73	5.29	-3.12	1.68	1.23	0.90
Shares, basic (weighted)	9.31	9.28	9.46	10.7	11.7	16.2	22.9	21.1	29.5	30.5
Shares, diluted (weighted)	9.31	9.29	9.46	10.7	11.7	16.2	22.9	21.1	29.5	30.6
Dividend per share		0.30				0.81	0.81	0.72	0.75	0.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	52.5	15.2	31.6	81.7	47.9	68.1	84.6	112	119	57.8
Total assets	2,629	3,789	3,549	4,348	1,400	3,363	4,370	6,126	6,914	8,712
Total liabilities	1,973	3,075	2,893	3,499	990	2,792	3,907	5,598	6,370	8,151
Total debt			227
Paid-in capital	576	586	595	662	689	796	779	824	824	840
Retained earnings	-81.9	-32.8	-101	-85.9	-518	-447	-536	-516	-502	-500
Treasury stock	-14.6
Shareholders' equity	656	714	656	849	410	570	463	528	543	561
Total equity	656	714	656	849	410	570	463	528	543	561
Total liabilities and equity	2,629	3,789	3,549	4,348	1,400	3,363	4,370	6,126	6,914	8,712
Shares outstanding	9.23	9.39	9.57	10.9	13.8	23.9	21.3	29.4	29.6	31.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	63.7	119	1.57	92.9	-421	104	-53.1	53.8	55.7	48.7
Depreciation and amortization	0	0	2.34
Stock-based compensation	0.12	0.24	0.39	0.4	0.42	0.32	0.33	0.38	0.67	0.71
Cash from operations	52.8	58.9	78	65.2	4.16	26.3	22.5	28.1	55.8	59.6
Acquisitions							0	6.19	0
Purchases of investments	-358	0	-250	-81.9	0
Cash from investing	554	-1,126	161	-747	2,193	-1,900	-1,490	-434	-713	-1,667
Stock issued	0	8.72	9.28	66.1	7.02	93.1	0
Share buybacks	-9.93				0	-3.56	-18.2	-6.35	0
Dividends paid	-53.3	-55.7	-55.3	-61.8	-14.7	-10.8	-19.4	-17.4	-18	-24.5
Cash from financing	-606	1,041	-208	723	-2,261	1,911	1,466	432	670	1,545
Net change in cash	0.6	-26.2	31.5	41	-62.9	37.9	-1.43	26.8	13	-62.2
Interest paid		40.1	63.2	95	46.3	24.2	103	190	308	374
Income taxes paid	1.59	1.74	1.39	1.48	1.05	0.02	0.18	0.23	0.14	0.62

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.36 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	2.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-12.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-26.8%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	6.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	38.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	70.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	3.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	26.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	44.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	21.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	93.1%	Total liabilities / total assets.
Tangible book value	$546.0M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$2.54	Cash from operations / diluted weighted shares.
Book value per share	$17.17	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.17	Tangible book value / shares outstanding.
Cash per share	$1.94	(Cash + short-term investments) / shares outstanding.
Payout ratio	63.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$747.9M	Share price x shares outstanding.
Enterprise value	$686.3M	Market cap + total debt - cash - short-term investments.
P/E	17.0x	Market cap / net income. Only when net income is positive.
P/B	1.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.37x	Market cap / tangible book value, when positive.
P/OCF	9.28x	Market cap / cash from operations, when positive.
Earnings yield	5.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.

Was TPG Mortgage Investment Trust, Inc. profitable in fiscal 2025?

Yes. Net income was $48.7M, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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