What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-01 compared with 2025-11-07 · 453 added, 587 removed, 912 unchanged (53% of the section changed)

FINANCIAL STATEMENTS

AG Mortgage Investment Trust, Inc.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

1 unchanged sentence

(in thousands, except per share data)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Securitized residential mortgage loans, at fair value - $ 744,893 and $ 766,901 pledged as collateral, respectively (1)

9 unchanged sentences

Restricted cash 18,415 18,489

Other assets 57,982 41,940

Other assets - $ 0 and $ 319 pledged as collateral, respectively

60,656 58,900

Total Assets $ 8,288,315 $ 8,711,530

10 unchanged sentences

Common stock, par value $ 0.01 per share;

450,000 shares of common stock authorized and 31,732 and 29,640 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

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

Additional paid-in capital 840,396 840,401

7 unchanged sentences

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

AG Mortgage Investment Trust, Inc.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

1 unchanged sentence

(in thousands, except per share data)

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Three Months Ended

March 31, 2026 March 31, 2025

Net Interest Income

27 unchanged sentences

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

AG Mortgage Investment Trust, Inc.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

1 unchanged sentence

(in thousands, except per share data)

For the Three Months Ended September 30, 2025 and September 30, 2024

Common Stock Preferred

Stock Additional

Paid-in Capital Retained

Earnings/(Deficit)

Shares Amount Total

Balance at July 1, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407

Issuance of common stock 2,028 20 — 15,310 — 15,330

Grant of restricted stock and amortization of equity based compensation 13 — — 164 — 164

Common dividends declared ($ 0.21 per share)

— — — — ( 6,664 ) ( 6,664 )

Preferred dividends declared (1) — — — — ( 5,355 ) ( 5,355 )

Net Income/(Loss) — — — — 19,961 19,961

Balance at September 30, 2025 31,732 $ 317 $ 220,472 $ 840,237 $ ( 501,183 ) $ 559,843

Common Stock Preferred

Stock Additional

Paid-in Capital Retained

Earnings/(Deficit)

Shares Amount Total

Balance at July 1, 2024 29,474 $ 295 $ 220,472 $ 824,106 $ ( 511,371 ) $ 533,502

Grant of restricted stock and amortization of equity based compensation 19 — — 133 — 133

Common dividends declared ($ 0.19 per share)

— — — — ( 5,604 ) ( 5,604 )

Preferred dividends declared (1) — — — — ( 4,586 ) ( 4,586 )

Net Income/(Loss) — — — — 16,640 16,640

Balance at September 30, 2024 29,493 $ 295 $ 220,472 $ 824,239 $ ( 504,921 ) $ 540,085

For the Nine Months Ended September 30, 2025 and September 30, 2024

For the Three Months Ended March 31, 2026 and March 31, 2025

Common Stock Preferred

4 unchanged sentences

Balance at January 1, 2026 31,744 $ 317 $ 220,472 $ 840,401 $ ( 500,456 ) $ 560,734

Issuance of common stock 2,028 20 — 15,310 — 15,330

Grant of restricted stock and amortization of equity based compensation 64 1 — 547 — 548

Grant of restricted stock and amortization of equity based compensation, net (1) ( 9 ) — — ( 5 ) — ( 5 )

Common dividends declared ($ 0.24 per share)

2 unchanged sentences

Net Income/(Loss) — — — — ( 3,562 ) ( 3,562 )

Balance at September 30, 2025 31,732 $ 317 $ 220,472 $ 840,237 $ ( 501,183 ) $ 559,843

Balance at March 31, 2026 31,735 $ 317 $ 220,472 $ 840,396 $ ( 516,789 ) $ 544,396

Common Stock Preferred

9 unchanged sentences

Net Income/(Loss) — — — — 11,477 11,477

Balance at September 30, 2024 29,493 $ 295 $ 220,472 $ 824,239 $ ( 504,921 ) $ 540,085

(1) For the three months ended September 30, 2025 and 2024, 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 $ 0.706042 and $ 0.50 per share of Series C Preferred Stock outstanding were declared, respectively.

(2) For the nine months ended September 30, 2025 and 2024, dividends totaling $ 1.54689 and $ 1.54689 per share of Series A Preferred Stock, $ 1.50 and $ 1.50 per share of Series B Preferred Stock, and $ 2.103968 and $ 1.50 per share of Series C Preferred Stock outstanding were declared, respectively.

Balance at March 31, 2025 29,659 $ 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.

AG Mortgage Investment Trust, Inc.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

1 unchanged sentence

(in thousands)

Nine Months Ended

September 30, 2025 September 30, 2024

Three Months Ended

March 31, 2026 March 31, 2025

Cash Flows from Operating Activities

6 unchanged sentences

Equity in (earnings)/loss from affiliates ( 2,000 ) ( 1,185 )

Distributions of income from investments in debt and equity of affiliates — 1,098

Change in operating assets/liabilities:

5 unchanged sentences

Purchases of real estate securities ( 28,963 ) ( 26,064 )

Investments in debt and equity of affiliates ( 114 ) —

Proceeds from sales of residential mortgage loans 49,375 20,428

5 unchanged sentences

Net settlement of interest rate swaps and other instruments 1,395 ( 6,436 )

Net settlement of TBAs ( 1,852 ) 24

Cash flows provided by other investing activities 1,138 2,210

Cash flows used in other investing activities ( 1,348 ) —

Net cash provided by (used in) investing activities 326,897 ( 314,725 )

2 unchanged sentences

Principal repayments on fixed-rate long-term financing arrangements — ( 3,113 )

Proceeds from issuance of senior unsecured notes — 95,217

Repurchases of convertible senior unsecured notes — ( 7,059 )

Principal repayments of convertible senior unsecured notes — ( 79,120 )

Deferred financing costs paid ( 58 ) ( 9 )

1 unchanged sentence

Principal repayments on securitized debt ( 366,991 ) ( 171,109 )

Withholding taxes paid on the net settlement of equity based compensation

Dividends paid on common stock ( 7,301 ) ( 5,632 )

4 unchanged sentences

Cash and cash equivalents and restricted cash, End of Period $ 67,722 $ 129,217

Nine Months Ended

September 30, 2025 September 30, 2024

Three Months Ended

March 31, 2026 March 31, 2025

Supplemental disclosure of cash flow information:

5 unchanged sentences

Transfer from residential mortgage loans to other assets $ 3,896 $ 3,743

Investments in debt and equity of affiliates (Note 10) $ 15,330 $ —

Issuance of common stock (Note 10) $ 15,330 $ —

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:

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Cash and cash equivalents $ 49,307 $ 115,549

2 unchanged sentences

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

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

AG Mortgage Investment Trust, Inc.

March 31, 2026

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.

1 unchanged sentence

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 September 30, 2025, and through other third-party origination partners.

On December 6, 2023, the Company acquired Western Asset Mortgage Capital Corporation ("WMC"), an externally managed mortgage REIT that focused on investing in, financing and managing a portfolio of residential mortgage loans, real estate related securities, and commercial real estate loans.

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 newly originated Non-Agency Loans, Agency-Eligible Loans, and Home Equity Loans.

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 also invests in Residential Investments through its unconsolidated ownership interests in affiliates which are included in the "Investments in debt and equity of affiliates" line item on its consolidated balance sheets.

The Company's asset classes are primarily comprised of the following:

3 unchanged sentences

• 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").

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 underwritten in accordance with GSE guidelines and are primarily secured by investment properties, but are not guaranteed by a GSE.

• 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 are revolving lines of credit or closed-end loans secured primarily by a second lien on a residential mortgaged property which provide borrowers access to the equity in their home without the need to pay off their existing mortgage.

Home Equity Loans that are structured as revolving lines of credit generally have an initial draw period of 3 to 5 years, and after the initial draw period ends, the loans generally convert to 15- or 25-year amortizing loans.

• 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)

10 unchanged sentences

• 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.

AG Mortgage Investment Trust Inc.

(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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

(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.

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 the WMC acquisition.

(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 one operating and reportable segment, Loans and Securities, which reflects how the Company manages its business and analyzes and reports its results of operations.

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.

1 unchanged sentence

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 Angelo, Gordon & Co., L.P.

("TPG Angelo Gordon"), a diversified credit and real estate investing platform within TPG Inc.

The Manager has delegated to TPG Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the management agreement.

The Company is externally managed by AG REIT Management, LLC, a Delaware limited liability company (the "Manager"), a wholly-owned subsidiary of TPG Inc.

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.

3 unchanged sentences

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.

For the three and nine months ended September 30, 2024, the Company reclassified $ 16 thousand and $ 58 thousand, respectively, from the “Non-investment related expenses” line item into the “Income tax expense” line item on the consolidated statement of operations.

These expenses were reclassified to conform to the current year presentation of expenses.

In the opinion of management, all adjustments considered necessary for a fair statement 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.

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 Form 10-K for the year ended December 31, 2024 .

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, 2024 included in the Company’s Form 10-K.

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 .

Use of estimates

2 unchanged sentences

Investment consolidation

An entity is a variable interest entity ("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, "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

AG Mortgage Investment Trust Inc.

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,

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

potentially be significant to the VIE.

March 31, 2026

"Consolidation" are required to be consolidated by their primary beneficiary.

This determination can sometimes involve complex and subjective analyses.

3 unchanged sentences

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 or resecuritizing previously securitized financial assets.

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.

7 unchanged sentences

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 and Note 5 for more detail related to the Company's determination of fair value for the assets and liabilities included within these VIEs.

See Note 3 for more detail regarding the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.

Transfers of financial assets

8 unchanged sentences

The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

the securities or loans sold.

4 unchanged sentences

Recent accounting pronouncements

In December 2023, the FASB issued ASU 2023-09, "Improvements to Income Tax Disclosures (Topic 740)", which focuses on income tax disclosures around effective tax rates and cash income taxes paid.

This standard requires entities to provide additional information about federal, state and foreign income taxes and reconciling items in the rate reconciliation table, and to disclose further disaggregation of income taxes paid (net of refunds received) by federal (national), state and foreign taxes by jurisdiction.

For public business entities, the ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The guidance should be applied prospectively, but entities have the option to apply it retrospectively for each period presented.

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.

Expense disaggregation

4 unchanged sentences

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.

AG Mortgage Investment Trust Inc.

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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

Residential mortgage loans

The tables below detail information regarding the Company’s residential mortgage loan portfolio by collateral type as of September 30, 2025 and December 31, 2024 ($ in thousands).

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

September 30, 2025

March 31, 2026

(Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life

10 unchanged sentences

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 September 30, 2025

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

4 unchanged sentences

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 Loans 874,718 61,241 935,959 24,574 — 960,533 9.81 % 7.70 % 5.43

Re- and Non-Performing Loans 155,984 ( 9,693 ) 146,291 — ( 12,077 ) 134,214 4.22 % 5.93 % 5.54

4 unchanged sentences

Non-Agency Loans 36,578 638 37,216 18 ( 2,126 ) 35,108 6.14 % 3.62 % 4.17

Re- and Non-Performing Loans 2,016 ( 1,168 ) 848 981 — 1,829 N/A 103.24 % 1.37

Re- and Non-Performing Loans 1,140 ( 696 ) 444 637 — 1,081 N/A NM 1.12

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

8 unchanged sentences

(4) Securitized Non-Agency Loans include loans that were considered to be Agency-Eligible prior to the Company's securitization.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

The following tables present information regarding the delinquency status of the Company's residential mortgage loans ($ in thousands).

Unpaid Principal Balance Loan Count (1) Aging by Unpaid Principal Balance (1)

September 30, 2025

March 31, 2026

Current 30-59 Days 60-89 Days 90+ Days (2)

10 unchanged sentences

Total Residential mortgage loans $ 222,294 1,765 $ 204,369 $ 2,337 $ 1,600 $ 13,008

Total as of September 30, 2025

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 Balance Loan Count (1) Aging by Unpaid Principal Balance (1)

3 unchanged sentences

Non-Agency Loans $ 7,026,365 18,430 $ 6,833,324 $ 76,326 $ 32,323 $ 84,392

Home Equity Loans 874,718 10,599 869,432 2,963 489 1,834

Re- and Non-Performing Loans 155,984 1,073 123,901 14,730 5,247 12,106

8 unchanged sentences

$ 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 September 30, 2025, the $ 98.6 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 42.6 million and loans in the process of foreclosure with a fair value of $ 53.1 million.

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 September 30, 2025 and December 31, 2024, 6.5 % and 9.6 %, 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 and nine months ended September 30, 2025 and 2024, the Company purchased residential mortgage loans, as detailed below (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024

Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1)

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 Balance Fair Value (1) Unpaid Principal Balance Fair Value (1)

Agency-Eligible Loans $ 475 $ 486 $ 361,538 $ 366,768

Home Equity Loans 83,491 86,383 123,276 128,240

Non-Agency Loans — — — — — — 23,506 23,796

Total $ 83,966 $ 86,869 $ 484,814 $ 495,008

(1) Fair value represents purchase price at acquisition.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

During the three and nine months ended September 30, 2025 and 2024, the Company sold residential mortgage loans as detailed below ($ in thousands).

Three Months Ended Nine Months Ended

Number of Loans Proceeds Realized Gains Realized Losses Number of Loans Proceeds Realized Gains Realized Losses

September 30, 2025

Agency-Eligible Loans — $ — $ — $ — 88 $ 37,333 $ 238 $ ( 219 )

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 Loans Proceeds Realized Gains Realized Losses

March 31, 2026

Home Equity Loans 601 $ 49,375 $ 26 $ ( 25 )

March 31, 2025

Non-Agency Loans 21 $ 11,336 $ 341 $ ( 1,152 )

1 unchanged sentence

Total 109 $ 20,428 $ 1,173 $ ( 2,301 )

September 30, 2024

Agency-Eligible Loans 190 $ 73,614 $ 356 $ ( 276 ) 190 $ 73,614 $ 356 $ ( 276 )

Non-Agency Loans 160 86,349 1,274 ( 137 ) 160 86,349 1,274 ( 137 )

Total 350 $ 159,963 $ 1,630 $ ( 413 ) 350 $ 159,963 $ 1,630 $ ( 413 )

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 September 30, 2025 and December 31, 2024 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) September 30, 2025 December 31, 2024

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, 2026 December 31, 2025

California 30 % 30 %

2 unchanged sentences

Texas 6 % 6 %

New Jersey 4 % 5 %

Other 46 % 46 %

7 unchanged sentences

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 direct subsidiary of TPG Angelo Gordon to act as the servicing administrator of certain securitization trusts.

AG Mortgage Investment Trust Inc.

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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of September 30, 2025 and December 31, 2024 (in thousands).

Non-Agency VIEs Home Equity VIEs (1) RPL/NPL VIEs

September 30, 2025 December 31, 2024 September 30, 2025 September 30, 2025 December 31, 2024

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 VIEs Home Equity VIEs RPL/NPL VIEs Total VIEs

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

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

6 unchanged sentences

Total Equity (3) $ 630,593 $ 650,914 $ 133,050 $ 147,330 $ 45,061 $ 44,975 $ 808,704 $ 843,219

(1) As of December 31, 2024 , the Company did not hold any assets or liabilities in Home Equity VIEs.

(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 has no obligation to provide any other explicit or implicit support to the VIEs.

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.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

Legacy WMC Commercial loans

The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of September 30, 2025 and December 31, 2024 ($ in thousands).

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.

September 30, 2025 Premium /

Amortized Cost Gross Unrealized Fair Value Weighted Average Maturity Date (3) LTV (4) Location

Loan (1)(2) Unpaid Principal Balance Gains Losses Coupon Yield (3) Life (Years)

March 31, 2026 Premium /

Amortized Cost Gross Unrealized Losses Fair Value Weighted Average Maturity Date (3) LTV (4) Location

Loan (1)(2) Unpaid Principal Balance Coupon Yield (3) Life (Years) (3)

Loan A (5) $ 7,259 $ ( 29 ) $ 7,230 $ ( 1,308 ) $ 5,922 7.87 % — % N/A N/A 61.63 % IL, FL

2 unchanged sentences

Loan D (6) 22,204 ( 1,005 ) 21,199 ( 6,404 ) 14,795 7.05 % — % N/A N/A 42.50 % CT

Total $ 67,204 $ ( 224 ) $ 66,980 $ — $ ( 9,242 ) $ 57,738 8.15 % — % 65.94 %

Total $ 67,204 $ ( 1,185 ) $ 66,019 $ ( 14,515 ) $ 51,504 7.60 % — % N/A 65.06 %

December 31, 2025 Premium /

Amortized Cost Gross Unrealized Fair Value Weighted Average Maturity Date (9) LTV (4) Location

Loan (1)(2) Unpaid Principal Balance Gains Losses Coupon Yield (7) Life (Years) (8)

Loan A (5) $ 7,259 $ ( 64 ) $ 7,195 $ 41 $ — $ 7,236 8.71 % 10.69 % 0.42 5/6/2025 61.63 % IL, FL

Loan B (5) 13,206 ( 116 ) 13,090 74 — 13,164 8.71 % 10.69 % 0.42 5/6/2025 75.33 % CA

Loan C (5) 24,535 ( 215 ) 24,320 137 — 24,457 8.71 % 10.69 % 0.42 5/6/2025 77.22 % NY

Loan D (6) 22,204 ( 168 ) 22,036 112 — 22,148 7.89 % 8.73 % 0.68 8/6/2025 42.50 % CT

Total $ 67,204 $ ( 563 ) $ 66,641 $ 364 $ — $ 67,005 8.44 % 10.04 % 0.50 63.69 %

Amortized Cost Gross Unrealized Losses Fair Value Weighted Average Maturity Date (3) LTV (4) Location

Loan (1)(2) Unpaid Principal Balance Coupon Yield (3) Life (Years) (3)

Loan A (5) $ 7,259 $ ( 29 ) $ 7,230 $ ( 684 ) $ 6,546 7.98 % — % N/A N/A 61.63 % IL, FL

Loan B (5) 13,206 ( 52 ) 13,154 ( 1,244 ) 11,910 7.98 % — % N/A N/A 75.33 % CA

Loan C (5) 24,535 ( 99 ) 24,436 ( 2,310 ) 22,126 7.98 % — % N/A N/A 77.22 % NY

Loan D (6) 22,204 ( 611 ) 21,593 ( 6,799 ) 14,794 7.16 % — % N/A N/A 42.50 % CT

Total $ 67,204 $ ( 791 ) $ 66,413 $ ( 11,037 ) $ 55,376 7.71 % — % N/A 65.69 %

(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 September 30, 2025.

(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.

Due to these defaults, the lender on the Company’s financing arrangements is permitted to request full repayment of the debt with respect to such assets.

The Company does not currently expect the lender to require repayment of the related outstanding financing arrangements prior to its scheduled maturity in March 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, which was $ 25.4 million as of March 31, 2026.

(4) Represents the LTV at acquisition of WMC.

2 unchanged sentences

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 a consensual sale 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 sale.

The Company currently expects the sales process to be completed in the first half of 2026, however there are no assurances that sales can be completed within the time anticipated or at all.

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.

1 unchanged sentence

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 currently evaluating with the borrower a deed-in-lieu of foreclosure and/or a consensual sale of the property through a national commercial real estate sales advisor.

In connection with the foregoing and the valuation analysis obtained from a third-party pricing service provider, the Company recognized an unrealized loss of $ 7.1 million for the three months ended September 30, 2025 and placed the loan on cost recovery status.

(7) The weighted average yields are calculated based on the amortized cost of the underlying loans.

(8) Actual maturities of commercial loans may be shorter or longer than stated contractual maturities.

Maturities are affected by prepayments of principal.

(9) Represents maturity date of the last possible extension option.

AG Mortgage Investment Trust Inc.

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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

Real Estate Securities

The following tables detail the Company’s real estate securities portfolio by collateral type as of September 30, 2025 and December 31, 2024 ($ in thousands).

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.

2 unchanged sentences

(Discount) (1)

Amortized Cost Gross Unrealized Fair

Value (2) Weighted Average

September 30, 2025 Gains Losses Coupon (3) Yield (4) Life

Amortized Cost Gross Unrealized Fair Value (2) Weighted Average

March 31, 2026 Gains Losses Coupon (3) Yield (4) Life (Years) (5)

Non-Agency RMBS

6 unchanged sentences

Agency RMBS Interest Only N/A N/A 16,024 347 ( 711 ) 15,660 4.54 % 8.06 % 5.44

Total as of September 30, 2025

Total as of March 31, 2026

$ 284,623 $ ( 45,763 ) $ 278,131 $ 14,693 $ ( 13,437 ) $ 279,387 4.62 % 9.72 % 4.74

1 unchanged sentence

(Discount) (1)

Amortized Cost Gross Unrealized Fair

Value (2) Weighted Average

Amortized Cost Gross Unrealized Fair Value (2) Weighted Average

December 31, 2025 Gains Losses Coupon (3) Yield (4) Life (Years) (5)

8 unchanged sentences

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 September 30, 2025, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, Prime Jumbo Loans and Agency RMBS Interest Only line items were $ 71.5 million, $ 43.4 million, $ 163.2 million, $ 25.5 million and $ 87.6 million, respectively.

As of December 31, 2024, the notional value of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, Prime Jumbo Loans and Agency RMBS Interest Only line items were $ 85.6 million, $ 50.4 million, $ 163.3 million, $ 28.3 million and $ 107.2 million, respectively.

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 has no obligation to provide any other explicit or implicit support to 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.

2 unchanged sentences

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 Angelo Gordon securitization shelf under which the Company or private funds under the management of TPG Angelo Gordon securitize loans.

These securities were retained from rated Non-QM Loan securitizations the Company participated in alongside private funds managed by TPG Angelo Gordon.

(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 September 30, 2025 and December 31, 2024, the Company’s Non-QM Loans includes $ 42.2 million and $ 40.3 million of retained securities from these transactions, respectively.

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 Angelo Gordon or retained by the Company.

As of September 30, 2025 and December 31, 2024, the Company’s Agency-Eligible Loans includes $ 44.0 million and $ 48.2 million of retained securities from these transactions, respectively.

As of September 30, 2025, the Company’s Home Equity Loans includes $ 24.5 million of retained securities from these transactions.

(8) As of September 30, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and a fair value of $ 7.1 million which are on non-accrual or cost recovery status.

As of December 31, 2024, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and a fair value of $ 6.0 million which are on non-accrual or cost recovery status.

AG Mortgage Investment Trust Inc.

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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of September 30, 2025 and December 31, 2024 (in thousands).

September 30, 2025 Non-Agency RMBS Legacy WMC CMBS Agency RMBS

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, 2026 Non-Agency RMBS Legacy WMC CMBS Agency RMBS Real Estate Securities Total

Weighted Average Life (1)

1 unchanged sentence

Cost Fair Value Amortized Cost Fair Value Amortized

Cost Fair Value Amortized

Less than or equal to one year $ — $ — $ 4,694 $ 8,617 $ — $ — $ 4,694 $ 8,617

2 unchanged sentences

Greater than ten years 21,692 20,930 — — — — 21,692 20,930

Total as of September 30, 2025

Total as of March 31, 2026

$ 221,477 $ 215,241 $ 42,250 $ 46,866 $ 15,660 $ 16,024 $ 279,387 $ 278,131

December 31, 2024 Non-Agency RMBS Legacy WMC CMBS Agency RMBS

December 31, 2025 Non-Agency RMBS Legacy WMC CMBS Agency RMBS Real Estate Securities Total

Weighted Average Life (1)

1 unchanged sentence

Cost Fair Value Amortized Cost Fair Value Amortized

Cost Fair Value Amortized

Less than or equal to one year $ — $ — $ 4,921 $ 8,589 $ — $ — $ 4,921 $ 8,589

3 unchanged sentences

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.

1 unchanged sentence

Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.

The Company sold real estate securities during the three and nine months ended September 30, 2025 and 2024, as detailed below ($ in thousands).

Three Months Ended Nine Months Ended

Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses

September 30, 2025

Agency RMBS — $ — $ — $ — 1 $ 1,894 $ 241 $ —

Non-Agency RMBS — — — — 2 1,336 72 —

Legacy WMC CMBS — — — — 1 1,959 — ( 144 )

September 30, 2024

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 Securities Proceeds Realized Gains Realized Losses

March 31, 2025

Agency RMBS 1 $ 1,894 $ 241 $ —

Non-Agency RMBS 1 778 37 —

Legacy WMC CMBS 1 1,531 — ( 62 ) 1 1,531 — ( 62 )

Total 2 $ 2,672 $ 278 $ —

Fair value measurements

7 unchanged sentences

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.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands).

Fair Value at September 30, 2025

Level 1 Level 2 Level 3 Total

Securitized residential mortgage loans $ — $ — $ 8,288,983 $ 8,288,983

Residential mortgage loans — 1,257 225,247 226,504

Legacy WMC Commercial Loans — — 57,738 57,738

Non-Agency RMBS — 11,288 138,427 149,715

Legacy WMC CMBS — 40,683 — 40,683

Agency RMBS — 16,546 — 16,546

Derivative assets (1) — 5,795 128 5,923

Cash equivalents (2) 53,422 — — 53,422

AG Arc (3) — — 49,244 49,244

Total Assets Measured at Fair Value $ 53,422 $ 75,569 $ 8,759,767 $ 8,888,758

Securitized debt $ — $ — $ ( 7,428,111 ) $ ( 7,428,111 )

Loan purchase commitment (4) — — ( 410 ) ( 410 )

Derivative liabilities (1) — ( 4,004 ) ( 221 ) ( 4,225 )

Total Liabilities Measured at Fair Value $ — $ ( 4,004 ) $ ( 7,428,742 ) $ ( 7,432,746 )

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 1 Level 2 Level 3 Total

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Securitized residential mortgage loans $ — $ — $ 7,538,748 $ 7,538,748 $ — $ — $ 7,999,619 $ 7,999,619

6 unchanged sentences

Cash equivalents (2) 47,232 — — 47,232 55,979 — — 55,979

Other assets 1,392 — — 1,392 — — — —

AG Arc (3) — — 52,334 52,334 — — 50,016 50,016

3 unchanged sentences

Total Liabilities Measured at Fair Value $ — $ ( 814 ) $ ( 6,749,708 ) $ ( 6,750,522 ) $ — $ ( 1,169 ) $ ( 7,177,923 ) $ ( 7,179,092 )

(1) As of September 30, 2025, the Company applied a reduction in fair value of $ 4.9 million and $ 2.3 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, 2024, the Company applied a reduction in fair value of $ 11.4 million and $ 35.0 thousand to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, net of collateral posted by the Company's derivative counterparties.

(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 unchanged sentences

(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.

(4) The Company has elected the fair value option pursuant to ASC 825 for its loan purchase commitments.

Loan purchase commitment liabilities are included in the “Other liabilities" line item on the consolidated balance sheets.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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.

7 unchanged sentences

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.

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.

14 unchanged sentences

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 and nine months ended September 30, 2025 and 2024.

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 and nine months ended September 30, 2025.

The Company transferred $ 1.6 million of residential mortgage loans from Level 3 to Level 2 of the fair value hierarchy during the nine months ended September 30, 2024.

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.

2 unchanged sentences

Changes in these indications could impact price transparency, and thereby cause a change in level designations in future periods.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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 September 30, 2025

Three Months Ended March 31, 2026

Residential Mortgage

Loans (1) Legacy WMC Commercial Loans Non-Agency

RMBS Other Assets (2) AG Arc Securitized

Debt Other Liabilities (2)

Beginning balance $ 8,198,215 $ 55,376 $ 191,546 $ — $ 50,016 $ ( 7,177,923 )

Purchases 86,737 — 28,651 — — —

Issuances of Securitized Debt — — — — — ( 1,678,309 ) —

Capital distributions — — — — ( 628 ) — —

Proceeds from sales or settlements ( 49,375 ) — — ( 2 ) — —

8 unchanged sentences

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 September 30, 2025

Net premium and discount amortization (3) $ ( 591 ) $ 6 $ ( 679 ) $ — $ — $ ( 4,791 ) $ —

Net unrealized gain/(loss) 67,042 ( 7,151 ) 4,059 128 — ( 45,710 ) ( 631 )

Equity in earnings/(loss) from affiliates — — — — 2,337 — —

Three Months Ended September 30, 2024

Loans (1) Legacy WMC Commercial Loans Non-Agency

RMBS Legacy WMC CMBS Legacy WMC Other Securities Other Assets (2) AG Arc Securitized

Debt Other Liabilities (2)

Beginning balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ ( 5,117,189 ) $ ( 560 )

Transfers out of level 3 (5) ( 1,329 ) — — — — — — — —

Purchases 524,709 — 51,047 — — — — — —

Issuances of Securitized Debt — — — — — — — ( 355,794 ) —

Capital distributions — — — — — — ( 4,561 ) — —

Proceeds from sales or settlements ( 159,963 ) — — — — ( 802 ) — — 460

Principal repayments ( 163,020 ) — ( 524 ) — — — — 155,186 —

Principal funding 171 — — — — — — — —

Included in net income:

Net premium and discount amortization (3) 2,679 50 41 — ( 51 ) — — ( 7,334 ) —

Net realized gain/(loss) 1,144 — — — — 802 — — ( 460 )

Net unrealized gain/(loss) 193,094 72 3,215 ( 91 ) ( 159 ) ( 297 ) — ( 172,421 ) 535

Equity in earnings/(loss) from affiliates — — — — — — 574 — —

Other (4) ( 223 ) — — — — — — — —

Ending Balance $ 6,489,778 $ 66,875 $ 111,171 $ 636 $ 998 $ 149 $ 30,967 $ ( 5,497,552 ) $ ( 25 )

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2024

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 )

1 unchanged sentence

Equity in earnings/(loss) from affiliates — — — — 2,318 —

(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.

(5) Transfers are assumed to occur at the beginning of the period.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2025

Residential Mortgage

Loans (1) Legacy WMC Commercial Loans Non-Agency

4 unchanged sentences

Issuances of Securitized Debt — — — — — ( 408,670 ) —

Capital distributions — — — — ( 628 ) — —

Proceeds from sales or settlements ( 20,428 ) — — ( 258 ) — — 298

8 unchanged sentences

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 September 30, 2025

Net premium and discount amortization (3) $ 3,473 $ 339 $ ( 2,197 ) $ — $ — $ ( 18,248 ) $ —

Net unrealized gain/(loss) 162,568 ( 9,606 ) 5,728 128 — ( 137,742 ) ( 631 )

Equity in earnings/(loss) from affiliates — — — — 3,764 — —

Nine Months Ended September 30, 2024

Loans (1) Legacy WMC Commercial Loans Non-Agency

RMBS Legacy WMC CMBS Legacy WMC Other Securities Other Assets (2) AG Arc Securitized

Debt Other Liabilities (2)

Beginning balance $ 5,675,135 $ 66,303 $ 37,533 $ 5,796 $ 1,156 $ 1,172 $ 33,574 $ ( 4,711,623 ) $ ( 7 )

Transfers out of level 3 (5) ( 1,629 ) — — — — — — — —

Purchases 1,234,906 — 69,098 — — — — — —

Issuances of Securitized Debt — — — — — — — ( 1,014,049 ) —

Capital distributions — — — — — — ( 5,042 ) — —

Proceeds from sales or settlements ( 159,963 ) — — — — ( 2,530 ) — — 1,217

Principal repayments ( 474,879 ) — ( 524 ) — — — — 439,549 —

Principal funding 171 — — — — — — — —

Included in net income:

Net premium and discount amortization (3) 10,842 250 74 ( 63 ) ( 148 ) — — ( 22,650 ) —

Net realized gain/(loss) 1,200 — — — — 2,530 — — ( 1,217 )

Net unrealized gain/(loss) 207,574 322 4,990 ( 5,097 ) ( 10 ) ( 1,023 ) — ( 188,779 ) ( 18 )

Equity in earnings/(loss) from affiliates — — — — — — 2,435 — —

Other (4) ( 3,579 ) — — — — — — — —

Ending Balance $ 6,489,778 $ 66,875 $ 111,171 $ 636 $ 998 $ 149 $ 30,967 $ ( 5,497,552 ) $ ( 25 )

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2024

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 ) —

5 unchanged sentences

(4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.

(5) Transfers are assumed to occur at the beginning of the period.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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 September 30, 2025 and December 31, 2024 ($ in thousands).

September 30, 2025 December 31, 2024

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, 2026 December 31, 2025

Valuation Technique Unobservable Input Fair Value Range

35 unchanged sentences

10.00 % - 100.00 % ( 56.87 %)

Other Assets (3)

Yield 5.92 % - 6.76 % ( 6.05 %)

6.59 % - 7.70 % ( 6.72 %)

Discounted Cash Flow Projected Collateral Prepayments $ 128 9.07 % - 23.38 % ( 17.57 %)

$ 204 11.52 % - 25.78 % ( 19.09 %)

Projected Collateral Losses 0.05 % - 5.96 % ( 1.19 %)

0.02 % - 2.73 % ( 0.71 %)

Projected Collateral Severities 10.00 % - 10.00 % ( 10.00 %)

10.00 % - 10.00 % ( 10.00 %)

Pull Through Percentages 65.00 % - 100.00 % ( 94.15 %)

60.00 % - 100.00 % ( 89.33 %)

Comparable Multiple Book Value Multiple $ 52,334 1.05 x - 1.05 x ( 1.05 x)

9 unchanged sentences

10.00 % - 100.00 % ( 27.79 %)

Other Liabilities (3)

Yield 5.91 % - 6.76 % ( 6.11 %)

6.58 % - 6.96 % ( 6.67 %)

Discounted Cash Flow Projected Collateral Prepayments $ ( 631 ) 6.05 % - 26.73 % ( 18.23 %)

$ ( 336 ) 9.00 % - 26.94 % ( 18.34 %)

Projected Collateral Losses 0.10 % - 10.10 % ( 0.32 %)

0.01 % - 1.36 % ( 0.17 %)

Projected Collateral Severities 10.00 % - 13.83 % ( 10.03 %)

10.00 % - 10.00 % ( 10.00 %)

Pull Through Percentages 65.00 % - 100.00 % ( 92.02 %)

65.00 % - 100.00 % ( 90.48 %)

(1) Amounts are weighted based on fair value.

(2) Represents the proportion of the principal expected to be collected relative to the loan balances as of September 30, 2025 and December 31, 2024.

(3) Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.

AG Mortgage Investment Trust Inc.

(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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following table presents a summary of the Company's financing as of September 30, 2025 and December 31, 2024 ($ in thousands).

September 30, 2025 December 31, 2024

March 31, 2026

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

Financing Weighted Average Collateral Fair Value (1)(2) Financing

2 unchanged sentences

Securitized Residential Mortgage Loans (4)

Non-Agency Loans $ 439,020 $ 439,020 Oct 2025 - May 2026 5.71 % 0.19 $ 675,319 $ 370,913

Home Equity Loans 68,851 68,851 Dec 2025 5.02 % 0.21 86,761 —

Re- and Non-Performing Loans 26,992 26,992 Oct 2025 6.23 % 0.04 41,904 31,798

Non-Agency Loans $ 415,277 $ 415,277 Apr 2026 - Jun 2026 5.17 % 0.20 $ 623,149 $ 428,657

Home Equity Loans 64,826 64,826 Jun 2026 4.62 % 0.20 80,041 67,752

Re- and Non-Performing Loans 27,191 27,191 May 2026 - Jun 2026 5.72 % 0.14 41,703 27,264

Residential Mortgage Loans (5)

Agency-Eligible Loans 89,845 89,845 Nov 2025 5.96 % 0.16 95,671 95,688

Agency-Eligible Loans 19,672 19,672 Sep 2026 - Mar 2027 5.38 % 0.63 21,487 19,490

Home Equity Loans (6) 87,343 87,343 Jun 2026 - Jul 2026 6.08 % 0.25 173,207 58,951

Non-Agency Loans — — N/A N/A N/A 572 7,615

Legacy WMC Commercial Loans 27,436 27,436 Mar 2026 7.16 % 0.48 57,738 47,222

Non-Agency RMBS 98,130 98,130 Oct 2025 - May 2026 5.08 % 0.23 130,657 78,978

Legacy WMC CMBS 17,348 17,348 Oct 2025 - Dec 2025 5.55 % 0.15 40,651 20,416

Agency RMBS 11,000 11,000 Oct 2025 - Dec 2025 4.60 % 0.22 15,821 2,038

Non-Agency Loans 27,227 27,227 Jun 2026 5.47 % 0.19 32,893 29,817

Legacy WMC Commercial Loans 25,392 25,392 Sep 2026 6.43 % 0.47 51,504 27,436

Non-Agency RMBS 154,366 154,366 Apr 2026 - Jun 2026 4.54 % 0.15 192,214 137,386

Legacy WMC CMBS 18,540 18,540 May 2026 - Jun 2026 5.20 % 0.16 42,226 18,540

Agency RMBS 10,397 10,397 Apr 2026 - Jun 2026 4.29 % 0.21 14,990 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

9 unchanged sentences

Total Financing $ 7,903,727 $ 7,696,594 5.41 % 4.99 $ 1,273,414 $ 8,100,775

(1) The Company also had $ 4.4 million and $ 10.6 million of cash pledged under repurchase agreements as of September 30, 2025 and December 31, 2024, respectively.

(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.

5 unchanged sentences

(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 $ 54.0 million of Home Equity Loans, with an unpaid principal balance of $ 50.9 million, in which the Company has no outstanding financing but has the ability to borrow from up to $ 50 million of available committed financing at an advance rate of 87.5 % of unpaid principal balance pledged as collateral.

(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 has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.

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.

1 unchanged sentence

The notional value is used solely to determine interest distributions on the interest only classes of securities.

As of September 30, 2025, the notional value of interest only classes of Securitized debt in the Non-Agency VIEs and Home Equity VIEs was $ 3.4 billion and $ 310.9 million, respectively.

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 September 30, 2025, the fair value of the Senior Unsecured Notes was $ 101.3 million.

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.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

Senior Unsecured Notes

1 unchanged sentence

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 September 30, 2025 ($ in thousands).

Principal Amount (1) Carrying Value Maturity

Date (2) Redemption Date (3) Rate (4)

The below table provides a summary of the Senior Unsecured Notes as of March 31, 2026 ($ in thousands).

Principal Amount (1) Carrying Value Maturity Date (2) Redemption Date (3) Rate (4)

February 2029 Senior Unsecured Notes

6 unchanged sentences

(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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

Coupon interest expense

$ 2,363 $ 2,363 $ 7,089 $ 4,563

Amortization expense

187 168 546 332

Total interest expense $ 2,550 $ 2,531 $ 7,635 $ 4,895

Legacy WMC Convertible Notes

In connection with the WMC acquisition, a wholly owned subsidiary of the Company assumed, and the Company guaranteed, $ 86.25 million aggregate principal amount of Legacy WMC Convertible Notes.

The Legacy WMC Convertible Notes had an interest rate of 6.75 % and interest was paid semiannually.

During the nine months ended September 30, 2024, the Company repurchased $ 7.1 million of principal amount of its outstanding Legacy WMC Convertible Notes.

The Company paid off the remaining principal amount outstanding of the Legacy WMC Convertible Notes at maturity in September 2024.

There was no interest expense incurred during the three and nine months ended September 30, 2025 as the Legacy WMC Convertible Notes matured in September 2024.

The below table details the total interest expense incurred on the Legacy WMC Convertible Notes during the three and nine months ended September 30, 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2024 September 30, 2024

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, 2026 March 31, 2025

Coupon interest expense

2 unchanged sentences

Total interest expense $ 2,560 $ 2,540

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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 September 30, 2025 by contractual maturity (in thousands).

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.

8 unchanged sentences

Home Equity Loans — 291 87,052 — 87,343

Non-Agency Loans — 27,227 — — 27,227

Legacy WMC Commercial Loans (1) — — 25,392 — 25,392

7 unchanged sentences

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 September 30, 2025.

Due to these defaults, the lender on the Company’s financing arrangements is permitted to request full repayment of the debt with respect to such assets.

The Company does not currently expect the lender to require repayment of the related outstanding financing arrangements prior to its scheduled maturity in March 2026.

(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 September 30, 2025 and December 31, 2024.

The following table presents information as of September 30, 2025 and December 31, 2024 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).

September 30, 2025

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

12 unchanged sentences

JP Morgan Securities, LLC 29,202 29 5.4 % 29,992 31 5.3 %

Atlas Securitized Products, L.P.

30,233 175 5.4 % (1) (1) (1)

Various (2) (2) (2) (2) 81,855 211 15.2 %

(1) As of December 31, 2024, the Company had less than 5 % of its equity at risk under financing arrangements with Atlas Securitized Products, L.P.

and JP Morgan Securities, LLC.

(2) As of December 31, 2024 , certain retained interests in securitizations are held in WMC RR 2023-1 Trust, a wholly owned subsidiary of the Company.

WMC RR 2023-1 Trust issued certificates which were sold to various third-party investors.

WMC RR 2023-1 Trust matured and was paid off in July 2025.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

Financial Covenants

2 unchanged sentences

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 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.

To the extent that the Company fails to comply with

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 September 30, 2025, the Company is in compliance with all of its financial covenants.

As of March 31, 2026, the Company is in compliance with all of its financial covenants.

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 September 30, 2025 and December 31, 2024 (in thousands).

September 30, 2025 December 31, 2024

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, 2026 December 31, 2025

Interest receivable $ 44,673 $ 47,868

7 unchanged sentences

Interest payable 32,594 34,385

Derivative liabilities, at fair value 1,909 340

Loan purchase commitment, at fair value 410 —

Accrued expenses 2,317 1,836

Due to broker 604 1,655

Payable on unsettled trades 133 —

Taxes payable 218 264

1 unchanged sentence

(1) Refer to Note 10 for more information.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of September 30, 2025 and December 31, 2024 (in thousands).

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 September 30, 2025 December 31, 2024

Location March 31, 2026 December 31, 2025

Derivatives and Other Instruments (1) Notional Fair Value Notional Fair Value

1 unchanged sentence

Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) Other liabilities 113,000 — 89,060 —

Short TBAs Other assets — 820 — —

Short TBAs Other liabilities — ( 1,688 ) — —

Forward Purchase Commitments

Other assets — — 475 —

Forward Purchase Commitments

Other liabilities 30,096 ( 221 ) 35,398 ( 336 )

(1) As of September 30, 2025 and December 31, 2024, no derivatives held by the Company were designated as hedges for accounting purposes.

(2) As of September 30, 2025, the Company applied a reduction in fair value of $ 4.9 million and $ 2.3 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 September 30, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.34 %, a weighted average receive-variable rate of 4.24 %, and a weighted average years to maturity of 4.66 years.

(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.

(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 September 30, 2025 and December 31, 2024, if applicable.

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.

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.

1 unchanged sentence

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 September 30, 2025, the Company's restricted cash balance included $ 12.3 million of collateral related to certain derivatives, of which $ 9.7 million represents cash collateral posted by the Company and $ 2.6 million represents amounts related to variation margin.

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.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following table summarizes total income related to derivatives and other instruments for the three and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 31, 2025

Included within Net interest component of interest rate swaps

2 unchanged sentences

Interest Rate Swaps 1,858 ( 6,536 )

Short TBAs ( 868 ) — ( 868 ) 63

Forward Purchase Commitments

1,858 ( 6,404 )

( 1,827 ) ( 4,977 ) ( 8,389 ) 2,401

Included within Net realized gain/(loss)

Interest Rate Swaps 54 782

Short TBAs ( 2,514 ) — ( 1,852 ) 24

Forward Purchase Commitments

119 342 79 1,313

( 3,694 ) ( 21,209 ) ( 5,640 ) ( 23,275 )

Total income/(loss) $ 2,316 $ ( 4,925 )

Derivative Activity

The following table presents information about the Company’s derivatives for the three and nine months ended September 30, 2025 and 2024 (in thousands).

The following table presents information about the Company’s derivatives for the three months ended March 31, 2026 and 2025 (in thousands).

Beginning Notional

3 unchanged sentences

Asset Derivative

Three Months Ended September 30, 2025

Interest Rate Swaps $ 345,000 $ 227,180 $ ( 127,120 ) $ 445,060 $ 56 $ —

Short TBAs ( 195,000 ) 775,000 ( 580,000 ) — 820 ( 1,688 )

Three Months Ended September 30, 2024

Interest Rate Swaps $ 818,000 $ 129,000 $ ( 642,500 ) $ 304,500 $ — $ ( 86 )

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Interest Rate Swaps $ 372,560 $ 65,000 $ ( 33,000 ) $ 404,560 $ 56 $ —

Short TBAs — 1,075,000 ( 1,075,000 ) — 820 ( 1,688 )

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Interest Rate Swaps $ 342,550 $ 103,000 $ ( 113,050 ) $ 332,500 $ — $ ( 256 )

Short TBAs ( 9,000 ) 130,000 ( 121,000 ) — — —

(1) The sales or shorts include $ 60.0 million of interest rate swaps that matured during the nine months ended September 30, 2024.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

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 and nine months ended September 30, 2025 and 2024 (in thousands, except per share data).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 31, 2025

Net Income/(Loss) $ ( 3,562 ) $ 11,477

7 unchanged sentences

Diluted $ ( 0.27 ) $ 0.21

The following tables detail the Company's common stock dividends declared during the nine months ended September 30, 2025 and 2024.

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

(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.

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, 2026 Three Months Ended March 31, 2025

Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share

3/16/2026 3/31/2026 4/30/2026 $ 0.24 3/17/2025 3/31/2025 4/30/2025 $ 0.20

6/17/2025 6/30/2025 7/31/2025 0.21 6/13/2024 6/28/2024 7/31/2024 0.19

9/15/2025 9/30/2025 10/31/2025 0.21 9/16/2024 9/30/2024 10/31/2024 0.19

Total $ 0.62 Total $ 0.56

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

The following tables detail the Company's preferred stock dividends declared and paid during the nine months ended September 30, 2025 and 2024.

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

3 unchanged sentences

2/13/2026 2/27/2026 3/17/2026 $ 0.51563 $ 0.50 $ 0.652391

5/5/2025 5/30/2025 6/17/2025 0.51563 0.50 0.704864

7/31/2025 8/29/2025 9/17/2025 0.51563 0.50 0.706042

Total $ 1.54689 $ 1.50 $ 2.103968

2025 Cash Dividend Per Share

3 unchanged sentences

2/14/2025 2/28/2025 3/17/2025 $ 0.51563 $ 0.50 $ 0.693062

5/2/2024 5/31/2024 6/17/2024 0.51563 0.50 0.50

8/1/2024 8/30/2024 9/17/2024 0.51563 0.50 0.50

Total $ 1.54689 $ 1.50 $ 1.50

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

The Company conducts its operations to qualify and be taxed as a REIT.

2 unchanged sentences

The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes.

On December 6, 2023, the Company acquired WMC, an externally managed mortgage REIT.

The WMC acquisition is intended to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code.

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 and nine months ended September 30, 2025 and 2024, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 31, 2025

Excise tax expense $ — $ 89

(1) During the nine months ended September 30, 2025, the Company recorded a reduction in excise tax expense of $ 0.1 million related to an excise tax refund.

REIT Net Operating Loss and Net Capital Loss Carryforwards

1 unchanged sentence

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 September 30, 2025 and December 31, 2024, the remaining NOL carryforwards obtained in the WMC acquisition was $ 319.4 million.

As of September 30, 2025 and December 31, 2024, the Company had estimated net capital loss ("NCL") carryforwards of $ 279.4 million and $ 278.9 million, respectively.

These NCL carryforwards (which exclude NCLs acquired from WMC) can be

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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 will expire on December 31, 2025.

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 September 30, 2025 and December 31, 2024, these estimated NCL carryforwards were $ 151.6 million and $ 150.6 million, respectively.

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.

5 unchanged sentences

federal, state, and local income tax on net income at the applicable corporate rates.

The federal statutory rate for the three and nine months ended September 30, 2025 and 2024 was 21%.

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.

1 unchanged sentence

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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 31, 2025

Federal $ 82 $ —

State and Local 100 28

Income Tax Expense $ 182 $ 28

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 September 30, 2025 and December 31, 2024, the Company recorded a deferred tax asset of approximately $ 32.8 million and $ 34.7 million, respectively, relating to net operating loss carryforwards, capital loss carryforwards, and basis differences of certain investments held within TRSs.

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 full valuation allowance as of September 30, 2025 and December 31, 2024.

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 September 30, 2025 and December 31, 2024.

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.

2 unchanged sentences

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 no t incur any interest or penalties during the three and nine months ended September 30, 2025 and 2024.

The Company did no t incur any interest or penalties during the three months ended March 31, 2026 and 2025.

Related party transactions

2 unchanged sentences

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 Angelo Gordon.

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

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

TPG Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the Company’s management agreement.

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.

On November 1, 2023, TPG completed the acquisition of TPG Angelo Gordon (the "TPG Transaction"), pursuant to which TPG Angelo Gordon, including the Manager, became indirect subsidiaries of TPG.

Pursuant to the management agreement with the Manager, the closing of the TPG Transaction resulted in an assignment of the management agreement.

The independent directors of the Company's Board of Directors unanimously consented to such assignment on July 31, 2023 in advance of the TPG Transaction closing.

There were no changes to the management agreement in connection with the TPG Transaction and the assignment of the management agreement became effective upon the closing of the TPG Transaction.

In connection with the WMC acquisition, which was completed on December 6, 2023, and contemporaneously with the execution of the Merger Agreement, on August 8, 2023, the Company and the Manager entered into the MITT Management Agreement Amendment, pursuant to which (i) the Manager’s base management fee will be reduced by $ 0.6 million for the first four quarters following the Effective Time, beginning with the fiscal quarter in which the Effective Time occurs (i.e., resulting in an aggregate $ 2.4 million waiver of base management fees), and (ii) the Manager will waive its right to seek reimbursement from the Company for any expenses otherwise reimbursable by the Company under the management agreement in an amount equal to approximately $ 1.3 million, which is the excess of $ 7.0 million over the aggregate Per Share Additional Manager Consideration paid by the Manager to the holders of WMC Common Stock under the Merger Agreement.

The MITT Management Agreement Amendment became effective automatically upon the closing of the WMC acquisition.

Management fee

2 unchanged sentences

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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

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:

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Management fee to affiliate $ 2,319 $ 2,327

(1) For the three and nine months ended September 30, 2024, the Manager agreed to waive its right to receive management fees of $ 0.6 million and $ 1.8 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.

As of September 30, 2025 and December 31, 2024, the Company recorded management fees payable of $ 2.3 million and $ 2.3 million, respectively.

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.

1 unchanged sentence

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.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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 and nine months ended September 30, 2025 and 2024, the Company did not incur any incentive fee expense.

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 September 30, 2025 and December 31, 2024, no event of termination of the management agreement had occurred.

As of March 31, 2026 and December 31, 2025, no event of termination of the management agreement had occurred.

Expense reimbursement

4 unchanged sentences

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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

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:

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Non-investment related expenses

1 unchanged sentence

Investment related expenses

256 194 551 395

Transaction related expenses 75 260

Expense reimbursements to Manager or its affiliates $ 1,663 $ 2,299

(1) For the three and nine months ended September 30, 2024, the Manager agreed to waive its right to receive expense reimbursements of $ 0.3 million and $ 0.9 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.

As of September 30, 2025 and December 31, 2024, the Company recorded a reimbursement payable to the Manager or its affiliates of $ 2.5 million and $ 1.7 million, respectively.

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.

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 Angelo Gordon, in such entities and has applied the equity method of accounting for such investments.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

On December 9, 2015, the Company, alongside private funds managed by TPG Angelo Gordon, through AG Arc LLC ("AG Arc") formed Arc Home.

As of September 30, 2025 and December 31, 2024, the Company had an approximate 66.0 % and 44.6 % interest in AG Arc, respectively.

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.

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.

2 unchanged sentences

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 TPG Angelo Gordon.

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.

On August 29, 2017, the Company, alongside private funds managed by TPG Angelo Gordon, formed Mortgage Acquisition Holding I LLC ("MATH") to conduct a residential mortgage investment strategy.

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.

3 unchanged sentences

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 September 30, 2025 and December 31, 2024 (in thousands).

September 30, 2025 December 31, 2024

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, 2026 December 31, 2025

Assets Liabilities Equity Assets Liabilities Equity

5 unchanged sentences

Investments in debt and equity of affiliates $ 61,789 $ ( 15 ) $ 61,774 $ 61,345 $ ( 12 ) $ 61,333

(1) 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.

AG Mortgage Investment Trust Inc.

(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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 31, 2025

Non-QM Securities $ ( 274 ) $ ( 71 )

5 unchanged sentences

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

1 unchanged sentence

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 direct subsidiary of TPG Angelo Gordon, as the asset manager for certain of its residential mortgage loans.

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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 31, 2025

Fees paid to Asset Manager $ 550 $ 640

As of September 30, 2025 and December 31, 2024, the Company recorded asset management fees payable of $ 0.2 million and $ 0.2 million, respectively.

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.

1 unchanged sentence

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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

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, 2026 March 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 and nine months ended September 30, 2025 and 2024 (in thousands).

Three Months Ended Nine Months Ended

September 30, 2025 September 30, 2024

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

1 unchanged sentence

Actual loan purchases are contingent

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

upon successful loan closings.

20 unchanged sentences

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 September 30, 2025, approximately $ 1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program.

There were no repurchases during the three and nine months ended September 30, 2025 and 2024.

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 no t 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 September 30, 2025, the full $ 15.0 million authorized amount remains available for repurchase under the 2023 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.

3 unchanged sentences

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.

AG Mortgage Investment Trust Inc.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

March 31, 2026

Restricted stock grants

1 unchanged sentence

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 may be issued under the 2025 Equity Incentive Plan is 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 130,000 shares of common stock that remain subject to outstanding awards under the 2020 Equity Incentive Plan but only to the extent that such shares become forfeited or otherwise lapse.

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 September 30, 2025, the Company has granted an aggregate 13,383 shares of restricted common stock and 411 dividend equivalent units to its independent directors, all of which have vested.

As of September 30, 2025, there were 1,006,987 remaining shares available to be issued under the 2025 Equity Incentive Plan.

As of September 30, 2025, the Company has 12,981 restricted stock units and 2,460 associated dividend equivalent units outstanding, all of which are fully vested and held by one of the Company’s independent directors.

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.

2 unchanged sentences

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 September 30, 2025, there were no shares or awards issued under the 2021 Manager Plan.

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.

Director compensation

As of September 30, 2025, the Company's Board of Directors consisted of four independent directors.

The annual base director's fee for each independent director is $ 150,000 , $ 70,000 of which is payable on a quarterly basis in cash and $ 80,000 of which is payable on a quarterly basis in shares of restricted common stock.

The number of shares of restricted common stock to be issued each quarter to each independent director is determined based on the average of the high and low prices of the Company’s common stock on the New York Stock Exchange on the last trading day of each fiscal quarter.

To the extent that any fractional shares would otherwise be issuable and payable to each independent director, a cash payment is made to each independent director in lieu of any fractional shares.

All directors’ fees are paid pro rata (and restricted common stock grants determined) on a quarterly basis in arrears, and shares issued are fully vested and non-forfeitable.

These shares may not be sold or transferred by such director during the time of their service as an independent member of the Company’s Board of Directors.

In addition to the annual base director's fee, the non-executive chair of the Company's Board of Directors receives an annual fee of $ 60,000 , of which $ 30,000 is payable in cash and $ 30,000 is payable in shares of restricted common stock, the chair of the Audit Committee receives an annual fee of $ 25,000 , and the chairs of the Compensation and Nominating and Corporate Governance Committees each receive an annual fee of $ 10,000 .

Equity distribution agreements

2 unchanged sentences

(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.

Prior to entering into the 2024 Equity Distribution Agreements, effective November 6, 2024, the Company terminated the equity distribution agreements related to its prior at-the-market program (the "Equity Distribution Agreements").

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

At the time of such termination, $ 51.7 million remained unsold under the prior program.

The Company did no t issue any shares of common stock under any of its equity distribution agreements then in effect during the three and nine months ended September 30, 2025 and 2024.

The Company did no t 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

3 unchanged sentences

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 TPG Angelo Gordon (the “Holders”) as consideration.

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.

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 September 30, 2025 and December 31, 2024, 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 September 30, 2025 ($ and shares in thousands).

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 Series Issuance Date Shares Outstanding Carrying Value Aggregate Liquidation Preference (1) Optional Redemption

12 unchanged sentences

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.

AG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

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).

3 unchanged sentences

From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business.

As of September 30, 2025, the Company was not involved in any material legal proceedings.

The below table details the Company's outstanding commitments as of September 30, 2025 (in thousands).

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 type Date of Commitment Total Commitment Funded Commitment Remaining Commitment

Agency-Eligible Loans (1) Various $ 184,391 $ — $ 184,391

Home Equity Loans (1) Various $ 184,598 $ 166,703 $ 17,895

Total $ 316,397 $ 121,535 $ 194,862

(1) The Company entered into commitments to acquire certain loans which have not yet settled as of September 30, 2025.

The total commitment amount represents the agreed upon purchase price of any outstanding unpaid principal balance the Company has committed to purchase.

The total commitment to purchase Agency-Eligible Loans includes $ 120.5 million related to Loan Purchase Commitments with third parties and $ 63.9 million related to Forward Purchase Commitments with Arc Home.

Refer to Note 10 "Transactions with affiliates" for more information related to Forward Purchase Commitments with Arc Home.

(2) Represents the undrawn portion of a borrowers' home equity line of credit.

(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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

Segment Reporting

The Company operates its business as a single operating and reportable segment, Loans and Securities, as its business focuses on acquiring, investing in and financing 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 or through other third-party origination partners.

The Company finances its acquired loans through various financing lines on a short-term basis and utilizes TPG Angelo Gordon’s proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit.

The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer.

The CODM manages the business and reviews financial information presented on a consolidated basis.

The CODM uses consolidated net income reported on the consolidated statements of operations as the primary measure to make resource allocation decisions and evaluate the performance of the Company.

Operating expenses include management fees, non-investment related expenses, investment related expenses and transaction related expenses.

The CODM is regularly provided operating expenses as presented on the consolidated statements of operations when evaluating the Company’s net income.

There is no difference between segment assets and total consolidated assets as presented on the consolidated balance sheets.

As the Company operates as a single segment, the accounting policies utilized by the segment are consistent with those included in the consolidated financial statements here within.

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.

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 Securities Arc Home

(1) (2) Other Total

Interest income $ 129,413 $ — $ 395 $ 129,808

Interest expense 106,605 — 2,560 109,165

Total Net Interest Income 22,808 — ( 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 expenses 4,298 — — 4,298

Transaction related expenses 374 — 200 574

Total Expenses 4,672 — 5,175 9,847

Income/(loss) before equity in earnings/(loss) from affiliates 1,960 — ( 7,340 ) ( 5,380 )

Equity in earnings/(loss) from affiliates ( 312 ) 2,312 — 2,000

Income/(loss) before income taxes 1,648 2,312 ( 7,340 ) ( 3,380 )

Income tax expense 182 — — 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 Securities Arc Home

(1) (2) Other Total

Interest income $ 108,052 $ — $ 1,078 $ 109,130

Interest expense 87,741 — 2,540 90,281

Total Net Interest Income 20,311 — ( 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 expenses 3,410 — — 3,410

Transaction related expenses 1,061 — — 1,061

Total Expenses 4,471 — 5,607 10,078

Income/(loss) before equity in earnings/(loss) from affiliates 17,389 — ( 7,069 ) 10,320

Equity in earnings/(loss) from affiliates ( 191 ) 1,376 — 1,185

Income/(loss) before income taxes 17,198 1,376 ( 7,069 ) 11,505

Income tax expense 28 — — 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.

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 Securities Arc Home Other Total

March 31, 2026

Total Assets $ 8,184,568 $ 52,334 $ 51,413 $ 8,288,315

Total Liabilities 7,633,542 — 110,377 7,743,919

Total Stockholders' Equity 551,026 52,334 ( 58,964 ) 544,396

December 31, 2025

Total Assets $ 8,600,220 $ 50,016 $ 61,294 $ 8,711,530

Total Liabilities 8,039,534 — 111,262 8,150,796

Total Stockholders' Equity 560,686 50,016 ( 49,968 ) 560,734

Subsequent Events

The Company announced that on November 3, 2025, its Board of Directors declared fourth quarter 2025 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 $ 0.680181 per share, respectively.

The dividends will be paid on December 17, 2025 to holders of record on November 28, 2025.

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements