What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-10 compared with 2026-05-01 · 433 added, 244 removed, 1121 unchanged (38% of the section changed)

4 unchanged sentences

(in thousands, except per share data)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Securitized residential mortgage loans, at fair value - $ 726,279 and $ 766,901 pledged as collateral, respectively (1)

23 unchanged sentences

Common stock, par value $ 0.01 per share;

450,000 shares of common stock authorized and 31,735 and 31,744 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

450,000 shares of common stock authorized and 31,803 and 31,744 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 840,572 840,401

11 unchanged sentences

(in thousands, except per share data)

Three Months Ended

March 31, 2026 March 31, 2025

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net Interest Income

31 unchanged sentences

(in thousands, except per share data)

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

For the Three Months Ended June 30, 2026 and June 30, 2025

Common Stock Preferred

3 unchanged sentences

Shares Amount Total

Balance at April 1, 2026 31,735 $ 317 $ 220,472 $ 840,396 $ ( 516,789 ) $ 544,396

Grant of restricted stock and amortization of equity based compensation 68 1 — 176 — 177

Common dividends declared ($ 0.24 per share)

— — — — ( 7,633 ) ( 7,633 )

Preferred dividends declared (1) — — — — ( 5,205 ) ( 5,205 )

Net Income/(Loss) — — — — 14,269 14,269

Balance at June 30, 2026 31,803 $ 318 $ 220,472 $ 840,572 $ ( 515,358 ) $ 546,004

Common Stock Preferred

Stock Additional

Paid-in Capital Retained

Earnings/(Deficit)

Shares Amount Total

Balance at April 1, 2025 29,659 $ 297 $ 220,472 $ 824,587 $ ( 501,486 ) $ 543,870

Grant of restricted stock and amortization of equity based compensation 32 — — 176 — 176

Common dividends declared ($ 0.21 per share)

— — — — ( 6,235 ) ( 6,235 )

Preferred dividends declared (1) — — — — ( 5,349 ) ( 5,349 )

Net Income/(Loss) — — — — 3,945 3,945

Balance at June 30, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407

For the Six Months Ended June 30, 2026 and June 30, 2025

Common Stock Preferred

Stock Additional

Paid-in Capital Retained

Earnings/(Deficit)

Shares Amount Total

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

4 unchanged sentences

Net Income/(Loss) — — — — 10,707 10,707

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

Balance at June 30, 2026 31,803 $ 318 $ 220,472 $ 840,572 $ ( 515,358 ) $ 546,004

Common Stock Preferred

9 unchanged sentences

Net Income/(Loss) — — — — 15,422 15,422

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.

Balance at June 30, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407

(1) For the three months ended June 30, 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 $ 0.665952 and $ 0.704864 per share of Series C Preferred Stock outstanding were declared, respectively.

(2) During the six months ended June 30, 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.

(3) For the six months ended June 30, 2026 and 2025, dividends totaling $ 1.03126 and $ 1.03126 per share of Series A Preferred Stock, $ 1.00 and $ 1.00 per share of Series B Preferred Stock, and $ 1.318343 and $ 1.397926 per share of Series C Preferred Stock outstanding were declared, respectively .

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

3 unchanged sentences

(in thousands)

Three Months Ended

March 31, 2026 March 31, 2025

Six Months Ended

June 30, 2026 June 30, 2025

Cash Flows from Operating Activities

17 unchanged sentences

Principal repayments on real estate securities 17,882 6,443

Principal repayments on commercial loans 1,343 —

Principal funding on residential mortgage loans ( 9,568 ) ( 6,953 )

1 unchanged sentence

Net settlement of interest rate swaps and other instruments 5,676 ( 6,262 )

Net settlement of TBAs — 662

Cash flows provided by other investing activities 3,590 2,270

14 unchanged sentences

Cash and cash equivalents and restricted cash, End of Period $ 82,162 $ 100,169

Three Months Ended

March 31, 2026 March 31, 2025

Six Months Ended

June 30, 2026 June 30, 2025

Supplemental disclosure of cash flow information:

5 unchanged sentences

Transfer from residential mortgage loans to other assets $ 7,332 $ 7,081

Purchase of investments in debt and equity of affiliates $ — $ 114

Purchase price payable on securitized residential mortgage loans $ — $ 1,447

Payable on unsettled derivatives $ — $ 3,844

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025

Cash and cash equivalents $ 61,636 $ 88,746

5 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

TPG Mortgage Investment Trust, Inc.

2 unchanged sentences

The Company’s investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market.

The Company obtains its residential mortgage loans through Arc Home, LLC ("Arc Home"), a residential mortgage loan originator in which the Company owned an approximate 66.0 % interest as of March 31, 2026, and through other third-party origination partners.

The Company 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 June 30, 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.

33 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

(2) These investments are included in the "Real estate securities, at fair value" line item on the consolidated balance sheets.

31 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

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

29 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

the securities or loans sold.

20 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Residential mortgage loans

The tables below detail information regarding the Company’s residential mortgage loan portfolio by collateral type as of March 31, 2026 and December 31, 2025 ($ in thousands).

The tables below detail information regarding the Company’s residential mortgage loan portfolio by collateral type as of June 30, 2026 and December 31, 2025 ($ in thousands).

The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.

Unpaid Principal Balance Gross Unrealized Weighted Average

March 31, 2026

June 30, 2026

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

10 unchanged sentences

Total Residential mortgage loans, at fair value $ 253,882 $ 8,229 $ 262,111 $ 938 $ ( 764 ) $ 262,285 8.65 % 7.78 % 4.73

Total as of March 31, 2026

Total as of June 30, 2026

$ 7,526,027 $ 115,088 $ 7,641,115 $ 62,653 $ ( 322,308 ) $ 7,381,460 6.24 % 5.89 % 6.95

25 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 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)

March 31, 2026

June 30, 2026

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

10 unchanged sentences

Total Residential mortgage loans $ 253,882 2,425 $ 248,927 $ 511 $ — $ 3,594

Total as of March 31, 2026

Total as of June 30, 2026

$ 7,526,027 29,617 $ 7,298,020 $ 87,990 $ 39,976 $ 99,191

19 unchanged sentences

(2) Represents loans that either have a delinquency status greater than 90 days or are in the process of foreclosure.

As of March 31, 2026, the $ 104.9 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 41.9 million and loans in the process of foreclosure with a fair value of $ 58.3 million.

As of June 30, 2026, the $ 99.2 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 52.9 million and loans in the process of foreclosure with a fair value of $ 41.7 million.

As of December 31, 2025, the $ 115.9 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 54.0 million and loans in the process of foreclosure with a fair value of $ 57.1 million.

As of March 31, 2026 and December 31, 2025, 6.2 % and 6.4 %, respectively, of the unpaid principal balance of the Company's securitized residential mortgage loans and residential mortgage loans were adjustable rate mortgages.

During the three months ended March 31, 2026 and 2025, the Company purchased residential mortgage loans, as detailed below (in thousands).

Three Months Ended

March 31, 2026

March 31, 2025

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

As of June 30, 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 and six months ended June 30, 2026 and 2025, the Company purchased residential mortgage loans, as detailed below (in thousands).

Three Months Ended Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

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

Agency-Eligible Loans $ — $ — $ 331,375 $ 340,587 $ 475 $ 486 $ 692,913 $ 707,355

5 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

During the three months ended March 31, 2026 and 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).

Three Months Ended

Number of Loans Proceeds Realized Gains Realized Losses

March 31, 2026

June 30, 2026

During the three and six months ended June 30, 2026 and 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).

Three Months Ended Six Months Ended

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

June 30, 2026

Non-Agency Loans 39 $ 25,585 $ 107 $ ( 1,510 ) 39 $ 25,585 $ 107 $ ( 1,510 )

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

March 31, 2025

Re- and Non-Performing Loans 12 746 34 ( 255 ) 12 746 34 ( 255 )

Total 51 $ 26,331 $ 141 $ ( 1,765 ) 652 $ 75,706 $ 167 $ ( 1,790 )

June 30, 2025

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

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

2 unchanged sentences

The Company’s residential mortgage loan portfolio consists of mortgage loans on residential real estate located throughout the United States.

The following is a summary of the geographic concentration of credit risk as of March 31, 2026 and December 31, 2025 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio.

Geographic Concentration of Credit Risk (1) March 31, 2026 December 31, 2025

The following is a summary of the geographic concentration of credit risk as of June 30, 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) June 30, 2026 December 31, 2025

California 30 % 30 %

15 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of March 31, 2026 and December 31, 2025 (in thousands).

June 30, 2026

The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of June 30, 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

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

Securitized residential mortgage loans, at fair value (1) $ 6,212,018 $ 6,904,872 $ 780,920 $ 960,533 $ 126,237 $ 134,214 $ 7,119,175 $ 7,999,619

15 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Legacy WMC Commercial loans

The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of March 31, 2026 and December 31, 2025 ($ in thousands).

The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of June 30, 2026 and December 31, 2025 ($ in thousands).

The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.

March 31, 2026 Premium /

June 30, 2026 Premium /

Amortized Cost (3) Gross Unrealized Losses Fair Value Weighted Average Maturity Date (4) LTV (5) Location

15 unchanged sentences

(2) Each commercial loan investment is a first mortgage loan.

(3) The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of March 31, 2026 and December 31, 2025.

(3) The Company is not accruing interest on its Legacy WMC Commercial Loans and placed the loans on cost recovery status.

For assets where the cost recovery method is applied, the receipt of principal or coupon interest is recorded as a reduction to the amortized cost until collection of all contractual components are reasonably assured.

(4) The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of June 30, 2026 and December 31, 2025.

See footnotes 5 and 6 for further details related to each loan.

In March 2026, the Company extended the maturity of its financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026.

All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance, which was $ 25.4 million as of March 31, 2026.

All proceeds from asset paydowns or sales will be applied to reduce the outstanding balance, which was $ 19.9 million as of June 30, 2026.

(5) Represents the LTV at acquisition of WMC.

1 unchanged sentence

(6) Loans A, B, and C have a floating rate coupon equal to 4.20 % plus one-month SOFR and are collateralized by hotels.

During the second quarter 2025, these loans entered maturity default and were placed on non-accrual.

During the second quarter 2025, these loans entered maturity default.

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.

8 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Real Estate Securities

The following tables detail the Company’s real estate securities portfolio by collateral type as of March 31, 2026 and December 31, 2025 ($ in thousands).

The following tables detail the Company’s real estate securities portfolio by collateral type as of June 30, 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.

3 unchanged sentences

Amortized Cost Gross Unrealized Fair Value (2) Weighted Average

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

June 30, 2026 Gains Losses Coupon (3) Yield (4) Life (Years) (5)

Non-Agency RMBS

6 unchanged sentences

Agency RMBS Interest Only N/A N/A 14,839 327 ( 451 ) 14,715 4.89 % 7.71 % 5.56

Total as of March 31, 2026

Total as of June 30, 2026

$ 314,729 $ ( 45,435 ) $ 307,114 $ 15,570 $ ( 13,430 ) $ 309,254 4.38 % 9.47 % 4.54

15 unchanged sentences

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

As of March 31, 2026, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $ 63.2 million, $ 37.8 million, $ 290.8 million, and $ 82.7 million, respectively.

As of June 30, 2026, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, and Agency RMBS Interest Only line items were $ 134.7 million, $ 35.7 million, $ 273.8 million, and $ 70.4 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.

9 unchanged sentences

The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts.

As of March 31, 2026 and December 31, 2025, the Company’s Non-QM Loans includes $ 42.4 million and $ 42.4 million of retained securities from these transactions, respectively.

(7) For certain Non-Agency RMBS, the Company acted as a co-sponsor alongside an unrelated third party of rated securitizations.

As of June 30, 2026 and December 31, 2025, the Company’s Non-QM Loans includes $ 42.6 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 of rated securitizations alongside private funds managed by TPG or an unrelated third party of rated securitizations.

As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitizations and represents the Company’s continuing involvement in these securitization trusts.

The remaining tranches were sold to third parties and certain private funds managed by TPG or its affiliates, or were retained by the Company.

As of March 31, 2026 and December 31, 2025, the Company’s Agency-Eligible Loans includes $ 40.3 million and $ 42.2 million of retained securities from these transactions, respectively.

As of March 31, 2026 and December 31, 2025, the Company’s Home Equity Loans includes $ 102.7 million and $ 78.7 million of retained securities from these transactions, respectively.

(8) As of March 31, 2026 and December 31, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and $ 23.5 million, respectively, and a fair value of $ 5.1 million and $ 6.3 million, respectively, which are on non-accrual or cost recovery status.

As of June 30, 2026, the Company’s Non-QM Loans includes $ 38.6 million of retained securities from these transactions.

As of June 30, 2026 and December 31, 2025, the Company’s Agency-Eligible Loans includes $ 39.0 million and $ 42.2 million of retained securities from these transactions, respectively.

As of June 30, 2026 and December 31, 2025, the Company’s Home Equity Loans includes $ 96.6 million and $ 78.7 million of retained securities from these transactions, respectively.

(8) As of June 30, 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 $ 4.9 million and $ 6.3 million, respectively, which are on non-accrual or cost recovery status.

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2026 and December 31, 2025 (in thousands).

March 31, 2026 Non-Agency RMBS Legacy WMC CMBS Agency RMBS Real Estate Securities Total

June 30, 2026

The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of June 30, 2026 and December 31, 2025 (in thousands).

June 30, 2026 Non-Agency RMBS Legacy WMC CMBS Agency RMBS Real Estate Securities Total

Weighted Average Life (1)

6 unchanged sentences

Greater than ten years 24,861 24,218 — — — — 24,861 24,218

Total as of March 31, 2026

Total as of June 30, 2026

$ 251,845 $ 244,408 $ 42,694 $ 47,867 $ 14,715 $ 14,839 $ 309,254 $ 307,114

13 unchanged sentences

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

The Company did not sell any real estate securities during the three months ended March 31, 2026.

The Company sold real estate securities during the three months ended March 31, 2025 as detailed below ($ in thousands).

Three Months Ended

Number of Securities Proceeds Realized Gains Realized Losses

March 31, 2025

The Company sold real estate securities during the three and six months ended June 30, 2026 and 2025, as detailed below ($ in thousands).

Three Months Ended Six Months Ended

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

June 30, 2026

Agency RMBS 6 $ 522 $ 4 $ ( 120 ) 6 $ 522 $ 4 $ ( 120 )

June 30, 2025

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

Non-Agency RMBS 1 558 35 — 2 1,336 72 —

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

Total 2 $ 2,517 $ 35 $ ( 144 ) 4 $ 5,189 $ 313 $ ( 144 )

7 unchanged sentences

In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy.

In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

In such cases, the level at

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands).

Fair Value at March 31, 2026

June 30, 2026

which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement.

The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands).

Fair Value at June 30, 2026

Fair Value at December 31, 2025

14 unchanged sentences

Total Liabilities Measured at Fair Value $ — $ ( 145 ) $ ( 6,355,237 ) $ ( 6,355,382 ) $ — $ ( 1,169 ) $ ( 7,177,923 ) $ ( 7,179,092 )

(1) As of March 31, 2026, the Company applied a reduction in fair value of $ 6.2 million and $ 0.8 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.

(1) As of June 30, 2026, the Company applied a reduction in fair value of $ 9.8 million and $ 0.1 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.

15 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 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 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.

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 six months ended June 30, 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 and six months ended June 30, 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.

5 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value (in thousands).

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Residential Mortgage

Loans (1) Legacy WMC Commercial Loans Non-Agency

RMBS Other Assets (2) AG Arc Securitized

RMBS AG Arc Securitized

Beginning balance $ 7,766,335 $ 51,504 $ 211,564 $ 52,334 $ ( 6,749,708 )

Purchases 70,009 — 37,737 — —

Capital distributions — — — ( 6,614 ) —

Proceeds from sales or settlements ( 26,331 ) — — — —

8 unchanged sentences

Ending Balance $ 7,380,650 $ 49,254 $ 241,893 $ 46,435 $ ( 6,355,237 )

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2026

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2026

Net premium and discount amortization (2) $ ( 2,252 ) $ ( 2,526 ) $ ( 1,134 ) $ — $ ( 2,910 )

1 unchanged sentence

Equity in earnings/(loss) from affiliates — — — 715 —

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Residential Mortgage

15 unchanged sentences

Ending Balance $ 6,974,999 $ 64,883 $ 137,945 $ 511 $ 32,205 $ ( 5,937,637 ) $ ( 51 )

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2025

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2025

Net premium and discount amortization (2) 2,219 63 ( 826 ) — — ( 6,650 ) —

1 unchanged sentence

Equity in earnings/(loss) from affiliates — — — — ( 37 ) — —

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Six Months Ended June 30, 2026

Loans (1) Legacy WMC Commercial Loans Non-Agency

RMBS Other Assets (4) AG Arc Securitized

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

Purchases 156,746 — 66,388 — — —

Capital distributions — — — — ( 6,614 ) —

Proceeds from sales or settlements ( 75,706 ) — — ( 2 ) — —

Principal repayments ( 804,038 ) ( 1,343 ) ( 13,369 ) — — 752,082

Principal funding 9,568 — — — — —

Included in net income:

Net premium and discount amortization (2) ( 4,612 ) ( 2,919 ) ( 1,913 ) — — ( 6,032 )

Net realized gain/(loss) ( 1,518 ) — — 2 — —

Net unrealized gain/(loss) ( 90,228 ) ( 1,860 ) ( 759 ) — — 76,636

Equity in earnings/(loss) from affiliates — — — — 3,033 —

Other (3) ( 7,777 ) — — — — —

Ending Balance $ 7,380,650 $ 49,254 $ 241,893 $ — $ 46,435 $ ( 6,355,237 )

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2026

Net premium and discount amortization (2) $ ( 4,541 ) $ ( 2,919 ) $ ( 1,913 ) $ — $ — $ ( 6,032 )

Net unrealized gain/(loss) ( 91,977 ) ( 1,860 ) ( 759 ) — — 76,636

Equity in earnings/(loss) from affiliates — — — — 3,033 —

Six Months Ended June 30, 2025

Loans (1) Legacy WMC Commercial Loans Non-Agency

RMBS Other Assets (4) AG Arc Securitized

Debt Other Liabilities (4)

Beginning balance $ 6,416,066 $ 67,005 $ 115,533 $ 204 $ 30,778 $ ( 5,491,967 ) $ ( 336 )

Purchases 939,621 — 25,963 — — — —

Issuances of Securitized Debt — — — — — ( 723,330 ) —

Proceeds from sales or settlements ( 57,761 ) — — ( 258 ) — — 298

Principal repayments ( 422,385 ) — ( 3,702 ) — — 383,149 —

Principal funding 6,953 — — — — — —

Included in net income:

Net premium and discount amortization (2) 4,105 333 ( 1,518 ) — — ( 13,457 ) —

Net realized gain/(loss) ( 1,722 ) — — 258 — — ( 298 )

Net unrealized gain/(loss) 96,383 ( 2,455 ) 1,669 307 — ( 92,032 ) 285

Equity in earnings/(loss) from affiliates — — — — 1,427 — —

Other (3) ( 6,261 ) — — — — — —

Ending Balance $ 6,974,999 $ 64,883 $ 137,945 $ 511 $ 32,205 $ ( 5,937,637 ) $ ( 51 )

Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2025

Net premium and discount amortization (2) $ 4,064 $ 333 $ ( 1,518 ) $ — $ — $ ( 13,457 ) $ —

Net unrealized gain/(loss) 95,526 ( 2,455 ) 1,669 511 — ( 92,032 ) ( 51 )

Equity in earnings/(loss) from affiliates — — — — 1,427 — —

(1) Includes Securitized residential mortgage loans.

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

(2) Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.

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

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

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

The following table presents a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of March 31, 2026 and December 31, 2025 ($ in thousands).

March 31, 2026 December 31, 2025

June 30, 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 June 30, 2026 and December 31, 2025 ($ in thousands).

June 30, 2026 December 31, 2025

Valuation Technique Unobservable Input Fair Value Range

48 unchanged sentences

(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.

(3) Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2026 and December 31, 2025.

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

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

June 30, 2026

The following table presents a summary of the Company's financing as of June 30, 2026 and December 31, 2025 ($ in thousands).

June 30, 2026 December 31, 2025

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

2 unchanged sentences

Securitized Residential Mortgage Loans (4)

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

Non-Agency Loans $ 408,463 $ 408,463 Jul 2026 - Feb 2027 5.05 % 0.16 $ 610,177 $ 428,657

Home Equity Loans 62,168 62,168 Jul 2026 - Sep 2026 4.51 % 0.16 75,677 67,752

Re- and Non-Performing Loans 26,742 26,742 Aug 2026 - Sep 2026 5.73 % 0.15 40,425 27,264

Residential Mortgage Loans (5)

3 unchanged sentences

Legacy WMC Commercial Loans 19,875 19,875 Sep 2026 6.39 % 0.22 49,254 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

Non-Agency RMBS 178,996 178,996 Jul 2026 - Feb 2027 4.46 % 0.13 220,010 137,386

Legacy WMC CMBS 18,998 18,998 Jul 2026 - Sep 2026 5.07 % 0.14 42,616 18,540

Agency RMBS 10,150 10,150 Jul 2026 - Sep 2026 4.29 % 0.22 14,715 10,857

Other Assets — — N/A — % 0.00 — 244

10 unchanged sentences

Total Financing $ 7,555,571 $ 7,343,110 5.36 % 4.93 $ 1,314,349 $ 8,100,775

(1) The Company also had $ 8.0 million and $ 7.8 million of cash pledged under repurchase agreements as of March 31, 2026 and December 31, 2025, respectively.

(1) The Company also had $ 8.0 million and $ 7.8 million of cash pledged under repurchase agreements as of June 30, 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 $ 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

(6) The collateral fair value pledged includes $ 63.5 million of Home Equity Loans in which the Company has no outstanding financing but has $ 50 million of available financing which is contractually committed.

(7) The holders of the securitized debt have no recourse to the general credit of the Company.

4 unchanged sentences

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

As of March 31, 2026, the notional value of interest only classes of Securitized debt in the Non-Agency VIEs and Home Equity VIEs was $ 3.5 billion and $ 265.1 million, respectively.

As of June 30, 2026, the notional value of interest only classes of Securitized debt in the Non-Agency VIEs and Home Equity VIEs was $ 3.2 billion and $ 238.8 million, respectively.

(10) The Senior Unsecured Notes are recorded at amortized cost in the Company's consolidated balance sheets.

As of March 31, 2026, the fair value of the Senior Unsecured Notes was $ 99.6 million.

As of June 30, 2026, the fair value of the Senior Unsecured Notes was $ 102.1 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.

2 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 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 March 31, 2026 ($ in thousands).

The below table provides a summary of the Senior Unsecured Notes as of June 30, 2026 ($ in thousands).

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

7 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 months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The below table details the total interest expense incurred on the Senior Unsecured Notes during the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Coupon interest expense

1 unchanged sentence

Amortization expense

203 182 400 359

Total interest expense $ 2,566 $ 2,545 $ 5,126 $ 5,085

2 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Contractual maturities

The following table allocates the current face of the Company's borrowings under financing arrangements and the Senior Unsecured Notes as of March 31, 2026 by contractual maturity (in thousands).

The following table allocates the current face of the Company's borrowings under financing arrangements and the Senior Unsecured Notes as of June 30, 2026 by contractual maturity (in thousands).

Securitized debt is excluded from the below table as it does not have a contractual maturity.

18 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 March 31, 2026.

(1) The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of June 30, 2026.

In March 2026, the Company extended the maturity of its financing arrangement collateralized by Legacy WMC Commercial Loans to September 19, 2026.

1 unchanged sentence

Counterparties

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

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

March 31, 2026

The Company had outstanding financing arrangements with six counterparties as of June 30, 2026 and December 31, 2025.

The following table presents information as of June 30, 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).

June 30, 2026

December 31, 2025

12 unchanged sentences

JP Morgan Securities, LLC 41,487 62 7.6 % 29,992 31 5.3 %

Atlas Securitized Products, L.P.

29,333 81 5.4 % (1) (1) (1)

(1) As of December 31, 2025, the Company had less than 5 % of its equity at risk under financing arrangements with Atlas Securitized Products, L.P.

Financial Covenants

1 unchanged sentence

Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers.

In addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders.

To the extent that the Company fails to comply with

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

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.

June 30, 2026

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.

Financings pursuant to financing arrangements are generally recourse to the Company.

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

As of June 30, 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 March 31, 2026 and December 31, 2025 (in thousands).

March 31, 2026 December 31, 2025

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 June 30, 2026 and December 31, 2025 (in thousands).

June 30, 2026 December 31, 2025

Interest receivable $ 43,567 $ 47,868

9 unchanged sentences

Due to broker 107 1,655

Payable on unsettled trades 133 —

Taxes payable 176 264

1 unchanged sentence

(1) Refer to Note 10 for more information.

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).

The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of June 30, 2026 and December 31, 2025 (in thousands).

Balance Sheet

Location March 31, 2026 December 31, 2025

Location June 30, 2026 December 31, 2025

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

3 unchanged sentences

Other assets — — 475 —

(1) As of March 31, 2026 and December 31, 2025, no derivatives held by the Company were designated as hedges for accounting purposes.

(2) As of March 31, 2026, the Company applied a reduction in fair value of $ 6.2 million and $ 0.8 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.

(1) As of June 30, 2026 and December 31, 2025, no derivatives held by the Company were designated as hedges for accounting purposes.

(2) As of June 30, 2026, the Company applied a reduction in fair value of $ 9.8 million and $ 0.1 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.

(3) As of June 30, 2026, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.40 %, a weighted average receive-variable rate of 3.68 %, and a weighted average years to maturity of 3.96 years.

As of December 31, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.30 %, a weighted average receive-variable rate of 3.87 %, and a weighted average years to maturity of 4.29 years.

Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, if applicable.

Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of June 30, 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.

2 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 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 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 June 30, 2026, the Company's restricted cash balance included $ 11.4 million of collateral related to certain derivatives, of which $ 1.7 million represents cash collateral posted by the Company and $ 9.7 million represents amounts related to variation margin.

As of December 31, 2025, the Company's restricted cash balance included $ 9.6 million of collateral related to certain derivatives, of which $ 5.5 million represents cash collateral posted by the Company and $ 4.1 million represents amounts related to variation margin.

The following table summarizes total income related to derivatives and other instruments for the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The following table summarizes total income related to derivatives and other instruments for the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Included within Net interest component of interest rate swaps

6 unchanged sentences

Interest Rate Swaps — ( 3,350 ) 54 ( 2,568 )

Short TBAs — 662 — 662

Forward Purchase Commitments

— ( 2,688 ) 56 ( 1,946 )

Total income/(loss) $ 4,555 $ ( 2,025 ) $ 6,871 $ ( 6,950 )

Derivative Activity

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

The following table presents information about the Company’s derivatives for the three and six months ended June 30, 2026 and 2025 (in thousands).

Beginning Notional

3 unchanged sentences

Asset Derivative

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Interest Rate Swaps $ 404,560 $ 57,000 $ — $ 461,560 $ 151 $ —

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Interest Rate Swaps $ 332,500 $ 296,500 $ ( 284,000 ) $ 345,000 $ — $ ( 100 )

Short TBAs — 300,000 ( 495,000 ) ( 195,000 ) — —

Six Months Ended June 30, 2026

Interest Rate Swaps $ 372,560 $ 122,000 $ ( 33,000 ) $ 461,560 $ 151 $ —

Six Months Ended June 30, 2025

Interest Rate Swaps $ 342,550 $ 399,500 $ ( 397,050 ) $ 345,000 $ — $ ( 100 )

Short TBAs — 300,000 ( 495,000 ) ( 195,000 ) — —

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 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 months ended March 31, 2026 and 2025 (in thousands, except per share data).

Three Months Ended

March 31, 2026 March 31, 2025

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 (in thousands, except per share data).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Net Income/(Loss) $ 14,269 $ 3,945 $ 10,707 $ 15,422

7 unchanged sentences

Diluted $ 0.29 $ ( 0.05 ) $ 0.01 $ 0.16

(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

(1) Restricted stock units issued to certain directors of 20 thousand were excluded from the computation of diluted earnings per share because its effect would be anti-dilutive for the three months ended June 30, 2025.

The following tables detail the Company's common stock dividends declared during the six months ended June 30, 2026 and 2025.

Six Months Ended June 30, 2026 Six Months Ended June 30, 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

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

6/16/2026 6/30/2026 7/31/2026 0.24 6/17/2025 6/30/2025 7/31/2025 0.21

Total $ 0.48 Total $ 0.41

The following tables detail the Company's preferred stock dividends declared and paid during the six months ended June 30, 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

4/27/2026 5/29/2026 6/17/2026 0.51563 0.50 0.665952

Total $ 1.03126 $ 1.00 $ 1.318343

2025 Cash Dividend Per Share

3 unchanged sentences

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

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

Total $ 1.03126 $ 1.00 $ 1.397926

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

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

4 unchanged sentences

The expense is calculated in accordance with applicable tax regulations.

The below table details excise tax expense for the three months ended March 31, 2026 and 2025, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The below table details excise tax expense for the three and six months ended June 30, 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 Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Excise tax expense (1) $ — $ ( 46 ) $ — $ 43

(1) During the three and six months ended June 30, 2025, the Company recorded a receivable of $ 0.1 million related to an excise tax refund in the “Other assets” line item on the consolidated balance sheets.

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 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.

As of June 30, 2026 and December 31, 2025, the remaining NOL carryforwards obtained in the WMC acquisition was $ 317.3 million.

As of June 30, 2026 and December 31, 2025, the Company had estimated net capital loss ("NCL") carryforwards of $ 64.0 million and $ 63.9 million, respectively.

These NCL carryforwards (which exclude NCLs acquired from WMC) can be utilized to offset future net gains from the sale of capital assets.

1 unchanged sentence

In connection with the WMC acquisition, the Company obtained NCL carryforwards.

As of March 31, 2026 and December 31, 2025, these estimated NCL carryforwards were $ 153.9 million.

As of June 30, 2026 and December 31, 2025, these estimated NCL carryforwards were $ 154.3 million and $ 153.9 million, respectively.

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 months ended March 31, 2026 and 2025 was 21%.

The federal statutory rate for the three and six months ended June 30, 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 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

The below table details the tax expense attributable to its TRSs for the three and six months ended June 30, 2026 and 2025 (in thousands).

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 2026

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Federal $ 87 $ — $ 169 $ —

State and Local 101 26 201 54

Income Tax Expense $ 188 $ 26 $ 370 $ 54

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax reporting purposes at the TRS level.

As of March 31, 2026 and December 31, 2025, the Company recorded a deferred tax asset of approximately $ 28.3 million and $ 28.5 million, respectively.

As of June 30, 2026 and December 31, 2025, the Company recorded a deferred tax asset of approximately $ 28.2 million and $ 28.5 million, respectively.

The NOL carryforwards as of December 31, 2025 can be carried forward indefinitely.

1 unchanged sentence

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which temporary differences become deductible.

The Company concluded it is more likely than not the deferred tax asset will not be realized and established a valuation allowance of $ 28.3 million and $ 28.5 million as of March 31, 2026 and December 31, 2025.

The Company concluded it is more likely than not the deferred tax asset will not be realized and established a valuation allowance of $ 28.2 million and $ 28.5 million as of June 30, 2026 and December 31, 2025.

Uncertain Income Tax Positions

Based on its analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of March 31, 2026 and December 31, 2025.

The Company’s and WMC's federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service.

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 months ended March 31, 2026 and 2025.

The Company did not incur any material interest or penalties during the three and six months ended June 30, 2026 and 2025.

Related party transactions

10 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 months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

Consolidated statements of operations line item:

March 31, 2026 March 31, 2025

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

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

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.

June 30, 2026

The below table details the management fees incurred during the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

Consolidated statements of operations line item:

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Management fee to affiliate $ 2,311 $ 2,301 $ 4,630 $ 4,628

As of June 30, 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.

2 unchanged sentences

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.

During the three and six months ended June 30, 2026 and 2025, the Company did not incur any incentive fee expense.

Termination fee

Upon the occurrence of (i) the Company’s termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach by the Company of any material term of the management agreement, the Manager will be entitled to a termination fee equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter.

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

As of June 30, 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 months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

The below table details the expense reimbursement incurred during the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

Consolidated statements of operations line item:

March 31, 2026 March 31, 2025

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Non-investment related expenses

1 unchanged sentence

Investment related expenses

216 95 358 295

Transaction related expenses 73 109 148 369

Expense reimbursements to Manager or its affiliates $ 1,472 $ 1,508 $ 3,135 $ 3,807

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.

As of June 30, 2026 and December 31, 2025, the Company recorded a reimbursement payable to the Manager or its affiliates of $ 1.8 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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

Investments in debt and equity of affiliates

2 unchanged sentences

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.

As of June 30, 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.

10 unchanged sentences

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)

June 30, 2026

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

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

March 31, 2026 December 31, 2025

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 June 30, 2026 and December 31, 2025 (in thousands).

June 30, 2026 December 31, 2025

Assets Liabilities Equity Assets Liabilities Equity

5 unchanged sentences

Investments in debt and equity of affiliates $ 55,022 $ ( 17 ) $ 55,005 $ 61,345 $ ( 12 ) $ 61,333

(1) As of March 31, 2026 and December 31, 2025, MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

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

Three Months Ended

March 31, 2026 March 31, 2025

(1) As of June 30, 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.

(2) During the three months ended June 30, 2026, AG Arc distributed $ 10.0 million to the Company and private funds managed by TPG or its affiliates, of which the Company received $ 6.6 million representing its interest of approximately 66.0 % in AG Arc.

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 six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Non-QM Securities $ ( 444 ) $ 268 $ ( 718 ) $ 197

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.

(2) As of June 30, 2026 and 2025, the Company had an approximate 66.0 % and 44.6 % interest in AG Arc, respectively.

Transactions with affiliates

3 unchanged sentences

The Company pays the Asset Manager asset management fees which are assessed periodically by a third-party valuation firm.

The below details the fees paid by the Company to the Asset Manager during the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The below details the fees paid by the Company to the Asset Manager during the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Fees paid to Asset Manager $ 527 $ 533 $ 1,077 $ 1,173

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.

As of June 30, 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.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Transactions with Arc Home

Arc Home may sell loans to the Company, third-parties, or affiliates of the Manager.

The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Residential mortgage loans sold by Arc Home to the Company $ — $ — $ 475 $ 60,957

In connection with the sale of loans from Arc Home to the Company, the Company eliminates any intra-entity profits or losses typically recognized through the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations and adjusts the cost basis of the underlying loans resulting in unrealized gains or losses on the underlying loans.

The table below summarizes intra-entity profits eliminated during the three months ended March 31, 2026 and 2025 (in thousands).

Three Months Ended

March 31, 2026 March 31, 2025

The table below summarizes intra-entity profits eliminated during the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended Six Months Ended

June 30, 2026 June 30, 2025

Intra-Entity Profits Eliminated $ — $ — $ 6 $ 88

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

Actual loan purchases are contingent

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

upon successful loan closings.

Actual loan purchases are contingent upon successful loan closings.

These commitments to purchase mortgage loans are classified as derivatives.

1 unchanged sentence

See Note 7 and Note 12, if applicable, for more detail.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Transactions under the Company's Affiliated Transaction Policy

10 unchanged sentences

(5) Refer to “Investments in debt and equity of affiliates - Arc Home” above for additional information on this transaction.

Securitization Transactions with TPG Managed Funds

The Company acted as a co-sponsor of rated securitizations alongside private funds managed by TPG.

As the co-sponsor, the Company purchased and simultaneously contributed loans into the securitizations.

To comply with risk retention rules, the Company retained an "eligible vertical interest," 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.

The below provides detail on these securitizations ($ in millions).

Date Collateral Type Unpaid Principal Balance Fair Value of Retained Non-Agency RMBS

April 2026 Non-QM Loans $ 429.6 $ 21.2

May 2026 Non-QM Loans 333.4 16.5

Stock repurchase programs

4 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 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.

As of June 30, 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 and six months ended June 30, 2026 and 2025.

On May 4, 2023, the Company's Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $ 15.0 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program.

As of March 31, 2026, the full $ 15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program.

As of June 30, 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.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

On February 22, 2021, the Company's Board of Directors authorized a stock repurchase program (the "Preferred Repurchase Program") pursuant to which the Company's Board of Directors granted a repurchase authorization to acquire shares of the Company's 8.25 % Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), 8.00 % Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock"), and 8.000 % Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock ("Series C Preferred Stock") having an aggregate value of up to $ 20.0 million.

2 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.

TPG Mortgage Investment Trust Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

Restricted stock grants

3 unchanged sentences

As a result of the adoption of the 2025 Equity Incentive Plan, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).

Since inception of the 2025 Equity Incentive Plan and through March 31, 2026, the Company has granted an aggregate 35,586 shares of restricted common stock and 1,278 dividend equivalent units to its independent directors, all of which have vested.

As of March 31, 2026, there were 983,917 remaining shares available to be issued under the 2025 Equity Incentive Plan.

As of March 31, 2026, the Company has 12,981 restricted stock units and 3,327 associated dividend equivalent units outstanding, all of which are fully vested and held by one of the Company’s independent directors.

Since inception of the 2025 Equity Incentive Plan and through June 30, 2026, the Company has granted an aggregate 103,604 shares of restricted common stock and 1,787 dividend equivalent units to its independent directors, all of which have vested.

As of June 30, 2026, there were 915,390 remaining shares available to be issued under the 2025 Equity Incentive Plan.

As of June 30, 2026, the Company has 12,981 restricted stock units and 3,836 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 March 31, 2026, there were no shares or awards issued under the 2021 Manager Plan.

As of June 30, 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.

3 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.

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.

The Company did no t issue any shares of common stock under its 2024 Equity Distribution Agreements during the three and six months ended June 30, 2026 and 2025.

Shelf registration statement

On March 26, 2024, the Company filed a new shelf registration statement, registering up to $ 1.0 billion of its securities, including capital stock (the "2024 Registration Statement").

The 2024 Registration Statement was declared effective on April 9, 2024 and will generally remain effective for three years .

The 2024 Registration Statement was declared effective on April 9,

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

2024 and will generally remain effective for three years .

Upon effectiveness of the 2024 Registration Statement, the Company's previous S-3 registration statement filed in 2021 was terminated.

3 unchanged sentences

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

As June 30, 2026, the Holders no longer hold any shares of the Company’s common stock.

Preferred stock

The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $ 0.01 per share, in one or more classes or series.

As of March 31, 2026 and December 31, 2025, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding.

The following table includes a summary of preferred stock issued and outstanding as of March 31, 2026 ($ and shares in thousands).

As of June 30, 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 June 30, 2026 ($ and shares in thousands).

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

15 unchanged sentences

In addition, certain material and adverse changes to the terms of any series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock whose terms are being changed.

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Commitments and Contingencies

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

As of March 31, 2026, the Company was not involved in any material legal proceedings.

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

As of June 30, 2026, the Company was not involved in any material legal proceedings.

The below table details the Company's outstanding commitments as of June 30, 2026 (in thousands).

Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment

1 unchanged sentence

(1) Represents the undrawn portion of a borrowers' home equity line of credit for which the Company may be required to fund including $ 12.0 million, $ 4.2 million, and $ 1.4 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

As of March 31, 2026, the Company's reportable segments include (i) Loans and Securities and (ii) Arc Home.

As of June 30, 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.

25 unchanged sentences

Notes to Consolidated Financial Statements (Unaudited)

March 31, 2026

June 30, 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

The following tables present the reportable operating segments related to the Company’s results of operations for the three and six months ended June 30, 2026 and 2025 (in thousands).

Three Months Ended June 30, 2026

Loans and Securities Arc Home

16 unchanged sentences

Net Income/(Loss) Available to Common Stockholders $ 20,325 $ 715 $ ( 11,948 ) $ 9,092

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Loans and Securities Arc Home

16 unchanged sentences

Net Income/(Loss) Available to Common Stockholders $ 10,456 $ ( 37 ) $ ( 11,795 ) $ ( 1,376 )

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

Six Months Ended June 30, 2026

Loans and Securities Arc Home

(1) (2) Other Total

Interest income $ 253,159 $ — $ 804 $ 253,963

Interest expense 207,951 — 5,126 213,077

Total Net Interest Income 45,208 — ( 4,322 ) 40,886

Total Other Income/(Loss) ( 13,302 ) — — ( 13,302 )

Management fee to affiliate — — 4,630 4,630

Non-investment related expenses — — 4,962 4,962

Investment related expenses 8,518 — — 8,518

Transaction related expenses 469 — 197 666

Total Expenses 8,987 — 9,789 18,776

Income/(loss) before equity in earnings/(loss) from affiliates 22,919 — ( 14,111 ) 8,808

Equity in earnings/(loss) from affiliates ( 758 ) 3,027 — 2,269

Income/(loss) before income taxes 22,161 3,027 ( 14,111 ) 11,077

Income tax expense 370 — — 370

Net Income/(Loss) 21,791 3,027 ( 14,111 ) 10,707

Dividends on preferred stock — — 10,330 10,330

Net Income/(Loss) Available to Common Stockholders $ 21,791 $ 3,027 $ ( 24,441 ) $ 377

Six Months Ended June 30, 2025

Loans and Securities Arc Home

(1) (2) Other Total

Interest income $ 218,038 $ — $ 1,957 $ 219,995

Interest expense 178,309 — 5,085 183,394

Total Net Interest Income 39,729 — ( 3,128 ) 36,601

Total Other Income/(Loss) ( 1,164 ) — — ( 1,164 )

Management fee to affiliate — — 4,628 4,628

Non-investment related expenses — — 5,787 5,787

Investment related expenses 6,883 — — 6,883

Transaction related expenses 4,079 — — 4,079

Total Expenses 10,962 — 10,415 21,377

Income/(loss) before equity in earnings/(loss) from affiliates 27,603 — ( 13,543 ) 14,060

Equity in earnings/(loss) from affiliates 77 1,339 — 1,416

Income/(loss) before income taxes 27,680 1,339 ( 13,543 ) 15,476

Income tax expense 54 — — 54

Net Income/(Loss) 27,626 1,339 ( 13,543 ) 15,422

Dividends on preferred stock — — 10,625 10,625

Net Income/(Loss) Available to Common Stockholders $ 27,626 $ 1,339 $ ( 24,168 ) $ 4,797

(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.

(2) During the three months ended June 30, 2026, the Company recorded an unrealized gain/(loss) on its investment in AG Arc of $( 0.3 ) million.

During the three months ended June 30, 2025, the Company did not record any unrealized gain/(loss) during the period.

For the six months ended June 30, 2026 and 2025, the Company recorded an unrealized gain/(loss) on its investment in AG Arc of $ 0.9 million and $ 1.4 million, respectively.

TPG Mortgage Investment Trust, Inc.

1 unchanged sentence

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).

June 30, 2026

The following table presents the Company's assets, liabilities, and stockholders' equity by reportable segment as of June 30, 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

June 30, 2026

Total Assets $ 7,825,705 $ 46,435 $ 63,444 $ 7,935,584

6 unchanged sentences

Subsequent Events

The Company announced that on April 27, 2026, its Board of Directors declared second quarter 2026 preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock in the amount of $ 0.51563 , $ 0.50 and $ 0.665952 per share, respectively.

The dividends will be paid on June 17, 2026 to holders of record on May 29, 2026.

The Company announced that on July 30, 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 $ 0.664786 per share, respectively.

The dividends will be paid on September 17, 2026 to holders of record on August 31, 2026.

Proposed Cherry Hill Mortgage Investment Corporation Merger

As previously announced, the Company entered into an Agreement and Plan of Merger, dated as of August 9, 2026 (the “Merger Agreement”), with Cherry Hill Mortgage Investment Corporation, a Maryland corporation (“CHMI”), Cherry Hill Operating Partnership, LP, a Delaware limited partnership, MIT Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Merger Sub”), and, solely for the limited purposes set forth in the Merger Agreement, the Manager.

Pursuant to, and subject to the terms and conditions set forth in, the Merger Agreement, CHMI will merge with and into Merger Sub, with Merger Sub surviving (the “Merger”).

Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each outstanding share of CHMI common stock will be converted into the right to receive the following (the “Per Share Merger Consideration”):

(1)(a) 0.3063 shares of the Company’s common stock pursuant to a fixed exchange ratio and (b) $ 0.41 per share in cash, without interest, from the Company;

and (2) $ 0.52 per share in cash from the Manager (acting solely on its own behalf), as additional consideration.

In addition, each share of CHMI 8.20 % Series A Cumulative Redeemable Preferred Stock outstanding immediately prior to the Effective Time shall be converted into the right to receive one newly issued share of MITT 8.20 % Series D Cumulative Redeemable Preferred Stock (“MITT Series D Preferred Stock”).

Also, each share of CHMI 8.250 % Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock outstanding immediately prior to the Effective Time shall automatically be converted into the right to receive one newly issued share of MITT Series E Floating Rate Cumulative Redeemable Preferred Stock (“MITT Series E Preferred Stock”).

The MITT Series D Preferred Stock and MITT Series E Preferred Stock shall have the rights, preferences, privileges and voting powers substantially the same as those of the CHMI Series A Preferred Stock and CHMI Series B Preferred Stock, respectively.

In the Merger Agreement, the Company has agreed to take all necessary corporate action so that upon and after the Effective Time, the size of the Company’s board of directors is increased by two members, and the members of the CHMI board of directors designated by CHMI to serve on the Company’s board of directors (“CHMI Director Designees”) are appointed to the Company’s board of directors.

The Company has further agreed to nominate the CHMI Director Designees to the Company’s board of directors at the next annual meeting following the Effective Time.

The Merger is expected to close in the fourth quarter of 2026, subject to the respective approvals by the Company's stockholders and CHMI’s stockholders and other customary closing conditions set forth in the Merger Agreement.

In connection with the execution of the Merger Agreement, AG MIT, LLC, a subsidiary of the Company, also entered into a Voting and Support Agreement with CHMI (the “Voting Agreement”).

Pursuant to the Voting Agreement, among other things,

TPG Mortgage Investment Trust, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

June 30, 2026

AG MIT, LLC agreed to vote all shares of CHMI common stock owned of record or beneficially held by AG MIT, LLC, consisting of 734,800 shares, in favor of the approval of the Merger Agreement and the Merger, subject to the terms thereof.

Contemporaneously with the execution of the Merger Agreement, and in consideration of the Manager’s approximate $ 20 million cash payment to CHMI stockholders in the Merger, the Company and the Manager entered into an amendment (the “MITT Management Agreement Amendment”) to the existing MITT Management Agreement, as amended on April 6, 2020, September 24, 2020, November 22, 2021, and August 8, 2023 (as amended, the “Existing MITT Management Agreement”).

The MITT Management Agreement Amendment will become effective automatically upon the closing of the Merger, and will have no force and effect if the Merger does not close.

The MITT Management Agreement Amendment makes certain changes to the Existing MITT Management Agreement, including, (i) updating the calculation of the “Equity Hurdle Base” to be based on the Company’s book value immediately after the Effective Time, (ii) updating the income component of the incentive fee from “Adjusted Net Income” to “Earnings Available for Distribution”, (iii) updating the calculation mechanics of the incentive fee to a rolling four quarter basis, (iv) providing that no incentive fee shall be payable with respect to any calendar quarter unless Earnings Available for Distribution for the twelve most recently completed calendar quarters is greater than zero, (v) that the termination fee will be three times the sum of the average annual base management fee and the average annual incentive fee during the prior 24-month period, and (vi) providing that the incentive fee will be calculated quarterly and payable annually.

The incentive fee will continue to be payable in cash, or, at the option of the Company’s board of directors, shares of the Company’s common stock or a combination of cash and shares, provided that no more than 50 % of the incentive fee may be paid in shares of the Company’s common stock without the Manager’s consent.

All other terms and conditions of the Existing MITT Management Agreement remain substantially the same.

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