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TPG Mortgage Investment Trust, Inc. (MITT) Q1 2026 Earnings Call
TPG Mortgage Investment Trust, Inc. (NYSE: MITT) Q1 2026 earnings conference call, held 2026-04-29. Replay captured from the company's public earnings webcast.
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Investor webinar replay
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Replay transcript excerpt
WEBVTT 00:00:00.031 -- 00:00:04.938 continued strength in our earnings available for distribution, or EAD. 00:00:04.938 -- 00:00:10.185 This performance was supported by earnings growth at our home, despite a volatile quarter, 00:00:10.185 -- 00:00:15.653 which resulted in our EAD once again exceeding our increased dividend level. 00:00:15.653 -- 00:00:20.260 Reflecting this ongoing improvement in earnings, we announced our fourth dividend increase 00:00:20.260 -- 00:00:22.443 since the beginning of 2025, 00:00:22.443 -- 00:00:26.225 raising our quarterly dividend to $0.24 per share. 00:00:26.669 -- 00:00:31.373 Moving to our financial results, Book value decreased 4.9% to $9.97 00:00:31.373 -- 00:00:36.619 per share, resulting in a negative 2.6% economic return 00:00:36.619 -- 00:00:39.662 when considering our $0.24 dividend. 00:00:39.662 -- 00:00:44.848 We reported a gap net loss of approximately $8.7 million, or $0.27 per share, 00:00:44.848 -- 00:00:50.174 entirely driven by net unrealized losses on our investment portfolio, which were partially 00:00:50.174 -- 00:00:55.634 offset by gains on our hedge portfolio and investment in our home. 00:00:55.634 -- 00:01:00.400 Overall, these unrealized losses reflect the March macroeconomic volatility, which drove 00:01:00.400 -- 00:01:04.142 rates higher and caused spreads to widen. 00:01:04.205 -- 00:01:08.991 Despite these unrealized losses, which have begun to retrace in April, the company's 00:01:08.991 -- 00:01:14.278 operating performance remains strong, delivering durable net interest income, 00:01:14.278 -- 00:01:19.485 earnings growth at our comb, and a controlled expense load, all of which 00:01:19.485 -- 00:01:24.869 supported our increased dividend and demonstrate the embedded value of our strategy. 00:01:24....