3 High Yield Mortgage REITs Running Very Different Playbooks
Not all mortgage REITs offering double-digit yields are running the same play, and confusing one for another right now carries real consequences for income investors.
Headquartered in New York, NY Fiscal year ends December NYSE: MITT mitt.tpg.com
TPG Mortgage Investment Trust, Inc. (MITT) is a residential mortgage real estate investment trust focused on investing in a diversified, risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The company operates as a programmatic aggregator and issuer of non-agency residential loan securitizations, acquiring loans from its proprietary origination channel Arc Home LLC (66% owned) and third-party originators, then securitizing them through its GCAT shelf. MITT's investment portfolio includes securitized non-agency loans, home equity loans, re/non-performing loans, non-agency RMBS, agency RMBS, and legacy WMC commercial investments. The company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc. MITT finances its portfolio primarily through non-recourse securitized debt complemented by recourse financing arrangements and senior unsecured notes, maintaining a disciplined leverage profile. The company has announced a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation to expand its equity capital base and enhance long-term earnings power. Updated
Not all mortgage REITs offering double-digit yields are running the same play, and confusing one for another right now carries real consequences for income investors.
TPG Mortgage Investment Trust, Inc. (MITT) is a residential mortgage real estate investment trust focused on investing in a diversified, risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market.
The Wall Street consensus 12-month price target for MITT is $8.58.