What TPG Mortgage Investment Trust, Inc. told the SEC could break it.

30% of MITT's residential mortgage loan portfolio (by fair value) is secured by California properties and 10% by Florida properties — both disaster-prone regions — concentrating credit and natural-catastrophe risk.

“As of December 31, 2025, 30% of the total fair value of our residential mortgage loan portfolio was secured by properties located in California, which are particularly susceptible to natural disasters such as fires, earthquakes and mudslides. In addition, as of December 31, 2025, 10% of the total fair value of our residential mortgage loan portfolio was secured by properties located in Florida, which are particularly s”

As an externally managed REIT, MITT has no employees of its own — substantially all investment, financing and risk decisions are made by its TPG-affiliated Manager, which also controls hiring/firing, creating dependence and conflict-of-interest risk.

“Substantially all of our investment, financing and risk management decisions are made by our Manager and not by us, and our Manager also has significant discretion as to the implementation of our operating policies and strategies.”

MITT's Agency RMBS returns depend on payments guaranteed by Fannie Mae and Freddie Mac, which remain under FHFA conservatorship; FHFA actions or GSE policy changes could repudiate contracts and adversely affect the business.

“All the Agency RMBS in which we invest depend on a steady stream of payments on the mortgages underlying the securities. As conservator of Fannie Mae and Freddie Mac, the FHFA may disaffirm or repudiate (subject to certain limitations for qualified financial contracts) contracts that Freddie Mac or Fannie Mae entered into prior to the FH”