This 11.5% Yield Should Come With A Warning From TPG Mortgage Preferred Share
TPG Mortgage Investment Trust preferred MITT-C offers a stripped yield of 11.54% and trades just inside our buy range. MITT-C carries our highest risk rating (5), primarily due to a weak common equity cushion and a low market cap to preferred ratio. The floating rate structure provides a high spread (6.476% over SOFR), but dividend payments will fluctuate with short-term rates.
