Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q1 2022 Earnings Presentation
22 slides from Tpg Mortgage Investment Trust's earnings presentation, May 6, 2022
Slide 1: AG Mortgage Investment Trust Q1 2022 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q1 2022 Earnings Presentation March 31, 2022 NYSE: MITT 1
Slide 2: Forward Looking Statements & Non-GAAP Financial Information
Forward Looking Statements & Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 related to dividends, book value, adj
Slide 3: Q1 2022 MITT Earnings Call Presenters
Q1 2022 MITT Earnings Call Presenters David Roberts T.J. Durkin Nicholas Smith Anthony Rossiello Chief Executive Officer President Chief Investment Officer Chief Financial Officer NYSE: MITT 3
Slide 4: AG MITT: Executing our Focused Mission
AG MITT: Executing our Focused Mission GROW IN RESIDENTIAL CREDIT Purchased $0.9 billion of Non-Agency and Agency-Eligible Loans during Q1 2022 with a current pipeline of $0.5 billion CREATE ASSETS THROUGH OUR ORIGINATOR, ARC HOME1 Arc Home1 originated $0.8 billion during Q1 2022, including $0.4 bil
Slide 5: Q1 2022 Highlights
Q1 2022 Highlights Investment Portfolio6 ($bn) -$0.74 GAAP Earnings per Share2 Q1 '22 $2.3 $0.7 $0.3 $0.4 $3.7 $0.21 Q1 ’22 Portfolio Growth: 15.8% Common Dividend per Share Q4 '21 $1.9 $0.4 $0.4 $0.5 $3.2 -$0.02 Core Earnings per Share3 Non-Agency Agency-Eligible Other Residential Agency Book Value
Slide 6: Q1 2022 Highlights (cont'd)
Q1 2022 Highlights (cont’d) 1.4% Acquisitions/Investments (FMV) Security Sales (FMV) Net Interest Margin11 • Non-Agency Purchases: $604.6mm • Agency RMBS Net Sales: $225.5mm • Agency-Eligible Purchases: $343.3mm 4.1% • Current Pipeline: $500.8mm Yield9 Continued to purchase Non-Agency and Agency-Eli
Slide 7: Securitization Activity
Securitization Activity Significant increase in pace of securitizations during 2022 in order to manage warehouse exposure and increase returns Net Interest Margin On Securitized Loan Portfolio Securitized Loan Portfolio Growth ($mm) 4.3% 2.6% 1.7% Yield Cost of Funds Net Interest $2,000 Margin Inves
Slide 8: Positioned for Future Growth
Positioned for Future Growth Residential Loan Purchases(a) ($bn) $137.9mm $1.3bn $1.4 Liquidity at 3/31/2022 Additional Financing Capacity at 3/31/2022 $1.2 $1.2 2022 Outlook • Leveraging Arc Home and other origination partners to $1.0 $0.9 deploy capital into Non-Agency and Agency-Eligible Loans $0
Slide 9: Q1 2022 Investment Portfolio Details
Q1 2022 Investment Portfolio Details Description Fair Value (mm) Wtd Average Yield9 Financing (mm) Cost of Funds10 Securitized Non-Agency Loans $1,372.5 4.2% $1,309.8 2.5% Securitized Agency-Eligible Loans 431.0 3.2% 423.2 2.7% Non-Agency Loans 878.2 4.2% 766.7 2.3% Agency-Eligible Loans 284.1 3.3%
Slide 10: New Origination Loan Portfolio Snapshot
New Origination Loan Portfolio Snapshot Non-Agency Loans Loan Portfolio Characteristics as of March 31, 2022 Collateral by State Non-Agency Loans Agency-Eligible Loans UPB ($ in 000's) $2,246,908 $745,978 Avg UPB ($ in 000's) $511 $328 CA Loan Count 4,399 2,275 NY 22.7% Coupon (%)(a) 4.8% 3.6% FL 3.
Slide 11: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel1 • Arc Home continues to drive growth in originations: Funding by Channel 6.4% ◦ 2022 total originations forecast of $4.5bn to $6.5bn compared with $4.4bn in 2021 ◦ 2022 Non-Agency(a) originations forecast of $3.5bn to $5.0bn compared to $1.7bn in 202
Slide 12: Book Value Roll-Forward
Book Value Roll-Forward4 Three Months Ended March 31, 2022 Amount (000’s) Per Diluted Share2 12/31/21 Book Value $349,908 $14.64 Common dividend (5,022) (0.21) Net issuance of common stock 80 - Core earnings (492) (0.02) Net realized and unrealized gain/(loss) included within equity in 496 0.02 earn
Slide 13: Reconciliation of Core Earnings
Reconciliation of Core Earnings3 Three Months Ended March 31, 2022 Three Months Ended March 31, 2022 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted (000’s) Share2 Components of Core Earnings (000’s) Share2 Core Earnings Net Income/(loss) available to Net Interest Income $
Slide 14: Arc Home Financial Metrics
Arc Home Financial Metrics1 Arc Home Balance Sheet ($mm) Q1 '22 Arc Home Earnings Contribution ($mm) Q1 '22 Cash and Cash Equivalents $22.6 After-Tax Net Income $7.1 Mortgage Loans held for sale, at fair value 226.0 MITT’s After-Tax Share of Net Income $3.1 Mortgage Servicing Rights, at fair value 8
Slide 15: Financing Profile
Financing Profile7 Continued focus on securitizing our existing portfolio with ample warehouse capacity in place to facilitate future loan purchases Warehouse Capacity(a) as of 3/31/2022 ($mm) $3.3bn of Financing as of 3/31/2022 2,100 Warehouse 1,800 Financing on $1,265 Loans & 1,500 Available Secur
Slide 16: Appendix
Appendix NYSE: MITT 16 NYSE: MITT 16
Slide 17: MITT & Corporate Social Responsibility
MITT & Corporate Social Responsibility Angelo Gordon's values of integrity, fairness, honesty, entrepreneurship and long- term value guides MITT's business and commitment to corporate responsibility. Responsible Investing Operational Impact/Governance • Industry Recognized Transactions with Communit
Slide 18: Market Snapshot
Market Snapshot Interest Rates 3/31/21 6/30/21 9/30/21 12/31/21 3/31/22 Treasuries 2-year 0.160 0.249 0.348 0.732 2.335 5-year 0.939 0.889 1.045 1.263 2.460 10-year 1.740 1.468 1.514 1.510 2.338 Swaps Overnight SOFR 0.010 0.050 0.050 0.050 0.290 3 month LIBOR 0.194 0.146 0.130 0.209 0.962 2-year swa
Slide 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, 2022 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $2,105,572 Securitized debt, at fair value $1,859,917 Residential mortgage loans, at fair value 1,167,061 Financing arrangements 1,411,493 Real esta
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended March 31, 2022 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $33,417 Earnings/(Loss) Per Share - Basic $(0.74) Interest expense 16,122 Earnings/(Loss) Per Share - Dilute
Slide 21: Footnotes
Footnotes 1. We invest in Arc Home LLC, a licensed mortgage originator, through AG Arc LLC, one of our equity method investees. Our investment in AG Arc LLC is $54.1 million as of March 31, 2022, representing a 44.6% ownership interest. 2. Diluted per share figures are calculated using diluted weigh
Slide 22: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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