Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q3 2024 Earnings Presentation
22 slides from Tpg Mortgage Investment Trust's earnings presentation, Nov 5, 2024
Slide 1: AG Mortgage Investment Trust Q3 2024 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q3 2024 Earnings Presentation September 30, 2024 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: Q3 2024 MITT Earnings Call Presenters
Q3 2024 MITT Earnings Call Presenters T.J. Durkin Nicholas Smith Anthony Rossiello Chief Executive Officer & Chief Investment Officer Chief Financial Officer President NYSE: MITT 3
Slide 4: MITT: A Pure Play Residential Mortgage REIT
MITT: A Pure Play Residential Mortgage REIT Committed to generating attractive risk adjusted returns over the long-term as a programmatic aggregator and issuer of Non-Agency residential loan securitizations Liquidity to Support Access to Investment High Quality Portfolio Disciplined Approach Continu
Slide 5: Q3 2024 Financial Position
Q3 2024 Financial Position $10.58 $6.8 $540.1 $119.7 1.5x Investment Portfolio Total Equity Liquidity2 Book Value per Share1,(a) Economic Leverage Ratio3 (in billions) (in millions) (in millions) Book Value per Share1,(a) Investment Portfolio5 ($bn) Financing Profile5 ($bn) $6.5bn $6.4bn 2.0% $10.58
Slide 6: Q3 2024 Performance
Q3 2024 Performance Strong asset appreciation in our investment portfolio drives book value growth $15.8mm $0.40 • GAAP earnings driven by unrealized gains on our Residential Q3 Net Interest Income Q3 Earnings per Share6 Mortgage Loans and Non-Agency RMBS from declining rates and credit spread tight
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans $6,000 Current production yields ranging from 7% to 8.5% targ
Slide 8: Non-Agency Loan Portfolio Snapshot
Non-Agency Loan Portfolio Snapshot Portfolio of Non-Agency loans with strong borrower performance and low LTVs benefiting from accumulated HPA and loan amortization (b),(c) Current LTV $6.2bn $123.2mm 60% 61% 62% 59% 59% 59% Securitized UPB(a) Warehouse UPB(a) LTV % 5.6% 7.6% Securitized Coupon(b) W
Slide 9: Growing Market: Home Equity Loans
Growing Market: Home Equity Loans MITT is well positioned to participate in the rapidly growing market which provides “locked in” homeowners access to untapped home equity Illustrative Use Case / Target Borrower(a) Home Equity : $200 - 300bn of Estimated Annual Originations $480,000 Home Value Large
Slide 10: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Focused on increasing market share through product and channel expansion, while originators to benefit from improved gain on sale margins Funding by Product ($bn) $31.0mm 5.7% $1.0 $0.8 $0.7 $0.6 MITT’s Investment in $0.6 $0.5 % of MITT’s Equity Arc
Slide 11: Legacy WMC Commercial Investments
Legacy WMC Commercial Investments Expect to hold commercial investments as they organically mature or prudently exit through opportunistic sales Commercial Investments $52.0mm of Equity Invested (by Investment Type) • Legacy Commercial Real Estate Loans and CMBS acquired in WMC merger represents 1.8
Slide 12: Q3 2024 Investment Portfolio
Q3 2024 Investment Portfolio5 Carrying Financing Cost of Economic Description ($ in mm’s) Asset Cost Asset FMV Yield9,(a) Value of Equity ROE(e) Cost(b) Funds10,(c) Leverage(d) Financing(b) Securitized Non-Agency Loans $6,235.9 $6,052.1 5.6% $5,875.8 $5,756.1 5.2% $296.0 1.0x 14.7% Securitized RPL/N
Slide 13: Financing Profile
Financing Profile5 Successful in terming out warehouse financing through securitizations and paid off Legacy WMC Convertible Notes at maturity in September 2024 $6.4bn of Financing as of 9/30/2024 Economic Leverage Ratio3 3.0x 2.5x 2.0x 1.5x 1.4x 1.5x 1.2x Residential, (b) 1.0x 11.3% Commercial, 1.1
Slide 14: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended September 30, 2024 Amount (000’s) Per Diluted Share6 6/30/24 Book Value(a) $305,511 $10.37 Common dividend (5,604) (0.19) Equity based compensation 133 — Earnings available for distribution (“EAD”) 4,876 0.17 Net realized and unrealized gain/(loss) include
Slide 15: Reconciliation of Q3 2024 EAD
Reconciliation of Q3 2024 EAD7 Three Months Ended September 30, 2024 Three Months Ended September 30, 2024 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share6 (000’s) Share6 Ne
Slide 16: Appendix
Appendix 16
Slide 17: MITT & Corporate Social Responsibility
MITT & Corporate Social Responsibility TPG Angelo Gordon's values of integrity, fairness, honesty, entrepreneurship and long-term value guides MITT's business and commitment to corporate responsibility Responsible Investing Operational Impact/Governance • Industry Recognized Transactions with Commun
Slide 18: Economic Leverage
Economic Leverage3 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio(a) ($ in thousands) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Securitized debt, at fair value $ 3,831,515 $ 4,711,623 $ 4,980,942 $ 5,117,189 $ 5,497,552 GAAP Financing arrangements 565,913 767,592 734,001 1
Slide 19: Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) September 30, December 31, September 30, December 31, 2024 2023 2024 2023 Assets (in thousands) Liabilities Securitized residential mortgage loans, at fair value $ 6,226,698 $ 5,358,281 Securitized debt, at fair value $ 5,497,552 $ 4,711,623 Resident
Slide 20: Condensed Consolidated Statement of Operations (unaudited)
Condensed Consolidated Statement of Operations (unaudited) Three Months Ended Three Months Ended September 30, September 30, September 30, September 30, 2024 2023 2024 2023 Net Interest Income (in thousands) Total Earnings/(Loss) Per Share of Common Stock Interest income $ 107,456 $ 64,211 Earnings/
Slide 21: Footnotes
Footnotes 1. Book value is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock of $228.0 million. 2. Total liquidity includes $102.5 million of cash and cash equivalents and $17.2 million of unencumbered Agency RMBS. 3. The Economic Leve
Slide 22: www.agmit.com
TPG www.agmit.com
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