Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q1 2026 Earnings Presentation
20 slides from Tpg Mortgage Investment Trust's earnings presentation, Apr 29, 2026
Slide 1: TPG Mortgage Investment Trust, Inc. Q1 2026 Earnings Presentation
TPG Mortgage Investment Trust, Inc. Q1 2026 Earnings Presentation March 31, 2026 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, our
Slide 3: Q1 2026 MITT Earnings Call Presenters
Q1 2026 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: Q1 2026 Financial Position
Q1 2026 Financial Position $9.97 $8.1 $544.4 $100.0 1.7x Book Value per Share1 Investment Portfolio2 Total Equity Liquidity3,(a) Economic Leverage Ratio4 (in billions) (in millions) (in millions) Book Value per Share1 Investment Portfolio2 ($bn) Financing Profile2 ($bn) $0.2 $0.1 $0.1 $0.2 $10.48 $0
Slide 6: Q1 2026 Performance
Q1 2026 Performance Strength in EAD supporting 4.3% increase in Q1 2026 dividend from Q4 2025 $21.1mm $(0.27) • Investment portfolio continues to deliver durable net Q1 Net Interest Income Q1 Earnings per Share8 interest income alongside stable operating expenses • EAD growth from Arc Home through s
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Securitized Loan Acquire Loans Portfolio Growth ($bn) Significant growth, acquiring over $12 billion of residential mortgage $10.0 loans since 2021 from Arc Home
Slide 8: Loan Portfolio
Loan Portfolio Non-Agency Loans(a) Equity Invested in Loan Portfolio $6.8bn 5.8% 761 Unpaid Principal Coupon(b) FICO(b) Balance 20.5% 39.8% 61% 1.3% 93% Current LTV(b),(c) 90+ Days DQ %(d) Fixed Rate %(d) $376.1mm Home Equity Loans(e) $1.0bn 9.6% 749 36.0% 3.7% Unpaid Principal Coupon(b) FICO(b) Bal
Slide 9: Legacy WMC Commercial Investments
Legacy WMC Commercial Investments Expect to hold commercial investments as they organically mature or prudently exit through opportunistic sales $49.9mm of Equity Invested (by Investment Type) Commercial Investments • Remaining commercial exposure represents 1.2% of Investment Portfolio and 9.2% of
Slide 10: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel10 Increase in Non-Agency origination volumes of 25% year over year and improved gain on sale margins driving a meaningful contribution to earnings power Funding by Product ($bn) $1.6 $1.4 $1.4 $1.3 $1.4 $1.2 $52.3mm 9.6% $1.2 $1.0 $1.0 $1.0 $1.0 $0.9
Slide 11: Q1 2026 Investment Portfolio
Q1 2026 Investment Portfolio2 Financing Carrying Cost of Economic Description ($ in mm’s) Asset Cost Asset FMV Yield6,(a) Value of Equity ROE(e) Cost(b) Funds7,(c) Leverage(d) Financing(b) Securitized Non-Agency Loans $6,787.7 $6,543.3 5.7% $6,520.2 $6,338.2 5.3% $205.1 2.0x 19.2% Securitized Home E
Slide 12: Q1 2026 Financing Profile
Q1 2026 Financing Profile2 Investment Portfolio primarily financed through term, non mark-to-market securitized debt, operating with a low Economic Leverage Ratio4 Amount Cost of Advance GAAP Financing (in millions) Funds7,(a) Rate Economic Leverage4 Securitized Debt $6,749.7 5.4% 90% 0.2x Residenti
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended March 31, 2026 Amount (000’s) Per Diluted Share8 12/31/2025 Book Value $332,743 $10.48 Common dividend (7,617) (0.24) Grant of restricted stock and amortization of equity based compensation, (5) 0.00 net(a) Earnings available for distribution (“EAD”)9 8,12
Slide 14: Reconciliation of Q1 2026 EAD
Reconciliation of Q1 2026 EAD9 Three Months Ended March 31, 2026 Three Months Ended March 31, 2026 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share8 (000’s) Share8 Net Income
Slide 15: Appendix
Appendix 15
Slide 16: Economic Leverage
Economic Leverage4 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio as of March 31, 2026 ($ in thousands)(a) Securitized debt, at fair value(b) $ 6,749,708 Financing arrangements (c) 850,231 Senior unsecured notes(c) 96,655 Restricted cash posted on financing arrangements (7,964) Pay
Slide 17: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 (in thousands) (unaudited) (unaudited) Assets Liabilities Securitized residential mortgage loans, at fair value $ 7,538,748 $ 7,999,619 Securitized debt, at fair value $ 6,749,708 $ 7,177,923 Resi
Slide 18: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations (unaudited) Three Months Ended Three Months Ended (in thousands, except per share data) March 31, 2026 March 31, 2025 March 31, 2026 March 31, 2025 Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 129,808 $ 109,130 E
Slide 19: 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. The Investment Portfolio consists of Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all of which are held
Slide 20: www.mitt.tpg.com
TPG www. mitt.tpg.com
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