Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q2 2025 Earnings Presentation
21 slides from Tpg Mortgage Investment Trust's earnings presentation, Aug 1, 2025
Slide 1: AG Mortgage Investment Trust, Inc. Q2 2025 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q2 2025 Earnings Presentation June 30, 2025 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: Q2 2025 MITT Earnings Call Presenters
Q2 2025 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: Q2 2025 Financial Position
Q2 2025 Financial Position $10.39 $7.3 $536.4 $89.7 1.3x Book Value per Share1 Investment Portfolio Total Equity Liquidity2 Economic Leverage Ratio3 (in billions) (in millions) (in millions) Book Value per Share1 Investment Portfolio5 ($bn) Financing Profile5 ($bn) $0.2 $0.2 $0.1 $0.3 $10.65 $0.9 $1
Slide 6: Q2 2025 Performance
Q2 2025 Performance Increased Q2 common dividend by 5.0% • Strong execution gains on our Home Equity Loan and $18.5mm $(0.05) Agency-Eligible securitizations partially offsetting mark- Q2 Net Interest Income Q2 Earnings per Share8 to-market losses from April’s volatility • Deployed additional capita
Slide 7: Successfully executing our focused mission
Successfully executing our focused mission Continued rotating capital into Non-Agency securitizations and residential assets, driving long term earnings power for MITT shareholders • Proven success in capitalizing on new residential market opportunities • Rotated ~$30 million year to date into targe
Slide 8: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Securitized Loan Acquire Loans Portfolio Growth ($bn) Significant growth, acquiring over $9 billion of residential mortgage loans since 2021 from Arc Home or thi
Slide 9: Loan Portfolio
Loan Portfolio Non-Agency Loans(a) Equity Invested in Loan Portfolio $6.7bn 5.7% 765 Unpaid Principal Coupon(b) FICO(b) Balance 18.2% 60% 1.4% 91% 4.2% Current LTV(b),(c) 90+ Days DQ %(d) Fixed Rate %(d) $355.2mm Home Equity Loans $301.7mm 10.1% 751 77.6% Unpaid Principal Coupon(b) FICO(b) Balance 6
Slide 10: Legacy WMC Commercial Investments
Legacy WMC Commercial Investments Commercial Investments $70.0mm of Equity Invested (by Investment Type) • Commercial Real Estate Loans and CMBS acquired in WMC merger represents 1.7% of Investment Portfolio and 13.0% of 12.4% total equity CMBS - Conduit Fixed Rate Commercial Loans Summary 48.5% 21.
Slide 11: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel10 Focused on increasing market share through product and channel expansion, driving significant growth in origination volumes $1.2 Funding by Product ($bn) $32.2mm 6.0% $1.0 $0.8 $0.8 $0.8 $0.7 $0.7 $0.6 $0.6 MITT’s Investment in % of MITT’s Equity $0
Slide 12: Q2 2025 Investment Portfolio
Q2 2025 Investment Portfolio5 Carrying Financing Cost of Economic Description ($ 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 $6,769.8 $6,510.7 5.7% $6,417.1 $6,235.5 5.3% $275.2 1.3x 17.7% Securitized RPL/NP
Slide 13: Q2 2025 Financing Profile
Q2 2025 Financing Profile5 Investment Portfolio primarily financed through term, non mark-to-market securitized debt, operating with a low Economic Leverage Ratio3 GAAP Financing Amount Cost of Advance Economic Leverage3 (in millions) Funds(7),(a) Rate Securitized Debt $5,937.6 5.2% 89% 0.2x Residen
Slide 14: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended June 30, 2025 Amount (000’s) Per Diluted Share8 3/31/2025 Book Value $315,879 $10.65 Common dividend (6,235) (0.21) Equity based compensation 176 — Earnings available for distribution (“EAD”)9 5,351 0.18 Net realized and unrealized gain/(loss) included wit
Slide 15: Reconciliation of Q2 2025 EAD
Reconciliation of Q2 2025 EAD9 Three Months Ended June 30, 2025 Three Months Ended June 30, 2025 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share8 (000’s) Share8 Net Income/(
Slide 16: Appendix
Appendix 16
Slide 17: Economic Leverage
Economic Leverage3 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio as of June 30, 2025 ($ in thousands)(a) Securitized debt, at fair value $ 5,937,637 Financing arrangements 843,537 Senior unsecured notes 96,080 Restricted cash posted on financing arrangements (2,208) Payable on uns
Slide 18: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024 (in thousands) (unaudited) (unaudited) Assets Liabilities Securitized residential mortgage loans, at fair value $ 6,648,988 $ 6,197,678 Securitized debt, at fair value $ 5,937,637 $ 5,491,967 Reside
Slide 19: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations (unaudited) Three Months Ended Three Months Ended (in thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 110,865 $ 99,815 Earnings/(Loss) Per Share - B
Slide 20: 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 $88.7 million of cash and cash equivalents and $1.0 million of unencumbered Agency RMBS. 3. The Economic Levera
Slide 21: www.agmit.com
TPG www.agmit.com
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