Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q2 2023 Earnings Presentation
21 slides from Tpg Mortgage Investment Trust's earnings presentation, Aug 7, 2023
Slide 1: AG Mortgage Investment Trust, Inc. Q2 2023 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q2 2023 Earnings Presentation June 30, 2023 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: Q2 2023 MITT Earnings Call Presenters
Q2 2023 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 Access to High Quality Disciplined Support Continued Investment Portfolio throug
Slide 5: Q2 2023 Financial Position
Q2 2023 Financial Position $11.89 $11.52 $460.7 $80.3 1.6x 2 Book Value per Adjusted Book Value Total Equity Liquidity Economic Leverage 1 1 3 Share per Share (in millions) (in millions) Ratio 1 5 5 Book Value per Share Investment Portfolio ($bn) Financing Profile ($bn) 0.3% $0.2 $0.3 $4.1bn $4.1bn
Slide 6: Q2 2023 Performance
Q2 2023 Performance 0.3% increase in Book Value per share $12.9mm $0.17 quarter over quarter Q2 Net Interest Q2 Earnings per • Common share repurchases resulted in 0.4% accretion Income Share 6 to Adjusted Book Value during the quarter • GAAP earnings were driven by mark to market gains on our inves
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations throughout 2022 and into 2023 with remaining warehouse and pipeline exposure at current coupons Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans $4,000 Current production yiel
Slide 8: Securitizations by Vintage
Securitizations by Vintage 37% of retained bonds are 2022 Non-QM subordinate bonds, which are held at an approximate 30% discount to par Retained Bonds from Securitizations by Vintage ($ in mm’s) Fair Value of Retained Non-Agency Bonds (a) UPB FMV Cost 2021 Non-QM Securitizations Sold Bonds $547.6 $
Slide 9: Loan Portfolio Snapshot
Loan Portfolio Snapshot Portfolio built with a credit-first mindset which has benefited from strong home price appreciation Non-Agency and Agency-Eligible Loan Portfolio Characteristics June 30, 2023 Loan Portfolio Current Loan Portfolio Securitized Warehouse Total Loan (a) Loans Loans Portfolio Pur
Slide 10: Earnings Power
Earnings Power Equity Allocation Execution of our securitization business positions MITT with a significant amount of equity invested Non-Agency Loans 53.5% in retained bonds currently held at implied ROEs Cash 17.4% in the mid to high teens Other Residential (a) 13.9% • $69.0mm of RPL/NPLs are held
Slide 11: Q2 2023 Investment Portfolio Details
Q2 2023 Investment Portfolio Details 10 Securitized Debt Assets less Repo Cost of Description ($ in mm’s) Asset FMV Yield 9,(a) FMV Securitized Debt Financing Funds Residential Mortgage Loans Securitized Non-Agency Loans $3,602.2 4.6% $3,232.5 $369.7 $192.2 4.4% Residential Mortgage Loans 243.1 7.8%
Slide 12: Financing Profile
Financing Profile5 Stabilized warehouse portfolio while operating with a low Economic Leverage 3 Ratio 3 Economic Leverage Ratio $4.1bn of Financing as of 6/30/2023 3.0x 2.7x Warehouse Financing on Loans & Securities, 11.5% 2.0x 2.0x 1.6x 1.3x 1.4x Agency Financing, 6.5% 1.0x Securitized Debt, 82.0%
Slide 13: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Cash, along with Arc Home’s MSR portfolio, provides a strong financial position to manage current dynamics in the mortgage origination market Arc Home Balance Sheet ($mm) Q2 '23 Funding by Product ($bn) Cash and Cash Equivalents $ 13.8 Mortgage Loans
Slide 14: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended June 30, 2023 6 Amount (000’s) Per Diluted Share 3/31/23 Book Value $241,441 $11.85 Common dividend (3,637) (0.18) Net repurchase of common stock (1,021) 0.05 Earnings available for distribution (“EAD”) 1,652 0.08 Net realized and unrealized gain/(loss) in
Slide 15: Reconciliation of Q2 2023 EAD
Reconciliation of Q2 2023 EAD7 Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Per Reconciliation of GAAP Net Income to Amount Components of Earnings Available for Amount Per Diluted Diluted Distribution (000’s) 6 Earnings Available for Distribution (000’s) 6 Share Share Net Income
Slide 16: Appendix
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. Appendix 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: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet June 30, 2023 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 3,792,256 Securitized debt, at fair value $ 3,402,060 Securitized residential mortgage loans held for sale, at fair value 69,034 Financing arrangem
Slide 19: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended June 30, 2023 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 60,788 Earnings/(Loss) Per Share - Basic $ 0.17 Interest expense 49,429 Earnings/(Loss) Per Share - Diluted
Slide 20: Footnotes
Footnotes 1. Book value is calculated using stockholders’ equity less net proceeds of our cumulative redeemable preferred stock ($220.5 million) as the numerator. Adjusted book value (“ABV”) is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferr
Slide 21: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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