Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q1 2023 Earnings Presentation
20 slides from Tpg Mortgage Investment Trust's earnings presentation, May 5, 2023
Slide 1: AG Mortgage Investment Trust Q1 2023 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q1 2023 Earnings Presentation March 31, 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: Q1 2023 MITT Earnings Call Presenters
Q1 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: Q1 2023 Financial Position
Q1 2023 Financial Position Disciplined approach to our securitization strategy leaves MITT well positioned with strong liquidity and low leverage $11.85 $11.48 $461.9 $87.9 1.4x 2 Book Value per Adjusted Book Value Total Equity Liquidity Economic Leverage 1 1 3 Share per Share (in millions) (in mill
Slide 6: Q1 2023 Performance
Q1 2023 Performance 4% increase in Book Value quarter $13.2mm $0.38 over quarter Q1 Net Interest Q1 Earnings per 6 • Common share repurchases resulted in 2% Income Share accretion to Book Value during the quarter • GAAP earnings were primarily driven by $0.03 $0.18 unrealized mark to market gains as
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations throughout 2022 and into 2023 with remaining warehouse and pipeline exposure at current coupons Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans $4,000 Current production yiel
Slide 8: Loan Portfolio Snapshot
Loan Portfolio Snapshot Portfolio built with a credit-first mindset which has benefited from strong home price appreciation Non-Agency and Agency-Eligible Loan Portfolio Characteristics March 31, 2023 Loan Portfolio Current Loan Portfolio Securitized Warehouse (a) Loans Loans Total Portfolio Pipelin
Slide 9: Earnings Power
Earnings Power Execution of our securitization business Equity Allocation positions MITT with a significant amount of Non-Agency Loans 50.1% equity invested in retained bonds currently Cash 19.0% held at implied ROEs in the mid to high (a) Other Residential 15.0% teens AG Arc LLC 8.1% Agency 3.9% •
Slide 10: Q1 2023 Investment Portfolio Details
Q1 2023 Investment Portfolio Details 9 Securitized Debt Repo Financing Cost of Funds10,(a) Description ($ in mm’s) Asset FMV Yield FMV Residential Mortgage Loans Securitized Non-Agency Loans $3,696.7 4.7% $3,323.8 $193.0 4.4% Non-Agency Loans 122.6 6.9% — 101.5 6.8% Agency-Eligible Loans 4.9 5.0% —
Slide 11: Financing Profile
Financing Profile5 Successful in terming out warehouse financing and currently operating with a low 3 Economic Leverage Ratio 3 $4.1bn of Financing as of 3/31/2023 Economic Leverage Ratio Warehouse Financing 3.0x 2.7x 2.7x on Loans & Securities, 9.0% 2.0x Agency Financing, 6.0% 2.0x 1.3x 1.4x 1.0x S
Slide 12: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Cash, along with Arc Home’s MSR portfolio, provides a strong financial position to manage current dynamics in the mortgage origination market Arc Home Balance Sheet ($mm) Q1 '23 Funding by Product ($bn) Cash and Cash Equivalents $ 17.2 $0.8 $0.8 Mort
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended March 31, 2023 6 Amount (000’s) Per Diluted Share 12/31/22 Book Value $242,328 $11.39 Common dividend (3,684) (0.18) Net repurchase of common stock (5,157) 0.26 Earnings available for distribution (“EAD”) 582 0.03 Net realized and unrealized gain/(loss) in
Slide 14: Reconciliation of Q1 2023 EAD
Reconciliation of Q1 2023 EAD7 Three Months Ended March 31, 2023 Three Months Ended March 31, 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 Inco
Slide 15: Appendix
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. Appendix NYSE: MITT 15
Slide 16: 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 17: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, 2023 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 3,968,770 Securitized debt, at fair value $ 3,505,529 Residential mortgage loans, at fair value 130,741 Financing arrangements 629,458 Real estate
Slide 18: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended March 31, 2023 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 57,803 Earnings/(Loss) Per Share - Basic $ 0.38 Interest expense 46,188 Earnings/(Loss) Per Share - Dilute
Slide 19: 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 20: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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