Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q2 2022 Earnings Presentation
22 slides from Tpg Mortgage Investment Trust's earnings presentation, Aug 3, 2022
Slide 1: Q2 2022 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q2 2022 Earnings Presentation June 30, 2022 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 2022 MITT Earnings Call Presenters
Q2 2022 MITT Earnings Call Presenters David Roberts T.J. Durkin Nicholas Smith Anthony Rossiello Chief Executive Officer President Chief Investment Officer Chief Financial Officer NYSE: MITT 3
Slide 4: AG MITT: Executing our Focused Mission
AG MITT: Executing our Focused Mission GROW IN RESIDENTIAL CREDIT Purchased $1.9 billion of Non-Agency and Agency-Eligible Loans 2022 year to date with a current pipeline of $0.5 billion CREATE ASSETS THROUGH OUR ORIGINATOR, ARC HOME1 Arc Home1 originated $1.4 billion year to date through June 30, i
Slide 5: Q2 2022 Highlights
Q2 2022 Highlights Investment Portfolio6 ($bn) -$2.27 GAAP Earnings per Share2 Q2 '22 $2.4 $1.0 $0.3 $0.4 $4.1 $0.21 Q2 ’22 Portfolio Growth: 9.6% Common Dividend per Share Q1 '22 $2.3 $0.7 $0.3 $0.4 $3.7 $0.08 Core Earnings per Share3 Non-Agency Agency-Eligible Other Residential Agency Book Value p
Slide 6: Q2 2022 Highlights (cont'd)
Q2 2022 Highlights (cont’d) Acquisitions/Investments (FMV) Securitizations (UPB) • Non-Agency Purchases: $336.0mm • Non-Agency Securitization: $524.8mm • Agency-Eligible Purchases: $262.1mm • Agency-Eligible Securitization: $425.5mm Continued to purchase Non-Agency and Agency-Eligible Loans, creatin
Slide 7: Securitization Activity
Securitization Activity Continued pace of securitizations during the second quarter 2022 in order to manage warehouse exposure Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) $3,000 Acquire and Aggregate Loans $2,500 Current production coupons ranging from 5.25% to 6.50% targ
Slide 8: Acquisition Activity
Acquisition Activity Residential Loan Purchases(a) ($bn) $94.2mm $1.9bn Liquidity at 6/30/2022 Additional Financing Capacity at 6/30/2022 $1.2 $1.2 Market Outlook $1.0 $0.9 • Leveraging Arc Home and other origination partners to deploy capital into Non-Agency and Agency-Eligible Loans $0.8 • Continu
Slide 9: Q2 2022 Investment Portfolio Details
Q2 2022 Investment Portfolio Details Description Fair Value (mm) Wtd Average Yield9 Financing (mm) Cost of Funds10 Equity (mm)(d) Securitized Non-Agency Loans $1,733.3 4.3% $1,654.7 3.2% $78.6 Securitized Agency-Eligible Loans 807.7 3.6% 776.8 3.4% 30.9 Non-Agency Loans 632.1 4.7% 558.6 3.4% 73.5 Ag
Slide 10: Loan Portfolio and Pipeline Snapshot
Loan Portfolio and Pipeline Snapshot Continuing to grow our portfolio into higher yielding assets through both Arc Home and other origination partners Loan Portfolio Characteristics June 30, 2022 Portfolio July 2022 Purchases Current Pipeline(a) Securitized Warehouse Securitized Warehouse Warehouse
Slide 11: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel1 Funding by Channel • Arc Home continues to focus its origination efforts on Non-Agency loans: 9.9% ◦ Competitive advantage in creating assets to support MITT’s securitization business ◦ MITT purchased loans with a UPB of $300.3mm from Arc Home 17.6%
Slide 12: Book Value Roll-Forward
Book Value Roll-Forward4 Three Months Ended June 30, 2022 Amount (000’s) Per Diluted Share2 3/31/22 Book Value $327,178 $13.68 Common dividend (4,723) (0.21) Net repurchase of common stock (10,953) 0.29 Core earnings 1,805 0.08 Net realized and unrealized gain/(loss) included within equity in (1,771
Slide 13: Reconciliation of Core Earnings
Reconciliation of Core Earnings3 Three Months Ended June 30, 2022 Three Months Ended June 30, 2022 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted (000’s) Share2 Components of Core Earnings (000’s) Share2 Core Earnings Net Income/(loss) available to Net Interest Income $17
Slide 14: Arc Home Financial Metrics
Arc Home Financial Metrics1 Arc Home Balance Sheet ($mm) Q2 '22 Arc Home Earnings Contribution ($mm) Q2 '22 Cash and Cash Equivalents $17.1 After-Tax Net Income/(Loss) $(2.8) Mortgage Loans held for sale, at fair value 310.3 MITT’s After-Tax Share of Net Income/(Loss) $(1.3) Mortgage Servicing Right
Slide 15: Financing Profile
Financing Profile7 Continued focus on securitizing our existing portfolio with ample warehouse capacity in place to facilitate future loan purchases Warehouse Capacity(a) as of 6/30/2022 ($mm) $3.4bn of Financing as of 6/30/2022 $2,500 Warehouse $2,000 Financing on Loans & Available $1,864 Securitie
Slide 16: Appendix
Appendix NYSE: MITT 16 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: Market Snapshot
Market Snapshot Interest Rates 6/30/21 9/30/21 12/31/21 3/31/22 6/30/22 Treasuries 2-year 0.249 0.348 0.732 2.335 2.953 5-year 0.889 1.045 1.263 2.460 3.038 10-year 1.468 1.514 1.510 2.338 3.013 Swaps Overnight SOFR 0.050 0.050 0.050 0.290 1.500 3 month LIBOR 0.146 0.130 0.209 0.962 2.285 2-year swa
Slide 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet June 30, 2022 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $2,802,227 Securitized debt, at fair value $2,467,766 Residential mortgage loans, at fair value 768,174 Financing arrangements 902,171 Real estate se
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended June 30, 2022 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $39,410 Earnings/(Loss) Per Share - Basic $(2.27) Interest expense 23,173 Earnings/(Loss) Per Share - Diluted
Slide 21: Footnotes
Footnotes 1. We invest in Arc Home LLC, a licensed mortgage originator, through AG Arc LLC, one of our equity method investees. Our investment in AG Arc LLC is $50.2 million as of June 30, 2022, representing a 44.6% ownership interest. 2. Diluted per share figures are calculated using diluted weight
Slide 22: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
TPG Mortgage Investment Trust — Q2 2022 Earnings Presentation on 6ix