Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q3 2022 Earnings Presentation
19 slides from Tpg Mortgage Investment Trust's earnings presentation, Nov 4, 2022
Slide 1: Q3 2022 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q3 2022 Earnings Presentation September 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: Q3 2022 MITT Earnings Call Presenters
Q3 2022 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: AG MITT: Executing our Focused Mission
AG MITT: Executing our Focused Mission GROW IN RESIDENTIAL CREDIT Purchased $2.5 billion of Non-Agency and Agency-Eligible Loans 2022 year to date 1 CREATE ASSETS THROUGH OUR ORIGINATOR, ARC HOME 1 Arc Home originated $1.8 billion year to date through September 30, including $1.1 billion of Non-Agen
Slide 5: Q3 2022 Highlights
Q3 2022 Highlights 6 Investment Portfolio ($bn) -$0.33 2 GAAP Earnings per Share Q3 ‘22 $2.7 $1.3 $0.3 $4.3 $0.21 Common Dividend per Share Q3 ’22 Portfolio Growth: 5.3% Q2 ‘22 $2.4 $1.0 $0.3 $0.4 $4.1 -$0.03 3 Core Earnings per Share Non-Agency Agency-Eligible Other Residential Agency 6,7 Book Valu
Slide 6: Q3 2022 Highlights (cont'd)
Q3 2022 Highlights (cont’d) Acquisitions/Investments (FMV) Securitizations (UPB) • Non-Agency Purchases: $510.3mm • Non-Agency Securitization: $415.9mm • Agency-Eligible Purchases: $381.3mm • Agency-Eligible Securitization: $422.7mm • October Non-Agency Securitization: $457.4mm Continued to grow our
Slide 7: Securitization Activity
Securitization Activity Continued pace of securitizations during the third quarter 2022 in order to manage warehouse exposure Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans $4,000 Current production yields ranging from 7.0% to 8.0% targeting $3,00
Slide 8: Loan Portfolio Snapshot
Loan Portfolio Snapshot Ability to source assets from both Arc Home and other origination partners with a focus on strong underwriting and credit quality Residential Loan Purchases ($bn) Loan Portfolio Characteristics at September 30, 2022 Securitized Securitized Non-Agency Agency- Warehouse Total $
Slide 9: Q3 2022 Investment Portfolio Details
Q3 2022 Investment Portfolio Details 9 Securitized Cost of Repo Cost of (a) Description ($ in mm’s) Asset FMV Yield 10 10 Leverage Debt FMV Funds Financing Funds Securitized Non-Agency Loans $2,013.1 4.7% $1,786.8 3.7% $115.1 4.7% 1.0x Securitized Agency-Eligible Loans 1,152.4 4.1% 1,047.0 3.9% 74.9
Slide 10: Financing Profile
Financing Profile7 Successful in terming out warehouse financing, reducing mark-to-market 8 financing exposure and Economic Leverage Ratio 8 $4.0bn of Financing as of 9/30/2022 Economic Leverage Ratio 3.0x 2.7x 2.7x 2.4x 2.0x Warehouse 2.0x 1.8x Financing on 1.4x Loans & Securities, 24% 1.0x Securit
Slide 11: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel1 Cash, along with Arc Home’s MSR portfolio, provides a strong financial position to manage current dynamics in the housing market Arc Home Balance Sheet ($mm) Q3 '22 Cash and Cash Equivalents $ 32.3 Funding by Product and GOS Margins ($bn) Mortgage Lo
Slide 12: Book Value Roll-Forward
Book Value Roll-Forward4 Three Months Ended September 30, 2022 2 Amount (000’s) Per Diluted Share 6/30/22 Book Value $258,193 $11.48 Common dividend (4,655) (0.21) Net repurchase of common stock (2,259) 0.09 Core Earnings (600) (0.03) Net realized and unrealized gain/(loss) included within equity in
Slide 13: Reconciliation of Core Earnings
Reconciliation of Core Earnings3 Three Months Ended September 30, 2022 Three Months Ended September 30, 2022 Per Reconciliation of GAAP Net Income to Amount Amount Per Diluted Diluted Components of Core Earnings 2 Core Earnings (000’s) 2 (000’s) Share Share Net Income/(loss) available to Net Interes
Slide 14: Appendix
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. Appendix NYSE: MITT 14
Slide 15: 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 16: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, 2022 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 3,419,408 Securitized debt, at fair value $ 3,025,128 Residential mortgage loans, at fair value 783,771 Financing arrangements 935,765 Real es
Slide 17: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended September 30, 2022 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 50,190 Earnings/(Loss) Per Share - Basic $ (0.33) Interest expense 34,699 Earnings/(Loss) Per Share -
Slide 18: 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 $46.6 million as of September 30, 2022, representing a 44.6% ownership interest. 2. Diluted per share figures are calculated using diluted w
Slide 19: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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