Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q4 2022 Earnings Presentation
23 slides from Tpg Mortgage Investment Trust's earnings presentation, Feb 23, 2023
Slide 1: AG Mortgage Investment Trust Q4 2022 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q4 2022 Earnings Presentation December 31, 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: Q4 2022 MITT Earnings Call Presenters
Q4 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: 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: 2022 Financial Position
2022 Financial Position Disciplined approach to our securitization strategy leaves MITT well positioned with strong liquidity and low leverage $11.39 $11.03 $462.8 $86.7 1.3x 2 Book Value per Adjusted Book Value Total Equity Liquidity Economic Leverage 1 1 3 Share per Share (in millions) (in million
Slide 6: 2022 Performance
2022 Performance Continued to grow our investment $67.6mm $(3.12) portfolio and execute our securitization strategy through a volatile market 2022 Net Interest 2022 Earnings per 6 Income Share • GAAP earnings primarily driven by unrealized mark to market losses due to a historic rise in interest rat
Slide 7: Q4 2022 Performance
Q4 2022 Performance 3% recovery in Book Value as market $13.9mm $0.33 conditions improved in the latter half of the quarter Q4 Net Interest Q4 Earnings per 6 Income Share • GAAP earnings primarily driven by unrealized mark to market gains on securitized assets from credit spread tightening and reali
Slide 8: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations throughout 2022 and into 2023 reducing our warehouse exposure Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans $4,000 Current production yields ranging from 7.0% to 8.0% targe
Slide 9: Loan Portfolio Snapshot
Loan Portfolio Snapshot Portfolio built with a credit-first mindset which has benefited from strong home price appreciation Loan Portfolio Characteristics (a) December 31, 2022 Loan Portfolio Current Loan Portfolio Securitized Warehouse Securitized Warehouse (b) Loans Loans Total Portfolio Loans Loa
Slide 10: Earnings Power
Earnings Power Execution of our securitization business Equity Allocation positions MITT with a significant amount of Non-Agency Loans 52.3% equity invested in retained bonds currently Cash 18.3% held at implied ROEs in the high teens (a) Other Residential 14.8% AG Arc LLC • Ample liquidity for rein
Slide 11: Q4 2022 Investment Portfolio Details
Q4 2022 Investment Portfolio Details 9 Securitized Debt Repo Financing W/A Cost of Description ($ in mm’s) Asset FMV Yield 10, (a) FMV Funds Securitized Non-Agency Loans $3,451.0 4.7% $3,078.6 $206.4 4.3% Non-Agency Loans 371.2 5.5% — 315.9 6.2% Agency-Eligible Loans 46.9 6.0% — 44.3 6.0% Re/Non-Per
Slide 12: Financing Profile
Financing Profile5 Successful in terming out warehouse financing, through securitizations and loan 3 sales reducing mark-to-market financing exposure and Economic Leverage Ratio 3 $3.9bn of Financing as of 12/31/2022 Economic Leverage Ratio Warehouse 3.0x 2.7x 2.7x Financing on Loans 2.4x & Securiti
Slide 13: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Cash, along with Arc Home’s MSR portfolio, provides a strong financial position to manage current dynamics in the mortgage origination market Arc Home Balance Sheet ($mm) Q4 '22 Funding by Product ($bn) Cash and Cash Equivalents $ 20.7 Mortgage Servi
Slide 14: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended Year Ended December 31, 2022 December 31, 2022 6 6 Amount (000’s) Per Diluted Share Amount (000’s) Per Diluted Share Beginning Book Value $243,824 $11.02 $349,908 $14.64 Common dividend (3,846) (0.18) (18,246) (0.81) Net repurchase of common stock (4,758)
Slide 15: Reconciliation of 2022 EAD
Reconciliation of 2022 EAD7 Year Ended December 31, 2022 Year Ended December 31, 2022 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/(loss) ava
Slide 16: Reconciliation of Q4 2022 EAD (cont'd)
Reconciliation of Q4 2022 EAD (cont’d)7 Three Months Ended December 31, 2022 Three Months Ended December 31, 2022 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
Slide 17: Appendix
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. Appendix NYSE: MITT 17
Slide 18: 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 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet December 31, 2022 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 3,707,146 Securitized debt, at fair value $ 3,262,352 Residential mortgage loans, at fair value 356,467 Financing arrangements 621,187 Resident
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Year Ended December 31, 2022 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 180,303 Earnings/(Loss) Per Share - Basic $ (3.12) Interest expense 118,918 Earnings/(Loss) Per Share - Diluted
Slide 21: Condensed Consolidated Statement of Operations (cont'd)
Condensed Consolidated Statement of Operations (cont’d) Three Months Ended December 31, 2022 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 57,286 Earnings/(Loss) Per Share - Basic $ 0.33 Interest expense 44,924 Earnings/(Loss) Per Sh
Slide 22: Footnotes
Footnotes 1. As of December 31, 2022, book value per share is calculated using stockholders’ equity less net proceeds of our cumulative redeemable preferred stock ($220.5 million) as the numerator. As of December 31, 2022, adjusted book value (“ABV”) per share is calculated using stockholders’ equit
Slide 23: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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