Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q3 2023 Earnings Presentation
21 slides from Tpg Mortgage Investment Trust's earnings presentation, Nov 7, 2023
Slide 1: AG Mortgage Investment Trust Q3 2023 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q3 2023 Earnings Presentation September 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: Q3 2023 MITT Earnings Call Presenters
Q3 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: Q3 2023 Financial Position
Q3 2023 Financial Position $11.37 $11.00 $450.4 $118.7 1.2x 2 Book Value per Adjusted Book Value Total Equity Liquidity Economic Leverage 1 1 3 Share per Share (in millions) (in millions) Ratio 1 5 5 Adjusted Book Value per Share Investment Portfolio ($bn) Financing Profile ($bn) $4.4 $11.52 $4.1 $0
Slide 6: Q3 2023 Performance
Q3 2023 Performance Continued improvement in EAD and stable book value performance before transaction $12.7mm $(0.33) expenses Q3 Net Interest Q3 Earnings per 6 Income Share • Increased EAD driven by higher net interest income and earnings from Arc Home • Planned strategic acquisition of Western Ass
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations throughout 2022 and 2023 generating attractive equity returns on our investment portfolio Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans $4,000 Current production yields ran
Slide 8: Securitizations by Vintage
Securitizations by Vintage 30% of retained bonds are 2022 Non-QM P&I bonds, which are held at an approximate 30% discount to par Retained Bonds from Securitizations by Vintage ($ in mm’s) Fair Value of Retained Non-Agency Bonds (a) UPB FMV Cost 2021 Non-QM Securitizations Sold Bonds $ 532.7 $ 407.9
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 September 30, 2023 Loan Portfolio Current Loan Portfolio Securitized Warehouse (a) Loans Loans Total Portfolio Loa
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 55.9% in retained bonds currently held at implied ROEs Cash 26.4% in the mid to high teens AG Arc LLC (a) 7.8% • Ample liquidity for reinvestment Oth
Slide 11: Financing Profile
Financing Profile5 Successful in growing our investment portfolio while operating with a low 3 Economic Leverage Ratio 3 Economic Leverage Ratio $4.4bn of Financing as of 9/30/2023 Warehouse Financing 2.0x on Loans & Securities, 2.0x 10% 1.6x 1.3x 1.4x 1.2x Agency Financing, 3% 1.0x Securitized Debt
Slide 12: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Cash, along with Arc Home’s MSR portfolio, provides a strong financial position to manage current dynamics in the mortgage origination market Arc Home Balance Sheet ($mm) Q3 '23 Funding by Product ($bn) Cash and Cash Equivalents $ 14.4 Mortgage Loans
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended September 30, 2023 6 Amount (000’s) Per Diluted Share 6/30/23 Book Value $240,253 $11.89 Common dividend (3,639) (0.18) Equity based compensation 87 — Earnings available for distribution (“EAD”) 2,092 0.10 Net realized and unrealized gain/(loss) included w
Slide 14: Reconciliation of Q3 2023 EAD
Reconciliation of Q3 2023 EAD7 Three Months Ended September 30, 2023 Three Months Ended September 30, 2023 Per Reconciliation of GAAP Net Income to Amount Components of Earnings Available for Amount Per Diluted Diluted Distribution (000’s) 6 Earnings Available for Distribution (000’s) 6 Share Share
Slide 15: Appendix
iy | a) ep) AG MORTGAGE INVESTMENT TRUST, INC. Appendix NYSE: MITT 15
Slide 16: MITT & Corporate Social Responsibility
MITT & Corporate Social Responsibility Angelo Gordon's values of integrity, fairness, honesty, entrepreneurship and long- term value guides MITT's business and commitment to corporate responsibility. Responsible Investing Operational Impact/Governance • Industry Recognized Transactions with Communit
Slide 17: Q3 2023 Investment Portfolio Details
Q3 2023 Investment Portfolio Details 10 Securitized Debt Assets less Repo Cost of Description ($ in mm’s) Asset FMV Yield 9,(a) FMV Securitized Debt Financing Funds Residential Mortgage Loans Securitized Non-Agency Loans $4,161.7 5.1% $3,719.0 $442.7 $242.9 4.8% Residential Mortgage Loans 139.3 9.3%
Slide 18: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet September 30, 2023 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 4,343,371 Securitized debt, at fair value $ 3,831,515 Residential mortgage loans, at fair value 139,283 Financing arrangements 565,913 Real es
Slide 19: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended September 30, 2023 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 64,211 Earnings/(Loss) Per Share - Basic $ (0.33) Interest expense 52,692 Earnings/(Loss) Per Share -
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
TPG AG MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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