Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q1 2025 Earnings Presentation
20 slides from Tpg Mortgage Investment Trust's earnings presentation, May 6, 2025
Slide 1: AG Mortgage Investment Trust, Inc. Q1 2025 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q1 2025 Earnings Presentation March 31, 2025 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, our
Slide 3: Q1 2025 MITT Earnings Call Presenters
Q1 2025 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 Support Access to Investment High Quality Portfolio Disciplined Approach Continu
Slide 5: Q1 2025 Financial Position
Q1 2025 Financial Position $10.65 $7.1 $543.9 $132.5 1.6x Book Value per Share1 Investment Portfolio Total Equity Liquidity2 Economic Leverage Ratio3 (in billions) (in millions) (in millions) Book Value per Share1 Investment Portfolio5 ($bn) Financing Profile5 ($bn) $0.3 $0.1 $0.3 $0.8 $10.65 $10.64
Slide 6: Q1 2025 Performance
Q1 2025 Performance Growth in EAD supporting the 5.3% increase in our Q1 common dividend $19.6mm $0.21 • GAAP earnings and EAD driven by continued increase in Q1 Net Interest Income Q1 Earnings per Share8 net interest income • Continued strength in volumes and improved margins drove Arc Home to brea
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Securitized Loan Acquire Loans Portfolio Growth ($mm) Significant growth, acquiring over $9 billion of residential mortgage loans since 2021 from Arc Home or thi
Slide 8: Loan Portfolio
Loan Portfolio Non-Agency Loans(a) Equity Invested in Loan Portfolio $6.7bn 5.7% 765 Unpaid Principal Coupon(b) FICO(b) Balance 12.5% 5.2% 59% 1.3% 91% Current LTV(b),(c) 90+ Days DQ %(d) Fixed Rate %(d) $331.0mm Home Equity Loans $214.7mm 10.3% 750 82.3% Unpaid Principal Coupon(b) FICO(b) Balance 6
Slide 9: Legacy WMC Commercial Investments
Legacy WMC Commercial Investments Expect to hold commercial investments as they organically mature or prudently exit through opportunistic sales $57.3mm of Equity Invested (by Investment Type) Commercial Investments • Legacy Commercial Real Estate Loans and CMBS acquired in 13.7% WMC merger represen
Slide 10: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel10 Focused on increasing market share through product and channel expansion, while benefiting from improved gain on sale margins $1.2 Funding by Product ($bn) $32.2mm 5.9% $1.0 $0.8 $0.8 $0.7 $0.7 MITT’s Investment in $0.6 % of MITT’s Equity $0.6 Arc H
Slide 11: Q1 2025 Investment Portfolio
Q1 2025 Investment Portfolio5 Carrying Financing Cost of Economic Description ($ in mm’s) Asset Cost Asset FMV Yield6,(a) Value of Equity ROE(e) Cost(b) Funds7,(c) Leverage(d) Financing(b) Securitized Non-Agency Loans $6,643.3 $6,399.1 5.7% $6,303.0 $6,129.8 5.2% $269.3 1.3x 17.5% Securitized RPL/NP
Slide 12: Q1 2025 Financing Profile
Q1 2025 Financing Profile5 Investment Portfolio primarily financed through term, non mark-to-market securitized debt, operating with a low Economic Leverage Ratio3 GAAP Financing Amount Cost of Advance Economic Leverage3 (in millions) Funds(a) Rate Securitized Debt $5,836.7 5.2% 89% 0.2x Residential
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended March 31, 2025 Amount (000’s) Per Diluted Share8 12/31/2024 Book Value $315,432 $10.64 Common dividend (5,932) (0.20) Equity based compensation 208 — Earnings available for distribution (“EAD”)9 5,982 0.20 Net realized and unrealized gain/(loss) included w
Slide 14: Reconciliation of Q1 2025 EAD
Reconciliation of Q1 2025 EAD9 Three Months Ended March 31, 2025 Three Months Ended March 31, 2025 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share8 (000’s) Share8 Net Income
Slide 15: Appendix
Appendix 15
Slide 16: Economic Leverage
Economic Leverage3 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio(a) ($ in thousands) March 31, 2025 Securitized debt, at fair value $ 5,836,691 Financing arrangements 806,554 Senior unsecured notes 95,898 Restricted cash posted on financing arrangements (5,073) GAAP Leverage $ 6,7
Slide 17: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024 (in thousands) (unaudited) (unaudited) Assets Liabilities Securitized residential mortgage loans, at fair value $ 6,542,243 $ 6,197,678 Securitized debt, at fair value $ 5,836,691 $ 5,491,967 Resi
Slide 18: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations (unaudited) Three Months Ended Three Months Ended (in thousands) March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024 Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 109,130 $ 95,572 Earnings/(Loss) Per Share
Slide 19: Footnotes
Footnotes 1. Book value is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock of $228.0 million. 2. Total liquidity includes $115.5 million of cash and cash equivalents and $17.0 million of unencumbered Agency RMBS. 3. The Economic Leve
Slide 20: www.agmit.com
TPG www.agmit.com
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