Cherry Hill Mortgage Investment Corporation · NYSE:CHMI
Cherry Hill Mortgage Investment — Q2 2026 Earnings Presentation
20 slides from Cherry Hill Mortgage Investment's earnings presentation, Aug 10, 2026
Slide 1: TPG Mortgage Investment Trust, Inc. Q2 2026 Earnings Presentation
1 TPG Mortgage Investment Trust, Inc. Q2 2026 Earnings Presentation June 30, 2026
Slide 2: Forward Looking Statements & Non-GAAP Financial Information
2NYSE: MITT 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, boo
Slide 3: Q2 2026 MITT Earnings Call Presenters
3NYSE: MITT Q2 2026 MITT Earnings Call Presenters T.J. Durkin Nicholas Smith Anthony Rossiello Chief Executive Officer & President Chief Investment Officer Chief Financial Officer
Slide 4: MITT: A Pure Play Residential Mortgage REIT
4NYSE: MITT 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 Continued Portfolio Growth Access to Investment Opportunitie
Slide 5: Q2 2026 Financial Position
5NYSE: MITT $9.97 $10.00 Q1 ‘26 Q2 ‘26 $2.7 $3.5 $0.8 $0.3 $0.2 $0.1 $0.1 Securitized Non-QM Securitized Agency-Eligible Securitized Home Equity Warehouse Loans Non-Agency RMBS Securitized RPL/NPL Legacy WMC Commercial Q2 2026 Financial Position Cost of Funds7 5.3% $7.7 Investment Portfolio2 (in bil
Slide 6: Continued to rotate capital into home equity loans and retained tranches
6NYSE: MITT Continued to rotate capital into home equity loans and retained tranches from our securitization business while maintaining a low leverage profile • Executed 2 Non-Agency securitizations of $763.0 million UPB, retaining $37.7 million of Non-Agency RMBS • Purchased $70.1 million of Home E
Slide 7: Securitization business and economic interest retained
7NYSE: MITT (a) Economic interest retained includes the fair value of certain retained tranches from securitizations, which are either consolidated in the “Securitized residential mortgage loans, at fair value” line item on the Company’s consolidated balance sheets or, when not consolidated, include
Slide 8: Residential loan portfolio characteristics
8NYSE: MITT Note: Data is based on latest available information (a) Includes Non-Agency Loans recorded in the “Securitized residential mortgage loans, at fair value" line item and Agency-Eligible Loans and Non-Agency Loans recorded within the “Residential mortgage loans, at fair value” line item on
Slide 9: Legacy WMC Commercial Loans resolution and capital rotation upside
9NYSE: MITT Significant progress with 44% of fair value expected to be recovered in 2026 Capital Rotation Upside • Sale proceeds in 2026 first used to repay financing, creating EAD of $0.05 per share • Further upside in EAD as ~$30 million of equity rotated into target ROEs (15 to 20%) in 2027 Loan
Slide 10: Arc Home: MITT's Proprietary Origination Channel
10NYSE: MITT Increase in origination volumes of 28% year over year and record lock volumes during the quarter driving continued momentum in earnings power Arc Home: MITT's Proprietary Origination Channel10 66.0% MITT’s Ownership Percentage $1.2mm MITT’s Share of Arc Home EAD9 $46.4mm MITT’s Investme
Slide 11: Investment portfolio detail by asset, financing and ROE
11NYSE: MITT Description ($ in mm’s) Asset Cost Asset FMV Yield6,(a) Financing Cost(b) Carrying Value of Financing(b) Cost of Funds7,(c) Equity Economic Leverage(d) ROE(e) Securitized Non-Agency Loans $6,458.6 $6,212.0 5.7% $6,201.3 $6,015.3 5.3% $196.7 2.0x 18.6% Securitized Home Equity Loans 781.0
Slide 12: Investment portfolio financed through term securitized debt with low leverage
12NYSE: MITT Investment Portfolio primarily financed through term, non mark-to-market securitized debt, operating with a low Economic Leverage Ratio4 1.4x 2.5x 1.5x 1.4x 1.6x Residential Agency Commercial Unsecured Notes Q1 ‘ 24 Q2 ‘ 24 Q3 ‘ 24 Q4 ‘ 24 Q1 ‘ 25 0.0x 1.0x 2.0x 3.0x (a) Represents the
Slide 13: Book Value Roll-Forward
13NYSE: MITT Three Months Ended June 30, 2026 Amount (000’s) Per Diluted Share8 3/31/2026 Book Value $316,405 $9.97 Common dividend (7,633) (0.24) Grant of restricted stock and amortization of equity based compensation, net 177 (0.01) Earnings available for distribution (“EAD”)9 7,736 0.24 Net reali
Slide 14: Reconciliation of Q2 2026 EAD
14NYSE: MITT Three Months Ended June 30, 2026 Components of Earnings Available for Distribution Amount (000’s) Per Diluted Share8 Net Interest Income $ 20,500 $ 0.64 Hedge Income/(Expense) 296 0.01 Arc Home EAD to MITT 1,163 0.04 Management fee to affiliate (2,311) (0.07) Non-investment related expe
Slide 15: Appendix
15 Appendix
Slide 16: Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio
16NYSE: MITT (a) The calculation in the table above divides GAAP Leverage and Economic Leverage by our GAAP stockholders’ equity to derive our leverage ratios. (b) Securitized debt, at fair value is non-recourse to us. (c) Financing arrangements and senior unsecured notes are recourse to us. Reconci
Slide 17: Consolidated Balance Sheets
17NYSE: MITT Consolidated Balance Sheets June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 (in thousands) (unaudited) (unaudited) Assets Liabilities Securitized residential mortgage loans, at fair value $ 7,119,175 $ 7,999,619 Securitized debt, at fair value $ 6,355,237 $ 7,177,923 Res
Slide 18: Consolidated Statements of Operations
18NYSE: MITT Three Months Ended Three Months Ended (in thousands, except per share data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 124,155 $ 110,865 Earnings/(Loss) Per Share - Basic $ 0.29 $ (0.05) I
Slide 19: Footnotes
19NYSE: MITT Footnotes 1. Book value is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock of $228.0 million. 2. The Investment Portfolio consists of Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all of wh
Slide 20: TPG
TPG www.mitt.tpg.com
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