Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q1 2024 Earnings Presentation
22 slides from Tpg Mortgage Investment Trust's earnings presentation, May 3, 2024
Slide 1: AG Mortgage Investment Trust Q1 2024 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q1 2024 Earnings Presentation March 31, 2024 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: Q1 2024 MITT Earnings Call Presenters
Q1 2024 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 2024 Financial Position
Q1 2024 Financial Position $10.84 $10.58 $539.6 $140.3 1.4x Book Value per Adjusted Book Value per Total Equity Liquidity2 Economic Leverage Ratio3 Share1 Share1 (in millions) (in millions) Book Value per Share1 Investment Portfolio5 ($bn) Financing Profile5 ($bn) $5.6bn $5.8bn $10.84 ~3.6% $0.2 $0.
Slide 6: Q1 2024 Performance
Q1 2024 Performance Strong performance driven by asset appreciation and increase in EAD from scale $18.2mm $0.55 • GAAP earnings primarily driven by net mark-to-market gains Q1 Net Interest Income Q1 Earnings per Share6 on our investment portfolio and related hedges • Full quarter of earnings contri
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) $6,000 Acquire and Aggregate Loans $5,000 Current production yields ranging from 7% to 8%
Slide 8: Non-Agency Loan Portfolio Snapshot
Non-Agency Loan Portfolio Snapshot Portfolio of Non-Agency loans with strong borrower performance and low LTVs benefiting from accumulated HPA and loan amortization (b),(c) Current LTV $5.9bn $197.5mm 61% 61% 61% 62% 60% 59% Securitized UPB(a) Warehouse UPB(a) LTV % 5.3% 7.9% Securitized Coupon(b) W
Slide 9: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Cash, along with Arc Home’s MSR portfolio, provides a strong financial position to manage current dynamics in the mortgage origination market Funding by Product ($bn) $0.8 $10.9mm $79.9mm $0.6 $0.5 $0.4 $0.4 Cash Equity $0.4 $0.2 $0.3 $0.2 $0.2 $0.2
Slide 10: Legacy WMC Commercial Investments
Legacy WMC Commercial Investments Expect to hold commercial investments as they organically mature or prudently exit through opportunistic sales Commercial Investments $52.3mm of Equity Invested (by Investment Type) • Legacy Commercial Real Estate Loans and CMBS acquired in WMC merger represents 1.9
Slide 11: Earnings Power
Earnings Power (a) Equity Allocation Execution of our securitization business positions Residential 60.9% MITT with a significant amount of equity invested in Cash 15.4% retained bonds currently held at implied ROEs in the Commercial 8.2% Agency 6.8% mid teens Arc Home 5.1% Other 3.6% Asset UPB / Co
Slide 12: Financing Profile
Financing Profile5 Successful in terming out warehouse financing through securitizations, reducing mark-to- market financing exposure and Economic Leverage Ratio3 $5.8bn of Financing as of 3/31/2024 Economic Leverage Ratio3 2.0x 1.6x 1.5x 1.4x 1.4x 1.2x 1.0x Residential, 9.8% Agency, 1.7% Securitize
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended March 31, 2024 Amount (000’s) Per Diluted Share6 12/31/23 Book Value $307,896 $10.46 Common dividend (5,301) (0.18) Equity based compensation 194 0.01 Earnings available for distribution (“EAD”) 6,125 0.21 Net realized and unrealized gain/(loss) included w
Slide 14: Reconciliation of Q1 2024 EAD
Reconciliation of Q1 2024 EAD7 Three Months Ended March 31, 2024 Three Months Ended March 31, 2024 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share6 (000’s) Share6 Net Income
Slide 15: Appendix
Appendix 15
Slide 16: MITT & Corporate Social Responsibility
MITT & Corporate Social Responsibility TPG Angelo Gordon's values of integrity, fairness, honesty, entrepreneurship and long-term value guides MITT's business and commitment to corporate responsibility Responsible Investing Operational Impact/Governance • Industry Recognized Transactions with Commun
Slide 17: Q1 2024 Investment Portfolio Details
Q1 2024 Investment Portfolio Details Securitized Debt Assets less Description ($ in mm’s) Asset FMV Yield10 Repo Financing Cost of Funds9,(a) FMV Securitized Debt Residential Mortgage Loans Securitized Non-Agency Loans $5,467.6 5.6% $4,871.2 $596.4 $315.0 5.2% Residential Mortgage Loans 204.4 8.3% —
Slide 18: Economic Leverage
Economic Leverage3 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio - March 31, 2024 ($ in thousands) Leverage Stockholder’s Equity Leverage Ratio Securitized debt, at fair value $ 4,980,942 GAAP Financing arrangements 734,001 Convertible senior unsecured notes 78,530 Senior unsecure
Slide 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet March 31, 2024 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 5,645,004 Securitized debt, at fair value $ 4,980,942 Residential mortgage loans, at fair value 204,351 Financing arrangements 734,001 Commercial
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended March 31, 2024 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 95,572 Earnings/(Loss) Per Share - Basic $ 0.55 Interest expense 78,393 Earnings/(Loss) Per Share - Dilute
Slide 21: 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 22: www.agmit.com
TPG www.agmit.com
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