Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q4 2025 Earnings Presentation
23 slides from Tpg Mortgage Investment Trust's earnings presentation, Feb 17, 2026
Slide 1: Q4 2025 Earnings Presentation
TPG Mortgage Investment Trust, Inc. Q4 2025 Earnings Presentation December 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: Q4 2025 MITT Earnings Call Presenters
Q4 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: 2025 Financial Position
2025 Financial Position $10.48 $8.5 $560.7 $108.7 1.6x Book Value per Investment Portfolio2 Total Equity Liquidity3,(a) Economic Leverage Share1 (in billions) (in millions) (in millions) Ratio4 Book Value per Share1 Investment Portfolio2 ($bn) Financing Profile2 ($bn) $0.2 $0.1 $0.1 $10.48 $0.2 $10.
Slide 6: 2025 Performance
2025 Performance 2025 Economic ROE of 6.5%5 driven by strategic $79.2mm $0.90 equity rotation and profitability at Arc Home 2025 Net Interest 2025 Earnings • Significant rotation of equity from Legacy WMC Non- Income per Share8 Agency securitizations and CMBS into Home Equity Loans driving continued
Slide 7: Q4 2025 Performance
Q4 2025 Performance 9.5% increase in dividend from Q3 2025 $21.0mm $0.25 supported by growth in earnings power Q4 Net Interest Q4 Earnings • Continued increase in net interest income as capital was Income per Share8 rotated into Home Equity Loan and Agency-Eligible Loan securitized products • Strong
Slide 8: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Securitized Loan Acquire Loans Portfolio Growth ($bn) Significant growth, acquiring over $12 billion of residential mortgage loans since 2021 from Arc Home or $1
Slide 9: Loan Portfolio
Loan Portfolio Non-Agency Loans(a) Equity Invested in Loan Portfolio $7.1bn 5.9% 763 Unpaid Principal Coupon(b) FICO(b) Balance 19.4% 40.7% 62% 1.4% 93% Current LTV(b),(c) 90+ Days DQ %(d) Fixed Rate %(d) $389.2mm Home Equity Loans(e) $1.0bn 9.7% 748 36.4% 3.5% Unpaid Principal Coupon(b) FICO(b) Bal
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 $52.1mm of Equity Invested (by Investment Type) Commercial Investments • Remaining commercial exposure represents 1.1% of our Investment Portfolio and 9.3%
Slide 11: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel10 Increase in Non-Agency origination volumes of 79% year over year and improved gain on sale margins driving a meaningful contribution to earnings power Funding by Product ($bn) $1.4 $1.4 $50.0mm 8.9% $1.4 $1.1 $1.2 $1.2 $1.0 $1.0 $1.0 $1.0 $0.8 $0.8
Slide 12: Q4 2025 Investment Portfolio Details
Q4 2025 Investment Portfolio Details2 Carrying Financing Cost of Economic Description ($ in mm’s) Asset Cost Asset FMV Yield6,(a) Value of Equity ROE(e) Cost Funds7,(c) Leverage(d) Financing(b) Securitized Non-Agency Loans $7,086.1 $6,904.9 5.7% $6,815.8 $6,694.2 5.3% $210.7 2.0x 20.3% Securitized H
Slide 13: Financing Profile
Financing Profile2 Investment Portfolio primarily financed through term, non mark-to-market securitized debt, operating with a low Economic Leverage Ratio4 Amount Cost of Advance GAAP Financing (in millions) Funds7,(a) Rate Economic Leverage4 Securitized Debt $7,177.9 5.4% 90% 0.2x Residential Bond
Slide 14: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended Year Ended December 31, 2025 December 31, 2025 Amount (000’s) Per Diluted Share8 Amount (000’s) Per Diluted Share8 Beginning Book Value $331,852 $10.46 $315,432 $10.64 Common dividend (7,301) (0.23) (26,132) (0.85) Issuance of restricted shares of common s
Slide 15: Reconciliation of 2025 EAD
Reconciliation of 2025 EAD9 Year Ended December 31, 2025 Year Ended December 31, 2025 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share8 (000’s) Share8 Net Income/(loss) avail
Slide 16: Reconciliation of Q4 2025 EAD (cont'd)
Reconciliation of Q4 2025 EAD (cont’d)9 Three Months Ended December 31, 2025 Three Months Ended December 31, 2025 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share8 (000’s) Sh
Slide 17: Appendix
Appendix Appendix 17
Slide 18: Economic Leverage
Economic Leverage4 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio as of December 31, 2025 ($ in thousands)(a) Securitized debt, at fair value(b) $ 7,177,923 Financing arrangements (c) 826,394 Senior unsecured notes(c) 96,458 Restricted cash posted on financing arrangements (7,838)
Slide 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (in thousands) (unaudited) (unaudited) Assets Liabilities Securitized residential mortgage loans, at fair value $ 7,999,619 $ 6,197,678 Securitized debt, at fair value $ 7,177,923 $ 5,491,967
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Years Ended Years Ended (in thousands, except per share data) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (Unaudited) (Unaudited) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 480,330 $
Slide 21: Condensed Consolidated Statement of Operations (Unaudited)
Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended Three Months Ended (in thousands, except per share data) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 135,621
Slide 22: 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. The Investment Portfolio consists of Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all of which are held
Slide 23: www.mitt.tpg.com
TPG www.mitt.tpg.com
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