Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q4 2024 Earnings Presentation
25 slides from Tpg Mortgage Investment Trust's earnings presentation, Mar 3, 2025
Slide 1: AG Mortgage Investment Trust Q4 2024 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q4 2024 Earnings Presentation December 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, our
Slide 3: Q4 2024 MITT Earnings Call Presenters
Q4 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: 2024 Financial Position
2024 Financial Position $10.64 $6.7 $543.4 $136.9 1.4x Book Value per Investment Portfolio5 Total Equity Liquidity2 Economic Leverage Share1,(a) (in billions) (in millions) (in millions) Ratio3 Book Value per Share1,(a) Investment Portfolio5 ($bn) Financing5 ($bn) $6.3bn $0.2 $0.3 $0.1 $5.6bn $10.64
Slide 6: Acquisition of Western Asset Mortgage Capital Corporation (WMC)
Acquisition of Western Asset Mortgage Capital Corporation (WMC) Propelling growth through strategic acquisition of WMC enabling MITT to enhance its scale and profitability for shareholders EAD per share6,7 Synergies that Drive Long-Term Value • Achieved accretive growth in first year post-acquisitio
Slide 7: 2024 Performance
2024 Performance Strong asset appreciation in our investment $69.6mm $1.23 portfolio drives Economic ROE of 11.7% 2024 Net Interest 2024 Earnings per Share6 • Gains on our Residential Mortgage Loans and Non- Income Agency RMBS driven by credit spread tightening and deploying capital in Home Equity L
Slide 8: Q4 2024 Performance
Q4 2024 Performance Protected Book Value, up 0.6% during the $18.2mm $0.30 quarter, despite elevated interest rate volatility Q4 Net Interest Income Q4 Earnings per Share6 • Gains from portfolio hedges offsetting unrealized losses on investment portfolio • Recognized strong execution gains related t
Slide 9: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) Acquire and Aggregate Loans 6,000 Current production yields ranging from 6.25% to 6.75% t
Slide 10: 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 Current LTV $6.4bn $114.7mm 62% 60% Warehouse UPB(a) 59% 59% 59% Securitized UPB(a) LTV % 5.6% 7.0% Securitized Coupon(b) Warehouse Cou
Slide 11: Home Equity Loan Portfolio
Home Equity Loan Portfolio Active investment in rapidly growing market which provides “locked in” homeowners access to untapped home equity Home Equity : $200 - 300bn of Estimated Annual Originations $99.9mm $101.3mm Warehouse (UPB) Pipeline(a) (UPB) Large Addressable Market as High as $2 Trillion •
Slide 12: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Focused on increasing market share through product and channel expansion, to drive earnings through volume growth and improved gain on sale margins Funding by Product ($bn) $1.2 $30.8mm 5.7% $1.0 $0.8 $0.8 $0.7 $0.6 MITT’s Investment in % of MITT’s E
Slide 13: 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 $52.2mm of Equity Invested (by Investment Type) • Legacy Commercial Real Estate Loans and CMBS acquired in WMC merger represents 1.8
Slide 14: Q4 2024 Investment Portfolio Details
Q4 2024 Investment Portfolio Details5 Carrying Financing Cost of Economic Description ($ in mm’s) Asset Cost Asset FMV Yield9,(a) Value of Equity ROE(e) Cost Funds10, (c) Leverage(d) Financing(b) Securitized Non-Agency Loans $6,388.6 $6,044.6 5.7% $6,033.8 $5,762.3 5.2% $282.3 1.1x 17.0% Securitized
Slide 15: Financing Profile
Financing Profile5 Successful in terming out warehouse financing, through securitizations reducing mark-to- market financing exposure and Economic Leverage Ratio3 $6.3bn of Financing as of 12/31/2024 Economic Leverage Ratio3 Commercial, 1.1% 2.5x Agency, 0.0% 2.0x 1.5x 1.4x 1.5x 1.4x Unsecured Resid
Slide 16: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended Year Ended December 31, 2024 December 31, 2024 Amount (000’s) Per Diluted Share6 Amount (000’s) Per Diluted Share6 Beginning Book Value(a) $ 312,094 $ 10.58 $ 300,377 $ 10.20 Common dividend (5,632) (0.19) (22,137) (0.75) Equity Based Compensation 142 (0.0
Slide 17: Reconciliation of 2024 EAD
Reconciliation of 2024 EAD7 Year Ended December 31, 2024 Year Ended December 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/(loss) avail
Slide 18: Reconciliation of Q4 2024 EAD (cont'd)
Reconciliation of Q4 2024 EAD (cont’d)7 Three Months Ended December 31, 2024 Three Months Ended December 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) Sh
Slide 19: Appendix
Appendix Appendix 19
Slide 20: Economic Leverage
Economic Leverage3 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio(a) ($ in thousands) 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Securitized debt, at fair value $ 4,711,623 $ 4,980,942 $ 5,117,189 $ 5,497,552 $ 5,491,967 GAAP Financing arrangements 767,592 734,001 1,235,80
Slide 21: Condensed Consolidated Balance Sheet (Unaudited)
Condensed Consolidated Balance Sheet (Unaudited) December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Assets (in thousands) Liabilities Securitized residential mortgage loans, at fair value $ 6,197,678 $ 5,358,281 Securitized debt, at fair value $ 5,491,967 $ 4,711,623 Residential
Slide 22: Condensed Consolidated Statement of Operations (Unaudited)
Condensed Consolidated Statement of Operations (Unaudited) Year Ended Year Ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Net Interest Income (in thousands) Total Earnings/(Loss) Per Share of Common Stock Interest income $ 408,495 $ 260,329 Earnings/(Loss) Per Share -
Slide 23: Condensed Consolidated Statement of Operations (Unaudited)
Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended Three Months Ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Net Interest Income (in thousands) Total Earnings/(Loss) Per Share of Common Stock Interest income $ 105,652 $ 77,527 Earnings/(Los
Slide 24: 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 $118.7 million of cash and cash equivalents and $18.2 million of unencumbered Agency RMBS. 3. We define GAAP le
Slide 25: www.agmit.com
TPG www.agmit.com
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