Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q2 2024 Earnings Presentation
22 slides from Tpg Mortgage Investment Trust's earnings presentation, Aug 2, 2024
Slide 1: AG Mortgage Investment Trust Q2 2024 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q2 2024 Earnings Presentation June 30, 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: Q2 2024 MITT Earnings Call Presenters
Q2 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: Q2 2024 Financial Position
Q2 2024 Financial Position $10.63 $10.37 $533.5 $180.2 2.5x Book Value per Adjusted Book Value per Total Equity Liquidity2 Economic Leverage Ratio3 Share1 Share1 (in millions) (in millions) Book Value per Share1 Investment Portfolio5 ($bn) Financing Profile5 ($bn) (1.9)% $5.8bn $6.5bn $10.84 $0.3 $0
Slide 6: Q2 2024 Performance
Q2 2024 Performance Continued strength in EAD supporting the recent 5.6% increase in our Q2 common dividend $17.4mm $(0.02) • Improvement in EAD contributed by Arc Home driven by higher Q2 Net Interest Income Q2 Earnings per Share6 volumes and increased gain on sale margins • Deployed cash from the
Slide 7: Securitization Activity
Securitization Activity Programmatic issuer of Non-Agency securitizations generating attractive equity returns on our investment portfolio Investing and Funding Lifecycle Securitized Loan Portfolio Growth ($mm) $6,000 Acquire and Aggregate Loans Current production yields ranging from 6.5% to 8% targ
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 $6.0bn $294.2mm 61% 61% 62% 60% 59% 59% Securitized UPB(a) Warehouse UPB(a) LTV % 5.4% 7.6% Securitized Coupon(b) W
Slide 9: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel8 Opportunistically sold MSR portfolio in July generating ample liquidity to maintain a strong financial position to manage current dynamics in the mortgage origination market(a) Arc Home Summary Funding by Product ($bn) $0.8 • MITT’s investment in Arc
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 $50.3mm of Equity Invested (by Investment Type) • Legacy Commercial Real Estate Loans and CMBS acquired in WMC merger represents 1.7
Slide 11: Earnings Power
Earnings Power Equity Allocation (a) Executing our securitization business positions MITT with a significant amount of equity invested in retained bonds Residential 54.8% currently held at implied ROEs in the mid teens Cash 17.1% Agency 11.1% • Invested proceeds from Senior Unsecured Notes into Comm
Slide 12: Financing Profile
Financing Profile5 Successful in terming out warehouse financing through securitizations, while temporarily investing excess cash from Senior Unsecured Note issuances into Agency RMBS $6.5bn of Financing as of 6/30/2024 Economic Leverage Ratio3 3.0x 2.5x 2.0x 1.6x 1.5x 1.4x 1.2x Residential, 1.0x 10
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended June 30, 2024 Amount (000’s) Per Diluted Share6 3/31/24 Book Value $319,093 $10.84 Common dividend (5,600) (0.19) Equity based compensation 198 — Earnings available for distribution (“EAD”) 6,276 0.21 Net realized and unrealized gain/(loss) included within
Slide 14: Reconciliation of Q2 2024 EAD
Reconciliation of Q2 2024 EAD7 Three Months Ended June 30, 2024 Three Months Ended June 30, 2024 Reconciliation of GAAP Net Income to Amount Per Diluted Amount Per Diluted Components of Earnings Available for Distribution Earnings Available for Distribution (000’s) Share6 (000’s) Share6 Net Income/(
Slide 15: Appendix
Appendix 15
Slide 16: MITT & Corporate Social Responsibility
MITT & Corporate Social Responsibility TPG Angelo Gordon's values of integrity, fairness, honesty, entrepreneurship and long-term value guides MITT's business and commitment to corporate responsibility Responsible Investing Operational Impact/Governance • Industry Recognized Transactions with Commun
Slide 17: Q2 2024 Investment Portfolio Details
Q2 2024 Investment Portfolio Details Securitized Debt Assets less Description ($ in mm’s) Asset FMV Yield10 Repo Financing Cost of Funds9,(a) FMV Securitized Debt Residential Mortgage Loans Securitized Non-Agency Loans $5,618.6 5.7% $5,010.8 $607.8 $330.3 5.3% Residential Mortgage Loans 301.5 7.7% —
Slide 18: Economic Leverage
Economic Leverage3 Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio - June 30, 2024 ($ in thousands) Leverage Stockholder’s Equity Leverage Ratio Securitized debt, at fair value $ 5,117,189 GAAP Financing arrangements 1,235,805 Convertible senior unsecured notes 78,849 Senior unsecur
Slide 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet June 30, 2024 (Unaudited) Amount (000’s) Assets Liabilities Securitized residential mortgage loans, at fair value $ 5,791,846 Securitized debt, at fair value $ 5,117,189 Residential mortgage loans, at fair value 214,386 Financing arrangements 1,235,805 Residentia
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended June 30, 2024 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 99,815 Earnings/(Loss) Per Share - Basic $ (0.02) Interest expense 83,434 Earnings/(Loss) Per Share - Dilut
Slide 21: Footnotes
Footnotes 1. Book value is calculated using stockholders’ equity less net proceeds of our cumulative redeemable preferred stock ($220.5 million). Adjusted book value (“ABV”) is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock ($228.0
Slide 22: www.agmit.com
TPG www.agmit.com
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