Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — AG Mortgage Investment Trust — Q3 2013 Earnings Presentation
16 slides from Tpg Mortgage Investment Trust's earnings presentation, Nov 5, 2013
Slide 1: AG Mortgage Investment Trust, Inc. Q3 2013 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q3 2013 Earnings Presentation November 5, 2013
Slide 2: Forward Looking Statements
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 future dividends, the credit component of our portfolio book valve, deploying capital
Slide 3: Q3 2013 MITT Earnings Call Presenters
Q3 2013 MITT Earnings Call Presenters Title David Roberts Chief Executive Officer Jonathan Lieberman Chief Investment Officer Brian Sigman Chief Financial Officer Lisa Yahr Head of Investor Relations NYSE: MITT 2
Slide 4: Q3 2013 Performance
Q3 2013 Performance $0.09 per common share of net income1 $0.45 per share of Core Earnings2 $19.26 net book value per share3 as of September 30, 2013 Including impact of $0.60 per share dividend declared for the quarter ended September 30, 2013 and paid on October 28, 2013 $1.59 per common
Slide 5: Market Snapshot
Market Snapshot Interest Rates 12/31/2012 3/31/2013 6/30/2013 9/30/2013 Agency RMBS 12/31/2012 3/31/2013 6/30/2013 9/30/2013 Treasuries Fannie Mae Pass-Thrus 2-year 0.249 0.244 0.357 0.319 15 year 2.50% $104-14+ 103-21+ 100-15+ 100-19+ 5-year 0.724 0.765 1.395 1.382 15 year 3.00% $105-17+ 105-04+ 10
Slide 6: Q3 2013 Investment Portfolio Composition
Q3 2013 Investment Portfolio Composition 6 Current Premium Amortized Fair Weighted Average Weighted Average Face (Discount) Cost Value Coupon * Yield Agency RMBS 15-year fixed rate $581,988,428 $17,501,848 $599,490,276 $605,801,659 3.13% 2.49% 20-year fixed rate 321,962,591 8,400,055 330,362,646 329
Slide 7: Q3 2013 Portfolio Details
Q3 2013 Portfolio Details Agency Portfolio Hybrid Other 6.2% Current Fair Value Cost of Description Coupon Yield NIM Face (mm) (mm) Funds Hybrid Agency RMBS 10/1 13.0% 15-year fixed rate $582.0 $605.8 3.1% 2.5% 0.4% 2.1% Loan Balance 35.6% 20-year fixed rate 322.0 329.5 3.4% 2.6% 0.4% 2.2% Other 30-
Slide 8: Financing and Duration Gap
Financing and Duration Gap Master Repurchase Agreements with 30 financial institutions Weighted average original maturity of 100 days as of September 30, increased from 94 days as of June 30, 2013 MITT Repos ($ in thousands ) Original Repo Maturities Repo Outstanding WA Interest Rate WA Days to
Slide 9: Hedging and Interest Rate Sensitivity Summary
Hedging and Interest Rate Sensitivity Summary 114% of total Agency RMBS repo notional and 84% of total repo balance hedged as of September 30, 2013 Interest Rate Swaps as of September 30, 2013 Weighted Average Weighted Average Weighted Average Years to Maturity Notional Amount Pay Rate Receive Rat
Slide 10: Investment in Human Capital
Investment in Human Capital Over the last 9 months Angelo, Gordon & Co., L.P., the parent of MITT’s external manager has made several key hires with diverse investment and financial experience across a variety of residential and commercial real estate assets • Residential Whole Loans – Jason Biege
Slide 11: Q3 2013 Financial Metrics
Q3 2013 Financial Metrics Weighted Average at Weighted Average for the Quarter Operating Metrics6 September 30, 2013 Ended September 30, 2013 Investment portfolio5 $3,866,851,323 $3,920,850,871 Repurchase agreements $3,194,360,409 $3,376,163,761 Stockholders’ equity $707,825,616 $711,402,491 Leverag
Slide 12: Supplemental Information
Supplemental Information NYSE: MITT
Slide 13: Quarter-over-Quarter Snapshot
Quarter-over-Quarter Snapshot Investment Portfolio Book Value Core Earnings 6,000 $25.00 $23.47 $1.00 $23.16 5,000 $0.90 $0.85 $0.83 1,080 1,357 $0.80 $0.75 4,000 1,437 $19.77 $19.26 $ Millions $20.00 1,120 $0.70 3,000 $0.60 2,000 3,786 3,757 3,087 2,747 $0.50 $0.45 1,000 $15.00 $0.40 0 $0.30 Q4 201
Slide 14: Footnotes
Footnotes 1. Diluted per share figures are calculated using weighted average outstanding shares in accordance with GAAP. 2. Core Earnings is defined as net income excluding both realized and unrealized gains (losses) on the sale or termination of securities, and the related tax provision, if any, on
Slide 15: Footnotes (cont.)
Footnotes (cont.) 10. Net interest margin is calculated by subtracting the weighted average cost of funds from the weighted average yield for the Company’s investment portfolio, which excludes cash held by the Company. 11. The yield on our investment portfolio represents an effective interest rate,
Slide 16: Contact Information
Contact Information ANGELO, GORDON & CO. 245 Park Avenue, 26th Floor New York, NY 10167 Telephone: (212) 692-2000 Facsimile: (212) 867-9328 Email: lyahr@agmit.com www.agmit.com NYSE: MITT
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