Tpg Mortgage Investment Trust, Inc. · NYSE:MITT
Tpg Mortgage Investment Trust — Q4 2021 Earnings Presentation
23 slides from Tpg Mortgage Investment Trust's earnings presentation, Feb 24, 2022
Slide 1: AG Mortgage Investment Trust Q4 2021 Earnings Presentation
AG Mortgage Investment Trust, Inc. Q4 2021 Earnings Presentation December 31, 2021 NYSE: MITT 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: Q4 2021 MITT Earnings Call Presenters
Q4 2021 MITT Earnings Call Presenters David Roberts T.J. Durkin Nicholas Smith Anthony Rossiello Chief Executive Officer President Chief Investment Officer Chief Financial Officer NYSE: MITT 3
Slide 4: AG MITT: Executing our Focused Mission
AG MITT: Executing our Focused Mission SIMPLIFY OUR PORTFOLIO Exited all commercial and certain non-core investments in 2021 through profitable sales and payoffs GROW IN RESIDENTIAL CREDIT Achieved significant portfolio growth in 2021 through purchases of $2.5 billion of Non-Agency loans CREATE ASSE
Slide 5: 2021 Highlights
2021 Highlights ~18% ~21% $5.29 $14.64 $14.32 $12.40 $11.81 GAAP Earnings per Share2 $0.81 2021 Economic ROE5: 28.1% Common Dividend per Share $1.11 12/31/2020 12/31/2021 Core Earnings per Share3 Book Value per Share 4 Adjusted Book Value per Share 4 Investment Portfolio6 ($bn) Leverage6,7 ($bn) Equ
Slide 6: Q4 2021 Highlights
Q4 2021 Highlights Acquisitions/Investments Securitization Platform $0.33 • Non-QM Purchases (FMV): $966.9mm • 2 NQM Securitizations GAAP Earnings per Share2 • GSE Eligible Purchases (FMV): $234.9mm $0.21 Significantly increased the pace of Non-Agency loan purchases creating a robust pipeline Common
Slide 7: Positioned for Future Growth
Positioned for Future Growth Non-Agency Loan Purchases(a) ($bn) $137.3mm $1.1bn $1.4 Liquidity at 12/31/2021 Financing Capacity at 12/31/2021 $1.2 $1.2 2022 Outlook $1.0 • Since the capital raise in November 2021, settled all purchases disclosed in our November Offering Pipeline with an aggregate eq
Slide 8: Q4 2021 Investment Portfolio Details
Q4 2021 Investment Portfolio Details Description Fair Value (mm) Wtd Average Yield10 Financing (mm) Cost of Funds11 Non-QM Loans $1,030.8 3.8% $878.7 2.5% Securitized Non-QM Loans 831.4 4.0% 798.3 1.6% 30 Year Fixed Rate Agency RMBS 495.7 1.8% 409.9 0.2% GSE Non-Owner Occupied Loans 440.9 3.2% 407.5
Slide 9: Non-Agency New Origination Loan Snapshot
Non-Agency New Origination Loan Snapshot Loan Portfolio Characteristics as of December 31, 2021 GSE Non-Owner Non-QM Loans Non-QM Loans Occupied Loans • In 2021, directly acquired $2.0 billion of Non-QM Loans, of which UPB ($ in 000's) $1,765,118 $429,424 $0.6 billion were acquired from Arc Home Avg
Slide 10: Arc Home: MITT's Proprietary Origination Channel
Arc Home: MITT's Proprietary Origination Channel1 Arc Home’s Earnings Contribution – Period ended December 31, 2021 ($mm) MITT's Period Operating MSR MTM(b) Pre-Tax Net After-Tax Elimination(d) MITT Equity Arc Home Balance Sheet ($mm) Q4 2021 Q3 2021 Income(b) Income in Earnings Share(c) Cash and Ca
Slide 11: Arc Home: MITT's Proprietary Origination Channel (cont'd)
Arc Home: MITT's Proprietary Origination Channel1 (cont’d) • Arc Home continues to drive growth in Non-Agency originations: ◦ Total origination volume grew by approximately 15% to $4.4 billion during 2021 ◦ Non-Agency Loan originations grew to approximately $1.7 billion in 2021, representing 51% of
Slide 12: Financing Profile
Financing Profile7 Continued focus on securitizing our existing portfolio with ample warehouse capacity in place to facilitate future loan purchases $2.8bn of Financing as of 12/31/2021 Warehouse Capacity(a) 1,500 as of 12/31/2021 ($mm) 1,250 Securitized Debt Financing 35% 1,000 Available Capacity o
Slide 13: Book Value Roll-Forward
Book Value Roll-Forward1 Three Months Ended Year Ended December 31, 2021 December 31, 2021 Amount (000’s) Per Diluted Share2 Amount (000’s) Per Diluted Share2 Beginning Book Value $269,277 $16.92 $171,227 $12.40 Common dividend (5,021) (0.21) (14,560) (0.81) Core earnings (896) (0.05) 18,089 1.11 Ne
Slide 14: Reconciliation of GAAP Net Income to Core Earnings
Reconciliation of GAAP Net Income to Core Earnings3 Three Months Ended Year Ended December 31, 2021 December 31, 2021 Amount (000’s) Per Diluted Share2 Amount (000’s) Per Diluted Share2 Net Income/(loss) available to common stockholders $6,279 $0.33 $85,873 $5.29 Add (Deduct): Net realized (gain)/lo
Slide 15: Appendix
Appendix NYSE: MITT 15 NYSE: MITT 15
Slide 16: MITT & Corporate Social Responsibility
MITT & Corporate Social Responsibility 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 Communit
Slide 17: Angelo Gordon's Compensation Plan
Angelo Gordon's Compensation Plan AG's compensatory plan strengthens alignment of interests of management with stockholders • Purpose of the AG Plan: Angelo Gordon has adopted a compensatory plan to incentivize and retain MITT officers and other AG employees who provide services to MITT as well as t
Slide 18: Market Snapshot
Market Snapshot Interest Rates 12/31/20 3/31/21 6/30/21 9/30/21 12/31/21 Treasuries 2-year 0.121 0.160 0.249 0.348 0.732 5-year 0.361 0.939 0.889 1.045 1.263 10-year 0.913 1.740 1.468 1.514 1.510 Swaps 3 month LIBOR 0.238 0.194 0.146 0.130 0.209 2-year swaps 0.198 0.292 0.328 0.488 0.941 5-year swap
Slide 19: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet December 31, 2021 (Unaudited) Amount (000’s) Assets Liabilities Residential mortgage loans, at fair value $1,476,972 Financing arrangements $1,777,743 Securitized residential mortgage loans, at fair value 1,158,134 Securitized debt, at fair value 999,215 Real est
Slide 20: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations Three Months Ended December 31, 2021 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $24,686 Earnings/(Loss) Per Share - Basic $0.33 Interest expense 10,698 Earnings/(Loss) Per Share - Dilut
Slide 21: Condensed Consolidated Statement of Operations (continued)
Condensed Consolidated Statement of Operations (continued) Year Ended December 31, 2021 (unaudited) Amount (000’s) Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $70,662 Earnings/(Loss) Per Share - Basic $5.29 Interest expense 27,250 Earnings/(Loss) Per Share - D
Slide 22: Footnotes
Footnotes 1. We invest in Arc Home LLC, a licensed mortgage originator, through AG Arc LLC, one of our equity method investees. Our investment in AG Arc LLC is $53.4 million as of December 31, 2021, representing a 44.6% ownership interest. 2. Diluted per share figures are calculated using diluted we
Slide 23: www.agmit.com
ANGELO AG GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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