Western Asset Mortgage Capital
Western Asset Mortgage Capital — Merger or Acquisition (August 2023)
9 slides from Western Asset Mortgage Capital's merger presentation, Aug 9, 2023
Slide 1: AG Mortgage Investment Trust, Inc. to Acquire Western Asset Mortgage Capital Corp.
NYSE: MITT 1 AG Mortgage Investment Trust, Inc. to Acquire Western Asset Mortgage Capital Corp. August 8, 2023
Slide 2: Forward Looking Statements
NYSE: MITT 2 Forward Looking Statements Additional Information: This communication relates to the proposed merger transaction between AG Mortgage Investment Trust, Inc. (“MITT”) and Western Asset Mortgage Capital Corporation (“WMC”). In connection with the proposed transaction, MITT and WMC may file
Slide 3: Transaction Overview
NYSE: MITT 3 Transaction Overview (1) Based on estimated transaction expenses for MITT and WMC other than the TPT deal break-up fee, WMC manager termination fee and WMC D&O tail policy. Subject to further adjustment based on final transaction expenses at closing. (2) Based on 6.150 million WMC fully
Slide 4: Anticipated Benefits of the Transaction
NYSE: MITT 4 Anticipated Benefits of the Transaction (1) Reflects day prior to the public announcement of MITT’s proposal to acquire WMC. (2) Based on MITT’s closing share price of $6.74 as of August 7, 2023. (3) Does not include the resetting of WMC’s management fee and MITT’s manager waiving $2.4
Slide 5: Western Asset Mortgage Capital Corp. Overview
NYSE: MITT 5 Western Asset Mortgage Capital Corp. Overview Company Statistics $14.43 Book Value per Share1 $18.21 Economic Book Value per Share1,2 $112.0 Total Equity2 (in millions) $17.4 Liquidity3 (in millions) $2.3 Total Assets (in billions) $1.9 Securitization Debt (in billions) 2.6x Recourse Le
Slide 6: AG Mortgage Investment Trust, Inc. Overview
NYSE: MITT 6 AG Mortgage Investment Trust, Inc. Overview Company Statistics $11.89 Book Value per Share $11.52 Adjusted Book Value per Share1 $460.7 Total Equity (in millions) $80.3 Liquidity2 (in millions) $4.6 Total Assets (in billions) $3.4 Securitization Debt (in billions) 1.6x Economic Leverage
Slide 7: WMC and MITT's Strategic Alignment
NYSE: MITT 7 Securitized Non- Agency Loans 82% Other Residential 6% Commercial Assets 3% Agency 5% Warehouse Loans 4% Securitized Non- Agency Loans 81% Other Residential 7% Agency 6% Warehouse Loans 6% WMC and MITT’s Strategic Alignment WMC and MITT have complementary strategies; existing WMC asset
Slide 8: Angelo Gordon At-A-Glance
NYSE: MITT 8 Angelo Gordon At-A-Glance (1) As of December 31, 2022. Angelo Gordon’s (the “Firm”) currently stated AUM of approximately $73 billion as of December 31, 2022 reflects fund-level asset-related leverage. Prior to May 15, 2023, the Firm calculated its AUM as net assets under management exc
Slide 9: ANGELO
ANGELO ae GORDON MORTGAGE INVESTMENT TRUST, INC. www.agmit.com
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