TPG Mortgage Investment Trust, Inc. · NYSE:MITT
TPG Mortgage Investment Trust — Q3 2026 Earnings Presentation
21 slides from TPG Mortgage Investment Trust's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings Presentation
1 TPG Mortgage Investment Trust, Inc. Q3 2026 Earnings Presentation September 30, 2026
Slide 2: Forward Looking Statements & Non-GAAP Financial Information
2NYSE: MITT 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 the merger, di
Slide 3: Participants in the Solicitation Relating to the Merger
3NYSE: MITT Participants in the Solicitation Relating to the Merger MITT and certain of its directors and executive officers and certain other affiliates of MITT may be deemed to be participants in the solicitation of proxies from the common stockholders of MITT in respect of the proposed Merger. In
Slide 4: Q3 2026 MITT Earnings Call Presenters
4NYSE: MITT Q3 2026 MITT Earnings Call Presenters T.J. Durkin Nicholas Smith Anthony Rossiello Chief Executive Officer & President Chief Investment Officer Chief Financial Officer
Slide 5: MITT: A Pure Play Residential Mortgage REIT
5NYSE: MITT 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 Continued Portfolio Growth Access to Investment Opportunitie
Slide 6: Q3 2026 Financial Position
6NYSE: MITT $10.00 $9.27 Q2 ‘26 Q3 ‘26 $2.5 $3.3 $1.1 $0.2 $0.3 $0.1 $0.1 Securitized Non-QM Securitized Agency-Eligible Securitized Home Equity Warehouse Loans Non-Agency RMBS Securitized RPL/NPL Legacy WMC Commercial Q3 2026 Financial Position Cost of Funds7 5.4% $7.6 Investment Portfolio2 (in bil
Slide 7: Q3 2026 Performance
7NYSE: MITT Q3 2026 Performance Invested in $1.2 billion of Home-Equity Loans through securitizations and loan acquisitions • Strong partnership with top mortgage originators to continue expanding our Home Equity portfolio ◦ Purchased $317.4 million of Home Equity Loans ◦ Securitized $326.5 million
Slide 8: Securitization and portfolio details
8NYSE: MITT (a) Economic interest retained includes the fair value of certain retained tranches from securitizations, which are either consolidated in the “Securitized residential mortgage loans, at fair value” line item on the Company’s consolidated balance sheets or, when not consolidated, include
Slide 9: Residential loan portfolio characteristics
9NYSE: MITT Note: Data is based on latest available information (a) Includes Non-Agency Loans recorded in the “Securitized residential mortgage loans, at fair value" line item and Agency-Eligible Loans and Non-Agency Loans recorded within the “Residential mortgage loans, at fair value” line item on
Slide 10: Legacy WMC Commercial Loans capital rotation upside
10NYSE: MITT Significant progress with 45% of fair value expected to be recovered in near term Capital Rotation Upside • Sale proceeds first used to repay financing, creating EAD of $0.03 per share • Further upside in EAD as ~$28 million of equity rotated into target ROEs (15 to 20%) in 2027 Loan A:
Slide 11: Arc Home: MITT's Proprietary Origination Channel
11NYSE: MITT Stable production volumes and ongoing Home Equity growth reflect the resilience of Arc Home's platform and the underlying strength of its long-term earnings profile Arc Home: MITT's Proprietary Origination Channel10 66.0% MITT’s Ownership Percentage $(39)K MITT’s Share of Arc Home EAD9
Slide 12: Investment portfolio by asset, financing and ROE
12NYSE: MITT Description ($ in mm’s) Asset Cost Asset FMV Yield6,(a) Financing Cost(b) Carrying Value of Financing(b) Cost of Funds7,(c) Equity Economic Leverage(d) ROE(e) Securitized Non-Agency Loans $6,232.0 $5,778.1 5.7% $5,978.8 $5,604.1 5.2% $174.0 2.2x 23.0% Securitized Home Equity Loans(f) 1,
Slide 13: Financing profile and economic leverage ratio
13NYSE: MITT Investment Portfolio primarily financed through term, non mark-to-market securitized debt, operating with a low Economic Leverage Ratio4 1.4x 2.5x 1.5x 1.4x 1.6x Residential Agency Commercial Unsecured Notes Q1 ‘ 24 Q2 ‘ 24 Q3 ‘ 24 Q4 ‘ 24 Q1 ‘ 25 0.0x 1.0x 2.0x 3.0x (a) Represents the
Slide 14: Book value roll-forward
14NYSE: MITT (a) Transaction related expenses primarily include $2.0 million related to the proposed merger with Cherry Hill Mortgage Investment Corporation and $2.1 million related to the securitization and acquisition of residential mortgage loans. (b) Represents the difference between the dividen
Slide 15: Reconciliation of Q3 2026 EAD
15NYSE: MITT Three Months Ended September 30, 2026 Components of Earnings Available for Distribution Amount (000’s) Per Diluted Share8 Net Interest Income $ 20,935 $ 0.65 Hedge Income/(Expense) 362 0.01 Arc Home EAD to MITT (39) — Management fee to affiliate (2,301) (0.07) Non-investment related exp
Slide 16: Appendix
16 Appendix
Slide 17: Reconciliation of GAAP Leverage Ratio to Economic Leverage Ratio
17NYSE: MITT (a) The calculation in the table above divides GAAP Leverage and Economic Leverage by our GAAP stockholders’ equity to derive our leverage ratios. (b) Securitized debt, at fair value is non-recourse to us. (c) Financing arrangements and senior unsecured notes are recourse to us. Reconci
Slide 18: Consolidated Balance Sheets
18NYSE: MITT Consolidated Balance Sheets September 30, 2026 December 31, 2025 September 30, 2026 December 31, 2025 (in thousands) (unaudited) (unaudited) Assets Liabilities Securitized residential mortgage loans, at fair value $ 6,947,039 $ 7,999,619 Securitized debt, at fair value $ 6,142,264 $ 7,1
Slide 19: Consolidated Statements of Operations
19NYSE: MITT Three Months Ended Three Months Ended (in thousands, except per share data) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net Interest Income Total Earnings/(Loss) Per Share of Common Stock Interest income $ 121,008 $ 124,714 Earnings/(Loss) Per Share - Bas
Slide 20: Footnotes
20NYSE: MITT Footnotes 1. Book value is calculated using stockholders’ equity less the liquidation preference of our cumulative redeemable preferred stock of $228.0 million. 2. The Investment Portfolio consists of Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all of wh
Slide 21: TPG
TPG www.mitt.tpg.com
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