TPG Mortgage Investment Trust, Inc. — Second Quarter 2026 Earnings Summary

Financial Performance

• Reported Net Income Available to Common Stockholders of $9.092 million, or $0.29 per diluted share.
• Reported Earnings Available for Distribution (EAD) of $7.736 million, or $0.24 per diluted share.
• Book value per share reached $10.00 as of June 30, 2026.
• Achieved a quarterly economic return on equity of 2.7%.
• Declared a second quarter common dividend of $0.24 per share, fully covered by EAD.
• Investment portfolio totaled $7.7 billion with a Net Interest Margin of 0.7% (including a 0.02% benefit from interest rate swaps).
• Total financing stood at $7.3 billion, comprising $6.3 billion in non-recourse financing and $1.0 billion in recourse financing.
• GAAP Leverage Ratio was 13.4x, while Economic Leverage Ratio was 1.8x.
• Total liquidity was $111.6 million, consisting of $61.6 million in cash and cash equivalents and $50.0 million in available committed financing.
• Reconciliation of Net Income to EAD included adding $1.844 million in net realized gains, deducting $4.422 million in net unrealized losses, adding $1.281 million from equity method investments, and deducting $210,000 in transaction-related expenses.

Guidance and Future Outlook

• Management anticipates the definitive agreement to acquire Cherry Hill Mortgage Investment Corporation will significantly enhance scale and long-term earnings power.
• The acquisition is expected to expand the equity capital base, drive meaningful cost synergies, and incorporate complementary, durable cash flows.
• Management expressed confidence in the company's positioning and opportunities to deliver for shareholders despite a challenging interest rate environment.

Business Segments and Product Lines

• Investment portfolio includes Residential Investments, Agency RMBS, and Legacy WMC Commercial Investments, all held at fair value.
• Investment in Arc Home LLC (via AG Arc LLC) totaled $46.4 million as of June 30, 2026, valued at 1.05x book value.
• AG Arc LLC represents a 66% ownership interest in Arc Home as of June 30, 2026.
• Arc Home is described as a licensed mortgage originator with strong momentum contributing to EAD.
• EAD excludes $(0.2) million of realized and unrealized changes in the fair value of Arc Home's mortgage servicing rights, transaction expenses, and asset impairments, net of tax.
• EAD excludes $(0.3) million of unrealized changes in the fair value of the investment in Arc Home.

Market and Competitive Landscape

• Operating in a challenging interest rate environment.
• Company focuses on disciplined capital rotation into high-returning residential credit strategies.
• No specific market share or competitor data points were provided in the release.

Risks and Challenges

• Forward-looking statements are subject to risks including changes in general economic or market conditions, inflation, tariffs, and interest rates.
• Risks include changes in government regulations, prepayment rates, and mortgage default rates.
• Specific risks relate to the proposed merger with Cherry Hill Mortgage Investment Corporation, including the ability to secure stockholder approval, satisfaction of closing conditions, potential termination of the Merger Agreement, and failure to realize expected benefits.
• Risks also include integration difficulties, transaction costs, unknown liabilities, and potential stockholder litigation.
• Management's attention may be diverted from ongoing business operations due to the merger.

Management Commentary and Tone

• T.J. Durkin, CEO and President, stated the company achieved EAD of $0.24 per share, fully covering the dividend and increasing book value to $10.00 per share.
• Management highlighted a "disciplined leverage profile" and "consistent capital rotation" as key drivers of performance.
• The tone was confident regarding the company's positioning and the "compelling opportunities ahead."

Other Key Points

• Announced a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation (CHMI) by merger.
• Declared quarterly cash dividends on preferred stock: $0.51563 per share for Series A, $0.50 for Series B, and $0.664786 for Series C, payable on September 17, 2026.
• The company is externally managed and advised by AG REIT Management, LLC, an affiliate of TPG Inc.
• An earnings presentation is available on the company website, and a conference call was held on August 10, 2026.
• A Form S-4 registration statement and joint proxy statement/prospectus regarding the merger are expected to be filed with the SEC.