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

Financial Performance:

• Book value per share was $9.27 as of September 30, 2026, a 7.3% decrease from $10.00 as of June 30, 2026.
• Transaction-related expenses included $2.0 million related to the proposed Cherry Hill acquisition, accounting for 0.6% of the book value decrease.
• Quarterly economic return on equity was (4.9)%.
• Net loss available to common stockholders was $(0.49) per diluted share.
• Earnings Available for Distribution (EAD) was $0.21 per diluted common share.
• GAAP Net Income/(loss) available to common stockholders was $(15.743) million.
• EAD reconciliation included a net unrealized gain of $19.855 million, net realized loss of $(1.676) million, and transaction-related expenses of $4.209 million.
• Total liquidity was $84.7 million, comprising $56.7 million in cash and cash equivalents and $28.0 million in available committed financing.

Guidance and Future Outlook:

• Management expects continued capital redeployment, resolution of legacy commercial assets, and the Cherry Hill merger to position the company for stronger earnings and long-term shareholder value creation.
• The company plans to rotate capital into higher-returning residential credit.

Business Segments and Product Lines:

• Investment portfolio totaled $7.6 billion as of September 30, 2026.
• Net interest margin was 0.8%, including a 0.01% benefit from the net interest component of interest rate swaps.
• The company sponsored three home equity securitizations in the third quarter.
• Investment in Arc Home was $45.7 million as of September 30, 2026, valued at 1.025x book value.
• Financing totaled $7.2 billion, consisting of $6.1 billion in non-recourse financing and $1.1 billion in recourse financing.

Market and Competitive Landscape:

• The company operates as a residential mortgage REIT with a focus on a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market.
• The company is externally managed by AG REIT Management, LLC, an affiliate of TPG Inc.

Risks and Challenges:

• Risks include changes in general economic or market conditions, inflation, tariffs, interest rates, and asset fair value.
• Potential risks involve changes in government regulations, prepayment rates, mortgage default rates, and financing needs.
• Specific risks relate to the proposed merger, including the ability to secure stockholder approval, satisfaction of closing conditions, potential termination of the Merger Agreement, and risks of stockholder litigation.
• Risks also include the potential failure to realize expected merger benefits, significant transaction costs, unknown liabilities, and difficulties in integrating the businesses of MITT and CHMI.
• Forward-looking statements regarding the merger, timing, benefits, and financial impact are subject to uncertainties that could cause actual results to differ materially.

Management Commentary and Tone:

• CEO T.J. Durkin stated that despite a challenging September, the company remained focused on executing core residential strategies.
• Management expressed confidence that the Cherry Hill merger and capital redeployment will drive stronger earnings and value creation.

Other Key Points:

• The Company entered into an Agreement and Plan of Merger dated August 9, 2026, to acquire Cherry Hill Mortgage Investment Corporation (NYSE: CHMI).
• Under the merger terms, each CHMI common share converts to 0.3063 shares of MITT common stock plus $0.41 per share in cash from MITT and $0.52 per share in cash from AG REIT Management, LLC.
• CHMI Series A and B Preferred Stock will convert 1-for-1 into newly issued MITT Series D and E Preferred Stock, respectively.
• A third-quarter common dividend of $0.24 per share was declared on September 15, 2026.
• Quarterly cash dividends for Series A, Series B, and Series C Preferred Stock were declared on November 2, 2026, at $0.51563, $0.50, and $0.677518 per share, respectively, payable on December 17, 2026.
• GAAP Leverage Ratio was 13.7x, while Economic Leverage Ratio was 2.0x as of September 30, 2026.
• The company holds a 66.0% ownership interest in AG Arc LLC as of September 30, 2026.