TPG Mortgage Investment Trust, Inc.

Good day and thank you for standing by. Welcome to the AG Mortgage Investment Trust first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After management's remarks, there will be a question and answer session. In order to ask a question, please press the star key followed by the number one on your telephone keypad. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I'd now like to turn the call over to Ginny Neslin, General Counsel for the company. Please go ahead.

Thank you. Good morning, everyone, and welcome to the first quarter 2024 earnings call for AEG Mortgage Investment Trust. With me on the call today are T.J. Durkin, our CEO and President, Nick Smith, our Chief Investment Officer, and Anthony Rossiello, our Chief Financial Officer. Before we begin, please note that the information discussed in today's call may contain forward-looking statements. Any forward-looking statements made during today's call are subject to certain risks and uncertainties, which are outlined in our SEC filings, including under the headings Cautionary Statement Regarding Forward-Looking Statements, Risk Factors, and Management Discussions and Analysis. The company's actual results may differ materially from these statements, we encourage you to read the disclosure regarding forward-looking statements contained in our SEC filings, including our most recently filed Form 10-K for the year ended December 31, 2023, and our subsequent reports filed from time to time with the SEC. Except it's required by law, we are not obligated and do not intend to update or to review or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. During the call today, We will refer to certain non-GAAP financial measures. Please refer to our SEC filing for reconciliations to the most comparable GAAP measures. We will also reference the earnings presentation that was posted to our website this morning. To view this live presentation, turn to our website, www.agmit.com, and click on the link for the Q1 2024 earnings presentation on the homepage. Again, welcome to the call, and thank you all for joining us today. With that, I'd like to turn the call over to TJ.

Thank you, Jenny. Good morning, everyone. Last quarter, we were able to walk you through the merits of the WMC transaction, but with only less than a month of true financial impact. I'm excited to report our first full quarter post-merger, which we believe gives a clear picture of the compelling benefits. Walking through MIT's financial position as of March 31st, we grew adjusted book value from $10.20 to $10.58, while paying our $0.18 dividend, producing a 5.5% economic return on equity for the quarter. While still preliminary, we see estimated book value for the end of month April to be roughly flat from quarter end. The company now has an equity base of $540 million and $140 million of liquidity, with only 1.4 turns of economic leverage to end the quarter. With market expectation for rate cuts in the near term tempered, Our first quarter results demonstrate our ability to grow earnings power in this higher for longer interest rate environment while protecting book value. During the quarter, we earned $18.2 million of net interest income, $0.55 of earnings per share, and $0.21 of EAD per share, covering our dividend by $0.03. Since closing the WMC transaction on December 6 and through quarter end, approximately $50 million of assets have already been monetized to be rotated into our core strategy of newly originated residential mortgage loans. In terms of capital markets activity, we completed one GFC eligible securitization and more notably issued approximately $35 million of investment grade unsecured bonds, addressing a sizable portion of the legacy WMC convertible notes, which are due this coming September. And like I said last quarter, the team and I are very excited to be able to finally discuss with the market the successful acquisition of WMC this past December and the future prospects for MIT going forward. We believe the WMC acquisition was another substantial step in further positioning MIT as a premier pure-play residential mortgage REIT. And we have confidence in our ability to continue to deliver on strong earnings off the investment portfolio while seeking ways to continue enhancing scale and G&A efficiencies. Demonstrating my confidence, I was pleased to personally purchase another 50,000 shares in NIT following last quarter's earnings release, strengthening the alignment of interest with our shareholders as we continue to execute on our mission. I'll now turn the call over to Nick.