Here are 1-2 brief analogies for AG Mortgage Investment Trust (MITT):

• Think of it as a specialized investment fund, much like one from Vanguard or BlackRock, but solely focused on buying and managing residential mortgage loans and related securities.

• It's similar to the mortgage investment arm of a large bank like JPMorgan Chase, but operating as a dedicated company that earns income from its portfolio of residential mortgage assets.

• Non-qualifying Mortgage Loans: Investments in residential mortgage loans that do not meet standard underwriting criteria.
• Government-sponsored Entity Non-owner Occupied Loans: Investments in loans for non-owner-occupied residential properties backed by government-sponsored entities.
• Re/Non-performing Loans: Investments in residential mortgage loans that are either currently in default or have resumed payments after a period of default.
• Land Related Financing: Investments or financing specifically related to land development or acquisition.
• Agency Residential Mortgage-Backed Securities (RMBS): Securities backed by pools of residential mortgages and guaranteed by government-sponsored entities.
• Commercial Investments: Investments in commercial real estate assets or related financial instruments.

AG Mortgage Investment Trust, Inc. (symbol: MITT) operates as a residential mortgage real estate investment trust (REIT). As an mREIT, it primarily generates income from interest payments on its portfolio of mortgage loans and mortgage-backed securities, rather than selling products or services in a traditional sense. Therefore, its "customers" can be understood as the ultimate borrowers whose payments generate the company's revenue.

Based on the company's investment portfolio, its customer categories (i.e., the borrowers whose debt obligations contribute to MITT's income) include:

1. Individual Homeowners and Residential Property Investors: These are the borrowers making payments on the non-qualifying mortgage loans, government-sponsored entity non-owner occupied loans, and re/non-performing residential loans that MITT holds directly. They also represent the underlying borrowers for the agency residential mortgage-backed securities in MITT's portfolio.
2. Commercial Real Estate Borrowers: These are businesses or investors who have obtained loans for commercial properties, which are part of MITT's commercial investments.
3. Land Developers and Investors: These entities, typically businesses or professional investors, have secured land-related financing from MITT.

AG Mortgage Investment Trust, Inc. (MITT) invests in residential mortgage-backed securities, including those issued or guaranteed by government-sponsored enterprises. As such, key entities that facilitate the creation and guarantee of a significant portion of these securities can be considered major suppliers of the underlying assets for MITT's investment portfolio.

• Fannie Mae (Symbol: FNMA)
• Freddie Mac (Symbol: FMCC)

T.J. Durkin, Chief Executive Officer and President

T.J. Durkin was appointed CEO of TPG Mortgage Investment Trust (formerly AG Mortgage Investment Trust, Inc.) effective October 1, 2022, and also serves as President and a member of the board of directors. He joined Angelo, Gordon & Co., L.P., the parent of the company's external manager (now part of TPG Angelo Gordon, a diversified credit and real estate investing platform within TPG), in 2008. Mr. Durkin is a Managing Director, a member of the firm's Advisory Board and Executive Committee, and Co-Head of the Structured Credit Platform. He is also a co-Portfolio Manager of Angelo Gordon's residential mortgage and consumer debt securities portfolios and a board member of Arc Home, an affiliated mortgage originator and GSE licensed servicer. Prior to joining Angelo Gordon, he began his career at Bear, Stearns & Co. where he was a Managing Director on the Non-Agency Trading Desk. The company's external management by an affiliate of TPG Angelo Gordon indicates a pattern of managing a company backed by a private equity-like firm.

Anthony Rossiello, Chief Financial Officer and Treasurer

Anthony Rossiello was appointed Chief Financial Officer and Principal Financial Officer effective January 1, 2021, and also serves as Treasurer and a Managing Director of TPG Angelo Gordon. He joined Angelo Gordon's finance team in August 2020 as Controller of the company and served as interim Principal Accounting Officer during 2020. Before joining Angelo Gordon, Mr. Rossiello was a Senior Manager at Ernst & Young LLP, bringing over 11 years of accounting and finance experience, primarily working with publicly traded companies in the banking and mortgage REIT industry, as well as private companies in the mortgage origination and servicing industry. Mr. Rossiello is employed by AG REIT Management, LLC, the external manager.

Nicholas Smith, Chief Investment Officer

Nicholas Smith was appointed Chief Investment Officer effective April 12, 2021, and became a board member effective October 1, 2022. He joined TPG Angelo Gordon in 2021 as a Managing Director in the Structured Credit & Specialty Finance team and is the head of the strategy's Residential Whole Loan Business. Prior to his appointment as CIO and joining TPG Angelo Gordon, Mr. Smith was a Managing Director at Bank of America Securities, where he was the Head of Non-Agency Residential Mortgage Trading and Asset-Backed Securities Trading, leading a team of over 30 professionals and developing the Whole Loan Purchase Program. He previously worked at Guggenheim Capital Markets and Bear, Stearns & Co. in various trading, banking, and structuring roles.

Jenny B. Neslin, General Counsel and Secretary

Jenny B. Neslin was appointed General Counsel and Secretary of the company, effective April 5, 2021. She joined TPG Angelo Gordon's legal team as a Managing Director in April 2021. Prior to joining an affiliate of NorthStar in July 2013, Ms. Neslin was an associate in the Capital Markets group at Clifford Chance US LLP, where she primarily advised REITs and investment banks in public and private capital markets transactions. Ms. Neslin is employed by AG REIT Management, LLC, the external manager of the company.

Debra Hess, Non-Executive Chair of the Board

Debra Hess was appointed non-executive chair of the board of directors effective October 1, 2022, having previously served as the lead independent director. She is a seasoned real estate and mortgage industry executive with over 25 years of investment and leadership experience, bringing deep knowledge of MITT's business. From 1993 to 2003, Ms. Hess held various positions at Goldman, Sachs & Co., including Vice President in Goldman Sachs' Principal Finance Group and Manager of Financial Reporting. Before 1993, she was employed by Chemical Banking Corporation and Arthur Andersen & Company.

The key risks to TPG Mortgage Investment Trust (symbol: MITT), which was formerly known as AG Mortgage Investment Trust, Inc., are primarily driven by the inherent nature of its business as a residential mortgage real estate investment trust (REIT).

1. Interest Rate and Market Fluctuations: As a mortgage REIT, TPG Mortgage Investment Trust is highly susceptible to changes in interest rates, the yield curve, and general economic conditions. Fluctuations in these factors can significantly impact the company's profitability, its ability to maintain dividend payments, and the market value of its residential mortgage-related assets. The company's net interest margin is particularly sensitive to rate movements.
2. Financing and Liquidity Risk: The company relies heavily on the availability and favorable terms of financing arrangements, including repurchase financing. A concentration in repo financing providers and a reliance on short-term funding expose the company to risks related to financing costs and liquidity. The ability to obtain and maintain these financing arrangements on favorable terms is crucial for its operations.
3. Credit Risk: TPG Mortgage Investment Trust's investment portfolio includes residential investments such as non-qualifying mortgage loans, government-sponsored entity non-owner occupied loans, re/non-performing loans, and non-agency residential mortgage-backed securities (RMBS. These types of investments carry inherent credit risk, as changes in default rates or delinquencies, and decreased recovery rates on its assets, could adversely affect the company's financial performance.

TPG Mortgage Investment Trust (symbol: MITT) operates as a residential mortgage real estate investment trust with an investment portfolio that includes various residential and commercial real estate-related assets in the United States.

The addressable markets for their main products and services in the U.S. are as follows:

• Non-qualifying mortgage loans (Non-QM loans): The U.S. Non-QM loan market represented approximately $182 billion in origination volume in 2024. This segment is projected to grow, with some forecasts suggesting it could reach 10-15% of the total U.S. mortgage origination market in 2025. The broader non-agency segment of the mortgage market, which includes non-QM loans, is valued at approximately $4.8 trillion in the U.S.
• Government-sponsored entity (GSE) non-owner occupied loans: While Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac are significant players in the overall U.S. residential mortgage market, holding approximately $6.5 trillion in outstanding mortgage balances as of Q2 2025, a specific market size for "GSE non-owner occupied loans" is not readily available. However, these loans are part of broader speculative housing transactions.
• Re/non-performing loans (NPLs): The total value of non-performing loans in the United States was reported at $194.681 billion in December 2025.
• Land related financing: A specific market size for "land related financing" is not available. This type of financing falls under the larger U.S. real estate loan market, which was valued at $3.5 trillion in 2024.
• Agency residential mortgage-backed securities (Agency RMBS): The U.S. Mortgage-Backed Securities (MBS) market was estimated at over $11 trillion in outstanding securities as of mid-2023. Agency RMBS constitutes a substantial portion of this market, with gross agency issuance totaling approximately $1.1 trillion in 2024.
• Commercial investments (Commercial Real Estate): The United States Commercial Real Estate Market size is estimated at $1.74 trillion in 2026.

Expected Drivers of Future Revenue Growth for AG Mortgage Investment Trust (MITT)

• Rotation into Higher-Yielding Investments: AG Mortgage Investment Trust is actively reallocating capital from legacy residential and commercial exposures into higher-yielding home equity and agency-eligible mortgage strategies. This strategic rotation was a primary driver of earnings growth in 2025 and is expected to continue contributing to revenue expansion over the next 2-3 years, driven by substantial growth in its home equity portfolio.
• Growth and Profitability of Arc Home: The company anticipates continued earnings momentum from Arc Home, an independent mortgage originator in which AG Mortgage Investment Trust holds a 66% ownership stake. Arc Home achieved record lock volumes and a significant increase in non-QM mortgage fundings in 2025, and its strong earnings are expected to further boost AG Mortgage Investment Trust's Earnings Available for Distribution (EAD) in the future.
• Capital Redeployment from Legacy Asset Resolution and Call Rights: Management plans to resolve legacy WMC commercial real estate (CRE) loans by mid-2026, freeing up capital for redeployment into higher-return strategies. Additionally, the company expects to exercise call rights on in-the-money securitizations, which could release approximately $35 million of equity to be reinvested into higher-ROE assets, thereby enhancing future earnings.
• Programmatic Securitization Activity: AG Mortgage Investment Trust has established itself as a programmatic issuer in the home equity space, executing multiple securitizations. This ongoing activity enables efficient capital management, allowing the company to recycle capital and expand its investment capacity, which directly supports revenue generation from its diversified portfolio of residential mortgage-related assets.

Share Issuance

• In August 2025, TPG Mortgage Investment Trust (then AG Mortgage Investment Trust) issued 2,000,000 shares of common stock, valued at $15.9 million, to acquire an additional 21.4% interest in Arc Home, increasing its ownership to 66.0%.
• A 1-for-3 reverse stock split of common stock was completed on July 22, 2021, reducing the number of outstanding shares from 48,510,978 to approximately 16,164,007.

Inbound Investments

• TPG Mortgage Investment Trust (formerly AG Mortgage Investment Trust) is externally managed by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., which is part of TPG. This strategic alignment with TPG, following TPG's acquisition of Angelo Gordon, provides the company with enhanced resources.

Outbound Investments

• TPG Mortgage Investment Trust significantly increased capital allocation to the home equity sector, including acquiring approximately $130 million of additional home equity loans from nonbank originators in Q1 2025 and purchasing $128 million and $100 million of home equity loans in Q1 and Q2 2025, respectively.
• In Q1 2025, the company partnered with a leading nonbank mortgage originator to issue a $500 million home equity securitization.
• The company increased its ownership in Arc Home from 45% to 66% through the acquisition of an additional 21.4% interest in August 2025, with the investment in Arc Home totaling $49.2 million as of September 30, 2025.

Capital Expenditures

• In 2025, the company executed 10 securitizations totaling $4.2 billion.
• The investment portfolio grew 27% in 2025 compared to 2024, reaching $8.5 billion by year-end, driven by over $3 billion in total loan purchases throughout the year.
• Management anticipates exercising call rights on in-the-money securitizations to free approximately $35 million of equity for redeployment into higher-return strategies.