Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2026 The properties above are not representative of all transactions. Fourth Quarter 2025 Highlights | |  | GAAP net loss of $219.2 million, or $1.56 per share; distributable loss of $101.7 million, or $0.71 per share; and distributable earnings prior | | --- | --- | --- | | | | to realized gains and losses of $2.9 million, or $0.02 per share 1 | | Financial |  | Provision for CECL reserves of $211.7 million, or $1.48 per share, for the quarte ...

Core Viewpoint - TPG Mortgage Investment Trust (MITT) is experiencing significant selling pressure, with a recent decline of 11.7% over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by positive earnings forecasts from Wall Street analysts [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is utilized to determine if a stock is oversold, with readings below 30 indicating such a condition [2]. - MITT's current RSI reading is 27.37, suggesting that the heavy selling pressure may be exhausting itself, indicating a potential trend reversal [5]. Group 2: Fundamental Analysis - Analysts have raised earnings estimates for MITT, with a 3.9% increase in the consensus EPS estimate over the last 30 days, which typically correlates with price appreciation [7]. - MITT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further indicating a potential turnaround [8].

Core Insights - Cherry Hill Mortgage Investment Corp. (CHMI) reported improved earnings and book value momentum heading into 2026 [1] Financial Performance - Net interest income remained stable at $3.2 million for Q4, while net servicing income slightly decreased to $8.1 million [2] - Net income increased by 74% from the previous quarter, fully covering the $0.10 common dividend for Q4 [2] Management Outlook - Management expressed a positive outlook for 2026, focusing on disciplined growth and maintaining balance sheet strength [3] - Liquidity is robust with unrestricted cash totaling $54.9 million, and leverage is conservative [3] Economic Environment - The overall economic environment is supportive for CHMI, with recent spreads tightening before slightly widening again [3] - Positive macro factors include solid domestic growth, reduced tariff rhetoric, and contained policy risk [3] Stock Performance - CHMI shares have performed well since December but still have potential for continued appreciation [4] - The stock trades at a 49% discount to its 1-year-high NTM P/E multiple and a 32% discount to the peer average, indicating potential for narrowing this gap in 2026 [4]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income applicable to common stockholders of $5.3 million, or $0.14 per diluted share, compared to a book value per common share of $3.44, up from $3.36 at the end of Q3 2025 [5][15] - The NAV increased by approximately $3.1 million, or 1.3%, relative to September 30, 2025 [5] - Financial leverage remained consistent at 5.4x, indicating a prudent leverage strategy [6] Business Line Data and Key Metrics Changes - The MSR portfolio had a UPB of $15.9 billion with a market value of approximately $215 million, representing about 40% of equity capital [10] - The RMBS portfolio accounted for approximately 40% of equity capital and 79% of investable assets, excluding cash [10] - The RMBS portfolio's net interest spread was 2.52%, lower than the previous quarter due to reduced dollar roll income [13] Market Data and Key Metrics Changes - The company noted a stabilization in the interest rate environment and a steeper yield curve, which positively impacted performance [9] - The RMBS portfolio's prepayment speeds rose to 8.5% CPR for the three-month period ended December, compared to 6.1% for the prior quarter [11] - The market environment showed a flight to quality, with net spreads tightening initially but then widening in February [20] Company Strategy and Development Direction - The company aims to seek out investment opportunities that are accretive to its business while maintaining strong liquidity and prudent leverage [8] - The strategic partnership with Realgenius LLC is expected to facilitate growth as mortgage rates potentially decrease [7] - The company is focused on growing thoughtfully while managing its capital structure to enhance shareholder value [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for additional Fed rate cuts, which could lead to lower mortgage rates and increased refinancing activity [7] - The company anticipates a low recapture rate and relatively low net CPR in the near term due to the characteristics of its MSR portfolio [11] - Management noted that the market has changed from Q4 2025 to early 2026, with tightening spreads in January followed by a widening in February [20] Other Important Information - Operating expenses for the quarter were reported at $3.3 million, reflecting a normalization after non-recurring expenses in the previous quarter [16] - A dividend of $0.10 per common share was declared for Q4 2025, paid in cash on January 30, 2026 [16] Q&A Session Summary Question: Market conditions at the start of 2026 compared to 2025 - Management noted that net spreads tightened initially but then widened in February, indicating a flight to quality in the market [20] Question: Normalized level for CPR - Management indicated that the CPR could normalize around 15% if mortgage rates decrease, with current speeds around 8.5% [25] Question: Drop in G&A expenses - The decrease in G&A expenses was attributed to the normalization of expenses after non-recurring costs in the previous quarter [34] Question: Share buybacks and preferred stock strategy - Management is considering strategies for preferred stock buybacks and is focused on growing the company rather than immediate share repurchases [36] Question: Update on book value - As of March 31, 2026, the book value is expected to increase by about 1% compared to December 31, 2025 [46]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income applicable to common stockholders of $5.3 million, or $0.14 per diluted share, compared to a book value per common share of $3.44, up from $3.36 as of September 30, 2025 [5][16] - The NAV increased by approximately $3.1 million, or 1.3%, relative to September 30, 2025 [5] - Financial leverage remained consistent at 5.4x, indicating a prudent leverage strategy [5] Business Line Data and Key Metrics Changes - The MSR portfolio had a UPB of $15.9 billion with a market value of approximately $215 million, representing about 40% of equity capital [10] - The RMBS portfolio accounted for approximately 40% of equity capital and 79% of investable assets, excluding cash [10] - The RMBS portfolio's net interest spread was 2.52%, lower than the previous quarter due to reduced dollar roll income [13] Market Data and Key Metrics Changes - The company noted a stabilization in the interest rate environment and a steeper yield curve, which contributed to gains in spread and equity markets [9] - The RMBS portfolio's prepayment speeds rose to 8.5% CPR for the three-month period ended December, compared to 6.1% for the prior quarter [11] - The market experienced tightening in January followed by widening in February, indicating a flight to quality in the mortgage market [21] Company Strategy and Development Direction - The company aims to seek out investment opportunities that are accretive to its business while maintaining strong liquidity and prudent leverage [8] - The strategic partnership with Real Genius LLC is expected to facilitate growth as mortgage rates potentially decrease [6][7] - The company plans to continue managing its portfolio proactively to enhance shareholder value through improved performance and earnings [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for reduced mortgage rates to accelerate growth for Real Genius as more homebuyers look to refinance [7] - The company is monitoring the mortgage rate environment closely, particularly the impact of Fed rate cuts on refinancing opportunities [12] - Management acknowledged a softer tone in the market compared to the previous quarter, with a focus on quality in investment decisions [21] Other Important Information - Operating expenses for the quarter were reported at $3.3 million, reflecting a normalization from non-recurring expenses in the previous quarter [17] - The company declared a dividend of $0.10 per common share for Q4 2025, paid in cash on January 30, 2026 [17] Q&A Session Summary Question: Market conditions at the start of 2026 compared to 2025 - Management noted that net spreads tightened initially due to GSEs reinvesting in mortgage-backed securities, but the market has since shown signs of widening and a flight to quality [20][21] Question: Normalized level for CPR - Management indicated that the CPR could normalize around 20% if mortgage rates drop to 5.5%, with current speeds around 8.5% [27] Question: Drivers of the drop in G&A expenses - The decrease in G&A expenses was attributed to the normalization of costs following non-recurring expenses related to personnel changes in the previous quarter [35] Question: Share buybacks and preferred stock strategy - Management is considering strategies regarding preferred stock buybacks and is focused on growing the company rather than immediate share repurchases [37] Question: Update on book value - As of March 31, the book value is expected to show about a 1% increase compared to December 31 [47]

Investor Presentation Fourth Quarter 2025 Legal Disclaimer FORWARD-LOOKING STATEMENTS. Certain statements in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, references to: potential or expected future cash flows; estimated or expected returns, sometimes referred to as initial IRR, updated IRR, expected IRR, or current-to-maturity IRR; potential discount rates; potential future investments; e ...

Core Viewpoint - TPG Mortgage Investment Trust (MITT) has faced significant selling pressure, resulting in a 10% decline in stock price over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Technical Analysis - MITT's Relative Strength Index (RSI) is currently at 29.55, indicating that the stock is in oversold territory, which may suggest a potential reversal in trend [5] - The RSI is a momentum oscillator that helps identify whether a stock is overbought or oversold, with readings below 30 typically indicating oversold conditions [2][3] Group 2: Fundamental Analysis - Over the past 30 days, sell-side analysts have raised their earnings estimates for MITT by 3.9%, which often correlates with price appreciation [7] - MITT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [8]

Core Viewpoint - Redwood Trust, Inc. (RWT) shows potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend reversal [1][4]. Technical Analysis - A "golden cross" occurs when a short-term moving average (50-day) crosses above a long-term moving average (200-day), suggesting a potential bullish breakout [2]. - The formation of a golden cross involves three stages: a downtrend that bottoms out, the crossover of moving averages, and subsequent upward momentum [3]. Stock Performance - RWT shares have increased by 11.2% over the past four weeks, indicating positive momentum [4]. - The company holds a 1 (Strong Buy) rating on the Zacks Rank, further supporting the bullish outlook for RWT [4]. Earnings Outlook - There have been no cuts to earnings estimates for the current quarter, with two revisions higher in the past 60 days, and the Zacks Consensus Estimate has also increased [4]. - The positive movement in earnings estimates, combined with technical factors, suggests that RWT may continue to gain in the near future [5].

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Core Insights - CMTG made significant progress in 2025, exceeding its resolution target of $2 billion by achieving $2.5 billion in total resolutions, including resolving 11 watch list loans totaling $1.3 billion in UPB [1][13] - The company has focused on enhancing liquidity and deleveraging its portfolio, reducing corporate debt significantly [5][24] - CMTG's held-for-loan portfolio decreased to $3.7 billion by the end of 2025, down from $4.3 billion at the end of Q3 2025 and $6.1 billion at the end of 2024 [10] Financial Performance - CMTG reported a GAAP net loss of $1.56 per share and a distributable loss of $0.71 per share for 2025 [9] - Distributable earnings prior to realized gains and losses were $0.02 per share [10] - The company recorded a provision for current expected credit losses (CECL) of $212 million in Q4 2025, primarily due to downgrades and charge-offs [18] Portfolio Management - The company has been actively resolving watch list loans and reducing exposure to underperforming asset types, including a significant reduction in office and land exposure [10][12] - CMTG executed a sale of a $30 million Boston land loan and resolved an $88 million New York City watch list land loan through foreclosure [11][12] - The company anticipates a gradual recovery in the real estate market, with improvements in transaction volume and investor confidence expected over time [7][8] Debt Management - CMTG retired its Term Loan B, which had a balance of $718 million, and replaced it with a new $500 million senior secured loan from HPS, extending the maturity to 2030 [6][23] - The net debt to equity ratio improved from 2.4x at the end of 2024 to 1.9x at the end of 2025 [24] - The company has increased its liquidity to $153 million, a $51 million increase compared to the previous year [24] Market Outlook - The company remains optimistic about the macroeconomic backdrop, despite acknowledging ongoing uncertainties in the financial markets [6][8] - CMTG plans to focus on asset management and execution in 2026, with the goal of evaluating new lending opportunities in the following years [8][49] - The company is seeing a constructive environment for commercial real estate, with increased demand for industrial space and investments in domestic manufacturing [7][8]