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AG Mortgage Investment Trust, Inc. Reports Third Quarter Earnings

AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYSE: MITT) today reported core earnings of $20.0 million and net income of $61.2 million for the quarter ended September 30, 2012. A reconciliation of core earnings to net income appears at the end of this press release.

FINANCIAL HIGHLIGHTS

See footnotes at the end of this press release

  • Net income of $61.2 million, or $3.10 per share (7)
  • Core Earnings of $20.0 million, or $1.03 per share
    • $0.17 per share increase during the quarter
    • includes $0.06 per share of retrospective adjustment
  • Net realized gains of $4.1 million, or $0.21 per share
  • $0.77 per share common dividend for the quarter
    • $0.07 per share increase
  • Approximately $1.19 per share of undistributed taxable income as of September 30, 2012 (1)
  • $23.71 net book value per share as of September 30, 2012 (1)
    • $1.93 per share increase during the quarter, net of the $0.77 dividend declared for the quarter and paid on October 26, 2012
  • 40.9% annualized year-to-date return on stock as of September 30, 2012
  • 12.8% return on equity during the quarter (2)
  • Raised approximately $327.5 million of gross proceeds through common and preferred stock offerings during the quarter

INVESTMENT HIGHLIGHTS

  • $4.9 billion investment portfolio value as of September 30, 2012 (3) (5)
  • 2.41% net interest margin as of September 30, 2012 (4)
  • 6.06x leverage as of September 30, 2012 (3) (8)
  • 80.3% Agency RMBS investment portfolio (5)
  • 19.7% credit investment portfolio, comprised of Non-Agency RMBS, ABS and CMBS assets (5)
  • 6.2% constant prepayment rate (“CPR”) for the third quarter on the Agency RMBS investment portfolio (6)

THIRD QUARTER 2012 RESULTS

AG Mortgage Investment Trust, Inc. is an actively managed REIT that opportunistically invests in a diversified risk-adjusted portfolio of Agency RMBS, Non-Agency RMBS, ABS and CMBS. For the third quarter 2012, the Company had net income of $61.2 million, or $3.10 per diluted share (7), and Core Earnings of $20.0 million, or $1.03 per diluted share. Core Earnings represents a non-GAAP financial measure and is defined as net income (loss) excluding (i) net realized gain (loss) on investments and terminations on derivative contracts and (ii) net unrealized appreciation (depreciation) on investments and derivative contracts. (See “Non-GAAP Financial Measure” below for further detail on Core Earnings)

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