AG Mortgage Investment Trust, Inc. Reports Third Quarter Earnings
“MITT accomplished a lot this quarter,” said David Roberts, Chief Executive Officer. “We produced strong core earnings, increased book value per share, and raised capital efficiently through both common and preferred stock offerings. We have always said that a key component of MITT’s strategy is to leverage the expertise and experience of the Angelo, Gordon platform to create the best portfolio from a diverse opportunity set. Our investment team is always working hard to capitalize on changes in the Agency and Credit markets using the resources of the Angelo, Gordon platform to benefit MITT’s shareholders.”
“Over the quarter we were able to deliver on our goal of deploying an increasing portion of our capital into attractive investments in Non-Agency RMBS, ABS and CMBS,” said Jonathan Lieberman, Chief Investment Officer. “The breadth of our investment team allowed us to more than double our credit holdings over the three month period ending September 30. We expect to continue to leverage our expertise across the credit markets and tactically allocate capital to credit as market conditions permit.”
On September 27, 2012, the Company completed a public offering of 4,000,000 shares of 8.00% Series B Cumulative Redeemable Preferred Stock and issued an additional 600,000 shares pursuant to the underwriters’ over-allotment option with a liquidation preference of $25.00 per share. The Company received total gross proceeds of approximately $115.0 million. Net proceeds to the Company from the offering were approximately $111.3 million, net of underwriting discounts, commissions and expenses.
On September 6, 2012, the Company entered into an equity distribution agreement with each of Mitsubishi UFJ Securities (USA), Inc., JMP Securities LLC and Brinson Patrick Securities Corporation, or the Sales Agents, which the Company refers to as the Equity Distribution Agreements, pursuant to which the Company may sell up to 3,000,000 shares of common stock from time to time through the Sales Agents.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts