AG Mortgage Investment Trust, Inc. Reports Third Quarter Earnings
On August 15, 2012, the Company completed a public offering of 6,000,000 shares of its common stock and simultaneously issued an additional 900,000 shares pursuant to the underwriters’ over-allotment option at a price of $23.29 per share. The Company received total gross proceeds of approximately $160.7 million. Net proceeds to the Company from the offering were approximately $152.7 million, net of underwriting discounts, commissions and expenses.
On August 3, 2012, the Company completed a public offering of 1,800,000 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and subsequently issued an additional 270,000 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 $51.8 million. Net proceeds to the Company from the offering were approximately $49.9 million, net of underwriting discounts, commissions and expenses.
On July 13, 2012, the Company filed a shelf registration statement on Form S-3 with the SEC, offering up to $1.0 billion of capital stock. The registration statement was declared effective on July 20. At September 30, 2012, approximately $672.4 million of our capital stock was available for issuance under the registration statement.
As of September 30, 2012, warrants were exercised by the cashless exercise option, which resulted in the issuance of 38,307 shares of common stock. No proceeds were received in connection with the exercise of the cashless option. As of September 30, 2012, warrants were exercised by the cash exercise option, which resulted in the issuance of 163,749 shares of common stock for proceeds to the Company of $3.4 million.“During the quarter we raised $327.5 million of gross proceeds via a series of public offerings that allowed us to continue to grow in an accretive fashion,“ said Frank Stadelmaier, Chief Financial Officer.
|KEY STATISTICS (3)|
|Weighted Average atSeptember 30, 2012||Weighted Average forthe Quarter EndedSeptember 30, 2012|
|Leverage ratio (8)||6.06x||6.76x|
|Swap ratio (9)||53%||53%|
|Yield on investment portfolio (10)||3.45%||3.48%|
|Cost of funds (11)||1.04%||0.98%|
|Net interest margin (4)||2.41%||2.50%|
|Management fees (12)||0.94%||1.41%|
|Other operating expenses (13)||0.94%||1.40%|
|Book value, per share (1)||$||23.71|
|Dividend, per share||$||0.77|
|The following summarizes the Company’s investment portfolio as of September 30, 2012 (3):|
|Current Face||Premium (Discount)||Amortized Cost||Fair Value||Coupon||Yield|
|15-Year Fixed Rate||$||1,310,198,668||$||53,128,093||$||1,363,326,761||$||1,394,757,196||3.01%||2.17%|
|20-Year Fixed Rate||278,054,304||11,359,858||289,414,162||299,020,184||3.59%||2.84%|
|30-Year Fixed Rate||1,814,505,818||107,102,858||1,921,608,676||1,960,439,746||3.73%||2.86%|
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