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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
Investment portfolio $ 4,926,605,381 $ 3,722,196,645
Repurchase agreements $ 4,117,521,386 $ 3,184,694,199
Stockholders' equity $ 704,478,303 $ 471,254,872
 
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
INVESTMENT PORTFOLIO
 

The following summarizes the Company’s investment portfolio as of September 30, 2012 (3):
       
Weighted Average
Current Face  

Premium (Discount)
  Amortized Cost   Fair Value   Coupon Yield
Agency RMBS:
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%
ARM 38,556,987 1,621,311 40,178,298 41,033,271 2.96% 2.34%
Interest Only 1,198,052,615 (944,550,288) 253,502,327 258,402,119 6.06% 7.68%
Credit Investments:
Non-Agency RMBS 827,153,363 (84,989,448) 742,163,915 749,425,071 4.95% 5.53%
ABS 31,375,000 (50,387) 31,324,613 31,336,101 5.40% 5.52%
CMBS 121,916,342 (2,250,817) 119,665,525 121,122,513 4.97% 5.90%
Interest Only   650,756,644   (580,091,344)   70,665,300   71,069,180 2.31% 5.67%
Total $ 6,270,569,741 $ (1,438,720,164) $ 4,831,849,577 $ 4,926,605,381 4.06% 3.45%

As of September 30, 2012, the weighted average yield on the Company's investment portfolio was 3.45% and its weighted average cost of funds was 1.04%. This resulted in a net interest margin of 2.41% as of September 30, 2012. (4)

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