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AG Mortgage Investment Trust, Inc. Reports Third Quarter Earnings

We have entered into interest rate swap agreements to hedge our portfolio. The Company’s swaps as of September 30, 2012 are summarized as follows:

Interest Rate Swaps
Maturity   Notional Amount  

Weighted Average Pay Rate

Weighted Average Receive Rate**

Weighted Average Years to Maturity

2014 $ 204,500,000 1.000% 0.440% 1.79
2015 334,025,000 1.131% 0.406% 2.63
2016 307,500,000 1.157% 0.389% 3.52
2017 385,000,000 * 1.027% 0.390% 4.94
2018 270,000,000 * 1.379% 0.388% 5.87
2019 290,000,000 1.472% 0.419% 6.78
2022 50,000,000 1.685% 0.415% 9.93
Total/Wtd Avg $ 1,841,025,000 1.204% 0.403% 4.50
* These figures include forward starting swaps with a total notional of $300.0 million and a weighted average start date of November 14, 2012. Weighted average rates shown are inclusive of rates corresponding to the terms of the swap as if the swap were effective as of September 30, 2012.
** Approximately 6% of our receive float interest rate swap notionals reset monthly based on one-month LIBOR and 94% of our receive float interest rate swap notionals reset quarterly based on three-month LIBOR.


The primary differences between taxable income and GAAP net income include (i) unrealized gains and losses associated with investment and derivative portfolios which are marked-to-market in current income for GAAP purposes, but excluded from taxable income until realized or settled, (ii) temporary differences related to amortization of net premiums paid on investments, (iii) the timing and amount of deductions related to stock-based compensation, and (iv) excise taxes. As of September 30, 2012, the Company had undistributed taxable income of approximately $1.19 per share, including the effects of dividends.

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