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AG Mortgage Investment Trust, Inc. Reports Third Quarter Earnings

Additional information can be found on the Company's website at www.agmit.com.

ABOUT ANGELO, GORDON & CO.

Angelo, Gordon & Co. was founded in 1988 and has approximately $25 billion under management. Currently, the firm's investment disciplines encompass five principal areas: (i) distressed debt and leveraged loans, (ii) real estate, (iii) mortgage-backed securities and other structured credit, (iv) private equity and special situations and (v) a number of hedge fund strategies. Angelo, Gordon & Co. employs over 270 employees, including more than 100 investment professionals, and is headquartered in New York, with associated offices in Amsterdam, Chicago, Los Angeles, London, Hong Kong, Seoul, Shanghai, Sydney and Tokyo.

FORWARD LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 related to future dividends, the credit component of our portfolio book valve, deploying capital, the preferred stock offering and repurchase agreements. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in interest rates, changes in the yield curve, changes in prepayment rates, the availability and terms of financing, changes in the market value of our assets, general economic conditions, market conditions, conditions in the market for Agency RMBS, Non-Agency RMBS, ABS and CMBS securities, and legislative and regulatory changes that could adversely affect the business of the Company. Additional information concerning these and other risk factors are contained in the Company's filings with the Securities and Exchange Commission ("SEC"). Copies are available free of charge on the SEC's website, http://www.sec.gov/. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
       
September 30, 2012 December 31, 2011
Assets
Real estate securities, at fair value:
Agency - $3,718,533,776 and $1,186,149,842 pledged as collateral, respectively $ 3,953,652,516 $ 1,263,214,099
Non-Agency - $373,124,776 and $47,227,005 pledged as collateral, respectively 396,794,077 58,787,051
ABS - $31,336,101 and $4,526,620 pledged as collateral, respectively 31,336,101 4,526,620
CMBS - $126,046,875 and $2,747,080 pledged as collateral, respectively 172,963,674 13,537,851
Linked transactions, net, at fair value 97,566,244 8,787,180
Cash and cash equivalents 80,496,926 35,851,249
Restricted cash 5,130,047 3,037,055
Interest receivable 15,864,560 4,219,640
Receivable on unsettled trades 11,147,587 -
Derivative assets, at fair value 2,936,328 1,428,595
Other assets 706,130 711,617
Due from broker 744,876 -
Due from affiliates   -   104,994
Total Assets $ 4,769,339,066 $ 1,394,205,951
 
Liabilities
Repurchase agreements $ 3,843,228,617 $ 1,150,149,407
Payable on unsettled trades 159,830,920 18,759,200
Interest payable 2,115,798 613,803
Derivative liabilities, at fair value 38,305,994 9,569,643
Dividend payable 17,584,168 7,011,171
Due to affiliates 2,482,701 770,341
Accrued expenses 1,312,565 668,552
Due to broker   -   379,914
Total Liabilities 4,064,860,763 1,187,922,031
 
Stockholders' Equity
Preferred stock - $0.01 par value; 50,000,000 shares authorized:

8.25% Series A Cumulative Redeemable Preferred Stock, 2,070,000 and 0 sharesissued and outstanding ($51,750,000 and $0 aggregate liquidation preference) atSeptember 30, 2012 and December 31, 2011, respectively

49,919,633 -

8.00% Series B Cumulative Redeemable Preferred Stock, 4,600,000 and 0 sharesissued and outstanding ($115,000,000 and $0 aggregate liquidation preference)at September 30, 2012 and December 31, 2011, respectively

111,302,268 -

Common stock, par value $0.01 per share; 450,000,000 shares of common stockauthorized and 22,883,480 and 10,009,958 shares issued and outstanding atSeptember 30, 2012 and December 31, 2011, respectively

228,835 100,100
Additional paid-in capital 458,172,393 198,228,694
Retained earnings   84,855,174   7,955,126
704,478,303 206,283,920
   
Total Liabilities & Equity $ 4,769,339,066 $ 1,394,205,951
AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
        Period from
Three Months Ended Three Months Ended Nine Months Ended March 7, 2011 to
September 30, 2012 September 30, 2011 September 30, 2012 September 30, 2011
Net Interest Income
Interest income $ 28,285,116 $ 8,726,394 $ 60,164,752 $ 8,726,394
Interest expense   4,228,610     590,247     8,506,041     590,247  
  24,056,506     8,136,147     51,658,711     8,136,147  
 
Other Income
Net realized gain 4,105,323 4,291,139 14,087,123 4,291,139
Gain on linked transactions, net 6,688,111 204,727 13,492,268 204,727
Realized loss on periodic interest settlements of interest rate swaps, net (2,471,590 ) (986,502 ) (6,061,954 ) (986,502 )
Unrealized loss on derivative instruments, net (13,371,486 ) (6,562,093 ) (26,793,133 ) (6,562,093 )
Unrealized gain on real estate securities, net   45,917,570     9,694,455     78,755,229     9,694,455  
  40,867,928     6,641,726     73,479,533     6,641,726  
 
Expenses
Management fee to affiliate 1,657,701 742,557 3,903,378 742,557
Other operating expenses 1,653,547 739,452 3,227,786 755,270
Equity based compensation to affiliate 120,612 78,822 312,712 78,822
Excise tax   272,195     -     605,773     -  
  3,704,055     1,560,831     8,049,649     1,576,649  
       
Net Income   61,220,379     13,217,042     117,088,595     13,201,224  
 
Dividends on preferred stock 790,100 - 790,100 -
       
Net Income Available to Common Stockholders $ 60,430,279   $ 13,217,042   $ 116,298,495   $ 13,201,224  
 
Earnings Per Share of Common Stock
Basic $

3.13

$ 1.42 $

7.07

$ 3.20
Diluted $ 3.10 $ 1.41 $ 7.07 $ 3.18
 
Weighted Average Number of Shares of Common Stock Outstanding
Basic 19,336,154 9,339,516 16,439,100 4,130,940
Diluted 19,462,984 9,383,253 16,449,450 4,150,285
 
Dividends Declared per Share of Common Stock $ 0.77 $ 0.40 $ 2.17 $ 0.40

NON-GAAP FINANCIAL MEASURE

This press release contains Core Earnings, a non-GAAP financial measure. AG Mortgage Investment Trust’s management believes that this non-GAAP measure, when considered with GAAP, provides supplemental information useful in evaluating the results of the Company’s operations. This non-GAAP measure should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.

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