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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