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AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

Stocks in this article: MITT

AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYSE: MITT) today reported core earnings of $19.8 million and net income available to common stockholders of $14.6 million for the quarter ended December 31, 2012. AG Mortgage Investment Trust, Inc. is an actively managed REIT that opportunistically invests in a diversified risk-adjusted portfolio of Agency RMBS, Non-Agency RMBS, ABS, CMBS, commercial loans and other real estate related assets. A reconciliation of core earnings to net income appears at the end of this press release.


See footnotes at the end of this press release

  • Net income available to common stockholders of $0.62 per share (6) for the quarter and $7.18 per share for the year
  • Core Earnings of $0.85 per share for the quarter and $3.48 per share for the year
  • Net realized gains of $0.66 per share for the quarter and $1.62 per share for the year
  • $0.80 per share common dividend declared for the quarter and $2.97 per share for the year
  • $2.15 per share of undistributed taxable income (1)
    • Increase of $0.96 per share from September 30, 2012
  • $23.47 net book value per share as of December 31, 2012 (1), net of the fourth quarter dividend
    • $2.95 per share increase from $20.52 as of December 31, 2011
  • 31.4% return on stock in 2012
  • Raised approximately $91.2 million of gross proceeds through a common stock offering during the quarter
  • 49% of warrants outstanding exercised as of December 31, 2012


  • $4.9 billion investment portfolio value as of December 31, 2012 (2) (4)
    • 77.8% Agency RMBS investment portfolio
    • 22.2% credit investment portfolio, comprised of Non-Agency RMBS, ABS, CMBS, and commercial loan assets
  • 2.15% net interest margin as of December 31, 2012 (3)
  • 5.26x leverage as of December 31, 2012 (2) (7)
  • 7.8% constant prepayment rate (“CPR”) for the fourth quarter on the Agency RMBS investment portfolio (5)
    • 6.4% CPR for the year
  • Increased interest rate swap notional by $325.0 million
    • 65% hedge ratio as of quarter end, increased from 53% as of September 30, 2012
  • New investment in securitized pool of legacy whole loans

“A highlight since our last call was MITT’s investment in two proprietary transactions sourced through the Angelo, Gordon platform, one a commercial real estate loan that closed in January 2013 and the other a portfolio of residential whole loans,” said David Roberts, Chief Executive Officer. “Our ability to source, negotiate, and analyze these purchases demonstrates the depth of the resources provided to MITT by the Angelo, Gordon platform. We believe this platform is a long term distinguishing advantage for MITT and its shareholders.”

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