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AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

“Over the course of the fourth quarter we accomplished several key investment goals that we believe position MITT to continue to deliver strong future results for its shareholders,” said Jonathan Lieberman, Chief Investment Officer. “First, we continued to grow our allocation to credit securities with attractive risk-adjusted returns. Second, we increased our interest rate hedge ratio based upon an expectation that interest rates were likely to rise over the short-term, a view that has in fact played out. Third, we also executed upon our plan to lengthen the original tenor of our repo maturities. Finally, we were very pleased to have announced subsequent to year-end, that Angelo, Gordon & Co., the parent of the Company’s external manager, appointed Jason Biegel as Managing Director and the head of its Residential Whole Loan platform. In this role at Angelo, Gordon, he will have primary responsibility for building out a residential whole loan platform that will enable the Company to expand its investments in residential whole loans, mortgage servicing rights and other similar assets. We believe this expansion will allow us to further drive shareholder value.”

KEY STATISTICS (2)

       

 

 

Weighted Average at

December 31, 2012

Weighted Average for

the Quarter Ended

December 31, 2012

Investment portfolio $ 4,866,118,403 $ 4,858,921,440
Repurchase agreements $ 4,193,763,272 $ 4,237,068,507
Stockholders' equity $ 794,621,781 $ 703,649,284
 
Leverage ratio (7) 5.26x 6.02x
Swap ratio (8) 65% 59%
 
Yield on investment portfolio (9) 3.38% 3.37%
Cost of funds (10) 1.23% 1.11%
Net interest margin (3) 2.15% 2.26%
Management fees (11) 1.26% 1.43%
Other operating expenses (12) 1.12% 1.26%
 
Book value, per share (1) $ 23.47
Dividend, per share $ 0.80
 

INVESTMENT PORTFOLIO

The following summarizes the Company’s investment portfolio as of December 31, 2012 (2):

                       
Weighted Average

 

Current Face

   

Premium

(Discount)

   

 

Amortized Cost

   

 

Fair Value

   

 

Coupon*

   

 

Yield

Agency RMBS:
15-Year Fixed Rate $ 1,177,320,487 $ 46,922,089 $ 1,224,242,576 $ 1,248,210,196 2.97 % 2.08 %
20-Year Fixed Rate 137,858,353 6,696,803 144,555,156 148,124,694 3.68 % 2.78 %
30-Year Fixed Rate 1,998,807,425 116,173,790 2,114,981,215 2,143,738,095 3.63 % 2.75 %
ARM 36,228,319 1,584,714 37,813,033 38,175,754 2.96 % 2.34 %
Interest Only 972,543,812 (763,342,056 ) 209,201,756 207,618,412 6.00 % 7.00 %
Credit Investments:
Non-Agency RMBS 970,183,150 (117,684,634 ) 852,498,516 866,017,640 4.72 % 5.48 %
ABS 33,620,881 (36,289 ) 33,584,592 33,937,097 5.34 % 5.44 %
CMBS 110,406,946 (3,150,378 ) 107,256,568 110,059,914 5.27 % 6.19 %
Interest Only 640,867,674 (572,685,926 ) 68,181,748 67,736,601 2.13 % 5.50 %
Commercial Loan   2,500,000   -     2,500,000       2,500,000 9.63 %     9.76 %
Total $ 6,080,337,047

 $(1,285,521,887)

$ 4,794,815,160 $ 4,866,118,403 3.97 % 3.38 %
 
* Equity residual investments with a zero coupon rate are excluded from this calculation.
 

As of December 31, 2012, the weighted average yield on the Company's investment portfolio was 3.38% and its weighted average cost of funds was 1.23%. This resulted in a net interest margin of 2.15% as of December 31, 2012. (3)

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