This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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)

2 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs