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AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

We have entered into interest rate swap agreements to hedge our portfolio. The Company’s swaps as of December 31, 2012 are summarized as follows:

     
Interest Rate Swaps
 

Maturity

 

 

Notional Amount

 

Weighted Average

Pay Rate

Weighted

Average Receive

Rate**

Weighted

Average Years to

Maturity

2014 $ 204,500,000 1.000% 0.332% 1.54
2015 364,025,000 1.078% 0.299% 2.42
2016 367,500,000 1.077% 0.297% 3.36
2017 410,000,000 1.018% 0.312% 4.70
2018 320,000,000 * 1.308% 0.309% 5.56
2019 450,000,000 * 1.390% 0.315% 6.56
2022   50,000,000 1.685% 0.311% 9.68
Total/Wtd Avg $ 2,166,025,000 1.172% 0.309% 4.42
 

* These figures include forward starting swaps with a total notional of $100.0 million and a weighted

average start date of April 2, 2013. Weighted average rates shown are inclusive of rates corresponding to

the terms of the swap as if the swap were effective as of December 31, 2012.

** Approximately 5% of our receive float interest rate swap notionals reset monthly based on one-month

LIBOR and 95% of our receive float interest rate swap notionals reset quarterly based on three-month

LIBOR.

 

TAXABLE INCOME

The primary differences between taxable income and GAAP net income include (i) unrealized gains and losses associated with investment and derivative portfolios which are marked-to-market in current income for GAAP purposes, but excluded from taxable income until realized or settled, (ii) temporary differences related to amortization of net premiums paid on investments, (iii) the timing and amount of deductions related to stock-based compensation, and (iv) excise taxes. As of December 31, 2012, the Company had undistributed taxable income of approximately $2.15 per share, including the effects of dividends.

Stock quotes in this article: MITT 

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