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TheStreet Open House

AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

Stock quotes in this article: MITT

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 280 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
 
   
December 31, 2012 December 31, 2011
Assets
Real estate securities, at fair value:
Agency - $3,536,876,135 and $1,186,149,842 pledged as collateral, respectively $ 3,785,867,151 $ 1,263,214,099
Non-Agency - $529,455,020 and $47,227,005 pledged as collateral, respectively 568,858,645 58,787,051
ABS - $33,937,097 and $4,526,620 pledged as collateral, respectively 33,937,097 4,526,620
CMBS - $148,307,262 and $2,747,080 pledged as collateral, respectively 148,365,887 13,537,851
Commercial loans receivable, at fair value 2,500,000 -
Linked transactions, net, at fair value 44,246,169 8,787,180
Cash and cash equivalents 149,594,782 35,851,249
Restricted cash 9,130,000 3,037,055
Interest receivable 15,417,877 4,219,640
Receivable on unsettled trades 96,310,999 -
Derivative assets, at fair value - 1,428,595
Other assets 454,069 370,126
Due from broker 884,605 341,491
Due from affiliates   -   104,994
Total Assets $ 4,855,567,281 $ 1,394,205,951
 
Liabilities
Repurchase agreements $ 3,911,419,818 $ 1,150,149,407
Payable on unsettled trades 84,658,035 18,759,200
Interest payable 3,502,974 613,803
Derivative liabilities, at fair value 36,375,947 9,569,643
Dividend payable 18,540,667 7,011,171
Due to affiliates 3,910,065 770,341
Accrued expenses 2,537,994 668,552
Due to broker   -   379,914
Total Liabilities 4,060,945,500 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 shares

issued and outstanding ($51,750,000 and $0 aggregate liquidation preference) at

December 31, 2012 and December 31, 2011, respectively

49,920,772 -

8.00% Series B Cumulative Redeemable Preferred Stock, 4,600,000 and 0

shares issued and outstanding ($115,000,000 and $0 aggregate liquidation preference) at

December 31, 2012 and December 31, 2011, respectively

111,293,233 -

Common stock, par value $0.01 per share; 450,000,000 shares of common stock

authorized and 26,961,936 and 10,009,958 shares issued and outstanding at

December 31, 2012 and December 31, 2011, respectively

269,620 100,100
Additional paid-in capital 552,067,681 198,228,694
Retained earnings   81,070,475   7,955,126
794,621,781 206,283,920
   
Total Liabilities & Equity $ 4,855,567,281 $ 1,394,205,951
 
         
AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
 
Period from

Three Months Ended

Three Months Ended Year Ended March 7, 2011 to
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Net Interest Income

(Unaudited)

(Unaudited)

Interest income $ 36,211,940 $ 10,022,275 $ 96,376,692 $ 18,748,669
Interest expense   6,504,403   1,106,097   15,010,444   1,696,344
  29,707,537   8,916,178   81,366,248   17,052,325
 
Other Income

Net realized gain/(loss)

15,450,117 (589,747) 29,537,240 3,701,392
Gain/(loss) on linked transactions, net 6,522,386 (1,013,291) 20,014,654 (808,564)
Realized loss on periodic interest settlements of interest rate swaps, net (3,900,171) (1,175,788) (9,962,125) (2,162,290)

Unrealized gain/(loss) on derivative instruments, net

2,706,607 70,663 (24,086,526) (6,491,430)

Unrealized gain/(loss) on real estate securities, net

  (26,683,774)   1,346,237   52,071,455   11,040,692
  (5,904,835)   (1,361,926)   67,574,698   5,279,800
 
Expenses
Management fee to affiliate 2,510,065 770,341 6,413,443 1,512,898
Other operating expenses 2,215,273 811,372 5,443,059 1,566,642
Equity based compensation to affiliate 87,488 97,343 400,200 176,165
Excise tax   1,142,554   105,724   1,748,327   105,724
  5,955,380   1,784,780   14,005,029   3,361,429
       
Net Income   17,847,322   5,769,472   134,935,917   18,970,696
 
Dividends on preferred stock 3,346,910 - 4,137,010 -
       
Net Income Available to Common Stockholders $ 14,500,412 $ 5,769,472 $ 130,798,907 $ 18,970,696
 
Earnings Per Share of Common Stock
Basic $

0.62

$

0.58

$

7.20

$

3.20

Diluted $

0.62

$

0.58

$

7.18

$

3.20

 
Weighted Average Number of Shares of Common Stock Outstanding
Basic 23,314,040 10,009,958 18,167,227 5,933,839
Diluted 23,433,041 10,010,799 18,227,060 5,933,930
 
Dividends Declared per Share of Common Stock $ 0.80 $ 0.70 $ 2.97 $ 1.10
 

NON-GAAP FINANCIAL MEASURE

This press release contains Core Earnings, a non-GAAP financial measure. AG Mortgage Investment Trust, Inc.’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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