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AG Mortgage Investment Trust, Inc. Reports Fourth Quarter Earnings

Core Earnings are defined by the Company as net income excluding both realized and unrealized gains (losses) on the sale or termination of securities, including underlying linked transactions and derivatives. As defined, Core Earnings include the net interest earned on these transactions, including credit derivatives, linked transactions, inverse Agency securities, interest rate derivatives or any other investment activity that may earn net interest. One of the objectives of the Company is to generate net income from net interest margin on the portfolio and management uses Core Earnings to measure this objective.

A reconciliation of GAAP net income to Core Earnings for the three months and year ended December 31, 2012, the three months ended December 31, 2011 and for the period from March 7, 2011 to December 31, 2011 is set forth below:

               
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 Income available to common stockholders $ 14,500,412 $ 5,769,472 $ 130,798,907 $ 18,970,696
Add (Deduct):
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
Net interest income on linked transactions 3,303,415 554,729 10,164,849 900,638
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 )
Core Earnings $ 19,808,491 $ 6,510,339 $ 63,426,933 $ 12,429,244
 
Core Earnings, per Diluted Share $ 0.85 $ 0.65 $ 3.48 $ 2.09
 

Footnotes

(1) Per share figures are calculated using a denominator of all outstanding common shares including all shares granted to our Manager and our independent directors under our equity incentive plans as of quarter end. Net book value uses stockholders’ equity less net proceeds of the Company’s 8.25% Series A and 8.00% Series B Cumulative Redeemable Preferred Stock as the numerator.

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