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AG Mortgage Investment Trust, Inc. Reports Second Quarter Results

AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYSE: MITT) today reported financial results for the quarter ended June 30, 2013. AG Mortgage Investment Trust, Inc. is an actively managed REIT that opportunistically invests in a diversified risk-adjusted portfolio of Agency RMBS, Non-Agency RMBS, ABS, CMBS, commercial loans and other real estate related assets. A reconciliation of core earnings to net income appears at the end of this press release.

SECOND QUARTER 2013 FINANCIAL HIGHLIGHTS

See footnotes at the end of this press release

  • Net loss of $(2.66) per common share (6)
  • Core Earnings of $0.83 per share
  • $0.80 per share common dividend declared
  • $1.78 per common share of undistributed taxable income (1) (13)
  • $19.77 net book value per share as of June 30, 2013 (1), net of the second quarter dividend

INVESTMENT HIGHLIGHTS

  • $4.5 billion investment portfolio value as of June 30, 2013 (2) (4)
    • 68.2% Agency RMBS investment portfolio
    • 31.8% credit investment portfolio, comprised of Non-Agency RMBS, ABS, CMBS, and commercial loan assets
  • 1.96% net interest margin as of June 30, 2013 (3)
  • 5.40x leverage as of June 30, 2013 (2) (7)
  • Added approximately $1 billion notional of swaps during the quarter
    • Swap ratio at quarter end of 134% of Agency RMBS repo notional, or 95% of total repo notional (8)
  • 8.1% constant prepayment rate (“CPR”) for the second quarter on the Agency RMBS investment portfolio (5)
    • 9.6% CPR for the month of June

“MITT was not immune to the consequences of the challenging market environment during the second quarter,” said David Roberts, Chief Executive Officer. “Based on the heightened volatility in interest rates and in Agency MBS spreads, we responded, and expect to continue to respond, with measures we believe will help maximize long-term franchise value for our shareholders.”

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