AG Mortgage Investment Trust, Inc. Reports First Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--May 06, 2025--
AG Mortgage Investment Trust, Inc. ("MITT," "we," the "Company," or "our") (NYSE: MITT) today reported financial results for the quarter ended March 31, 2025.
MANAGEMENT REMARKS
"Our first quarter results showcase the strength and stability of our core strategy, as evidenced by consistent book value and a healthy 2% economic return on equity for our shareholders," said T.J. Durkin, Chief Executive Officer and President. "Despite market volatility in March and April, MITT remains well-positioned to seize future opportunities, particularly through our disciplined approach to leverage and securitization and our vertically integrated mortgage originator, Arc Home."
Mr. Durkin continued, "Additionally, I would like to recognize both Peter Linneman and Lisa G. Quateman, our former Board members who did not stand for re-election at our annual stockholders' meeting on May 5, 2025. On behalf of management and the Board, we sincerely thank them for their dedicated service and wish them both the very best in their future endeavors."
FIRST QUARTER FINANCIAL HIGHLIGHTS
-- $10.65 Book Value per share as of March 31, 2025(1) -- Quarterly economic return on equity of 2.0%(2) -- $0.21 of Net Income/(Loss) Available to Common Stockholders per diluted common share(3) -- $0.20 of Earnings Available for Distribution ("EAD") per diluted common share(3),(4) -- $0.20 dividend per common share declared in the first quarter 2025, representing a 5.3% increase over the fourth quarter 2024 dividend of $0.19 per common share
INVESTING AND FINANCING HIGHLIGHTS
-- $7.1 billion Investment Portfolio as of March 31, 2025(5) -- 0.7% Net Interest Margin, which includes a 0.04% benefit from the net interest component of our interest rate swaps(6) -- $32.2 million investment in Arc Home as of March 31, 2025 determined using a valuation multiple of 1.00x book value(7) -- $6.7 billion of financing as of March 31, 2025(5) -- $5.9 billion of non-recourse and $0.8 billion of recourse financing -- 12.4x GAAP Leverage Ratio and 1.6x Economic Leverage Ratio(8) -- $132.5 million of total liquidity as of March 31, 2025(9)
DIVIDENDS
-- On March 17, 2025, declared a first quarter dividend of $0.20 per common share -- On May 5, 2025, declared quarterly cash dividends of $0.51563, $0.50, and $0.704864 per share on our Series A, Series B, and Series C Preferred Stock, respectively, payable on June 17, 2025 to preferred shareholders of record on May 30, 2025
STOCKHOLDER CALL
The Company invites stockholders, prospective stockholders, and analysts to participate in MITT's first quarter earnings conference call on Tuesday, May 6, 2025 at 8:30 a.m. Eastern Time.
To participate in the call by telephone, please dial (800) 343-4849 at least five minutes prior to the start time. International callers should dial (203) 518-9848. The Conference ID is MITTQ125. To listen to the live webcast of the conference call, please go to https://event.on24.com/wcc/r/4926419/5C91457772452AB0421C0EF0A388E6B1 and register using the same Conference ID.
The Company issued an earnings presentation detailing its first quarter 2025 financial results, which is available on the Company's website, www.agmit.com, under "Presentations" in the "News & Presentations" section.
For those unable to listen to the live call, an audio replay will be available on May 6, 2025 through 9:00 a.m. Eastern Time on June 6, 2025. To access the replay, please go to the Company's website at www.agmit.com.
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a diversified credit and real estate investing platform within TPG.
Additional information can be found on the Company's website at www.agmit.com.
ABOUT TPG ANGELO GORDON
Founded in 1988, Angelo, Gordon & Co., L.P. ("TPG Angelo Gordon") is a diversified credit and real estate investing platform within TPG. The platform currently manages approximately $91 billion across a broad range of credit and real estate strategies. For more information, visit www.angelogordon.com.
FORWARD LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Words such as "expects," "endeavor," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "should," "may," "projects," "could," "estimates," "continue" or variations of such words and other similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature, but not all forward-looking statements include such identifying words. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us, and are not guarantees of future performance. Forward-looking statements regarding the Company include, but are not limited to, our levels of liquidity, the strength and stability of our core strategy, the consistency of our book value and ability to continue to produce a healthy economic return, and whether the Company is well positioned to take advantage of future opportunities, whether through its approach to leverage and securitization, Arc Home, or otherwise. These forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include, without limitation, changes in general economic or market conditions, including changes in inflation, tariffs, interest rates and the fair value of our assets; changes in government regulations affecting our business; the Company's ability to grow its residential loan portfolio; changes in prepayment rates and mortgage default rates on the Company's assets; financing needs and arrangements; and the risk factors contained in the Company's filings with the Securities and Exchange Commission ("SEC"), including those described under the headings "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in other reports and documents filed by the Company with the SEC from time to time, which are accessible on the SEC's website, http://www.sec.gov/. Moreover, other risks and uncertainties of which the Company is not currently aware may also affect the Company's forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements made in this press release are made only as of the date of this press release or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by the Company on its website or otherwise. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law. All financial information in this press release is as of March 31, 2025, unless otherwise indicated.
NON-GAAP FINANCIAL MEASURES
This press release contains EAD and Economic Leverage Ratio, non-GAAP financial measures. Our presentation of these measures may not be comparable to similarly-titled measures of other companies, who may use different calculations. These non-GAAP measures 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.
Earnings Available for Distribution(3),(4)
A reconciliation of GAAP Net Income/(loss) available to common stockholders to EAD is set forth below (in thousands, except per share data).
Three Months Ended March 31, 2025 ----------------------------------------------- Amount Per Diluted Share(3) ---------------------- ----------------------- Net Income/(loss) available to common stockholders $ 6,173 $ 0.21 Add (Deduct): Net realized (gain)/loss (10) -- Net unrealized (gain)/loss (802) (0.03) Transaction related expenses and deal related performance fees 1,144 0.04 Equity in (earnings)/loss from affiliates (1,185) (0.04) EAD from equity method investments(a)(b)(c) 662 0.02 --- ------------- --- --------------
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