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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q __________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35151 _____________________________________________________________________ A ...

AG Mortgage Investment Trust (MITT) came out with quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -16.67%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.19 per share when it actually produced earnings of $0.18, delivering a surprise of -5.26%.Over t ...

Additional information concerning these and other risk factors are contained in our filings with the Securities and Exchange Commission ("SCC"), including those described i Report on Form 104 Kor the fiscal year ended December 31, 2024, as such factors may be updated from time to thine in our filings with the SEC. Copes are awilable free of c All forward booking statements in this presentation speak only as of this presentation. We undercake no duty to update any forward-looling statements to reflect any ch ...

Wall Street expects a year-over-year increase in earnings on higher revenues when AG Mortgage Investment Trust (MITT) reports results for the quarter ended March 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, ...

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Acquisition and Mergers - The company completed the acquisition of Western Asset Mortgage Capital Corporation (WMC) on December 6, 2023, merging it into a wholly owned subsidiary[300]. - The company increased its investment portfolio by $1.2 billion through the acquisition of WMC in December 2023, primarily consisting of Securitized Non-Agency Loans[357]. - The bargain purchase gain from the WMC acquisition was recorded at $30.2 million, reflecting the difference between the fair value of net assets acquired and the consideration paid[333]. - The company assumed liabilities of $1.1 billion through the acquisition of WMC, which included securitized debt and convertible senior unsecured notes[394]. Financial Performance - The net income available to common stockholders was $1.23 per diluted common share for the year ended December 31, 2024[305]. - For the year ended December 31, 2024, net income available to common stockholders was $36,384,000, compared to $35,440,000 for the year ended December 31, 2023[354]. - Earnings available for distribution (EAD) for the year ended December 31, 2024, was $22,577,000, significantly higher than $8,274,000 for the year ended December 31, 2023[354]. - Net interest income increased to $65,892,000 for the year ended December 31, 2024, compared to $47,829,000 in 2023, reflecting a change of $18,063,000[319]. - Interest income rose to $408,495,000 in 2024 from $260,329,000 in 2023, an increase of $148,166,000, primarily due to the WMC acquisition and increased weighted average yield[319][321]. - Total net interest income for the year ended December 31, 2024, was $3,575,000, compared to $5,190,000 for the year ended December 31, 2023[346]. Dividends and Stockholder Returns - The company declared a dividend of $0.75 per common share for the year, increasing the quarterly dividend from $0.18 to $0.19, representing a 5.6% increase[305]. - The company declared common stock dividends of $0.75 per share and preferred stock dividends ranging from $2.00 to $2.233117 during the year ended December 31, 2024[410]. Investment Portfolio - The investment portfolio for the year ended December 31, 2024, included purchases totaling $2,396,812,000 and sales amounting to $965,196,000[302]. - Total investment portfolio amounted to $7,063,632, with a fair value of $6,702,026 and a yield of 6.03% as of December 31, 2024[371]. - Securitized non-agency loans totaled $6,388,631 with a fair value of $6,044,597 and a yield of 5.68%[371]. - The total residential investments reached $6,917,457, with a fair value of $6,561,240 and a yield of 5.89%[371]. Interest Rates and Financing - The Federal Reserve lowered the target range for the Federal Funds Rate by 100 basis points in 2024, ending at 4.25% to 4.50%[307]. - The effective mortgage rate outstanding increased slightly to 4.02% as of December 2024, reflecting a rise of approximately 72 basis points since March 2022[311]. - The cost of funds related to the financing of the investment portfolio was 5.24%, including a benefit of 0.05% from interest rate hedges[363]. - Interest expense rose to $342,603,000 in 2024 from $212,500,000 in 2023, an increase of $130,103,000 due to higher financing costs[319][324]. Expenses and Costs - Total expenses decreased to $34,951,000 in 2024 from $38,672,000 in 2023, a reduction of $3,721,000[319]. - The company incurred transaction-related expenses of $3,310,000 for the year ended December 31, 2024, down from $11,233,000 for the year ended December 31, 2023[354]. - Non-investment related expenses for the year ended December 31, 2024, were $5.715 million, compared to $5.095 million in 2023[437]. Equity and Stockholder Equity - Total stockholders' equity was reported at $543,423, reflecting a leverage ratio of 11.6x[371]. - GAAP leverage was reported at $6,319.227 million, resulting in a leverage ratio of 11.6x against stockholders' equity of $543.423 million[405]. - Economic leverage, a non-GAAP measure, was $777.726 million, with a leverage ratio of 1.4x[405]. Cash Flow and Liquidity - Cash provided by operating activities increased to $55.839 million, up from $28.134 million in the previous year[417]. - Cash used in investing activities rose to $713.131 million, primarily due to increased purchase activity[418]. - Cash provided by financing activities was $670.287 million, attributed to the issuance of securitized debt and senior unsecured notes[419]. - As of December 31, 2024, the company had liquidity of $136.9 million, consisting of $118.7 million in cash and $18.2 million in unencumbered Agency RMBS[412]. Compliance and Regulatory Matters - The company must distribute at least 90% of ordinary taxable income to qualify as a REIT, impacting its ability to make distributions to stockholders[468]. - Failure to qualify as a REIT could result in U.S. federal income tax at regular corporate rates, adversely affecting operations and distributions[469]. - The company conducts operations to maintain exempt status under the Investment Company Act, ensuring compliance with the 40% Test[472]. Valuation and Fair Value Measurements - The company has significant unobservable inputs in fair value measurements, particularly the book value multiple, which can significantly affect fair value[452]. - The assets of securitization entities are primarily comprised of residential mortgage loans, with ongoing reassessments of consolidation conclusions[464]. - Goodwill is calculated as the excess of consideration transferred over the net assets acquired, representing estimated future economic benefits[465]. Management and Incentives - The company recorded management fees payable of $2.3 million and $1.5 million as of December 31, 2024, and 2023, respectively[431]. - The annual incentive fee is set at 15% of cumulative adjusted net income exceeding an 8% return on a base of $341.5 million, with no incentive fee expense incurred for the years ended December 31, 2024, and 2023[432]. - The company granted an aggregate of 130,000 restricted shares of common stock to certain employees of the Manager under the 2020 Equity Incentive Plan, vesting in three annual installments starting January 2026[441].

AG Mortgage Investment Trust, Inc. (NYSE: MITT ) is an actively managed mortgage real estate investment trust, or an mREIT, that we have traded a few times in the past. They work with an externalLooking for more returns like this? That is what we do at BAD BEAT InvestingEnjoy more rapid-returns with our strategy to advance your savings and retirement timeline by embracing a blended trading and income approach!If you would like, you can try our service out and take 20% off right NOW through this MITT article ...

Financial Performance - The company reported a book value increase of 0.6% from $10.58 to $10.64 per share, with a quarterly dividend of $0.19 and an economic return on equity of 2.4% for Q4 2024 [8][26] - For the full year 2024, the company increased its quarterly dividend by 5.6% and achieved an annual economic return on equity of 11.7% [8][26] - The total stockholder returns since the WMC acquisition have exceeded 15% [12] Business Lines and Investment Portfolio - The investment portfolio grew by 13% to $6.7 billion, with six securitizations executed and home equity loans incorporated into the product mix [25][26] - The company acquired $359 million of agency-eligible loans and $153 million of home equity loans during Q4, offset by the sale of $185 million of home equity loans [29] Market Data and Economic Environment - The economic leverage ratio at the end of the quarter was 1.4 turns, slightly down from 1.5 turns in September, indicating prudent management of leverage exposure [30] - The company ended the quarter with total liquidity of approximately $137 million, consisting of $119 million in cash and $18 million in unencumbered agency RMBS [30] Company Strategy and Competitive Position - The company emphasizes a disciplined securitization strategy and has been able to rotate asset allocations effectively, focusing on non-agency credit and home equity lending [11][24] - The management highlighted the importance of TPG Angelo Gordon's resources, which provide significant advantages in access to capital and expertise in the residential finance sector [14][20] Management Commentary on Future Outlook - Management expressed confidence in the company's ability to grow and protect book value despite challenging market conditions, with a focus on dynamic execution and seizing growth opportunities [9][11] - The company expects continued growth in its investment portfolio and resilience in its business model, particularly in the face of fluctuating interest rates [54] Other Important Information - Arc Home, a subsidiary, is transitioning to profitability after facing challenges, with recent investments in talent expected to drive further growth [22][25] - The company is actively monitoring the market for preferred equity financing and is comfortable with its current leverage ratios [36] Q&A Session Summary Question: How would you characterize your excess capital? - Management indicated that deployable capital could range from $75 million to $100 million, with various positions maturing and inefficient financings rolling off [34] Question: Thoughts on corporate leverage and preferred equity? - Management is comfortable with current leverage ratios and has been monitoring the market for new preferred deals [36] Question: Relative attractiveness of non-QM versus home equity? - Management believes home equity presents a large addressable market and is leaning more towards it, while non-QM continues to grow [40][41] Question: Expectations for origination volume in Arc Home? - Management expects continued growth in Arc Home's business model, which is seen as more resilient than the broader mortgage market [54] Question: Current thoughts on the dividend? - Management is in a transitional phase regarding EAD contributions from Arc Home and expects a positive contribution moving into 2025 [58]