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AG Mortgage Investment Trust(MITT) - 2024 Q3 - Quarterly Results
MITTAG Mortgage Investment Trust(MITT)2024-11-05 11:36

Financial Performance - Q3 2024 net interest income was 15.8million,drivenbyunrealizedgainsonresidentialmortgageloansandnon−agencyRMBS[4]−Economicreturnonequity(ROE)forQ32024was3.915.8 million, driven by unrealized gains on residential mortgage loans and non-agency RMBS[4] - Economic return on equity (ROE) for Q3 2024 was 3.9%, a decrease of 1.4% from the previous quarter[3] - Earnings available for distribution (EAD) for the three months ended September 30, 2024, amounted to 4,876,000, translating to 0.17perdilutedshare[22]−NetincomeavailabletocommonstockholdersforthethreemonthsendedSeptember30,2024,was0.17 per diluted share[22] - Net income available to common stockholders for the three months ended September 30, 2024, was 11,924,000, or 0.40perdilutedshare[22]−ThecompanyreportedaNetIncomeof0.40 per diluted share[22] - The company reported a Net Income of 11,924 thousand for the three months ended September 30, 2024, compared to a Net Loss of 6,751thousandforthesameperiodin2023[37]AssetManagement−Bookvaluepershareincreasedto6,751 thousand for the same period in 2023[37] Asset Management - Book value per share increased to 10.58 in Q3 2024, reflecting strong asset appreciation in the investment portfolio[3] - Total investment portfolio valued at 6,972.9millionwithayieldof5.96,972.9 million with a yield of 5.9% as of September 30, 2024[18] - The company’s stockholders' equity was 450,422 thousand as of September 30, 2023, increasing to 528,368thousandbyDecember31,2023[31]−Securitizedresidentialmortgageloansatfairvalueincreasedto528,368 thousand by December 31, 2023[31] - Securitized residential mortgage loans at fair value increased to 6,226,698 thousand as of September 30, 2024, from 5,358,281thousandonDecember31,2023[33]LoanandSecuritizationActivity−Thecompanypurchased5,358,281 thousand on December 31, 2023[33] Loan and Securitization Activity - The company purchased 136.2 million in home equity loans during Q3 2024, contributing to a current pipeline of approximately 200million[5]−SecuritizedloansinQ32024totaled200 million[5] - Securitized loans in Q3 2024 totaled 751.5 million, with 390.8millionfromagency−eligibleloans[5]−Thenon−agencyloanportfoliohasatotalsecuritizedUPBof390.8 million from agency-eligible loans[5] - The non-agency loan portfolio has a total securitized UPB of 6.2 billion, with a current loan-to-value (LTV) ratio of 59%[9] - Home equity loans represented a year-over-year growth of 138%, with a weighted average coupon of 10.7%[12] - The weighted average yield on securitized non-agency loans was 5.6%, with a financing cost of 5.2%[18] - The agency-eligible loans had a yield of 6.8% with a financing cost of 6.6%[18] Financial Ratios and Leverage - Economic leverage stood at 3.0x as of September 30, 2024, with 6.4billioninfinancing[19]−Securitizeddebtconstituted86.16.4 billion in financing[19] - Securitized debt constituted 86.1% of the financing profile, with a cost of funds averaging 5.1%[20] - As of September 30, 2023, MITT's GAAP Leverage Ratio was 9.7x, increasing to 10.5x by December 31, 2023, and projected to reach 12.0x by June 30, 2024[31] - Economic Leverage increased from 560,061 thousand on September 30, 2023, to a projected 1,353,660thousandbyJune30,2024[31]CashandExpenses−Cashandcashequivalentstotaled1,353,660 thousand by June 30, 2024[31] Cash and Expenses - Cash and cash equivalents totaled 102.5 million, yielding 4.8%[18] - The company’s cash and cash equivalents were 102,532thousandasofSeptember30,2024,downfrom102,532 thousand as of September 30, 2024, down from 111,534 thousand on December 31, 2023[33] - Total Expenses decreased from 14,452thousandinthethreemonthsendedSeptember30,2023,to14,452 thousand in the three months ended September 30, 2023, to 8,553 thousand in the same period of 2024[37] - Dividends on preferred stock for the three months ended September 30, 2024, were 4,716thousand,comparedto4,716 thousand, compared to 4,586 thousand for the same period in 2023[37] Investment Yield - The weighted average unlevered yield of legacy commercial real estate loans is 9.6%, representing 1.8% of the investment portfolio[14] - The company retained approximately 5% to 10% of securitizations, borrowing against retained bonds to manage risk[7] - The company reported a net unrealized gain of 19,700,000fortheperiod,offsetbyanetrealizedlossof19,700,000 for the period, offset by a net realized loss of 10,788,000[21]