AG Mortgage Investment Trust(MITT) - 2024 Q2 - Quarterly Results

Financial Performance - Earnings Available for Distribution (EAD) was $0.21 per diluted common share during Q2 2024, covering the declared dividend of $0.19 per share, which is a 5.6% increase from the previous quarter[2] - The net income for the second quarter of 2024 was $3,925,000, down from $8,056,000 in the same quarter of 2023, indicating a decline of 51.3%[24] - The company reported a net loss available to common stockholders of $661,000 for the second quarter of 2024, compared to a profit of $3,470,000 in the prior year[24] - For the three months ended June 30, 2024, the net income available to common stockholders was $(661,000), compared to $3,470,000 for the same period in 2023[29] - Earnings available for distribution increased to $6,276,000, or $0.21 per diluted share, from $1,652,000, or $0.08 per diluted share in the prior year[30] Assets and Liabilities - The company's total assets as of June 30, 2024, were $7,100,101,000, an increase from $6,126,428,000 at the end of 2023, marking a 15.9% growth[22] - Total liabilities increased to $6,566,599,000 as of June 30, 2024, compared to $5,598,060,000 at the end of 2023, a rise of 17.3%[22] - The company’s cash and cash equivalents as of June 30, 2024, were $120,912,000, up from $111,534,000 at the end of 2023, a growth of 8.5%[22] Investment and Portfolio - The investment portfolio increased to $6.9 billion as of June 30, 2024, compared to $6.2 billion as of March 31, 2024[3] - Arc Home originated $604.0 million of residential mortgage loans during Q2 2024, with MITT purchasing loans totaling $133.6 million[9] - The investment in AG Arc LLC was valued at $35.0 million as of June 30, 2024, representing a 44.6% ownership interest[36] Income and Expenses - Interest income for the three months ended June 30, 2024, was $99,815,000, compared to $60,788,000 for the same period in 2023, representing a 64.3% increase[24] - Total net interest income for the second quarter of 2024 was $16,381,000, up from $11,359,000 in the prior year, reflecting a 44.8% increase[24] - Operating expenses increased to $12,623,000 for the three months ended June 30, 2024, from $11,604,000 in the same period of 2023[30] - Transaction-related expenses for the three months ended June 30, 2024, amounted to $503,000, compared to $452,000 in the same period of 2023[29] Dividends and Shareholder Returns - For the second quarter of 2024, the company declared a dividend of $0.19 per share for common stock, paid on July 31, 2024[14] - The company’s preferred stock dividends for the second quarter of 2024 amounted to $4,586,000, unchanged from the same period in 2023[24] Leverage and Ratios - The GAAP Leverage Ratio was 12.2x and the Economic Leverage Ratio was 2.5x as of June 30, 2024[3] - The Economic Leverage ratio as of June 30, 2024, was 2.5x, while the GAAP Leverage ratio was 12.2x, indicating a substantial difference in leverage metrics[35] Book Value - Book Value per share decreased to $10.63 as of June 30, 2024, down from $10.84 as of March 31, 2024, representing a decline of 1.9%[2] - Adjusted Book Value per share decreased to $10.37 as of June 30, 2024, down from $10.58 as of March 31, 2024, reflecting a decrease of 2.0%[2]