AG Mortgage Investment Trust(MITT) - 2025 Q3 - Quarterly Results

Financial Performance - Q3 2025 earnings per share (EPS) reported at $0.47, with net interest income of $20.2 million[17] - Earnings Available for Distribution (EAD) for the three months ended September 30, 2025, was $7,091, equating to $0.23 per diluted share[64] - The Company recorded an unrealized loss of $7.1 million for the three months ended September 30, 2025[44] - Net interest income for the three months ended September 30, 2025, was $19.482 million, an increase from $14.950 million in the same period of 2024, representing a growth of 30.3%[74] - The company reported a net income of $19.961 million for the three months ended September 30, 2025, compared to $16.640 million for the same period in 2024, reflecting an increase of 19.0%[74] - Earnings per share (EPS) for common stock was $0.47 for the three months ended September 30, 2025, compared to $0.40 for the same period in 2024, marking a 17.5% increase[74] Investment and Securitization - The company completed 4 securitizations and acquired an additional 21.4% interest in Arc Home, contributing to earnings growth[19] - The company executed 29 securitizations since 2021, retaining economic interests of $1.0 billion in high-quality Non-Agency collateral[26] - The Company acquired an additional 21.4% interest in Arc Home, contributing significantly to EAD[46] - Securitized residential mortgage loans at fair value increased to $8.289 billion as of September 30, 2025, from $6.198 billion as of December 31, 2024, a rise of 33.7%[72] Liquidity and Capital Structure - Total liquidity stands at $104.2 million, including $59.0 million in cash and cash equivalents[15] - The Company had a total borrowing capacity of $1.6 billion on its Agency-Eligible, Home Equity, and Non-Agency Loans[59] - The company replaced high-cost Legacy WMC financing, returning approximately $55 million of capital for immediate reinvestment[23] - The company’s cash and cash equivalents decreased to $59.0 million as of September 30, 2025, from $118.662 million as of December 31, 2024, a decline of 50.2%[72] Asset and Liability Management - Total assets as of September 30, 2025, were $8.976 billion, up from $6.914 billion as of December 31, 2024, indicating a growth of 29.8%[72] - Total liabilities as of September 30, 2025, were $8.416 billion, up from $6.370 billion as of December 31, 2024, representing an increase of 32.2%[72] Investment Portfolio Performance - The investment portfolio yield for Q3 2025 is 6.1%, while the cost of funds is 5.4%[15] - The weighted average cost of funds for the investment portfolio was 5.43%[58] - The total investment portfolio was valued at $8,791.5 million with a yield of 6.1% and a carrying value of $8,266.4 million[50] Economic Metrics - The economic return on equity (ROE) for Q3 2025 is reported at 2.7%[15] - MITT's Economic Leverage Ratio was 1.7x as of September 30, 2025[56] - The GAAP leverage ratio as of September 30, 2025, was 14.9x, while the economic leverage ratio was significantly lower at 1.7x[70] Changes in Fair Value - The company recorded $1.3 million of unrealized changes in the fair value of its investment in Arc Home, which were excluded from EAD[67]