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Mortgages

AG Mortgage Investment Trust Reports 2Q24 Financial Results

Strategic Insights

— 1 min read

AG Mortgage Investment Trust, Inc. (MITT) has released its financial results for the quarter ended June 30, 2024, showing a decline in book value per share. The company's residential mortgage REIT portfolio underwent significant changes during the second quarter. As of June 30, 2024, the book value per share was USD 10.63, a decrease from USD 10.84 at the end of the first quarter. This decline is reflected in the adjusted book value per share, which decreased to USD 10.37, down from USD 10.58 at the end of the first quarter.

Key Takeaways:

  • AG Mortgage Investment Trust reported a book value per share of USD 10.63 as of June 30, 2024, a decrease from USD 10.84 as of March 31, 2024.
  • The adjusted book value per share decreased to USD 10.37 as of June 30, 2024, compared to USD 10.58 as of March 31, 2024, a decrease of 1.33%.
  • The quarterly economic return on equity was (0.02) of Net Income/(Loss) Available to common stockholders per diluted common share during the second quarter 2024.
  • Earnings Available for Distribution ("EAD") per diluted common share during the second quarter 2024 was 0.21.
  • The company declared a dividend per common share of 0.19 in the second quarter 2024, a 5.6% increase from the first quarter 2024 dividend of 0.18 per common share.
  • AG Mortgage Investment Trust is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P.
  • Angelo, Gordon & Co., L.P. is founded in 1988 and manages approximately USD 80bn across a range of credit and real estate strategies.

Statistics:

  • Book value per share as of June 30, 2024: USD 10.63
  • Book value per share as of March 31, 2024: USD 10.84
  • Adjusted book value per share as of June 30, 2024: USD 10.37
  • Adjusted book value per share as of March 31, 2024: USD 10.58
  • Decrease in adjusted book value per share: 1.33%
  • Quarterly economic return on equity: (0.02)
  • Earnings Available for Distribution per diluted common share: 0.21
  • Dividend declared per common share in the second quarter 2024: 0.19
  • Increase in dividend from the first quarter 2024: 5.6%

Sources:

  • M2 EQUITYBITES-August 5, 2024-AG Mortgage Investment Trust Posts 2Q24 Results (C)2024 M2 COMMUNICATIONS

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