AG Mortgage Investment Trust Net Income Rebounded In 2021

New York-based AG Mortgage Investment Trust, (NYSE: MITT), which holds more than $1 billion in non-conforming loans, reported $43.4 billion in net interest revenue in 2021, up from $37.5 billion a year earlier.

Net income for the real estate investment trust rebounded in 2021 to $104 million, up from the previous year’s loss of $421 million, according to documents the company filed with the Securities and Exchange Commission.

AG's fourth-quarter 2021 net interest income was $13.9 billion, nearly double from 2020’s fourth-quarter net interest income of $7.2 billion.

But 2021’s fourth-quarter net income was down to nearly $11 billion. For the previous year, fourth-quarter net income was $41 billion.

The company’s investment portfolio, a mix of non-conforming loans, non-QM loans, and non-owner-occupied loans held by Fannie Mae and Freddie Mac, was valued of $3.2 billion as of December 31, 2021, the company said. It holds more than $1.7 billion in non-conforming loans.

The company operates an affiliate, Arc Home LLC, which helps consumers and lenders with non-conforming loan applications.

In 2021, AG Mortgage paid 88 cents per share in dividends, up from 9 cents in 2020, according to MarketBeat.com. In 2019, the company paid a per-share dividend of $5.70, MarketBeat said.

The company’s stock was trading today around $8.80 a share, down from its 52-week high of $14.85.