AG Mortgage Reports $180.2 Million In Liquidity For Q2

AG Mortgage Investment Trust (MITT) reported a $6.9 billion investment portfolio for the second quarter of 2024, compared to $6.2 billion at the end of Q1 2024.

The company purchased $423.2 million of non-agency and agency-eligible loans in the same time frame, as well as $428.5 million of Agency RMBS.

MITT sold $19.9 million of Non-Agency RMBS, including $8.3 million in the legacy portfolio it acquired from Western Asset Mortgage Capital Corporation.

Arc Home, the company’s Non-QM and Non-Agency TPO mortgage lender, originated $604 million of residential mortgage loans during the second quarter.

Other Q2 financial highlights include a $10.63 book value per share as of June 30, 2024 compared to $10.84 at the end of Q1 2024.

"Our second quarter financial results show the continued execution of our core business strategy and the compelling benefits of our recent WMC acquisition. We generated $0.21 per share of EAD during the quarter, covering our newly set $0.19 per share dividend, which represented a 5.6% increase from the prior quarter's dividend," MITT Chief Executive Officer and President TJ Durkin said. "Notably, as a result of our successfully executed $65 million follow-on senior unsecured notes offering in May, we efficiently addressed the September WMC convertible notes maturity with a more advantageous debt structure and ended the quarter by gaining entry in the Russell 3000 Index. We continue to have confidence in our investment portfolio performance and our ability to create long-term value for our stockholders."