AG Mortgage Reveals Third Quarter Earnings

Nov 05, 2024

Associate Editor

Lender-affiliate Arc Home reported $681.6 million in originations in Q3.

AG Mortgage Investment Trust (MITT) reported a $6.8 billion investment portfolio for the third quarter of 2024, down slightly from $6.9 billion at the end of Q2 2024.

During their Q3 2024 earnings call Tuesday morning, leaders at the real estate investment trust (REIT) noted that a highlight for the quarter was a $31 million investment the company made in Arc Home, its Non-QM and Non-Agency third-party origination (TPO) residential mortgage lender.

Arc Home reported $681.6 million in originations for Q3 2024.

“MITT delivered yet another strong quarter as we continue to execute the core business strategy of originating and securitizing residential whole loans, with MITT generating an economic return on equity of 3.9% for the quarter,” CEO and President T.J. Durkin commented. “With ample liquidity, and our prudent and disciplined approach to employing leverage, we believe MITT is well positioned to take advantage of exciting new opportunities in the residential mortgage space to drive earnings power for the benefit of MITT’s shareholders.”

Other quarterly highlights included a $10.58 book value per share as of September 30, compared to $10.37 at the end of the second quarter.

AG Mortgage purchased $136.2 million of home equity loans with a pipeline of approximately $200 million in the third quarter. It also executed a securitization of $390.8 million UPB of Agency Loans, retaining $51 million of Non-Agency RMBS.

Earnings Call

AG Mortgage Investment Trust

About the author

Associate Editor

Erica Drzewiecki is an associate editor at NMP.

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Nov 05, 2024

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