NEW YORK--(BUSINESS WIRE)--Dec. 10, 2015--
AG Mortgage Investment Trust, Inc. (NYSE:MITT) or (the “Company”)
announced today that its Board of Directors has declared a dividend of
$0.475 per common share for the fourth quarter of 2015. The dividend is
payable on January 29, 2016 to shareholders of record at the close of
business on December 21, 2015, with an ex-dividend date of December 17,
2015.
The Company also announced today that it has formed a mortgage banking
platform called Arc Home LLC (“Arc Home”) to originate conforming, FHA,
Jumbo and non-QM residential mortgage loans. The Company formed Arc Home
alongside private funds under the management of Angelo, Gordon & Co.,
L.P. (“Angelo, Gordon”). Arc Home will be led by 30 year industry
veteran Barry Bier.
The Company believes that forming Arc Home will provide attractive
strategic and financial benefits to MITT and its shareholders, including:
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Licenses to originate, sell and service Fannie Mae, Freddie Mac and
FHA/Ginnie Mae mortgage loans nationwide;
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Developing a leading efficient electronic lending program supporting
the development of the electronic mortgage note market;
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The ability to purchase high quality housing finance products from
compliance focused and qualified originators;
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The capability to purchase Mortgage Servicing Rights (“MSRs”) and to
create excess MSRs for MITT at attractive yields;
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Enhancing the value of existing mortgage loans owned by MITT and
Angelo, Gordon funds by implementing an active portfolio retention
strategy;
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Creating an independent operating entity benefiting from MITT’s
investment professionals and the broader Angelo, Gordon alternative
investment platform; and
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Providing a management team comprised of leading mortgage banking
professionals.
Arc Home will be managed by Barry Bier, Sandy Blitzer, Martin Schroeter
and Brad Brautigam (the “Management Team”). The Management Team has
extensive experience building nationwide residential mortgage banking
platforms. Arc Home anticipates that it will obtain the licenses needed
to begin originating mortgage loans in 2016.
“We chose to partner with an extremely experienced and talented
management team, with whom I have worked for over 20 years,” said
Jonathan Lieberman, Chief Investment Officer of MITT. “The management
team of Barry, Sandy, Martin and Brad stood out to us as the right
operating partner with a well-deserved reputation for excellence in the
mortgage industry.”
David Roberts, Chief Executive Officer of MITT, added, “MITT’s portfolio
will benefit from Arc Home’s ability to create high quality residential
mortgage investment opportunities. Arc Home expects to originate
conforming, FHA, Jumbo and non-QM residential mortgage loans through a
combination of retail, wholesale and correspondent channels, as well as
MSRs. These investments significantly advance MITT’s strategic growth
initiatives.”
Barry Bier, Chief Executive Officer of Arc Home, added, “We share MITT’s
and Angelo, Gordon’s high standards and believe our management team and
theirs are very compatible. We are excited to form Arc Home as a
sustainable source of future growth for MITT.”
Arc Home will initially be capitalized with up to $30.0 million of which
approximately $15.0 million will be provided by MITT.
ABOUT THE MANAGEMENT TEAM
Arc Home LLC
The management team of Arc Home includes Barry Bier, Chief Executive
Officer, Sandy Blitzer, Head of Capital Markets, Martin Schroeter, Head
of Business Development, and Brad Brautigam, Chief Financial Officer.
Barry Bier, Chief Executive Officer of Arc Home, has over 30 years of
experience building, buying and operating nationwide mortgage banking
platforms. At the start of his career, Mr. Bier helped to build General
Electric’s (“GE”) mortgage banking and warehouse lending businesses.
From 1997 to 2008, Mr. Bier held various senior positions at GMAC
Residential Holding Company and is credited with the founding of its
correspondent, warehouse, wholesale and securitization business lines.
Most recently, Mr. Bier was responsible for establishing the mortgage
platform at Homeward Residential. Mr. Bier also previously served on the
Board of GMAC Bank. He is an expert in many types of mortgage
originations, portfolio management and operations. Mr. Bier and Mr.
Schroeter, through various initiatives, have been on the forefront of
expanding the availability of electronic mortgage closings by providing
warehouse lending availability. In addition, Mr. Bier frequently
participates in mortgage industry forums and has consulted on major
developments in residential mortgage lending.
Sandy Blitzer, Head of Capital Markets of Arc Home, has over 20 years of
experience in the residential mortgage industry with a diverse
background in the capital markets, holding various senior executive
positions at GMAC ResCap/Ally Financial and Homeward Residential over
his career.
Brad Brautigam, Chief Financial Officer of Arc Home, has over 25 years
of experience in financial services, primarily in the residential
mortgage industry, including multiple finance leadership roles, risk
management, and consulting engagements on finance, strategy, and
valuation.
Martin Schroeter, Head of Business Development at Arc Home, has over 30
years of experience in developing unique and profitable initiatives in
the mortgage banking arena. Over his career, Mr. Schroeter has held
senior roles focused on mortgage banking and warehouse lending at
Homeward Residential, GMAC Bank and GE.
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a real estate investment trust
that invests in, acquires and manages a diversified portfolio of
residential and commercial mortgage assets, other real estate-related
securities and financial assets. AG Mortgage Investment Trust, Inc. is
externally managed and advised by AG REIT Management, LLC, a subsidiary
of Angelo, Gordon & Co., L.P., an SEC-registered investment adviser that
specializes in alternative investment activities.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co. was founded in 1988 and has approximately $27
billion under management. Currently, the firm’s investment disciplines
encompass six principal areas: (i) distressed debt and non-investment
grade corporate credit, (ii) direct lending, (iii) real estate equity
and debt and net lease real estate, (iv) residential and consumer debt,
(v) private equity and special situations and (vi) multi-strategy hedge
funds. Angelo, Gordon & Co. employs 375 employees, including 140
investment professionals, and is headquartered in New York, with
associated offices in Amsterdam, Chicago, Houston, Los Angeles, London,
Hong Kong, Seoul, Sydney and Tokyo.
ABOUT ANGELO, GORDON’S RMBS INVESTMENT TEAM
Angelo, Gordon’s dedicated RMBS investment team is led by Jonathan
Lieberman and has over twenty investment professionals, including
portfolio managers, traders, analysts, and statisticians. The senior
investment professionals have broad experience in managing residential
mortgage-related assets through a variety of market cycles and credit
and interest rate environments. Angelo, Gordon’s overall investment
philosophy is credit and value-centric in that its investment process is
based on a highly analytical framework and, with respect to RMBS, takes
into account factors such as loan-level cash flows, historical and
current borrower performance and collateral valuation.
FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995 related to the formation,
operation and capitalization of Arc Home LLC. Forward-looking statements
are based on estimates, projections, beliefs and assumptions of
management of the Company at the time of such statements and are not
guarantees of future performance. Forward-looking statements involve
risks and uncertainties in predicting future results and conditions.
Actual results could differ materially from those projected in these
forward-looking statements due to a variety of factors, including,
without limitation, changes in interest rates, changes in the yield
curve, changes in prepayment rates, the availability and terms of
financing, changes in the market value of our assets, general economic
conditions, market conditions, conditions in the market for Agency RMBS,
Non-Agency RMBS, ABS and CMBS securities and loans, and legislative and
regulatory changes that could adversely affect the business of the
Company. Additional information concerning these and other risk factors
are contained in the Company's filings with the Securities and Exchange
Commission ("SEC"), including its most recent Annual Report on Form 10-K
and subsequent filings. Copies are available free of charge on the SEC's
website, http://www.sec.gov/.
All information in this press release is as of December 10, 2015. The
Company undertakes no duty to update any forward-looking statements to
reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151210006440/en/
Source: AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc.
Karen Werbel, 212-692-2110
Investor
Relations
ir@agmit.com