AG Mortgage Investment Trust, Inc. Reports First Quarter 2017 Results
FIRST QUARTER 2017 FINANCIAL HIGHLIGHTS
-
$0.78 of Net Income/(Loss) per diluted common share(1) -
$0.41 of Core Earnings per diluted common share(1)- Includes de minimus retrospective adjustment
-
Includes
$0.01 of dollar roll income associated with our net TBA position
- 4.4% economic return on equity for the quarter, 17.6% annualized(7)
-
$18.17 book value per share(1) as ofMarch 31, 2017 , inclusive of our current quarter common dividend-
Book value increased
$0.31 or 1.7% from last quarter, inclusive of:-
$(0.01) or (0.1)% due to our investments in Agency RMBS and associated derivative hedges- Spreads to both the Treasury and swap curves were largely unchanged on the quarter allowing our hedged Agency RMBS portfolio to maintain book value stability
-
$0.38 or 2.1% due to our Credit Investments- Mortgage and asset-backed markets rallied during the first quarter, driven by strong demand for yield and supported by the risk-on sentiment in the broader markets; credit spread tightening during the quarter drove an increase in book value
-
$(0.06) or (0.3)% due to core earnings below the$0.475 dividend- We took a more defensive position at the end of the fourth quarter, increasing liquidity and reducing leverage
-
-
Book value increased
Q4 2016 | Q1 2017 | ||||
Summary of Operating Results: | |||||
GAAP Net Income/(Loss) Available to Common Stockholders | $ | (4.4mm) | $ | 21.8mm | |
GAAP Net Income/(Loss) Available to Common Stockholders, per diluted common share (1) | $ | (0.16) | $ | 0.78 | |
Non-GAAP-Results: | |||||
Core Earnings | $ | 15.8mm | $ | 11.5mm | |
Core Earnings, per diluted common share (1) | $ | 0.57 | $ | 0.41 | |
* For a reconciliation of GAAP Income to Core Earnings, refer to the Reconciliation of Core Earnings at the end of this press release. | |||||
INVESTMENT HIGHLIGHTS
-
$2.6 billion investment portfolio as ofMarch 31, 2017 as compared to the$2.5 billion investment portfolio as ofDecember 31, 2016 (2)(4)- 54% of our Credit Investments are fixed rate coupon and 46% are floating rate coupon(13)
- 9.3% constant prepayment rate (“CPR”) on the Agency RMBS investment portfolio for the first quarter, excluding net TBA position(5)
-
3.0x “at risk” leverage position and 2.86% net interest margin as of
March 31, 2017 (2)(3)(6)
FIRST QUARTER ACTIVITY |
||||||||||||
|
||||||||||||
($ in millions) |
Net |
Net Repo |
Net Equity |
|||||||||
Purchased / |
(Added) / |
Invested / |
||||||||||
Description |
(Sold/Payoff) |
Removed* |
(Returned)** |
|||||||||
30-Year Fixed Rate | $ | 113.4 | $ | (89.4 | ) | $ | 24.0 | |||||
Agency Interest Only and Excess MSRs | 2.9 | - | 2.9 | |||||||||
Fixed Rate 30 Year TBA | 41.9 | - | 1.3 | |||||||||
Total Agency RMBS | 158.2 | (89.4 | ) | 28.2 | ||||||||
Prime | 12.7 | (9.7 | ) | 3.0 | ||||||||
Subprime | 0.5 | - | 0.5 | |||||||||
Credit Risk Transfer | (0.2 | ) | (0.7 | ) | (0.9 | ) | ||||||
RPL/NPL | 7.1 | 0.2 | 7.3 | |||||||||
Total Residential Investments | 20.1 | (10.2 | ) | 9.9 | ||||||||
CMBS | (25.8 | ) | 25.9 | 0.1 | ||||||||
Freddie Mac K-Series CMBS | (4.4 | ) | - | (4.4 | ) | |||||||
Commercial Whole Loans | (1.8 | ) | - | (1.8 | ) | |||||||
Total Commercial Investments | (32.0 | ) | 25.9 | (6.1 | ) | |||||||
Total ABS | (0.9 | ) | 0.8 | (0.1 | ) | |||||||
Total Q1 Activity | $ | 145.4 | $ | (72.9 | ) | $ | 31.9 | |||||
*Timing and size of repo added may differ from that of repo removed. |
||||||||||||
**Net equity in TBA represents initial margin on TBA purchases. |
||||||||||||
-
Deployed net equity of
$31.9 mm during the quarter- Increased allocation to Agency RMBS during the quarter
-
$12.1 mm of commercial loan payoff offset by loan purchase of$10.3 mm
MANAGEMENT REMARKS
“Our outlook for the U.S. consumer, mortgage fundamentals, and the
housing market in general remains positive. We remain engaged and
focused on any new regulatory or fundamental developments that may
impact our views,” said Chief Executive Officer and Chief Investment
Officer
“Mortgage and asset-backed markets rallied during the first quarter, driven by strong demand for yield and supported by the “risk-on” sentiment in the broader markets. The rally was broad-based and credit curves flattened,” said Co-Portfolio Manager TJ Durkin. “During the first quarter, we saw opportunities to deploy capital into both agency and credit, and we believe MITT is well positioned going forward to take advantage of a wide range of opportunities at favorable returns.”
KEY STATISTICS |
||||
($ in millions) | ||||
March 31, 2017 | ||||
Investment portfolio(2)(4) | $ | 2,625.3 | ||
Repurchase agreements(2) | 1,887.8 | |||
Total Financing(6) | 2,020.6 | |||
Stockholders' equity | 664.6 | |||
GAAP Leverage | 2.9x | |||
"At Risk" Leverage(6) | 3.0x | |||
Yield on investment portfolio(8) | 5.02 | % | ||
Cost of funds(9) | 2.16 | % | ||
Net interest margin(3) | 2.86 | % | ||
Management fees(10) |
1.49 |
% | ||
Other operating expenses(11) |
1.68 |
% | ||
Book value, per share(1) | $ | 18.17 | ||
Undistributed taxable income, per common share(1)(12) | $ | 1.84 | ||
Dividend, per share(1) | $ | 0.475 | ||
INVESTMENT PORTFOLIO
The following summarizes the Company’s investment portfolio as of
($ in millions) |
Net |
||||||||||||||
Amortized |
Allocated |
WA |
Funding |
Interest |
Leverage |
||||||||||
Cost |
Fair Value |
Equity(15) |
Yield(8) |
Cost* |
Margin* |
Ratio |
|||||||||
Agency RMBS: | $ 1,226.2 | $ 1,233.2 | $ 231.0 | 3.2% | 1.0% | 2.2% | 4.5x | ||||||||
Residential Investments | 1,046.8 | 1,073.9 | 278.0 | 6.1% | 2.5% | 3.6% | 2.9x | ||||||||
Commercial Investments | 295.2 | 297.0 | 149.8 | 8.0% | 2.5% | 5.5% | 1.0x | ||||||||
ABS | 20.8 | 21.2 | 5.8 | 6.4% | 2.5% | 3.9% | 2.7x | ||||||||
Total | $ 2,589.0 | $ 2,625.3 | $ 664.6 | 5.0% | 2.2% | 2.9% | 3.0x |
** |
|||||||
*Total funding cost and NIM includes cost of interest rate hedges. |
|||||||||||||||
**Leverage ratio is calculated based on allocated equity. Total leverage includes any net receivables on TBAs. |
|||||||||||||||
As of
We recognized net realized losses of
Premiums and discounts associated with purchases of the Company's
securities are amortized or accreted into interest income over the
estimated life of such securities, using the effective yield method. The
Company recorded a
FINANCING AND HEDGING ACTIVITIES
The Company, either directly or through its equity method investments in
affiliates, had master repurchase agreements with 39 counterparties,
under which it had debt outstanding with 24 counterparties as of
($ in millions) | ||||||||||||||
Agency | Credit | |||||||||||||
Amount |
Amount |
|||||||||||||
Maturing Within:* |
Outstanding |
WA Funding Cost |
Outstanding |
WA Funding Cost | ||||||||||
30 Days or Less | $ |
612.0 |
|
1.0 | % | $ |
778.5 |
|
2.4 | % | ||||
31-60 Days | 145.1 | 1.0 | % | 65.4 | 2.5 | % | ||||||||
61-90 Days | 45.8 | 1.1 | % | 40.2 | 2.7 | % | ||||||||
91-180 Days | 29.4 | 1.2 | % | - | - | |||||||||
Greater than 180 Days | 100.0 | 1.4 | % | 71.4 | 3.4 | % | ||||||||
Total / Weighted Average** |
$ | 932.3 | 1.0 | % | $ | 955.5 | 2.5 | % | ||||||
*Numbers in table above do not include securitized debt of $19.9 million. | ||||||||||||||
**Our weighted average days to maturity is 57 days and our weighted average original days to maturity is 140 days. | ||||||||||||||
The Company’s hedge portfolio as of
($ in millions) | |||||||
Notional | |||||||
Interest Rate Swaps |
$ |
924.0 |
|
||||
Treasury Futures, net | 106.5 | ||||||
Total | $ | 1,030.5 | |||||
The Company’s interest rate swaps as of
($ in millions) |
Weighted |
Weighted |
Weighted |
||||||||||
Average Pay- |
Average Receive- |
Average Years |
|||||||||||
Maturity |
Notional Amount |
Fixed Rate |
Variable Rate* |
to Maturity |
|||||||||
2017 |
$ |
36.0 |
|
0.88 | % | 1.04 | % |
0.59 |
|
||||
2019 | 170.0 | 1.36 | % | 1.05 | % | 2.63 | |||||||
2020 | 155.0 | 1.62 | % | 1.04 | % | 2.90 | |||||||
2021 | 60.0 | 1.86 | % | 1.12 | % | 4.69 | |||||||
2022 | 218.0 | 2.00 | % | 1.08 | % | 5.03 | |||||||
2023 | 85.0 | 2.30 | % | 1.10 | % | 6.18 | |||||||
2024 | 25.0 | 2.16 | % | 1.01 | % | 6.77 | |||||||
2025 | 30.0 | 2.48 | % | 1.10 | % | 8.18 | |||||||
2026 | 95.0 | 2.17 | % | 1.06 | % | 9.65 | |||||||
2027 | 50.0 | 2.40 | % | 1.05 | % | 9.87 | |||||||
Total/Wtd Avg | $ | 924.0 | 1.85 | % | 1.07 | % | 5.03 | ||||||
* 100% of our receive float interest rate swap notionals reset quarterly based on three-month LIBOR. | |||||||||||||
TAXABLE INCOME
The primary differences between taxable income and GAAP net income
include (i) unrealized gains and losses associated with investment and
derivative portfolios which are marked-to-market in current income for
GAAP purposes, but excluded from taxable income until realized or
settled, (ii) temporary differences related to amortization of premiums
and discounts paid on investments, (iii) the timing and amount of
deductions related to stock-based compensation, (iv) temporary
differences related to the recognition of certain terminated derivatives
and (v) taxes. As of
DIVIDEND
On
On
“AT-THE-MARKET” EQUITY OFFERING PROGRAM
The Company plans to set up an “at-the-market” equity offering program, or ATM program, which will be discussed on the Company's first quarter earnings call described below.
STOCKHOLDER CALL
The Company invites stockholders, prospective stockholders and analysts
to participate in MITT’s first quarter earnings conference call on
A presentation will accompany the conference call and will be available on the Company’s website at www.agmit.com. Select the Q1 2017 Earnings Presentation link to download and print the presentation in advance of the stockholder call.
An audio replay of the stockholder call combined with the presentation
will be made available on our website after the call. The replay will be
available until
For further information or questions, please e-mail ir@agmit.com.
ABOUT
Additional information can be found on the Company's website at www.agmit.com.
ABOUT
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 dividends, our
strategy related to our investments and portfolio, taxes, liquidity and
financing, our assets, and equity offerings. 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, 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
AG Mortgage Investment Trust, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
March 31, 2017 | December 31, 2016 | |||||||
Assets | ||||||||
Real estate securities, at fair value: | ||||||||
Agency - $985,926,267 and $972,232,174 pledged as collateral, respectively | $ | 1,139,152,159 | $ | 1,057,663,726 | ||||
Non-Agency - $969,704,864 and $990,985,143 pledged as collateral, respectively | 1,027,984,430 | 1,043,017,308 | ||||||
ABS - $21,165,442 and $21,231,956 pledged as collateral, respectively | 21,165,442 | 21,231,956 | ||||||
CMBS - $171,509,042 and $201,464,058 pledged as collateral, respectively | 187,197,255 | 211,652,660 | ||||||
Residential mortgage loans, at fair value - $32,176,699 and $31,031,107 pledged as collateral, respectively | 36,255,911 | 38,195,576 | ||||||
Commercial loans, at fair value - $32,800,000 pledged as collateral | 58,274,488 | 60,068,800 | ||||||
Investments in debt and equity of affiliates | 69,535,781 | 72,215,919 | ||||||
Excess mortgage servicing rights, at fair value | 1,056,123 | 412,648 | ||||||
Cash and cash equivalents | 29,647,529 | 52,469,891 | ||||||
Restricted cash |
22,731,213 |
26,583,527 | ||||||
Interest receivable | 8,780,704 | 8,570,383 | ||||||
Receivable on unsettled trades - $12,881,953 and $3,057,814 pledged as collateral, respectively | 12,884,982 | 3,633,161 | ||||||
Receivable under reverse repurchase agreements | - | 22,680,000 | ||||||
Derivative assets, at fair value |
1,676,948 |
3,703,366 | ||||||
Other assets | 4,097,327 | 5,600,341 | ||||||
Due from broker | 198,036 | 945,304 | ||||||
Total Assets | $ |
2,620,638,328 |
$ | 2,628,644,566 | ||||
Liabilities | ||||||||
Repurchase agreements | $ | 1,879,342,522 | $ | 1,900,509,806 | ||||
Securitized debt, at fair value | 19,948,739 | 21,491,710 | ||||||
Loan participation payable, at fair value | - | 1,800,000 | ||||||
Obligation to return securities borrowed under reverse repurchase agreements, at fair value | - | 22,365,000 | ||||||
Payable on unsettled trades | 31,829,741 | - | ||||||
Interest payable | 2,450,653 | 2,570,854 | ||||||
Derivative liabilities, at fair value |
2,504,861 |
2,907,255 | ||||||
Dividend payable | 13,158,404 | 13,157,573 | ||||||
Due to affiliates | 4,349,723 | 3,967,622 | ||||||
Accrued expenses | 1,007,292 | 1,068,779 | ||||||
Taxes payable | 426,883 | 1,717,883 | ||||||
Due to broker | 1,013,801 | 1,211,694 | ||||||
Total Liabilities |
1,956,032,619 |
1,972,768,176 | ||||||
Stockholders' Equity | ||||||||
Preferred stock - $0.01 par value; 50,000,000 shares authorized: | ||||||||
8.25% Series A Cumulative Redeemable Preferred Stock, 2,070,000 shares issued and outstanding ($51,750,000 aggregate liquidation preference) | 49,920,772 | 49,920,772 | ||||||
8.00% Series B Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding ($115,000,000 aggregate liquidation preference) | 111,293,233 | 111,293,233 | ||||||
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and 27,701,902 and 27,700,154 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 277,019 | 277,002 | ||||||
Additional paid-in capital | 576,413,720 | 576,276,322 | ||||||
Retained earnings/(deficit) | (73,299,035 | ) | (81,890,939 | ) | ||||
Total Stockholders' Equity | 664,605,709 | 655,876,390 | ||||||
Total Liabilities & Stockholders' Equity | $ |
2,620,638,328 |
$ | 2,628,644,566 | ||||
AG Mortgage Investment Trust, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Operations | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | |||||||
Net Interest Income | ||||||||
Interest income | $ | 27,959,892 | $ | 30,697,158 | ||||
Interest expense | 8,161,412 | 8,560,299 | ||||||
19,798,480 | 22,136,859 | |||||||
Other Income | ||||||||
Net realized gain/(loss) | (2,428,087 | ) | (12,986,658 | ) | ||||
Realized loss on periodic interest settlements of derivative instruments, net | (1,609,977 | ) | (2,377,775 | ) | ||||
Unrealized gain/(loss) on real estate securities and loans, net | 12,750,564 | 8,840,770 | ||||||
Unrealized gain/(loss) on derivative and other instruments, net | (125,872 | ) | (11,956,002 | ) | ||||
Other income | 28,037 | 25,391 | ||||||
8,614,665 | (18,454,274 | ) | ||||||
Expenses | ||||||||
Management fee to affiliate | 2,475,816 | 2,450,143 | ||||||
Other operating expenses | 2,793,234 | 3,046,812 | ||||||
Servicing fees | 76,001 | 130,370 | ||||||
Equity based compensation to affiliate | 77,478 | 54,971 | ||||||
Excise tax | 375,000 | 375,000 | ||||||
5,797,529 | 6,057,296 | |||||||
Income/(loss) before equity in earnings/(loss) from affiliates | 22,615,616 | (2,374,711 | ) | |||||
Equity in earnings/(loss) from affiliates | 2,502,046 | (69,716 | ) | |||||
Net Income/(Loss) | 25,117,662 | (2,444,427 | ) | |||||
Dividends on preferred stock | 3,367,354 | 3,367,354 | ||||||
Net Income/(Loss) Available to Common Stockholders | $ | 21,750,308 | $ | (5,811,781 | ) | |||
Earnings/(Loss) Per Share of Common Stock | ||||||||
Basic | $ | 0.79 | $ | (0.21 | ) | |||
Diluted | $ | 0.78 | $ | (0.21 | ) | |||
Weighted Average Number of Shares of Common Stock Outstanding | ||||||||
Basic | 27,701,902 | 28,271,930 | ||||||
Diluted | 27,709,037 | 28,271,930 | ||||||
NON-GAAP FINANCIAL MEASURE
This press release contains Core Earnings, a non-GAAP financial measure.
We define Core Earnings, a non-GAAP financial measure, as net income excluding both unrealized and realized gains/(losses) on the sale or termination of securities and the related tax expense/benefit or disposition expense, if any, on such sale or termination including (i) investments held in affiliated entities and (ii) derivatives. As defined, Core Earnings include the net interest and other income earned on our investments on a yield adjusted basis, including credit derivatives, investments in debt and equity of affiliates, inverse Agency Interest-Only securities, interest rate derivatives, TBA drop income or any other investment activity that may earn or pay net interest or its economic equivalent. One of our objectives is to generate net income from net interest margin on the portfolio, and management uses Core Earnings to measure this objective. Management believes that this non-GAAP measure, when considered with the Company’s GAAP financials, provides supplemental information useful for investors in evaluating our results of operations. This metric, in conjunction with related GAAP measures, provides greater transparency into the information used by our management in its financial and operational decision-making.
A reconciliation of GAAP net income to Core Earnings for the three
months ended
($ in thousands) | ||||||||
Three Months Ended | Three Months Ended | |||||||
March 31, 2017 | March 31, 2016 | |||||||
Net Income/(loss) available to common stockholders | $ | 21,750 | $ | (5,812 | ) | |||
Add (Deduct): | ||||||||
Net realized (gain)/loss | 2,428 | 12,987 | ||||||
Drop income | 355 | 79 | ||||||
Equity in (earnings)/loss from affiliates | (2,502 | ) | 70 | |||||
Net interest income and expenses from equity method investments | 2,062 | 823 | ||||||
Unrealized (gain)/loss on real estate securities and loans, net | (12,751 | ) | (8,841 | ) | ||||
Unrealized (gain)/loss on derivative and other instruments, net | 126 | 11,956 | ||||||
Core Earnings | $ | 11,468 | $ | 11,262 | ||||
Core Earnings, per Diluted Share | $ | 0.41 | $ | 0.40 | ||||
*For the three months ended March 31, 2017, we recognized $0.1 million or $0.00 per share of net income/(loss) attributed to our investment in AG Arc LLC. (14) |
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Footnotes
(1) Diluted per share figures are calculated using weighted average
outstanding shares in accordance with GAAP. Per share figures are
calculated using a denominator of all outstanding common shares
including all shares granted to our Manager and our independent
directors under our equity incentive plans as of quarter-end. Book value
uses stockholders’ equity less net proceeds of the Company’s 8.25%
Series A and 8.00% Series B Cumulative Redeemable Preferred Stock as the
numerator.
(2) Generally when we purchase a security and employ
leverage, the security is included in our assets and the leverage is
reflected in our liabilities on the balance sheet as either Repurchase
agreements or Securitized debt. Throughout this press release where we
disclose our investment portfolio and the related repurchase agreements
that finance it, we have presented this information inclusive of (i)
unconsolidated ownership interests in affiliates that are accounted for
under GAAP using the equity method and (ii) long positions in TBAs,
which are accounted for as derivatives under GAAP. This press release
excludes investments through
(3) Net interest margin is calculated by subtracting the
weighted average cost of funds from the weighted average yield for the
Company’s investment portfolio, which excludes cash held by the Company.
See footnotes (8) and (9) for further detail. Net interest margin also
excludes any net TBA position.
(4) The total investment portfolio
at period end is calculated by summing the fair market value of our
Agency RMBS, any net TBA position, Residential Investments, Commercial
Investments, and ABS Investments, including securities and mortgage
loans owned through investments in affiliates, exclusive of
(5) This
represents the weighted average monthly CPRs published during the
quarter, for our in-place portfolio during the same period. Any net TBA
position is excluded from the CPR calculation.
(6) “At Risk”
Leverage was calculated by dividing total financing including any long
positions in TBAs by our GAAP stockholders’ equity at quarter-end as of
(7) The economic return on equity for the quarter
represents the change in book value per share from
(8)
The yield on our investment portfolio represents an effective interest
rate, which utilizes all estimates of future cash flows and adjusts for
actual prepayment and cash flow activity as of quarter-end. This
calculation excludes cash held by the Company and excludes any net TBA
position. The calculation of weighted average yield is weighted based on
fair value.
(9) The cost of funds at quarter-end was calculated as
the sum of the weighted average funding costs on total financing
outstanding at quarter-end and the weighted average of the net pay rate
on our interest rate swaps, the net receive/pay rate on our Treasury
long and short positions, respectively, and the net receivable rate on
our IO index derivatives, if any. Both elements of the cost of funds at
quarter-end were weighted by the outstanding repurchase agreements and
securitized debt outstanding at quarter-end, excluding repurchase
agreements associated with U.S. Treasury positions. The cost of funds
excludes any net TBA position.
(10) The management fee percentage
at quarter-end was calculated by annualizing management fees recorded
during the quarter and dividing by quarter-end stockholders’ equity.
(11)
The other operating expenses percentage at quarter-end was calculated by
annualizing other operating expenses recorded during the quarter and
dividing by quarter-end stockholders’ equity.
(12) This estimate of
undistributed taxable income per common share represents the total
estimated undistributed taxable income as of quarter-end. Undistributed
taxable income is based on current estimates and projections. As a
result, the actual amount is not finalized until we file our annual tax
return, typically in September of the following year.
(13) Equity
residuals, excess MSRs and principal only securities with a zero coupon
rate are excluded from this calculation.
(14) The Company invests
in
(15)
The Company allocates its equity by investment using the fair market
value of its investment portfolio, less any associated leverage,
inclusive of any long TBA position (at cost). The Company allocates all
non-investment portfolio related items based on their respective
characteristics in order to sum to the Copmany's stockholders’ equity
per the consolidated balance sheets. The Company's equity allocation
method is a non-GAAP methodology and may not be comparable to
similarly-titled measures or concepts of other companies, who may use
different calculations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170503006837/en/
Source:
AG Mortgage Investment Trust, Inc.
Karen Werbel, 212-692-2110
Investor
Relations
ir@agmit.com