AG Mortgage Investment Trust, Inc. Reports Second Quarter 2017 Results
SECOND QUARTER 2017 FINANCIAL HIGHLIGHTS
$1.07 of Net Income/(Loss) per diluted common share(1)$0.47 of Core Earnings per diluted common share(1)- Includes
($0.01) retrospective adjustment - Includes
$0.03 of dollar roll income associated with our net TBA position - Increase in core earnings from the prior quarter due to the redeployment of excess liquidity into Agency RMBS
- Includes
- 5.9% economic return on equity for the quarter, 23.6% annualized(4)
$18.77 book value per share(1) as ofJune 30, 2017 , inclusive of our current quarter common dividend- Book value increased
$0.60 or 3.3% from last quarter, inclusive of:$0.85 or 4.7% due to our Credit Investments- Strong demand and stable fundamentals in the mortgage and asset-backed markets continue to drive credit spreads to tighter levels
$(0.26) or (1.4)% due to our investments in Agency RMBS and associated derivative hedges- Spreads on shorter duration hybrid ARMs and post-reset interest-only securities widened in response to further flattening of the yield curve
- Book value increased
Q1 2017 | Q2 2017 | |||||||||
Summary of Operating Results: | ||||||||||
GAAP Net Income/(Loss) Available to Common Stockholders | $ | 21.8mm | $ | 29.8mm | ||||||
GAAP Net Income/(Loss) Available to Common Stockholders, per |
$ | 0.78 | $ | 1.07 | ||||||
Non-GAAP-Results: | ||||||||||
Core Earnings | $ | 11.5mm | $ | 12.9mm | ||||||
Core Earnings, per diluted common share (1) | $ | 0.41 | $ | 0.47 |
* For a reconciliation of GAAP Net Income/(Loss) to Core Earnings, refer to the Reconciliation of Core Earnings at the end of this press release. |
INVESTMENT HIGHLIGHTS
$3.4 billion investment portfolio as ofJune 30, 2017 as compared to the$2.6 billion investment portfolio as ofMarch 31, 2017 (2)(3)- Net purchased
$744.9 million of Agency and TBA securities, inclusive of unsettled trades
- Net purchased
- 2.48% Net Interest Margin as of
June 30, 2017 (7)- Decrease in yield primarily related to the addition of Agency securities
- Increase in cost of funds primarily due to an increase of 25 bps in the federal-funds rate in June
- 4.2x “At Risk” Leverage as of
June 30, 2017 (3)(6)- Increase in leverage due to rotation into Agency and TBA securities
- 8.7% constant prepayment rate (“CPR”) on the Agency RMBS investment portfolio for the second quarter, excluding net TBA position(5)
SECOND QUARTER ACTIVITY
($ in millions) | ||||||||||
Description | Net Purchased / (Sold/Payoff) | Net Repo (Added) / Removed* | Net Equity Invested / (Returned) | |||||||
30-Year Fixed Rate | $ 238.3 | $ (214.5) | $ 23.8 | |||||||
Interest Only and Excess MSRs | 15.3 | (7.9) | 7.4 | |||||||
Total Agency RMBS | 253.6 | (222.4) | 31.2 | |||||||
Prime | 8.0 | (5.5) | 2.5 | |||||||
Alt-A | 0.7 | (0.5) | 0.2 | |||||||
Subprime | (32.5) | 27.3 | (5.2) | |||||||
Credit Risk Transfer | 75.8 | (57.5) | 18.3 | |||||||
RPL/NPL | 70.7 | (60.5) | 10.2 | |||||||
Residential Whole Loans | (9.4) | 4.7 | (4.7) | |||||||
Total Residential Investments | 113.3 | (92.0) | 21.3 | |||||||
CMBS | 24.9 | (12.9) | 12.0 | |||||||
Freddie Mac K-Series CMBS | 6.0 | - | 6.0 | |||||||
CMBS Interest Only | 3.4 | - | 3.4 | |||||||
Total Commercial Investments | 34.3 | (12.9) | 21.4 | |||||||
Total ABS | 27.2 | (4.2) | 23.0 | |||||||
Total Q2 Activity Prior to TBA | 428.4 | (331.5) | 96.9 | |||||||
Fixed Rate 30 Year TBA | 241.0 | N/A | 7.2** | |||||||
Total Q2 Activity including TBA | $ 669.4 | N/A | $ 104.1 | |||||||
*Timing and size of repo added may differ from that of repo removed. | ||||||||||
**Net equity on TBA represents initial margin on TBA purchases. | ||||||||||
- At quarter end, there were
$250.2 mm of unsettled Agency purchases which settled in July with$237.7 mm of repo financing. - Deployed net equity of
$104.1 mm during the quarter- Increased our sector allocation to Agency RMBS on a hedged basis during the quarter
- Increased our sector allocation to CRT as spreads lagged the broader rally that the legacy non-agency sector experienced
- Participated, along with other Angelo, Gordon funds, in purchasing two single borrower subordinate securities backed by hotels
- Participated, along with other Angelo, Gordon funds, in a credit card ABS bridge securitization
- MITT, along with other Angelo, Gordon funds, participated in a term securitization in April which refinanced previously securitized non-performing mortgage loans into a new lower cost, fixed rate long-term financing
- The Company maintained exposure to the securitization through an interest in the subordinated tranches as well as through its ownership of the vertical risk retention portion of the securitization
- On
May 5, 2017 , the Company announced an “At the Market” Offering Program of Common Stock to sell up to$100 million of its outstanding common stock- In Q2, MITT issued 99,932 of its common stock for net proceeds of
$1.8 mm
- In Q2, MITT issued 99,932 of its common stock for net proceeds of
MANAGEMENT REMARKS
“We are pleased with MITT’s performance during the second quarter,” said Chief Executive Officer and Chief Investment Officer,
“The second quarter theme for mortgage and asset-backed markets was mostly unchanged from the start of the year, as credit spreads continued to rally due to strong demand and stable fundamentals,” said Co-Portfolio Manager, TJ Durkin. “Agency MBS spreads were relatively stable during the second quarter despite increased discussion of the Federal Reserve slowing the pace of its balance sheet reinvestment program. The growing likelihood of this event commencing later this year resulted in Agency MBS underperforming most other structured products. However, the favorable backdrop of a range bound interest rate environment and falling implied interest rate volatility supported the team’s deployment of capital into the sector at attractive returns.”
KEY STATISTICS |
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($ in millions) |
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June 30, 2017 | |||
Investment portfolio(2)(3) | $ 3,433.8 |
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Repurchase agreements(3) | 2,265.2 |
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Total Financing(6) | 2,844.8 |
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|
Stockholders' equity | 683.1 |
|
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GAAP Leverage | 3.7x |
|
|
"At Risk" Leverage(6) | 4.2x |
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Yield on investment portfolio(8) | 4.75% |
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Cost of funds(9) | 2.27% |
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Net interest margin(7) | 2.48% |
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Management fees(10) |
1.43% |
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Other operating expenses(11) |
1.67% |
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Book value, per share(1) | $ 18.77 | ||
Undistributed taxable income, per common share(1)(12) | 1.74 | ||
Dividend, per share(1) | 0.475 | ||
INVESTMENT PORTFOLIO
The following summarizes the Company’s investment portfolio as of
($ in millions) |
|||||||||||||||||||||||||
Amortized |
Fair Value |
Allocated |
WA Yield(8) |
Funding |
Net |
Leverage |
|||||||||||||||||||
Agency RMBS: | $ 1,906.2 | $ 1,913.9 | $ 221.6 | 3.2% | 1.3% | 1.9% | 7.9x | ||||||||||||||||||
Residential Investments | 1,090.2 | 1,139.7 | 272.0 | 5.8% | 2.6% | 3.2% | 3.3x | ||||||||||||||||||
Commercial Investments | 328.3 | 332.3 | 161.0 | 8.0% | 2.7% | 5.3% | 1.1x | ||||||||||||||||||
ABS | 47.6 | 47.9 | 28.5 | 8.8% | 3.1% | 5.7% | 0.7x | ||||||||||||||||||
Total | $ 3,372.3 | $ 3,433.8 | $ 683.1 | 4.8% | 2.3% | 2.5% | 4.2x | ||||||||||||||||||
*Total funding cost and NIM includes cost of interest rate hedges. Total leverage ratio includes any |
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 26 counterparties as of
($ in millions) | |||||||||||
Agency | Credit | ||||||||||
Maturing Within:* |
Amount |
WA Funding Cost |
Amount |
WA Funding Cost | |||||||
Overnight | $ 79.4 | 1.4% | $ - | - | |||||||
30 Days or Less | 344.3 | 1.3% | 928.3 | 2.5% | |||||||
31-60 Days | 398.1 | 1.2% | 55.6 | 2.6% | |||||||
61-90 Days | 194.8 | 1.3% | 36.0 | 2.8% | |||||||
91-180 Days | 70.7 | 1.2% | 15.3 | 3.9% | |||||||
Greater than 180 Days | 100.0 | 1.4% | 42.7 | 3.5% | |||||||
Total / Weighted Average** | $ 1,187.3 | 1.3% | $ 1,077.9 | 2.6% |
*Numbers in table above do not include securitized debt of $18.8 million. |
**Our weighted average days to maturity is 48 days and our weighted average original days to maturity is 127 days. |
The Company’s hedge portfolio as of
($ in millions) | |||||||
Notional | Duration | ||||||
Interest Rate Swaps | $1,494.0 | (1.81) | |||||
Treasury Futures, net | 70.0 | (0.16) | |||||
Total | $1,564.0 | (1.97) | |||||
The Company’s interest rate swaps as of
($ in millions) | ||||||||||||||||
Maturity | Notional Amount |
Weighted Average |
Weighted Average |
Weighted |
||||||||||||
2017 | $ 36.0 | 0.88% | 1.17% | 0.34 | ||||||||||||
2019 | 170.0 | 1.36% | 1.19% | 2.38 | ||||||||||||
2020 | 570.0 | 1.63% | 1.22% | 2.86 | ||||||||||||
2022 | 363.0 | 1.80% | 1.25% | 5.00 | ||||||||||||
2024 | 150.0 | 2.04% | 1.23% | 6.89 | ||||||||||||
2026 | 75.0 | 2.12% | 1.19% | 9.39 | ||||||||||||
2027 | 130.0 | 2.30% | 1.20% | 9.80 | ||||||||||||
Total/Wtd Avg | $ 1,494.0 | 1.75% | 1.22% | 4.60 |
* 100% of our receive variable interest rate swap notional 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
STOCKHOLDER CALL
The Company invites stockholders, prospective stockholders and analysts to participate in MITT’s second 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 Q2 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 our assets. 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) | |||||||||
June 30, 2017 | December 31, 2016 | ||||||||
Assets | |||||||||
Real estate securities, at fair value: | |||||||||
Agency - $1,266,254,543 and $972,232,174 pledged as collateral, respectively | $ | 1,601,265,257 | $ | 1,057,663,726 | |||||
Non-Agency - $1,078,998,578 and $990,985,143 pledged as collateral, respectively | 1,106,818,817 | 1,043,017,308 | |||||||
ABS - $26,777,004 and $21,231,956 pledged as collateral, respectively | 47,917,356 | 21,231,956 | |||||||
CMBS - $203,968,254 and $201,464,058 pledged as collateral, respectively | 212,183,426 | 211,652,660 | |||||||
Residential mortgage loans, at fair value - $20,943,195 and $31,031,107 pledged as collateral, respectively | 23,455,233 | 38,195,576 | |||||||
Commercial loans, at fair value - $32,800,000 pledged as collateral | 57,294,106 | 60,068,800 | |||||||
Investments in debt and equity of affiliates | 84,711,002 | 72,215,919 | |||||||
Excess mortgage servicing rights, at fair value | 2,786,501 | 412,648 | |||||||
Cash and cash equivalents | 29,150,477 | 52,469,891 | |||||||
Restricted cash | 48,109,840 | 26,583,527 | |||||||
Interest receivable | 10,164,621 | 8,570,383 | |||||||
Receivable on unsettled trades - $0 and $3,057,814 pledged as collateral, respectively | - | 3,633,161 | |||||||
Receivable under reverse repurchase agreements | - | 22,680,000 | |||||||
Derivative assets, at fair value | 3,129,277 | 3,703,366 | |||||||
Other assets | 3,295,079 | 5,600,341 | |||||||
Due from broker | 4,233,927 | 945,304 | |||||||
Total Assets | $ | 3,234,514,919 | $ | 2,628,644,566 | |||||
Liabilities | |||||||||
Repurchase agreements | $ | 2,256,742,388 | $ | 1,900,509,806 | |||||
Securitized debt, at fair value | 18,778,169 | 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 | 250,732,846 | - | |||||||
Interest payable | 3,585,468 | 2,570,854 | |||||||
Derivative liabilities, at fair value | 1,769,032 | 2,907,255 | |||||||
Dividend payable | 13,205,483 | 13,157,573 | |||||||
Due to affiliates | 4,300,944 | 3,967,622 | |||||||
Accrued expenses | 1,007,454 | 1,068,779 | |||||||
Taxes payable | 801,883 | 1,717,883 | |||||||
Due to broker | 459,557 | 1,211,694 | |||||||
Total Liabilities | 2,551,383,224 | 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 |
49,920,772 | 49,920,772 | |||||||
8.00% Series B Cumulative Redeemable Preferred Stock, 4,600,000 shares issued and outstanding |
111,293,233 | 111,293,233 | |||||||
Common stock, par value $0.01 per share; 450,000,000 shares of common stock authorized and |
278,053 | 277,002 | |||||||
Additional paid-in capital | 578,340,378 | 576,276,322 | |||||||
Retained earnings/(deficit) | (56,700,741 | ) | (81,890,939 | ) | |||||
Total Stockholders' Equity | 683,131,695 | 655,876,390 | |||||||
Total Liabilities & Stockholders' Equity | $ | 3,234,514,919 | $ | 2,628,644,566 | |||||
AG Mortgage Investment Trust, Inc. and Subsidiaries |
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Consolidated Statements of Operations |
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(Unaudited) |
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Three Months Ended | Three Months Ended | ||||||||
June 30, 2017 | June 30, 2016 | ||||||||
Net Interest Income | |||||||||
Interest income | $ | 31,220,535 | $ | 30,200,296 | |||||
Interest expense | 10,201,393 | 8,396,997 | |||||||
21,019,142 | 21,803,299 | ||||||||
Other Income | |||||||||
Net realized gain/(loss) | (10,121,477 | ) | (5,317,085 | ) | |||||
Realized loss on periodic interest settlements of derivative instruments, net | (1,857,542 | ) | (1,607,539 | ) | |||||
Unrealized gain/(loss) on real estate securities and loans, net | 25,546,552 | 10,958,117 | |||||||
Unrealized gain/(loss) on derivative and other instruments, net | 1,927,169 | 202,572 | |||||||
Other income | 3,845 | 1,995 | |||||||
15,498,547 | 4,238,060 | ||||||||
Expenses | |||||||||
Management fee to affiliate | 2,443,780 | 2,420,782 | |||||||
Other operating expenses | 2,851,353 | 2,664,252 | |||||||
Servicing fees | 86,001 | 106,974 | |||||||
Equity based compensation to affiliate | 87,540 | 87,183 | |||||||
Excise tax | 375,000 | 375,000 | |||||||
5,843,674 | 5,654,191 | ||||||||
Income/(loss) before equity in earnings/(loss) from affiliates | 30,674,015 | 20,387,168 | |||||||
Equity in earnings/(loss) from affiliates | 2,497,116 | 689,973 | |||||||
Net Income/(Loss) | 33,171,131 | 21,077,141 | |||||||
Dividends on preferred stock | 3,367,354 | 3,367,354 | |||||||
Net Income/(Loss) Available to Common Stockholders | $ | 29,803,777 | $ | 17,709,787 | |||||
Earnings/(Loss) Per Share of Common Stock | |||||||||
Basic | $ | 1.08 | $ | 0.63 | |||||
Diluted | $ | 1.07 | $ | 0.63 | |||||
Weighted Average Number of Shares of Common Stock Outstanding | |||||||||
Basic | 27,724,183 | 28,038,953 | |||||||
Diluted | 27,731,325 | 28,054,454 | |||||||
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 available to common stockholders 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 | ||||||||
June 30, 2017 | June 30, 2016 | ||||||||
Net Income/(loss) available to common stockholders | $ | 29,804 | $ | 17,710 | |||||
Add (Deduct): | |||||||||
Net realized (gain)/loss | 10,121 | 5,317 | |||||||
Drop income | 746 | 8 | |||||||
Equity in (earnings)/loss from affiliates | (2,497 | ) | (690 | ) | |||||
Net interest income and expenses from equity method investments* |
2,201 | 742 | |||||||
Unrealized (gain)/loss on real estate securities and loans, net | (25,547 | ) | (10,958 | ) | |||||
Unrealized (gain)/loss on derivative and other instruments, net | (1,927 | ) | (203 | ) | |||||
Core Earnings | $ | 12,901 | $ | 11,926 | |||||
Core Earnings, per Diluted Share | $ | 0.47 | $ | 0.43 |
* |
For the three months ended June 30, 2017, we recognized $0.2 million or $0.01 per share of net income/(loss) attributed to our investment in AG Arc. For the three months ended June 30, 2016, we recognized $(0.3) million or $(0.01) per share of net income/(loss) attributed to our investment in AG Arc.(14) |
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) The investment portfolio at period end is calculated by summing the fair market value of our Agency RMBS, any long positions in TBAs, Residential Investments, Commercial Investments, and ABS, including securities and mortgage loans owned through investments in affiliates, exclusive of
(3) 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
(4) The economic return on equity for the quarter represents the change in book value per share from
(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 net TBA position by our GAAP stockholders’ equity at quarter-end as of
(7) 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.
(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 Company’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/20170808006499/en/
Source:
AG Mortgage Investment Trust, Inc.
Investor Relations
Karen Werbel, (212) 692-2110
ir@agmit.com