The following is a summary of the AG Mortgage Investment Trust, Inc. (MITT) Q2 2024 Earnings Call Transcript:

Financial Performance:

• AG Mortgage Investment Trust reported an adjusted book value per share of $10.37, nearly holding stable.

• Net interest income for the quarter was $17.4 million.

• The company declared a dividend increase of 5.6% to $0.19 per share.

• Reported a modest economic return on equity for the quarter, with break-even levels.

• Recorded a GAAP net loss of approximately $700,000, or $0.02 per share.

Business Progress:

• Successfully managed the impending maturity of a $86 million convertible note with a new issuance of $65 million in senior unsecured notes.

• Active in the securitization market, completing two transactions and planning similar activity for the future.

• Reported increased investment and securitization activities for the quarter.

• Executed a strategic sale of the MSR portfolio through Arc Home, generating liquidity for future growth.

Opportunities:

• Increased activity in residential mortgage loan origination and securitization markets, despite high interest rate volatility.

• Entry into the Russell 2000, which should improve investor base and liquidity.

• The recent MSR portfolio sale provides liquidity and capital for new investment opportunities in the residential mortgage market.

Risks:

• Potential for lower earnings available for distribution in Q3, due to management of liquidity post-securitization activities.

More details: AG Mortgage Investment Trust IR

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