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AG Mortgage Investment Trust, Inc. (symbol: MITT) is a publicly traded real estate investment trust (REIT) that specializes in investing in a diversified portfolio of residential mortgage-related assets in the U.S. mortgage market. The company's primary objective is to deliver attractive risk-adjusted returns to its stockholders over the long term via dividends and capital appreciation. MITT is notably involved in acquiring and managing residential mortgage-backed securities (RMBS) that are issued or guaranteed by government-sponsored enterprises.
AG Mortgage Investment Trust, Inc. has built a robust portfolio that benefits from the stability and predictability of the residential mortgage market. Its investments include a range of mortgage-backed securities that provide a balance between risk and return. By focusing on high-quality, government-backed securities, MITT ensures a level of security and reliability in its earnings, which is further enhanced by strategic asset diversification.
In recent years, the company has made significant strides in expanding its asset base and optimizing its investment strategies to adapt to market fluctuations. It maintains a disciplined investment approach to manage interest rate risk and credit risk effectively. This strategy has allowed MITT to sustain a steady flow of income and dividends to its shareholders, even amidst market volatility.
Moreover, AG Mortgage Investment Trust, Inc. collaborates with various financial institutions and partners to enhance its investment capabilities and market reach. These partnerships enable MITT to source high-quality assets and leverage expertise in mortgage investment management, thus creating value for its stockholders.
The company's financial strength is underscored by its solid balance sheet, prudent financial management, and commitment to transparency and corporate governance. AG Mortgage Investment Trust, Inc. remains dedicated to maximizing shareholder value by continuously seeking opportunities to refine its investment portfolio and improve operational efficiency.
AG Mortgage Investment Trust (NYSE: MITT) reported its Q2 2024 financial results. Key highlights include:
- Book Value per share: $10.63 as of June 30, 2024 (down from $10.84 on March 31, 2024)
- Adjusted Book Value per share: $10.37 as of June 30, 2024 (down 2.0% from March 31, 2024)
- Quarterly economic return on equity: -0.2%
- Net Loss per diluted common share: $0.02
- Earnings Available for Distribution (EAD) per diluted share: $0.21
- Dividend per common share: $0.19 (5.6% increase from Q1)
The company's investment portfolio stood at $6.9 billion as of June 30, 2024. MITT issued $65 million in senior notes and entered the Russell 3000® Index. The company maintains a positive outlook on its portfolio performance and ability to create long-term shareholder value.
AG Mortgage Investment Trust, Inc. (NYSE: MITT) has announced its schedule for the release of second quarter 2024 financial results. The company will release its Q2 2024 earnings report before the market opens on Friday, August 2, 2024. Following the release, MITT will host a conference call at 8:30 a.m. Eastern Time on the same day to discuss the results.
Investors can participate in the call by dialing (800) 445-7795 for domestic callers or (203) 518-9848 for international callers. The Conference ID is MITTQ224. A live webcast of the call will also be available on the company's website. For those unable to attend the live call, an audio replay will be accessible from August 2, 2024, through September 2, 2024.
AG Mortgage Investment Trust (NYSE: MITT) has announced a 5.6% increase in its quarterly common dividend, raising it to $0.19 per share for Q2 2024. This dividend, payable on July 31, 2024, will be given to shareholders of record as of June 28, 2024. CEO TJ Durkin states that the increase aligns with their long-term earnings growth and reflects the strength of their investment portfolio along with the additional scale from a recent merger. The company remains focused on optimizing its capital structure to drive long-term shareholder value.
AG Mortgage Investment Trust (NYSE: MITT) announced its inclusion in the Russell 3000® Index, effective July 1, 2024. The preliminary list was released by FTSE Russell on May 24, 2024. CEO TJ Durkin highlighted that this milestone reflects MITT's growth efforts and promises increased visibility. Membership in the Russell 3000® Index ensures automatic inclusion in either the Russell 1000® or Russell 2000® Index, impacting asset management strategies that benchmark approximately $10.5 trillion. The inclusion is expected to provide broader exposure and attract more investors to MITT.
AG Mortgage Investment Trust (MITT) has closed a public offering of $65 million in senior notes, due 2029, with an interest rate of 9.500%. The notes are expected to start trading on the NYSE under the symbol 'MITP' on May 20, 2024. This follows a $34.5 million bond offering in January, addressing the maturity of legacy WMC convertible notes due in September. CEO TJ Durkin emphasized the company's focus on proving the sustainability of their portfolio's earnings while optimizing capital structure. The offering was managed by several major financial firms and executed under an effective shelf registration statement with the SEC.
AG Mortgage Investment Trust, Inc. announced the pricing of a $65 million public offering of 9.500% senior notes due 2029. The Notes have received an investment grade rating of BBB- from Egan-Jones Ratings Company. The Company plans to use the net proceeds for general corporate purposes, including acquisition of Residential Investments and Agency RMBS.
AG Mortgage Investment Trust, Inc. reported its financial results for the first quarter of 2024, showing positive growth in book value, adjusted book value, and economic return on equity. The company highlighted the benefits of the acquisition of WMC and its focus on residential mortgage REIT. MITT also shared investment, financing, and capital market highlights, including strategic sales, financing details, and liquidity. The company announced dividends for preferred stock and common stockholders. Management expressed confidence in delivering strong earnings and enhancing scale and efficiencies.
AG Mortgage Investment Trust, Inc. (NYSE: MITT) schedules the release of its first quarter 2024 financial results on May 3, 2024, followed by a conference call to discuss the results. Investors can participate in the call by dialing the provided numbers or accessing the live webcast. An audio replay will also be available for those unable to listen to the call.
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