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Jun 30, 2022
MITT Q2 2022 Earnings Report
Reported financial results for the quarter ended June 30, 2022.
Key Takeaways
AG Mortgage Investment Trust reported a challenging quarter with a decrease in book value driven by mark to market unrealized losses on warehoused loan portfolio. However, the company completed two securitizations and focused on reducing warehouse exposure. They are positioned to take advantage of improved investment opportunities and remain active in the securitization market.
Book Value per share was $11.48 as of June 30, 2022, compared to $13.68 as of March 31, 2022.
Adjusted Book Value per share was $11.15 as of June 30, 2022, compared to $13.37 as of March 31, 2022, a decrease of 16.6%.
Net Loss was $(2.27) and Core Earnings were $0.08 per diluted common share.
A dividend of $0.21 per common share was declared.
Forward Guidance
The company did not provide a specific financial outlook for future periods. However, they expressed optimism about improved investment opportunities and their ability to deliver long-term returns.
Positive Outlook
- Improved investment opportunities due to challenging market environment.
- Ability to grow portfolio into higher yielding assets through Arc Home and other origination partners.
- Active participation in the securitization market.
- Focus on transitioning collateral into securitizations for attractive equity returns.
- New $15.0 million common stock repurchase program approved.
Challenges Ahead
- Negative impact to book value due to mark to market unrealized losses.
- Historically wide spreads affecting warehoused loan portfolio.
- Net loss of $(2.27) per diluted common share.
- Arc Home generated an after-tax net loss of $(2.8) million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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