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who knows. Book value increased. This Q will also be a record. Should increase another equal amount and push the book value above $4.00
What the hell did they say on the phone????? I think MM's helping shorts get covered only thing possible... watching for the correction there is a huge gap to fill to $3.34 book value and this has been regularly trading much higher then that since the first original bid whack push down
Did people miss this in the ER?? $3.34 Book Value per share(1) as of September 30, 2020, compared to $2.75
Yes this huge news... Can't believe not Spiking up!!! Shorts holding it down as long as they can... I guess. going to be a correction
ER.. results $3.34 share book value
AG Mortgage Investment Trust, Inc. Reports Third Quarter 2020 Results
6:30 AM ET 11/6/20 | Dow Jones
Related Quotes
9:36 AM ET 11/6/20
Symbol Last % Chg
MITT
2.86 1.74%
Real time quote.
NEW YORK--(BUSINESS WIRE)--November 06, 2020--
AG Mortgage Investment Trust, Inc. ("MITT," "we," the "Company" or "our") (NYSE: MITT) today reported financial results for the quarter-ended September 30, 2020. AG Mortgage Investment Trust, Inc. is a hybrid mortgage REIT that opportunistically invests in and manages a diversified risk-adjusted portfolio of Agency RMBS and Credit Investments. Our Credit Investments include Residential Investments and Commercial Investments.
THIRD QUARTER 2020 FINANCIAL SNAPSHOT
-- $0.44 of Net Income per diluted common share(1)
-- Record high quarterly profitability at Arc Home driven by strong
origination volumes and gain on sale margins
-- $3.34 Book Value per share(1) as of September 30, 2020, compared to $2.75
as of June 30, 2020
-- Book Value per share(1) would be $0.31 and $0.17 lower after
deduction of the accumulated and unpaid preferred dividends
outstanding as of September 30, 2020 and June 30, 2020,
respectively
-- $1.1 billion Investment Portfolio and 0.9x Economic Leverage Ratio as of
September 30, 2020 as compared to $1.0 billion and 0.8x, respectively, as
of June 30, 2020(2)(3)(4)
-- $242.8 million of MTM recourse financing and $476.0 million of non-MTM
non-recourse financing as of September 30, 2020 as compared to $278.7
million of MTM recourse financing and $409.6 million of non-MTM
non-recourse financing as of June 30, 2020(a)
-- At September 30, 2020, had total liquidity of $82.4 million
inclusive of $44.6 million of cash and $37.8 million of
unencumbered agency fixed rate securities as compared to total
liquidity of $68.2 million as of June 30, 2020
-- Capital Activity
-- Exchanged 516,300 shares of common stock for 103,260 shares of
preferred stock in the public Exchange Offer
-- Utilized ATM program to issue approximately 0.4 million shares of
common stock for net proceeds of approximately $1.2 million
-- Issued 1.4 million shares of common stock to the Manager in
satisfaction of deferred base management fees of approximately
$4.3 million
-- Shares issued to the Manager were valued at $3.15 per share
based on estimated book value per share as of August 31,
2020
(a) As of September 30, 2020, total financing of $718.8 million includes financing arrangements of $349.5 million, a secured loan from the Manager of $10.3 million and securitized debt of $359.0 million. As of June 30, 2020, total financing of $688.3 million includes financing arrangements of $469.2 million, secured loans from the Manager of $20.1 million and securitized debt of $199.0 million.(3)
MANAGEMENT REMARKS
"We are pleased with our Company's progression during the third quarter as we continue to focus on creating earnings power while maintaining adequate liquidity and increasing book value for our shareholders," said Chief Executive Officer, David Roberts. "During the quarter, we increased our book value per share from $2.75 at June 30, 2020 to $3.34 at September 30, 2020. We generated $0.44 of net income per diluted common share driven by strong performance from Arc Home."
"During the quarter, we were active in the market acquiring Agency whole pools and residential loans as well as completing two securitizations, inclusive of our second rated Non-QM deal in 2020, further transitioning our financing to non-MTM non-recourse from MTM recourse and lowering our cost of funds. We also continued to maintain a low Economic Leverage Ratio of 0.9x, compared to 0.8x at the end of the second quarter," noted Chief Investment Officer, T.J. Durkin.
Mr. Durkin added, "Arc Home continued to experience strong performance during the quarter, with another new record quarter in Agency volumes and gross production margins, expanding on its trend from the second quarter. This resulted in Arc Home achieving record profitability of $29.5 million, up from $16.9 million in the second quarter. As noted in the prior quarter, Arc Home was also one of the first originators to re-enter the Non-QM business and we are seeing the pipeline for that product continue to grow at a healthy pace."
THIRD QUARTER 2020 ACTIVITY AND FINANCING UPDATE
-- Asset Activity
-- Alongside other Angelo Gordon funds, sold our Ginnie Mae Excess
MSR portfolio generating proceeds of approximately $8.5 million,
representing our 45% ownership in the portfolio
-- Opportunistically sold one commercial loan for proceeds of $2.7
million, releasing unfunded commitments of approximately $22.6
million
-- Executed the sale of certain CMBS for proceeds of $36.5 million
-- Acquired an RPL/NPL residential mortgage loan portfolio for $60.2
million, which was simultaneously incorporated into the RPL/NPL
securitization described below
-- Purchased $250.1 million of 30 Year Fixed Rate agency securities
-- Financing Activity
-- Participated in a rated Non-QM securitization alongside other
Angelo Gordon funds, which termed out repo financing into lower
cost, fixed rate, long-term financing related to Non-QM loans with
a fair value of $226.0 million
-- Maintained exposure to the securitization through an
interest in the subordinated tranches
-- Securitized RPL/NPL residential mortgage loans with a fair value
of $199.6 million, entering into new lower cost, fixed rate
long-term financing, returning $3.3 million of equity to MITT
-- Maintained exposure to the securitization through an
interest in the subordinated tranches
-- Resolved and settled all deficiency claims with lenders as of
August 10th
ARC HOME UPDATE
-- MITT, alongside other Angelo Gordon funds, owns Arc Home(6), a fully
licensed mortgage originator
-- Record profitability in the third quarter of $29.5 million, up from $16.9
million in second quarter
-- Resulted in income of $13.4 million for MITT
-- Continued to experience record Agency Mortgage Loan Lock and Funding
volumes in the third quarter of 2020
($ in millions) 2019 FY 2020 Q1 2020 Q2 2020 Q3
------- ------- ------- -------
Lock Dollars $2,213 $911 $1,399 $1,677
Funding Dollars 1,573 415 854 1,253
-- Gross production margins remained at historic highs during the quarter
contributing to strong operating performance
-- Began to experience some normalization of margins as the industry
continues to build capacity to meet demand
-- Re-entered the Non-QM market during the third quarter
-- Expect modest near-term production volumes of Non-QM loans
-- Securitization market for Non-QM loans has returned to pre-COVID
levels
-- Opportunistically sold its GNMA MSR portfolio
KEY STATISTICS
($ in millions, except per share data) September 30, 2020
------------------
Investment portfolio(2) (3) $1,121.3
Financing arrangements(3) 349.5
Total Economic Leverage(4) 347.7
Stockholders' equity 390.5
GAAP Leverage Ratio 1.8x
Economic Leverage Ratio(4) 0.9x
Book value, per share(1) $3.34
Duration gap(5) 1.39
INVESTMENT PORTFOLIO
The following summarizes the Company's investment portfolio as of September 30, 2020(2)(3) :
Percent of Allocated Percent of
($ in millions) Fair Value Fair Value Equity(7) Equity
----------- ------------ ---------- ------------
Agency RMBS(a) $254.0 22.7% $59.5 15.2%
Residential
Investments(a) 690.2 61.6% 236.9 60.7%
Commercial
Investments 177.1 15.7% 94.1 24.1%
----------- ------------ ---------- ------------
Total $1,121.3 100.0% $390.5 100.0%
(a) As of September 30, 2020, the table above includes fair value of
$0.4 million of Agency RMBS and $217.2 million of Residential
Investments that are included in the "Investments in debt and equity
of affiliates" line item on our consolidated balance sheet.
DIVIDEND
The Company announced today that its Board of Directors (the "Board") has approved, and the Company has declared and set apart for payment on December 17, 2020, the next regular payment date, all accrued and unpaid cash dividends on its 8.25% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock"), 8.00% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock"), and 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") that were in arrears as well as the full dividends payable on the preferred stock for the fourth quarter of 2020.
In accordance with the terms of its Series A Preferred Stock, the Board approved and the Company declared a cash dividend of $1.54689 per share on its Series A Preferred Stock.
In accordance with the terms of its Series B Preferred Stock, the Board approved and the Company declared a cash dividend of $1.50 per share on its Series B Preferred Stock.
(MORE TO FOLLOW) Dow Jones Newswires
November 06, 2020 06:30 ET (11:30 GMT)
wow it was yay better than I thought.
Shorts will be covering now... Sweet...
Just starting to get a spread finally on Bid vs Ask... first time seen in awhile where not just one cent apart.
I'm looking forward to seeing if they can right this ship
I believe they did. I of course didnt listen to it though.
Curious, did they do the conference call last ER? Would think schedule call would be to get something good out? Executives only like to put themselves out there when they have something good or easy to deliver my experience. Don't see them setting up a conference call to want to hang themselves on the call.
Interesting, they are releasing prior to market opening. Normally they release after market.
Get the earnings out already... looks like a lot of share accumulation over last couple days... good sign.
Took less than 15 minutes. Not bad.
Yes, get out and vote... this election is very important
Definitely its going to be a blow out earnings release fingers crossed. That should hopefully change things. I wanted to buy 50k shares but sadly my bets for the year are so so but ohh well. I am going to go vote now in person. Not going to find my ballot (if i mailed it in) found in the trash. GLTA of us here.
Must be some positive sentiment about these earnings as going up nicely last two days...
Any dividend amount will be good for me but I dont mind waiting another Q for the announcement of the return of dividends. I would love to see the shorts get flushed. There is still a few million shares short.
The way I view it what is the downside risk? $2.00 a share which is what cash value. And the upside is $5.00 to $8.00. Its a good risk to reward. I say let the shorts short some more down to $2.50s they are doing such a good job but they have been slowly covering which means the bottom is in. I am hoping the can do a 4 cent to 10 cent earnings this last Q and another 4 to 10 cent earnings this Q and push that cash up another $40 to $60 million on-hand and push the stock price up to around $3.00. Then repay the preferred dividends in the spring since there is only the A and B left now.
Was supposed to be yesterday now updated to today.. I think it should be anytime.. can't imagine can use covid-19 excuse anymore as alot accountants back working.
Tomorrow is the earnings release?
If they do announce returning to dividends it will straight flush the shorts from here as brokers do not like to deal in dividend payers.
I don't think they will pay the dividend for a while now... but I do certainly think they can recover that share price a lot from where the shorts hammered the hell out of this last March.
I loaded up here some shares about 6000 for a chance at the return of a dividend play. The increase shows good things are coming here. In at an average of $2.69. Hoping for the return of a 15 to 20 cent dividend per Q on positive earnings. Mortgage REITs are making record profits right now in the mortgage industry. Also if this breaks the 2.80s this should go to $3.50 and if it breaks that then we have a chance at $6.00s. A positive earnings may change this company. Or maybe I am just a stupid azz but its worth the risk to reward at this point.
Wow, someone ready to try to sell some shares right now... Drop this ER today on Time... After Hours Trading here too.!!!
Hope that 78k shares on the Ask at 2.7 is shorts covering... wow.
Let's get a BARN BUNNER of an ER- TODAY!!!!
$mitt $2.65 ^ 0.01 (0.38%)
Volume: 399,762 @10/30/20 7:00:00 PM EDT
Time to SPIKE... Earnings just need to be a little better than expected.
RSI so OVERSOLD... Time for a POP!!!
Sweet Stock always tanks when DOW tanks but never rises back up when DOWN Goes Up.. Short dream for now I guess... Im holding this long as when it does recover and starts paying dividends will be back up way past $10 again.
Dow Recovered Time this Starts Already!!! Jeez'
This earnings will show something that supports a higher share price than this I believe... stupid low thanks to gigantic short attack.
I think something soon will trigger these shorts to start covering.. election coming up and if a certain individual wins will be great for the economy... this could soar back towards above $10 dollars a share iine a single day.
Let's Launch this ROCKET!!!! retake it back above $10
$mitt $2.78 v -0.03 (-1.07%)
Volume: 297,361 @10/12/20 7:00:00 PM EDT
Wow. Finally green. Hope this go up more before the day end
Not sure why having such a hard time with this level....
This needs to quit dropping every time the dow drops and not go up when it goes up... should have recovered a little better by now.
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