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)
$3.34
Duration gap(5)
1.39
INVESTMENT PORTFOLIO
The following summarizes the Company’s investment portfolio as
of September 30, 2020(2)(3):
($ in millions)
Fair Value
Percent of Fair Value
Allocated Equity(7)
Percent of 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.
In accordance with the terms of its Series C Preferred Stock,
the Board approved and the Company declared a cash dividend of
$1.50 per share on its Series C Preferred Stock.
Dividends for the Series A Preferred Stock, the Series B
Preferred Stock, and the Series C Preferred Stock are payable on
December 17, 2020 to preferred shareholders of record on November
30, 2020.
As of September 30, 2020, the Company's book value does not
include any accrual of accumulated, unpaid, or undeclared dividends
on its Cumulative Redeemable Preferred Stock. As such, the
Company's book value as of September 30, 2020 will decrease by the
amount of the dividends declared during the fourth quarter. The
Company's book value per share as of September 30, 2020 would be
$0.31 lower after deducting the accumulated and unpaid preferred
dividends outstanding as of September 30, 2020.
STOCKHOLDER CALL
The Company invites stockholders, prospective stockholders and
analysts to participate in MITT’s third quarter earnings conference
call on November 6, 2020 at 8:30 am Eastern Time. The stockholder
call can be accessed by dialing (888) 424-8151 (U.S. domestic) or
(847) 585-4422 (international). Please enter code number
9327650.
A presentation will accompany the conference call and will be
available on the Company’s website at www.agmit.com. Select the Q3
2020 Earnings Presentation link to download the presentation in
advance of the stockholder call.
For those unable to listen to the live call, an audio replay
will be available promptly following the conclusion of the call on
November 6, 2020, through December 6, 2020. To access the replay,
please go to
https://onlinexperiences.com/Launch/QReg/ShowUUID=518CCB8D-400C-4FC5-AF9B-FF42E683B028&LangLocaleID=1033.
The replay passcode is 50008110.
For further information or questions, please e-mail
ir@agmit.com.
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
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. Its
Credit Investments include Residential Investments and Commercial
Investments. AG Mortgage Investment Trust, Inc. is externally
managed and advised by AG REIT Management, LLC, a subsidiary of
Angelo, Gordon & Co., L.P., an SEC-registered investment
adviser that specializes in alternative investment activities.
Additional information can be found on the Company’s website at
www.agmit.com.
ABOUT ANGELO GORDON
Angelo, Gordon & Co., L.P. is a privately held limited
partnership founded in November 1988. The firm manages
approximately $41 billion as of September 30, 2020 with a primary
focus on credit and real estate strategies. Angelo Gordon has over
550 employees, including more than 200 investment professionals,
and is headquartered in New York, with offices in the U.S., Europe
and Asia. For more information, visit www.angelogordon.com.
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, book value, our investments, our business and investment
strategy, investment returns, return on equity, liquidity,
financing, taxes, our assets, our interest rate sensitivity, and
our views on certain macroeconomic trends and conditions, among
others. 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, the uncertainty and economic impact of the
COVID-19 pandemic and of responsive measures implemented by various
governmental authorities, businesses and other third parties;
changes in our business and investment strategy; our ability to
predict and control costs; changes in interest rates and the fair
value of our assets, including negative changes resulting in margin
calls relating to the financing of our assets; changes in the yield
curve; changes in prepayment rates on the loans we own or that
underlie our investment securities; increased rates of default or
delinquencies and/or decreased recovery rates on our assets; our
ability to obtain and maintain financing arrangements on terms
favorable to us or at all, particularly in light of the current
disruption in the financial markets; changes in general economic
conditions, in our industry and in the finance and real estate
markets, including the impact on the value of our assets;
conditions in the market for Agency RMBS, Residential Investments
and Commercial Investments; legislative and regulatory actions by
the U.S. Department of the Treasury, the Federal Reserve and other
agencies and instrumentalities in response to the economic effects
of the COVID-19 pandemic; how COVID-19 may affect us, our
operations and personnel; the forbearance program included in the
Coronavirus Aid, Relief, and Economic Security Act (the "CARES
Act"); our ability to reinstate quarterly dividends on our common
stock and to make distributions to our stockholders in the future;
our ability to maintain our qualification as a REIT for federal tax
purposes; and our ability to qualify for an exemption from
registration under the Investment Company Act of 1940, as amended.
Additional information concerning these and other risk factors are
contained in the Company's filings with the Securities and Exchange
Commission ("SEC"), including its most recent Annual Report on Form
10-K and subsequent filings, including its quarterly report on Form
10-Q for the three months ended September 30, 2020 and its Current
Reports on Form 8-K. Copies are available free of charge on the
SEC's website, http://www.sec.gov/. All information in this press
release is as of November 6, 2020. The Company undertakes no duty
to update any forward-looking statements to reflect any change in
its expectations or any change in events, conditions or
circumstances on which any such statement is based.
NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with GAAP,
this press release includes certain non-GAAP financial results and
financial metrics derived therefrom, including investment
portfolio, financing arrangements, and economic leverage ratio,
which are calculated by including or excluding depreciation and
amortization, unconsolidated investments in affiliates, TBAs, and
U.S. Treasuries, or, with respect to our equity allocation
calculation, by allocating all non-investment portfolio related
assets and liabilities to our investment portfolio categories based
on the characteristics of such assets and liabilities, as described
in the footnotes to this press release. Our management team
believes that this non-GAAP financial information, when considered
with our GAAP financials, provides supplemental information useful
for investors as it enables them to evaluate our current core
performance using the same metrics that management uses to operate
the business. Our presentation of non-GAAP financial information
may not be comparable to similarly-titled measures of other
companies, who may use different calculations. This non-GAAP
financial information should not be considered a substitute for, or
superior to, the financial measures calculated in accordance with
GAAP. Our GAAP financial results and the reconciliations from these
results should be carefully evaluated.
AG Mortgage Investment Trust,
Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except per
share data)
September 30, 2020
December 31, 2019
Assets
Real estate securities, at fair value:
Agency - $107,252 and $2,234,921 pledged
as collateral, respectively
$
250,123
$
2,315,439
Non-Agency - $26,711 and $682,828 pledged
as collateral, respectively
43,271
717,470
CMBS - $40,486 and $413,922 pledged as
collateral, respectively
54,228
416,923
Residential mortgage loans, at fair value
- $45,019 and $171,224 pledged as collateral, respectively
429,648
417,785
Commercial loans, at fair value - $0 and
$4,674 pledged as collateral, respectively
122,880
158,686
Investments in debt and equity of
affiliates
138,689
156,311
Excess mortgage servicing rights, at fair
value
3,526
17,775
Cash and cash equivalents
44,592
81,692
Restricted cash
5,108
43,677
Other assets
9,159
21,905
Assets held for sale - Single-family
rental properties, net
—
154
Total Assets
$
1,101,224
$
4,347,817
Liabilities
Financing arrangements
$
225,504
$
3,233,468
Securitized debt, at fair value
358,986
224,348
Payable on unsettled trades
105,016
—
Dividend payable
—
14,734
Other liabilities
20,944
24,675
Liabilities held for sale - Single-family
rental properties, net
305
1,546
Total Liabilities
710,755
3,498,771
Commitments and Contingencies
Stockholders’ Equity
Preferred stock - $0.01 par value; 50,000
shares authorized:
8.25% Series A Cumulative Redeemable
Preferred Stock; 2,027 and 2,070 shares issued and outstanding at
September 30, 2020 and December 31, 2019, respectively ($52,770 and
$51,750 aggregate liquidation preference, respectively)
48,888
49,921
8.00% Series B Cumulative Redeemable
Preferred Stock; 4,569 and 4,600 shares issued and outstanding at
September 30, 2020 and December 31, 2019, respectively ($118,792
and $115,000 aggregate liquidation preference, respectively)
110,541
111,293
8.000% Series C Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock, 4,571 and 4,600 shares
issued and outstanding at September 30, 2020 and December 31, 2019,
respectively ($118,837 and $115,000 aggregate liquidation
preference, respectively)
110,533
111,243
Common stock, par value $0.01 per share;
450,000 shares of common stock authorized and 36,121 and 32,742
shares issued and outstanding at September 30, 2020 and December
31, 2019, respectively
361
327
Additional paid-in capital
673,105
662,183
Retained earnings/(deficit)
(552,959)
(85,921)
Total Stockholders’ Equity
390,469
849,046
Total Liabilities & Stockholders’
Equity
$
1,101,224
$
4,347,817
AG Mortgage Investment Trust,
Inc. and Subsidiaries
Consolidated Statements of
Operations (Unaudited)
(in thousands, except per
share data)
Three Months Ended
September 30, 2020
September 30, 2019
Net Interest Income
Interest income
$
9,717
$
40,735
Interest expense
4,357
21,887
Total Net Interest Income
5,360
18,848
Other Income/(Loss)
Net realized gain/(loss)
(14,431)
(16,132)
Net interest component of interest rate
swaps
(13)
2,179
Unrealized gain/(loss) on real estate
securities and loans, net
19,495
11,726
Unrealized gain/(loss) on derivative and
other instruments, net
1,970
3,258
Foreign currency gain/(loss), net
(10)
667
Other income
—
210
Total Other Income/(Loss)
7,011
1,908
Expenses
Management fee to affiliate
1,698
2,346
Other operating expenses
5,929
6,062
Restructuring related expenses
1,345
—
Equity based compensation to affiliate
—
76
Excise tax
—
186
Servicing fees
540
416
Total Expenses
9,512
9,086
Income/(loss) before equity in
earnings/(loss) from affiliates
2,859
11,670
Equity in earnings/(loss) from
affiliates
17,187
(564)
Net Income/(Loss) from Continuing
Operations
20,046
11,106
Net Income/(Loss) from Discontinued
Operations
—
(1,057)
Net Income/(Loss)
20,046
10,049
Gain on Exchange Offer, net
539
—
Dividends on preferred stock (1)
(5,563)
(3,720)
Net Income/(Loss) Available to Common
Stockholders
$
15,022
$
6,329
Earnings/(Loss) Per Share -
Basic
Continuing Operations
$
0.44
$
0.22
Discontinued Operations
—
(0.03)
Total Earnings/(Loss) Per Share of
Common Stock
$
0.44
$
0.19
Earnings/(Loss) Per Share -
Diluted
Continuing Operations
$
0.44
$
0.22
Discontinued Operations
—
(0.03)
Total Earnings/(Loss) Per Share of
Common Stock
$
0.44
$
0.19
Weighted Average Number of Shares of
Common Stock Outstanding
Basic
34,422
32,736
Diluted
34,422
32,748
(1) The three months ended September 30, 2020 includes
cumulative and undeclared dividends of $5.6 million on the
Company's Preferred Stock as of September 30, 2020. The three
months ended September 30, 2019 includes cumulative and undeclared
dividends of $0.4 million on the Company's 8.000% Series C
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock as of
September 30, 2019.
Footnotes
(1) Diluted per share figures are calculated using weighted
average outstanding shares in accordance with GAAP. Accumulated and
unpaid preferred stock dividends of $11.2 million are reflected in
earnings per share. Per share figures are calculated using a
denominator of all outstanding common shares including vested
shares granted to our Manager and our independent directors under
our equity incentive plans as of quarter-end. Book value is
calculated using stockholders’ equity less net proceeds of our
8.25% Series A Cumulative Redeemable Preferred Stock ($48.9
million), 8.00% Series B Cumulative Redeemable Preferred Stock
($110.5 million), and 8.000% Series C Fixed-to-Floating Rate
Cumulative Redeemable Preferred Stock ($110.5 million) as the
numerator. As of September 30, 2020, the liquidation preference for
the Series A, Series B and Series C Preferred Stock is $52.8
million, $118.8 million and $118.8 million, respectively. The
aggregate liquidation preference of the three series as of
September 30, 2020 includes accumulated and unpaid dividends
(whether or not authorized or declared) in the amount of $11.2
million. Book value does not include any accrual of undeclared
dividends on our Cumulative Redeemable Preferred Stock.
(2) The investment portfolio at period end is calculated by
summing the net carrying value of our Agency RMBS, Residential
Investments, Commercial Investments, and where applicable, any long
positions in TBAs, and ABS Investments, including securities and
mortgage loans owned through investments in affiliates, exclusive
of AG Arc LLC. Our Agency RMBS, Residential Investments, Commercial
Investments, and where applicable, ABS Investments, are held at
fair value. Our Credit Investments refer to our Residential
Investments and Commercial Investments. Refer to footnote 4 for
more information on the GAAP accounting for certain items included
in our investment portfolio. The percentage of fair value includes
any net TBA positions and securities and mortgage loans owned
through investments in affiliates and is exclusive of AG Arc LLC.
As of September 30, 2020, the $1.1 billion Investment Portfolio
includes $0.4 million of Agency RMBS and $217.2 million of
Residential Investments recorded within “Investments in debt and
equity of affiliates” on the Company’s consolidated balance sheet.
As of September 30, 2020, Agency RMBS includes $0.4 million of
Agency Excess MSRs recorded within "Investments in debt and equity
of affiliates" on the Company's consolidated balance sheet. As of
September 30, 2020, Residential Investments include $39.3 million
of Re/Non-Performing Loans, $152.5 million of Non-QM Loans, and
$25.4 million of Land Related Financing. As of June 30, 2020, our
$1.0 billion Investment Portfolio included $307.1 million of Agency
RMBS and Residential Investments recorded within "Investments in
debt and equity of affiliates" on the Company's consolidated
balance sheet. The above items, inclusive of our investment in AG
Arc LLC and other items and less any financing in investments in
debt and equity of affiliates, net to $138.7 million and $122.9
million which is included in the “Investments in debt and equity of
affiliates” line item on our GAAP consolidated balance sheet at
September 30, 2020 and June 30, 2020, respectively. See footnote
(6) for further details on AG Arc LLC.
(3) Generally, when we purchase an investment and finance it,
the investment is included in our assets and the financing is
reflected in our liabilities on our consolidated balance sheet as
either "Financing arrangements" or "Securitized debt, at fair
value." Throughout this press release where we disclose our
investment portfolio and the related financing, we have presented
this information inclusive of (i) securities and mortgage loans
owned through investments in affiliates that are accounted for
under GAAP using the equity method and, where applicable, (ii) long
positions in TBAs, which are accounted for as derivatives under
GAAP. The related financing includes financing of $124.0 million
and $218.1 million recorded within "Investments in debt and equity
of affiliates" on the Company's consolidated balance sheet as of
September 30, 2020 and June 30, 2020, respectively. This press
release excludes investments through AG Arc LLC unless otherwise
noted. This presentation of our investment portfolio is consistent
with how our management evaluates the business, and we believe this
presentation, when considered with the GAAP presentation, provides
supplemental information useful for investors in evaluating our
investment portfolio and financial condition.
(4) The Economic Leverage Ratio is calculated by dividing total
Economic Leverage, including any net TBA position, by our GAAP
stockholders’ equity at quarter-end. Total Economic Leverage at
quarter-end includes recourse financing arrangements recorded
within "Investments in debt and equity of affiliates" exclusive of
any financing utilized through AG Arc LLC, plus the payable on all
unsettled buys less the financing on all unsettled sells and any
net TBA position (at cost). Total Economic Leverage excludes any
fully non-recourse financing arrangements, and any financing
arrangements and unsettled trades on U.S. Treasuries. Non-recourse
financing arrangements include securitized debt of $359.0 million
and $199.0 million as of September 30, 2020 and June 30, 2020,
respectively, as well as financing on our Non-QM loans of $117.0
million and $210.6 million as of September 30, 2020 and June 30,
2020, respectively. Our obligation to repay our non-recourse
financing arrangements is limited to the value of the pledged
collateral thereunder and does not create a general claim against
us as an entity.
(5) The Company estimates duration based on third-party models.
Different models and methodologies can produce different effective
duration estimates for the same securities. Duration does not
include our equity interest in AG Arc LLC.
(6) The Company invests in Arc Home LLC through AG Arc LLC, one
of its indirect subsidiaries. The Company's investment is AG Arc
LLC is $41.4 million, representing a 44.6% ownership interest.
(7) The Company allocates its equity by investment using the
fair 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 assets and
liabilities to its investment portfolio categories based on the
characteristics of such assets and liabilities in order to sum to
stockholders' equity per the consolidated balance sheets. The
Company's equity allocation method is a non-GAAP methodology and
may not be comparable to the similarly titled measure or concepts
of other companies, who may use different calculations and
allocation methodologies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201106005231/en/
AG Mortgage Investment Trust, Inc. Investor Relations
(212) 692-2110 ir@agmit.com
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