AG Mortgage Investment Trust, Inc. (MITT) reported significant financial developments in its quarterly filing for the period ending September 30, 2024. The company’s total assets increased to $6.96 billion, up from $6.13 billion at the end of 2023. This growth was primarily driven by a rise in securitized residential mortgage loans, which reached $6.23 billion, compared to $5.36 billion previously. Real estate securities also saw an increase, valued at $197.56 million, up from $162.82 million.
Total liabilities rose to $6.42 billion, up from $5.60 billion, largely due to an increase in securitized debt, which climbed to $5.50 billion from $4.71 billion. Despite the rise in liabilities, total stockholders’ equity saw a slight increase to $540.09 million from $528.37 million.
The company reported a net interest income of $14.95 million for the third quarter of 2024, a notable increase from $11.52 million in the same period of 2023. Interest income surged to $107.46 million, compared to $64.21 million a year earlier. For the nine months ended September 30, 2024, net income was $41.46 million, up from $18.43 million in the prior year, with net income available to common stockholders also increasing significantly to $27.57 million from $4.67 million.
The acquisition of Western Asset Mortgage Capital Corporation (WMC) on December 6, 2023, played a crucial role in these results, adding approximately $1.2 billion in assets, primarily in securitized non-agency loans. The merger resulted in a management fee reduction of $0.6 million for the first four quarters post-merger, totaling a $2.4 million waiver.
Operating expenses decreased to $8.55 million from $14.45 million year-over-year, contributing to the improved profitability. The company also reported a net unrealized gain of $19.70 million for the third quarter, a significant turnaround from a loss of $8.77 million in the same quarter of 2023.
Cash and cash equivalents at the end of the reporting period were $114.22 million, down from $139.26 million a year earlier. The company declared common stock dividends of $0.56 for the nine months ended September 30, 2024, reflecting its commitment to returning value to shareholders.
Overall, AG Mortgage Investment Trust, Inc. demonstrated robust growth in its asset base and profitability, driven by strategic acquisitions and improved operational efficiency, despite facing challenges related to rising interest rates and market volatility.
About AG Mortgage Investment Trust, Inc.
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