AG Mortgage Investment Q3 earnings reflect lower book value and NII, impacted by macro woes

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AG Mortgage Investment Trust (New York Stock Exchange:Mitt) Friday’s third-quarter results highlighted downward pressure on book value and net interest income from the previous quarter on the back of rising interest rates, volatile markets and widening credit spreads.

Still, the mortgage REIT has “succeeded in converting our warehouse finance to securitization” and “driving our strong liquidity position today, just going on the offensive in such a volatile market.” “We have positioned ourselves to continue investing in the company, and will invest any excess capital into our common stock repurchase program,” said CEO TJ Durkin.

Q3 core EPS It was -$0.03, below average analyst expectations of $0.19 and down from $0.08 in the second quarter and $0.96 in the same period last year.

Total net interest income was $15.49 on September 30, above consensus of $14.93 million, down from $16.24 million in the prior quarter but up from $12.43 million on September 30, 2021.

Adjusted book value per share was $10.68, compared with $11.15 in the second quarter.

Total expenses were $12.46 million, compared with $10.53 million in the second quarter and $7.55 million in the third quarter of last year.

Previously, AG Mortgage Investment Trust non-GAAP EPS was -$0.03, a difference of $0.22 and gross interest income was $15.49M over $0.56M.

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