AG Mortgage Investment Trust, Inc. Provides Update on Market Conditions & Schedules Fourth Quarter 2018 Earnings Release & Co...
February 11 2019 - 6:05AM
Business Wire
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”)
announced today an update on market conditions and scheduled its
fourth quarter 2018 earnings conference call.
After periods of dramatic market volatility, the Company may
occasionally provide updates to its shareholders on market activity
and its financial results in order to provide additional insight
into the Company’s operations. Chief Executive Officer, David
Roberts said, “The underperformance in broad risk assets and
increased interest rate volatility during the fourth quarter caught
most market participants off-guard. During the fourth quarter of
2018, the Agency MBS basis widened and interest rates declined
sharply. As a result, we estimate that MITT’s book value declined
approximately (10.2)% to an estimated $17.21 for the fourth quarter
from $19.16 at the end of the prior quarter. Against this backdrop,
we were able to deploy capital into a pool of re-performing whole
loans and several Non-QM pools alongside other Angelo Gordon funds
during the fourth quarter. Through January, there has been a modest
recovery in the market for risk assets and the Agency basis, and we
estimate that book value increased approximately 2%* through
January 31, 2019. We continue to hold a favorable outlook on the
investment landscape, and we have maintained our overall risk
posture in this environment.”
These preliminary, unaudited results are based on information
available as of February 11, 2019 and management's initial review
of operations for the quarter ended December 31, 2018. They remain
subject to change based on management's ongoing review of the
company's fourth-quarter results and are forward-looking
statements. The Company assumes no obligation to update these
statements. The actual results may be materially different and are
affected by the risk factors and uncertainties identified in this
release and in the Company’s annual and quarterly filings with the
Securities and Exchange Commission.
The Company will release fourth quarter 2018 financial results
after the market close on Tuesday, February 26, 2019. The Company
will host a conference call to discuss fourth quarter results on
Wednesday, February 27, 2019, at 9:30 a.m. Eastern Time. To
participate in the call, please dial (888) 424-8151 at least five
minutes prior to the start time. International callers should dial
1 (847) 585-4422. The passcode is 7473491. A presentation will
accompany the conference call and will be available prior to the
call on the Company’s website, www.agmit.com, under “Webcasts &
Presentations” in the “Investor Relations” section. For those
unable to listen to the live call, an audio replay will be
available promptly following the conclusion of the call on February
27, 2019, through March 29, 2019. To access the replay, please dial
(888) 843-7419. International callers should dial 1 (630) 652-3042.
The replay passcode is 7473491.
*Estimated book value per common share at January 31, 2019 has
been reduced by $0.21 per share, the pro rata portion of the
current quarter's common and preferred dividends per share (which
for purposes of this calculation are assumed to be the same as the
previous quarter).
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a real estate
investment trust that invests in, acquires and manages a
diversified portfolio of residential and commercial mortgage
assets, other real estate-related securities, financial assets and
real estate. 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 & CO.
Angelo, Gordon & Co., L.P. is a privately held limited
partnership founded in November 1988. The firm currently
manages approximately $32 billion with a primary focus on
credit and real estate strategies. Angelo Gordon has over 490
employees, including more than 190 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, including those
statements containing words such as “will,” “believe,” “expect,”
“anticipate,” “estimate,” “plan,” “continue,” “intend,” “could,”
“would,” “should,” “may” or similar expressions, which may involve
known and unknown risks, uncertainties and assumptions. Statements
regarding the following subjects, among others, may be
forward-looking: our estimated book value per share at December 31,
2018 and January 31, 2019, our ability to recover any decline in
book value, the performance of our investments, and our market
outlook. 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, changes in interest rates, changes in default
rates, changes in the yield curve, changes in prepayment rates, the
availability and terms of financing, changes in the market value of
our assets, general economic conditions, conditions in the market
for Agency RMBS, Non-Agency RMBS, ABS and CMBS securities, Excess
MSRs and loans, our ability to integrate newly acquired rental
assets into the investment portfolio, our ability to predict and
control costs, conditions in the real estate market, and
legislative and regulatory changes that could adversely affect the
business of the Company. 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. All
information in this press release is as of February 11, 2019. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190211005252/en/
AG Mortgage Investment Trust, Inc.Karen Werbel - Investor
Relations(212) 692-2110ir@agmit.com
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