Company Quick10K Filing
AG Mortgage Investment Trust
Price15.68 EPS1
Shares33 P/E26
MCap513 P/FCF15
Net Debt143 EBIT114
TEV656 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-06-12
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-07
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-06
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-19
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
8-K 2020-06-23
8-K 2020-06-18
8-K 2020-06-12
8-K 2020-06-01
8-K 2020-05-07
8-K 2020-05-01
8-K 2020-04-27
8-K 2020-04-13
8-K 2020-04-08
8-K 2020-03-27
8-K 2020-03-23
8-K 2020-02-27
8-K 2019-12-19
8-K 2019-11-04
8-K 2019-11-04
8-K 2019-09-16
8-K 2019-08-05
8-K 2019-05-02
8-K 2019-05-02
8-K 2019-02-26
8-K 2019-02-14
8-K 2019-02-11
8-K 2018-11-07
8-K 2018-09-05
8-K 2018-08-06
8-K 2018-06-20
8-K 2018-05-22
8-K 2018-05-02
8-K 2018-05-02
8-K 2018-03-15
8-K 2018-02-27
8-K 2018-02-08

MITT 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1.Legal Proceedings.
Item 1A.Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3.Defaults Upon Senior Securities.
Item 4.Mine Safety Disclosures
Item 5.Other Information.
Item 6.Exhibits.
EX-10.43 exhibit1043mittq12020.htm
EX-10.44 exhibit1044331202010q.htm
EX-10.45 exhibit1045mittq12020.htm
EX-10.46 exhibit1046mittq12020.htm
EX-10.47 exhibit1047mittq120201.htm
EX-10.48 exhibit1048mittq12020.htm
EX-10.49 exhibit1049mittq12020.htm
EX-10.50 exhibit1050mittq12020.htm
EX-10.51 exhibit1051mittq12020.htm
EX-10.52 exhibit1052mittq12020.htm
EX-10.53 exhibit1053mittq12020.htm
EX-10.54 exhibit1054mittq12020.htm
EX-10.55 exhibit1055mittq12020.htm
EX-10.56 exhibit1056mittq12020.htm
EX-10.57 exhibit1057mittq12020.htm
EX-10.58 exhibit1058mittq12020.htm
EX-31.1 mittq12020exh311.htm
EX-31.2 mittq12020exh312.htm
EX-32.1 mittq12020exh321.htm
EX-32.2 mittq12020exh322.htm

AG Mortgage Investment Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

mitt-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________

FORM 10-Q
__________________________________________________ 
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                          to                         
Commission file number 001-35151
_____________________________________________________________________ 

AG MORTGAGE INVESTMENT TRUST, INC.
_____________________________________________________________________ 
Maryland27-5254382
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
245 Park Avenue, 26th Floor
New York, New York
10167
(Address of Principal Executive Offices)(Zip Code)
(212) 692-2000
(Registrant’s Telephone Number, Including Area Code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   ý    No   ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 and Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated filer ¨  Accelerated filer ý Non-Accelerated filer ¨ Smaller reporting company  ¨ Emerging growth company  ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes   ¨     No   ý
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbols:Name of each exchange on which registered:
Common Stock, $0.01 par value per shareMITTNew York Stock Exchange (NYSE)
8.25% Series A Cumulative Redeemable Preferred StockMITT PrANew York Stock Exchange (NYSE)
8.00% Series B Cumulative Redeemable Preferred StockMITT PrBNew York Stock Exchange (NYSE)
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockMITT PrCNew York Stock Exchange (NYSE)
As of June 5, 2020, there were 32,823,511 outstanding shares of common stock of AG Mortgage Investment Trust, Inc.

EXPLANATORY NOTE
As previously disclosed in the Current Report on Form 8-K filed by AG Mortgage Investment Trust, Inc. (the "Company") with the Securities and Exchange Commission (the "SEC") on May 7, 2020, the filing of the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2020 (the "Form 10-Q") was delayed due to circumstances related to the novel coronavirus outbreak (the "COVID-19 pandemic"). The Company has experienced disruptions in its day-to-day activities as a result of the COVID-19 pandemic and measures taken to limit its spread. While AG REIT Management, LLC (our "Manager") has the technology in place for all of its employees to work remotely, the Company’s sole office is (and many of the Company’s advisors, service providers and counterparties are) located in New York City, which has been significantly affected by the COVID-19 pandemic, and which caused delays in the receipt of information from various counterparties. This, in turn, delayed the Company’s ability to complete the Form 10-Q within the time prescribed for the filing. Accordingly, and in reliance on the SEC's Orders under Section 36 of the Securities Exchange Act of 1934, as amended (Release Nos. 34-88318 and 34-88465), the Company delayed the filing of this Form 10-Q.



AG MORTGAGE INVESTMENT TRUST, INC.
TABLE OF CONTENTS
 Page
   
 
   
 
 
 
 
 
   
 
   
   
   
   
   
   
   
   
   
   
   




PART I
 
ITEM 1. FINANCIAL STATEMENTS
 
AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
March 31, 2020December 31, 2019
Assets
Real estate securities, at fair value:
Agency - $23,132 and $2,234,921 pledged as collateral, respectively
$23,132  $2,315,439  
Non-Agency - $165,605 and $682,828 pledged as collateral, respectively (1)
186,797  717,470  
CMBS - $126,042 and $413,922 pledged as collateral, respectively
129,626  416,923  
Residential mortgage loans, at fair value - $140,633 and $171,224 pledged as collateral, respectively (2)
766,960  417,785  
Commercial loans, at fair value - $3,720 and $4,674 pledged as collateral, respectively
158,051  158,686  
Investments in debt and equity of affiliates119,212  156,311  
Excess mortgage servicing rights, at fair value14,066  17,775  
Cash and cash equivalents92,299  81,692  
Restricted cash41,400  43,677  
Other assets - $12,658 and $0 pledged as collateral, respectively
27,093  21,905  
Assets held for sale - Single-family rental properties, net  154  
Total Assets$1,558,636  $4,347,817  
Liabilities
Financing arrangements$969,857  $3,233,468  
Securitized debt, at fair value (1)(2)197,182  224,348  
Dividend payable  14,734  
Other liabilities32,266  24,675  
Liabilities held for sale - Single-family rental properties, net666  1,546  
Total Liabilities1,199,971  3,498,771  
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred stock - $0.01 par value; 50,000 shares authorized:
8.25% Series A Cumulative Redeemable Preferred Stock, 2,070 shares issued and outstanding ($51,750 aggregate liquidation preference)
49,921  49,921  
8.00% Series B Cumulative Redeemable Preferred Stock, 4,600 shares issued and outstanding ($115,000 aggregate liquidation preference)
111,293  111,293  
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 4,600 shares issued and outstanding ($115,000 aggregate liquidation preference)
111,243  111,243  
Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 32,749 and 32,742 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively
327  327  
Additional paid-in capital662,486  662,183  
Retained earnings/(deficit)(576,605) (85,921) 
Total Stockholders’ Equity358,665  849,046  
Total Liabilities & Stockholders’ Equity$1,558,636  $4,347,817  
The accompanying notes are an integral part of these unaudited consolidated financial statements.

(1)See Note 3 for details related to variable interest entities.
(2)See Note 4 for details related to variable interest entities.
3


AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31, 2020March 31, 2019
Net Interest Income
Interest income$40,268  $41,490  
Interest expense19,971  22,094  
Total Net Interest Income20,297  19,396  
Other Income/(Loss)
Net realized gain/(loss)(151,143) (20,583) 
Net interest component of interest rate swaps923  1,781  
Unrealized gain/(loss) on real estate securities and loans, net(313,897) 46,753  
Unrealized gain/(loss) on derivative and other instruments, net5,686  (10,086) 
Foreign currency gain/(loss), net1,649    
Other income3  414  
Total Other Income/(Loss)(456,779) 18,279  
Expenses
Management fee to affiliate2,149  2,345  
Other operating expenses2,342  3,781  
Equity based compensation to affiliate88  126  
Excise tax(815) 92  
Servicing fees579  371  
Total Expenses4,343  6,715  
Income/(loss) before equity in earnings/(loss) from affiliates(440,825) 30,960  
Equity in earnings/(loss) from affiliates(44,192) (771) 
Net Income/(Loss) from Continuing Operations(485,017) 30,189  
Net Income/(Loss) from Discontinued Operations  (1,034) 
Net Income/(Loss)(485,017) 29,155  
Dividends on preferred stock5,667  3,367  
Net Income/(Loss) Available to Common Stockholders$(490,684) $25,788  
Earnings/(Loss) Per Share - Basic
Continuing Operations$(14.98) $0.87  
Discontinued Operations  (0.03) 
Total Earnings/(Loss) Per Share of Common Stock$(14.98) $0.84  
Earnings/(Loss) Per Share - Diluted
Continuing Operations$(14.98) $0.87  
Discontinued Operations  (0.03) 
Total Earnings/(Loss) Per Share of Common Stock$(14.98) $0.84  
Weighted Average Number of Shares of Common Stock Outstanding
Basic32,749  30,551  
Diluted32,749  30,581  

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)

For the Three Months Ended March 31, 2020 and March 31, 2019
Common Stock8.25% Series A
Cumulative
Redeemable
Preferred Stock
8.00% Series B
Cumulative
Redeemable
Preferred Stock
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAdditional
Paid-in Capital
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 202032,742  $327  $49,921  $111,293  $111,243  $662,183  $(85,921) $849,046  
Grant of restricted stock and amortization of equity based compensation7  —  —  —  —  303  —  303  
Preferred Series A dividends declared—  —  —  —  —  —  (1,067) (1,067) 
Preferred Series B dividends declared—  —  —  —  —  —  (2,300) (2,300) 
Preferred Series C dividends declared—  —  —  —  —  —  (2,300) (2,300) 
Net Income/(Loss)—  —  —  —  —  —  (485,017) (485,017) 
Balance at March 31, 202032,749  $327  $49,921  $111,293  $111,243  $662,486  $(576,605) $358,665  

Common Stock8.25% Series A
Cumulative
Redeemable
Preferred Stock
8.00% Series B
Cumulative
Redeemable
Preferred Stock
Additional
Paid-in Capital
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 201928,744  $287  $49,921  $111,293  $595,412  $(100,902) $656,011  
Net proceeds from issuance of common stock3,953  40  —  —  65,924  —  65,964  
Grant of restricted stock and amortization of equity based compensation6  —  —  —  225  —  225  
Common dividends declared—  —  —  —