MITT - AG Mortgage Investment Q3 earnings reflect weaker book value NII as macro woes bite

AG Mortgage Investment Trust ( NYSE: MITT ) Q3 earnings Friday highlighted downward pressure in book value and net interest income from the prior quarter against a backdrop of rising interest rates, volatile markets and widening credit spreads.

Still, the mortgage REIT was "successful in terming out our warehouse financing into securitizations," in a move that "drove our strong liquidity position today and puts us in a position to play offense in volatile markets like this, as well as continue to invest excess capital into our common stock repurchase program," said CEO TJ Durkin.

Q3 core EPS of -$0.03, falling short of the average analyst estimate of $0.19, dipped from $0.08 in Q2 and from $0.96 in the year-ago quarter.

Total net interest income of $15.49 at September 30, topping the $14.93M consensus, slid from $16.24M in the prior quarter but rose from $12.43M at Sept. 30, 2021.

Adjusted book value per share was $10.68 compared with $11.15 in Q2.

Total expenses of $12.46M vs. $10.53M in Q2 and $7.55M in Q3 of last year.

Earlier, AG Mortgage Investment Trust Non-GAAP EPS of -$0.03 misses by $0.22, total interest income of $15.49M beats by $0.56M .

For further details see: