MITT - AG Mortgage Investment rises ~8% on back of Q3 results
AG Mortgage Investment Trust (MITT +7.8%) is rising after the company reported Q3 results. Q3 total net interest income rose to $12.43M, compared to $5.36M in Q3 2020. The company said it fully exited all legacy Commercial Investments and focused on growing its Residential Investment portfolio. "During the quarter we substantially exited our legacy assets contributing to our 12% increase in adjusted book value per share quarter over quarter to $16.45 and providing significant liquidity to execute on and expand our go forward business plan of originating and securitizing non-agency loans," said CEO David Roberts, The company had a $2.2B Investment Portfolio compared to $2.0B as of June 30, 2021. "This portfolio growth was led by strong loan acquisition channels and further origination growth at our operating partner Arc Home," commented President T.J. Durkin. Bought $397M of Non-QM Loans and $213M of GSE Non-Owner Occupied Loans during the quarter. In Q3, Arc Home originated
For further details see:
AG Mortgage Investment rises ~8% on back of Q3 results