AG Mortgage Investment Trust, Inc. Announces Resolution of Commercial Loan K

Rhea-AI Summary

AG Mortgage Investment Trust, Inc. (NYSE: MITT) announced that it has fully repaid Commercial Loan K, resulting in net proceeds of $20.1 million. This repayment contributes an additional $0.07 per share to the Company’s book value of $15.18 as of June 30, 2021. The Company aims to reallocate capital towards its Residential Credit origination business. President T. J. Durkin highlighted this as a milestone in transitioning to a pure play residential credit mortgage REIT, which will enhance liquidity for further investment opportunities.

Positive

• Repayment of Commercial Loan K generates $20.1 million in net proceeds.
• Increases book value per share by $0.07.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced today that Commercial Loan K, one of the Company’s two remaining legacy Commercial Investments, was repaid in full, generating total net proceeds of $20.1 million to the Company. The net proceeds from this loan pay-off will support the Company’s ongoing strategic plan to continue reallocating capital into its Residential Credit origination business.

The repayment of Commercial Loan K represents an additional $0.07 per share to the Company’s June 30, 2021 book value per share of $15.18.

“Resolving one of our two remaining legacy commercial loans marks a significant milestone in our transition to becoming a pure play residential credit mortgage REIT,” said T. J. Durkin, the Company’s President. “We are extremely pleased with the outcome of the par loan pay-off, which not only had a positive impact to our book value but also provides valuable liquidity to enable us to continue executing our residential mortgage origination and securitization strategy.”

About AG Mortgage Investment Trust, Inc.

AG Mortgage Investment Trust, Inc. is a mortgage REIT that opportunistically invests in a diversified risk-adjusted portfolio of Credit Investments and Agency RMBS. The Company’s Credit Investments include Residential Investments and Commercial Investments. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies.

Additional information can be found on the Company’s website at www.agmit.com.

About Angelo, Gordon & Co., L.P.

Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $44 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 550 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that may cause such a difference, include, without limitation, the Company’s ability to maintain or increase its book value per share, whether the Company will realize any of the anticipated benefits of its transition to a residential mortgage origination and securitization focused strategy, the Company’s liquidity, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. The Company cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements speak only as of the date of this press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914006198/en/

AG Mortgage Investment Trust, Inc.

Investor Relations

(212) 692-2110

ir@agmit.com

Source: AG Mortgage Investment Trust, Inc.

FAQ

What is the significance of the repayment of Commercial Loan K for MITT?

The repayment of Commercial Loan K resulted in net proceeds of $20.1 million, which enhances liquidity and supports MITT's transition to a residential mortgage origination focus.

How much did the loan repayment increase MITT's book value per share?

The repayment increased MITT's book value per share by $0.07.

What is AG Mortgage Investment Trust's strategy moving forward?

AG Mortgage Investment Trust is reallocating capital into its Residential Credit origination business, moving towards being a pure play residential credit mortgage REIT.

When was Commercial Loan K repaid by MITT?

The repayment was announced on September 14, 2021.

What are the current book value metrics for MITT?

As of June 30, 2021, MITT's book value per share stood at $15.18.