AG Mortgage Investment Trust (MITT) reported an economic return on equity of 3.9% for the third quarter ended September 30, 2024. The company's book value per share increased to $10.58, up from $10.37 in the previous quarter. This growth reflects the company's core business strategy of originating and securitizing residential whole loans.
Earnings Available for Distribution (EAD) for the quarter was $0.17 per diluted share, while the company declared a common dividend of $0.19 per share. Net income for the quarter stood at $16.6 million, or $0.40 per share. The investment portfolio expanded to $6.8 billion, an increase from $6.1 billion in Q2 2024.
The company maintained a disciplined approach to leverage, with its economic leverage ratio decreasing to 1.5x from 1.6x in the prior quarter. MITT purchased $524.9 million in loans and securitized $751.5 million in loans during the quarter. Arc Home, an affiliate, contributed $(0.02) to MITT's EAD per share, with originations totaling $681.6 million.
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