AG Mortgage Investment Trust, Inc. Provides Update on Market Conditions and Schedules Fourth Quarter 2018 Earnings Release and Conference Call
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced today an update on market conditions and scheduled its fourth quarter 2018 earnings conference call.
After periods of dramatic market volatility, the Company may occasionally provide updates to its shareholders on market activity and its financial results in order to provide additional insight into the Company’s operations. Chief Executive Officer, David Roberts said, “The underperformance in broad risk assets and increased interest rate volatility during the fourth quarter caught most market participants off-guard. During the fourth quarter of 2018, the Agency MBS basis widened and interest rates declined sharply. As a result, we estimate that MITT’s book value declined approximately (10.2)% to an estimated $17.21 for the fourth quarter from $19.16 at the end of the prior quarter. Against this backdrop, we were able to deploy capital into a pool of re-performing whole loans and several Non-QM pools alongside other Angelo Gordon funds during the fourth quarter. Through January, there has been a modest recovery in the market for risk assets and the Agency basis, and we estimate that book value increased approximately 2%* through January 31, 2019. We continue to hold a favorable outlook on the investment landscape, and we have maintained our overall risk posture in this environment.”
These preliminary, unaudited results are based on information available as of February 11, 2019 and management's initial review of operations for the quarter ended December 31, 2018. They remain subject to change based on management's ongoing review of the company's fourth-quarter results and are forward-looking statements. The Company assumes no obligation to update these statements. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this release and in the Company’s annual and quarterly filings with the Securities and Exchange Commission.
The Company will release fourth quarter 2018 financial results after the market close on Tuesday, February 26, 2019. The Company will host a conference call to discuss fourth quarter results on Wednesday, February 27, 2019, at 9:30 a.m. Eastern Time. To participate in the call, please dial (888) 424-8151 at least five minutes prior to the start time. International callers should dial 1 (847) 585-4422. The passcode is 7473491. A presentation will accompany the conference call and will be available prior to the call on the Company’s website, www.agmit.com, under “Webcasts & Presentations” in the “Investor Relations” section. For those unable to listen to the live call, an audio replay will be available promptly following the conclusion of the call on February 27, 2019, through March 29, 2019. To access the replay, please dial (888) 843-7419. International callers should dial 1 (630) 652-3042. The replay passcode is 7473491.