MITN · AG Mortgage Investment Trust, Inc.

AG Mortgage Investment Trust, Inc. (MITT) reported first quarter 2026 results that highlighted the resilience of its earnings power despite a challenging macroeconomic environment. The company generated Earnings Available for Distribution (EAD) of $0.26 per diluted share, comfortably covering the $0.24 common dividend declared in the quarter. This marks the fourth dividend increase in the last six quarters, reflecting management's confidence in the sustainability of earnings. However, GAAP net loss available to common stockholders was $(0.27) per share, driven primarily by $16.5 million in net unrealized losses on securitized loans, Non-Agency RMBS, and legacy WMC commercial investments. Book value per share declined 4.9% to $9.97 from $10.48 at year-end 2025, resulting in a negative economic return on equity of (2.6)%. The investment portfolio grew to $8.1 billion, with a net interest margin of 0.6% (including a 0.02% benefit from interest rate swaps). Management emphasized disciplined leverage (economic leverage of 1.7x) and continued capital rotation into higher-returning residential investments, particularly home equity loans. The company purchased $86.9 million of residential loans and $28.7 million of Non-Agency RMBS during the quarter, while securitizing $504.5 million UPB of home equity loans through a partnership. Arc Home, the company's mortgage origination platform, contributed to EAD growth through sustained volumes and improved gain-on-sale margins. CEO T.J. Durkin noted that the company is well-positioned to drive increased earnings power as 2026 progresses. The company maintained $100 million in total liquidity, including $49.3 million cash and $50 million in committed financing, providing flexibility for continued portfolio growth.