AG Mortgage Investment Trust, Inc.(MITT) and its subsidiaries have released their Consolidated Balance Sheets and Statements of Operations for the second quarter of 2023, unveiling their financial performance in the face of dynamic market conditions. The figures reveal net income of $3.47 million for the quarter and a revenue of $11.36 million. The company's asset and liability structure, as well as its equity position, offer insights into its financial health and resilience.
As of June 30, 2023, AG Mortgage Investment Trust, Inc. and its subsidiaries displayed a robust asset portfolio, with a total asset value of $4.62 billion. This indicates a steady growth trajectory compared to the previous year's figure of $4.37 billion. Notable components of the asset portfolio include securitized residential mortgage loans, which were valued at $3.79 billion, as well as real estate securities valued at $314.48 million. The company's investments in debt and equity of affiliates stood at $68.15 million, contributing to its diversified asset base.
Liabilities Reflect Responsible Management
The company's liabilities for the same period totaled $4.16 billion, reflecting prudent financial management practices. Securitized debt accounted for $3.40 billion, and financing arrangements were valued at $727.01 million. The liabilities are complemented by other commitments and contingencies, which further underscore the company's responsible financial approach.
AG Mortgage Investment Trust's stockholders' equity was recorded at $460.72 million as of June 30, 2023. This figure is slightly lower than the previous year's $462.80 million, but the company's commitment to financial stability is evident. The equity structure comprises preferred stock with an aggregate liquidation preference of $220.47 million, common stock with an outstanding count of 20,205 shares, and additional paid-in capital amounting to $772.44 million. The retained earnings/(deficit) was noted at $(532.39) million, reflecting a relatively stable position compared to the previous year's $(536.49) million.
Consolidated Statements of Operations Show Net Income Amid Market Challenges
The second quarter of 2023 saw AG Mortgage Investment Trust navigate challenges while posting a net income of $3.47 million. The net interest income for the quarter was $11.36 million, comprising interest income of $60.79 million and interest expense of $49.43 million. The company's management fee to affiliate totaled $2.06 million, and other investment-related expenses amounted to $2.23 million. Despite these challenges, the company demonstrated resilience, as evidenced by its net income in the face of dynamic market conditions.
Equity in Earnings and Dividends Impact
AG Mortgage Investment Trust's equity in earnings from affiliates was recorded at $438, contributing positively to the company's financial position. Dividends on preferred stock accounted for $(4.59) million. The net income available to common stockholders after accounting for these factors was $3.47 million, reflecting the company's ability to generate value for its shareholders.
Earnings per Share Reflect Resilience
Earnings per share of common stock were reported at $0.17 for both basic and diluted calculations. The weighted average number of shares of common stock outstanding was 20,249 for the quarter, emphasizing the company's commitment to transparency and accountability to its shareholders.
AG Mortgage Investment Trust's second-quarter financial results depict a company that has managed to navigate market challenges while maintaining stability. With a net income of $3.47 million and revenue of $11.36 million, the company demonstrates its ability to adapt and deliver value in a dynamic financial landscape.