AG Mortgage Investment Trust, Inc. (MITT) reported its financial results for the first quarter of 2025, revealing a net income of $11.5 million, or $0.21 per diluted share, compared to $20.9 million, or $0.55 per diluted share, in the same period last year. The company's total revenue for the quarter was $109.1 million, up from $95.6 million in the prior year, primarily driven by an increase in interest income, which rose to $109.1 million from $95.6 million. However, the company experienced a significant decline in net unrealized gains, reporting $0.8 million compared to $10 million in the previous year, contributing to a decrease in net income available to common stockholders to $6.2 million from $16.3 million.
In terms of operational changes, MITT completed the acquisition of Western Asset Mortgage Capital Corporation (WMC) in December 2023, which has expanded its portfolio to include commercial real estate loans and real estate-related securities. The acquisition is expected to enhance the company's investment strategy and diversify its asset base. As of March 31, 2025, MITT's total assets increased to $7.32 billion from $6.91 billion at the end of 2024, reflecting the impact of the WMC acquisition and ongoing investment activities.
The company reported a total of 29,676,342 shares of common stock outstanding as of May 2, 2025, with a book value per share of $10.65, slightly up from $10.64 at the end of 2024. MITT's leverage ratio stood at 12.4x, with an economic leverage ratio of 1.6x, indicating a stable capital structure. The company declared a quarterly dividend of $0.20 per common share, an increase from $0.19 in the previous quarter, reflecting its commitment to returning value to shareholders.
Looking ahead, MITT's management expressed cautious optimism regarding market conditions, noting the potential for continued growth in the residential mortgage sector despite prevailing economic uncertainties. The company aims to leverage its strategic position in the non-agency mortgage market and its relationship with Arc Home, a residential mortgage loan originator in which it holds a significant interest, to capitalize on investment opportunities. The management team remains focused on maintaining compliance with REIT regulations while navigating the challenges posed by fluctuating interest rates and market volatility.
About AG Mortgage Investment Trust, Inc.
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