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MITN

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029

MITN

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 • NYSE
$25.06 ▲ 0.04% (+0.01)
Market Cap $795.52 M
52w High $26.25
52w Low $21.50
Dividend Yield 2.38%
P/E 0
Volume 1.16K
Outstanding Shares 31.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $122.244M ▲ $0 ▼ $19.961M ▲ 16.329% ▼ $0.47 ▲ $34.462M ▲
Q2-2025 $15.039M ▼ $2.301M ▼ $3.945M ▼ 26.232% ▲ $-0.046 ▼ $0 ▼
Q1-2025 $109.877M ▲ $100.387M ▲ $11.477M ▼ 10.445% ▼ $0.21 ▼ $101.758M ▲
Q4-2024 $22.03M ▼ $4.131M ▲ $14.282M ▼ 64.83% ▲ $0.3 ▼ $0 ▼
Q3-2024 $98.848M $1.108M $16.64M 16.834% $0.56 $110.679M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $76.808M ▼ $8.976B ▲ $8.416B ▲ $559.843M ▲
Q2-2025 $100.169M ▼ $7.462B ▲ $6.926B ▲ $536.407M ▼
Q1-2025 $129.217M ▼ $7.323B ▲ $6.779B ▲ $543.87M ▲
Q4-2024 $138.568M ▲ $6.914B ▼ $6.37B ▼ $543.423M ▲
Q3-2024 $114.218M $6.96B $6.42B $540.085M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $19.961M ▲ $17.379M ▲ $-1.47B ▼ $1.429B ▲ $-23.361M ▲ $17.379M ▲
Q2-2025 $3.945M ▼ $11.518M ▼ $-170.524M ▲ $129.958M ▼ $-29.048M ▼ $11.518M ▼
Q1-2025 $11.477M ▼ $11.997M ▼ $-314.725M ▼ $293.377M ▲ $-9.351M ▼ $11.997M ▼
Q4-2024 $14.282M ▼ $18.198M ▼ $-77.785M ▼ $83.937M ▲ $24.35M ▲ $18.198M ▼
Q3-2024 $16.64M $19.745M $278.362M $-332.323M $-34.216M $19.745M

Five-Year Company Overview

Income Statement

Income Statement Earnings have swung from deep losses a few years ago to modest, more stable profits recently. The core business now appears to be generating positive results, with operating performance improving as management has refined its strategy and repositioned the portfolio. That said, profit and per‑share figures have been quite volatile over time, reflecting the interest‑rate sensitivity and leverage typical of mortgage REITs. Overall, the direction has been positive, but the pattern shows that results can change quickly when markets move or funding conditions shift.

Balance Sheet

Balance Sheet The balance sheet has gradually scaled up, with the asset base increasing over the past several years and equity ticking higher, which suggests a growing platform. Debt levels rose significantly during the build‑out phase and then were sharply reduced most recently, pointing to a deliberate move to de‑risk or refinance the capital structure. Cash on hand is relatively small but steady, which is common for this type of business that relies on secured financing and liquid securities. In simple terms, the company looks better capitalized than a few years ago, but its model still depends heavily on prudent leverage and access to credit markets.

Cash Flow

Cash Flow Cash generation from operations has stayed positive throughout the period, even in years when reported earnings were under pressure. Free cash flow tracks operating cash almost one‑for‑one because the business is not capital‑expenditure intensive. The absolute cash cushion is not large, so stability depends more on ongoing access to financing and the ability to roll or securitize assets than on cash stockpiles. The pattern suggests a functioning, cash‑generative platform, but with relatively thin margins for error if market conditions tighten abruptly.

Competitive Edge

Competitive Edge AG Mortgage Investment Trust competes as a specialized residential mortgage REIT with a tilt toward credit‑sensitive assets rather than primarily government‑backed securities. Its relationship with TPG Angelo Gordon provides scale, deal flow, and risk‑management expertise that many smaller peers lack, which is a meaningful advantage in a complex, data‑heavy market. Vertical integration through Arc Home gives it direct access to loan origination and servicing, which can improve asset quality control and margins over time. The flip side is concentration in a cyclical, rate‑sensitive niche where competition is intense and performance depends heavily on management’s underwriting and hedging skill.

Innovation and R&D

Innovation and R&D This is not a traditional R&D‑driven company; its “innovation” is mostly financial and organizational. Key differentiators include its proprietary securitization platform, which helps it turn loans into marketable securities efficiently, and its use of a fintech‑enhanced origination and servicing platform at Arc Home. The external management structure via TPG Angelo Gordon effectively outsources research, analytics, and trading infrastructure to a large, specialized credit investor. Future innovation is likely to come from deeper integration of Arc Home, refinements in how loans are pooled and securitized, and ongoing adjustments to models and technology for assessing borrower risk, rather than from headline technology breakthroughs.

Summary

Overall, AG Mortgage Investment Trust has transitioned from a period of heavy losses and balance‑sheet stress to a more stable, modestly profitable footing, with signs of better risk control and a clearer strategy. The business model is highly financial in nature, built around leverage, securitization, and credit selection, so results will remain sensitive to interest‑rate moves, housing conditions, and funding markets. Its ties to TPG Angelo Gordon and its stake in Arc Home provide structural advantages versus smaller, standalone mortgage REITs, but also make success dependent on the ongoing quality of those partnerships and the execution of a credit‑focused strategy. For holders of the 2029 senior notes, the key watchpoints are the durability of earnings, maintenance of a prudent leverage profile, and the company’s ability to navigate future rate cycles and credit downturns without significant erosion of capital or liquidity.