AG Mortgage Investment Trust, Inc. Reports First Quarter Earnings

  AG Mortgage Investment Trust, Inc. Reports First Quarter Earnings

Business Wire

NEW YORK -- May 06, 2013

AG Mortgage Investment Trust, Inc. (“MITT” or the “Company”) (NYSE: MITT)
today reported core earnings of $20.5 million and net income available to
common stockholders of $13.4 million for the quarter ended March 31, 2013. AG
Mortgage Investment Trust, Inc. is an actively managed REIT that
opportunistically invests in a diversified risk-adjusted portfolio of Agency
RMBS, Non-Agency RMBS, ABS, CMBS, commercial loans and other real estate
related assets. A reconciliation of core earnings to net income appears at the
end of this press release.

FINANCIAL HIGHLIGHTS

See footnotes at the end of this press release

  *Net income available to common stockholders of $0.49 per share (6) for the
    quarter
  *Core Earnings of $0.75 per share for the quarter
  *Net realized gains, net of related taxes, of $0.10 per share for the
    quarter
  *$0.80 per share common dividend declared for the quarter
  *$2.12 per share of undistributed taxable income (1)
  *$23.16 net book value per share as of March 31, 2013 (1), net of the first
    quarter dividend
  *48.2% annualized return on stock
  *62% of warrants outstanding exercised as of March 31, 2013

INVESTMENT HIGHLIGHTS

  *$5.1 billion investment portfolio value as of March 31, 2013 (2) (4)

       *73.5% Agency RMBS investment portfolio
       *26.5% credit investment portfolio, comprised of Non-Agency RMBS, ABS,
         CMBS, and commercial loan assets

  *2.25% net interest margin as of March 31, 2013 (3)
  *5.38x leverage as of March 31, 2013 (2) (7)
  *8.8% constant prepayment rate (“CPR”) for the first quarter on the Agency
    RMBS investment portfolio (5)

       *7.7% CPR for the month of March

"This quarter MITTcontinued to post healthy core earnings and to harvest more
realized gains," said David Roberts, Chief Executive Officer. "The realization
of these gains adds to our storehouse of undistributed earnings. We seek to
create value for our shareholders not only through our dividend stream, but
through achieving a premium valuation. Accordingly, our strategy for 2013 is
to continue to develop our value added business model designed to take
advantage of the Angelo, Gordon platform and the growing opportunities in
whole loan mortgages."

“We are very pleased with the continued execution of our portfolio rotation
strategy during the first quarter”, said Jonathan Lieberman, Chief Investment
Officer.“A year ago, less than 12% of our portfolio was in credit securities.
As of March our credit allocation exceeded 26%. Our credit book is well
diversified across Alt A, Subprime, Prime, ABS and Commercial Real Estate.
Within our agency portfolio we repositioned the book into longer duration MBS
while at the same time adjusting our hedges accordingly. Though book value did
decline slightly during the quarter, it has since recovered as prices in all
asset classes appreciated in April. Looking ahead, the Angelo, Gordon platform
continues to source a diversified set of investment opportunities and MITT
will continue to benefit from the depth and expertise of the AG franchise.”

KEY STATISTICS (2)


                                  Weighted Average at     Weighted Average for
                               March 31, 2013        the Quarter Ended
                                                          March 31, 2013
Investment portfolio              $  5,113,318,177        $  5,015,180,659
Repurchase agreements             $  4,357,022,229        $  4,267,050,037
Stockholders' equity              $  800,971,113          $  794,488,858
                                                          
Leverage ratio (7)                5.38x                   5.37x
Swap ratio (8)                       83             %        75             %
                                                          
Yield on investment                  3.57           %        3.45           %
portfolio (9)
Cost of funds (10)                   1.32           %        1.27           %
Net interest margin (3)              2.25           %        2.18           %
Management fees (11)                 1.43           %        1.44           %
Other operating expenses             1.14           %        1.15           %
(12)
                                                          
Book value, per share (1)         $  23.16
Dividend, per share               $  0.80


INVESTMENT PORTFOLIO

The following summarizes the Company’s investment portfolio as of March 31,
2013 (2):


                                                                                              Weighted Average
                   Current Face       Premium               Amortized Cost    Fair Value         Coupon*   Yield
                                         (Discount)
Agency RMBS:                                                                                                        
15-Year            $ 795,805,817         $ 30,264,770            $ 826,070,587       $ 842,040,858         3.09  %     2.26 %
Fixed Rate
20-Year              306,812,999           14,157,237              320,970,236         322,780,147         3.29  %     2.57 %
Fixed Rate
30-Year              2,246,731,792         128,871,469             2,375,603,261       2,381,767,900       3.58  %     2.77 %
Fixed Rate
ARM                  33,830,517            1,541,030               35,371,547          35,531,075          2.96  %     2.33 %
Interest             893,494,761           (718,680,810   )        174,813,951         174,393,666         5.37  %     7.31 %
Only
Credit
Investments:
Non-Agency           1,223,913,450         (151,290,251   )        1,072,623,199       1,098,729,990       4.54  %     5.43 %
RMBS
ABS                  18,274,953            (25,732        )        18,249,221          18,490,547          4.50  %     4.58 %
CMBS                 154,539,310           (12,726,366    )        141,812,944         150,954,360         5.24  %     6.23 %
Interest             622,304,484           (560,691,716   )        61,612,768          58,629,634          1.69  %     5.28 %
Only
Commercial          30,000,000           17,825                30,017,825         30,000,000          9.00  %     9.64 %
Loan
Total              $ 6,325,708,083       $ (1,268,562,544 )      $ 5,057,145,539     $ 5,113,318,177       3.82  %     3.57 %



* Equity residual investments and principal only securities with a zero coupon
rate are excluded from this calculation.


As of March 31, 2013, the weighted average yield on the Company's investment
portfolio was 3.57% and its weighted average cost of funds was 1.32%. This
resulted in a net interest margin of 2.25% as of March 31, 2013. (3)

The Company had net realized gains of $2.8 million gross, or $0.10 per share,
during the quarter ended March 31, 2013, inclusive of a $2.5 million, or
$(0.09) per share income tax provision from the sale of investments held
within certain TRS. Of this amount, $0.8 million, or $0.03 per share, was from
sales of Agency RMBS and TBAs, $2.5 million, or $0.09 per share, was from the
sales of credit investments, $(0.8) million, or $(0.03) per share, was from
the net settlement of interest rate swaps and $0.3 million, or $0.01 per
share, was from the transfer of securities previously accounted for as
derivatives through linked transactions.

The CPR for the Agency RMBS investment portfolio was 8.8% for the first
quarter, and 7.7% for the month of March 2013. (5)

The weighted average cost basis of the Agency RMBS investment portfolio,
excluding interest-only securities, was 105.2% as of March 31, 2013. The
amortization of premiums (net of any accretion of discounts) on these
securities for the first quarter of 2013 was $(5.5) million, or $(0.20) per
share. The unamortized net Agency RMBS premium as of March 31, 2013 was $174.8
million.

Premiums and discounts associated with purchases of the Company's securities
are amortized or accreted into interest income over the estimated life of such
securities, using the effective yield method. The Company recorded a $0.7
million, or $0.03 retrospective adjustment due to the change in projected cash
flows on its bonds. Since the cost basis of the Company's Agency RMBS
securities, excluding interest-only securities, exceeds the underlying
principal balance by 5.2% as of March 31, 2013, slower actual and projected
prepayments can have a meaningful positive impact, while faster actual or
projected prepayments can have a meaningful negative impact on the Company's
asset yields.

We have also entered into “to-be-announced” (“TBA”) positions to facilitate
the future purchase of Agency RMBS. Under the terms of these TBAs, the Company
agrees to purchase, for future delivery, Agency RMBS with certain principal
and interest specifications and certain types of underlying collateral, but
the particular Agency RMBS to be delivered are not identified until shortly
before (generally two days) the TBA settlement date. At March 31, 2013, we had
$40.0 million net notional amount of TBA positions with a net weighted average
purchase price of 101.8%. As of March 31, 2013, our TBA portfolio had a net
weighted average yield at purchase of 2.76% and a net weighted average
settlement date of May 13, 2013. We have recorded derivative assets of $0.4
million reflecting TBA positions outstanding at March 31, 2013.

LEVERAGE AND HEDGING ACTIVITIES

The investment portfolio is financed with repurchase agreements as of March
31, 2013 as summarized below:

                                                            
Repurchase Agreements                         Weighted         Weighted
Maturing Within:        Balance           Average Rate     Average
                                                               Maturity
30 Days or Less           $ 2,825,475,229     0.90    %        16.0
31-60 Days                  895,313,000       0.47    %        42.0
61-90 Days                  346,224,000       0.75    %        72.0
Greater than 90 Days       290,010,000       0.54    %        216.2
Total / Weighted          $ 4,357,022,229     0.77    %        39.1
Average
                                                               

The Company has entered into repurchase agreements with 30 counterparties. We
continue to rebalance our exposures to counterparties, add new counterparties
and extend original maturities. Subsequent to quarter end, we renewed the
Wells Fargo Bank, National Association repurchase agreement facility. The
renewal agreement increases the aggregate maximum borrowing capacity under the
facility from $75 million to $125 million and extends the maturity date from
April 8, 2013 to April 11, 2014. After adjusting for the renewal agreement,
$79.4 million of repurchase agreements maturing in 30 days or less from the
above table would be reclassified to greater than 90 days, changing the
weighted average maturity above to 45.8 days. The weighted average original
maturity would be 87 days as of March 31, 2013 after adjusting for the
renewal.

We have entered into interest rate swap agreements to hedge our portfolio.
During the quarter, we added $538.6 million notional of interest rate swaps,
which increased our hedge ratio from 65% at December 31, 2012 to 83% at March
31, 2013. The Company’s swaps as of March 31, 2013 are summarized as follows:


Interest Rate Swaps

                                  Weighted      Weighted      Weighted
Maturity    Notional Amount    Average     Average     Average Years to
                                  Pay Rate      Receive       Maturity
                                                Rate**
2014          $ 104,500,000       0.99  %       0.29  %       1.30
2015            364,025,000       1.08  %       0.29  %       2.17
2016            367,500,000       1.08  %       0.28  %       3.11
2017            410,000,000       1.02  %       0.29  %       4.45
2018            733,600,000     * 1.14  %       0.29  %       5.07
2019            450,000,000     * 1.39  %       0.29  %       6.31
2020            225,000,000       1.47  %       0.30  %       6.81
2022           50,000,000        1.69  %       0.28  %       9.43
Total/Wtd     $ 2,704,625,000     1.18  %       0.29  %       4.61
Avg



* These figures include forward starting swaps with a total notional of $100.0
million and a weighted average start date of April 2, 2013. Weighted average
rates shown are inclusive of rates corresponding to the terms of the swap as
if the swap were effective as of March 31, 2013.
** Approximately 4% of our receive float interest rate swap notionals reset
monthly based on one-month LIBOR and 96% of our receive float interest rate
swap notionals reset quarterly based on three-month LIBOR.


TAXABLE INCOME

The primary differences between taxable income and GAAP net income include (i)
unrealized gains and losses associated with investment and derivative
portfolios which are marked-to-market in current income for GAAP purposes, but
excluded from taxable income until realized or settled, (ii) temporary
differences related to amortization of net premiums paid on investments, (iii)
the timing and amount of deductions related to stock-based compensation, and
(iv) taxes. As of March 31, 2013, the Company had undistributed taxable income
of approximately $2.12 per share, including the effects of dividends.

DIVIDEND

On March 5, 2013, the Company’s board of directors declared the first quarter
dividend of $0.80 per share of common stock that was paid on April 26, 2013 to
stockholders of record as of March 18, 2013.

On February 14, 2013, the Company declared a dividend of $0.51563 per share of
Series A preferred stock and a quarterly dividend of $0.50 per share of Series
B preferred stock. The preferred distributions were paid on March 18, 2013 to
stockholders of record as of February 28, 2013.

STOCKHOLDER CALL

The Company invites stockholders, prospective stockholders and analysts to
attend MITT’s first quarter earnings conference call on May 6, 2013 at 11:00
am Eastern Time. The stockholder call can be accessed by dialing (888)
424-8151 (U.S. domestic) or (847) 585-4422 (international). Please enter code
number 8846814#.

A presentation will accompany the conference call and will be available on the
Company’s website at www.agmit.com. Select the Q1 2013 Earnings Presentation
link to download and print the presentation in advance of the stockholder
call.

An audio replay of the stockholder call combined with the presentation will be
made available on our website after the call. The replay will be available
until midnight on May 20, 2013. If you are interested in hearing the replay,
please dial (888) 843-7419 (U.S. domestic) or (630) 652-3042 (international).
The conference ID number is 8846814#.

For further information or questions, please contact Lisa Yahr, the Company’s
Head of Investor Relations, at (212) 692-2282 or lyahr@angelogordon.com.

ABOUT AG MORTGAGE INVESTMENT TRUST, INC.

AG Mortgage Investment Trust, Inc. is a real estate investment trust that
invests in, acquires and manages a diversified portfolio of residential
mortgage assets, other real estate-related securities and financial assets. AG
Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT
Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered
investment adviser that specializes in alternative investment activities.

Additional information can be found on the Company's website at www.agmit.com.

ABOUT ANGELO, GORDON & CO.

Angelo, Gordon & Co. was founded in 1988 and has approximately $25 billion
under management. Currently, the firm's investment disciplines encompass five
principal areas: (i) distressed debt and leveraged loans, (ii) real estate,
(iii) mortgage-backed securities and other structured credit, (iv) private
equity and special situations and (v) a number of hedge fund strategies.
Angelo, Gordon & Co. employs over 280 employees, including more than 100
investment professionals, and is headquartered in New York, with associated
offices in Amsterdam, Chicago, Los Angeles, London, Hong Kong, Seoul, Sydney
and Tokyo.

FORWARD LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of
the safe harbor provisions of the United States Private Securities Litigation
Reform Act of 1995 related to future dividends, the credit component of our
portfolio book valve, deploying capital, the preferred stock offering and
repurchase agreements. Forward-looking statements are based on estimates,
projections, beliefs and assumptions of management of the Company at the time
of such statements and are not guarantees of future performance.
Forward-looking statements involve risks and uncertainties in predicting
future results and conditions. Actual results could differ materially from
those projected in these forward-looking statements due to a variety of
factors, including, without limitation, changes in interest rates, changes in
the yield curve, changes in prepayment rates, the availability and terms of
financing, changes in the market value of our assets, general economic
conditions, market conditions, conditions in the market for Agency RMBS,
Non-Agency RMBS, ABS and CMBS securities and loans, and legislative and
regulatory changes that could adversely affect the business of the Company.
Additional information concerning these and other risk factors are contained
in the Company's filings with the Securities and Exchange Commission ("SEC").
Copies are available free of charge on the SEC's website, http://www.sec.gov/.
The Company does not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking statements to
reflect any change in its expectations or any change in events, conditions or
circumstances on which any such statement is based.


AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
                                                       
                                         March 31, 2013      December 31, 2012
Assets
Real estate securities, at fair
value:
Agency - $3,492,277,288 and
$3,536,876,135 pledged as                $ 3,756,513,646     $ 3,785,867,151
collateral, respectively
Non-Agency - $617,904,514 and
$529,455,020 pledged as                  639,461,932         568,858,645
collateral, respectively
ABS - $18,490,547 and $33,937,097
pledged as collateral,                   18,490,547          33,937,097
respectively
CMBS - $184,057,709 and
$148,307,262 pledged as                  184,057,709         148,365,887
collateral, respectively
Commercial loans receivable, at          30,000,000          2,500,000
fair value
Investment in affiliates                 7,422,005           -
Linked transactions, net, at fair        103,537,050         45,122,824
value
Cash and cash equivalents                40,714,152          149,594,782
Restricted cash                          4,078,000           9,130,000
Interest receivable                      15,916,429          14,242,453
Receivable on unsettled trades           127,678,006         96,310,999
Derivative assets, at fair value         739,804             -
Other assets                             300,338             454,069
Due from broker                          818,988             884,605
Total Assets                             $ 4,929,728,606     $ 4,855,268,512
                                                             
Liabilities
Repurchase agreements                    $ 3,981,826,976     $ 3,911,419,818
Payable on unsettled trades              82,492,249          84,658,035
Interest payable                         2,829,086           3,204,205
Derivative liabilities, at fair          31,160,053          36,375,947
value
Dividend payable                         21,984,550          18,540,667
Due to affiliates                        4,183,150           3,910,065
Accrued expenses                         1,649,160           2,537,994
Taxes payable                            2,632,269           -
Total Liabilities                        4,128,757,493       4,060,646,731
                                                             
Stockholders' Equity
Preferred stock - $0.01 par value;
50,000,000 shares authorized:
8.25% Series A Cumulative
Redeemable Preferred Stock,
2,070,000 shares                         49,920,772          49,920,772
issued and outstanding
($51,750,000 aggregate liquidation
preference)
8.00% Series B Cumulative
Redeemable Preferred Stock,
4,600,000 shares                         111,293,233         111,293,233
issued and outstanding
($115,000,000 aggregate
liquidation preference)
Common stock, par value $0.01 per
share; 450,000,000 shares of
common stock
authorized and 27,594,562 and            275,946             269,620
26,961,936 shares issued and
outstanding at March
31, 2013 and December 31, 2012,
respectively
Additional paid-in capital               566,991,782         552,067,681
Retained earnings                        72,489,380          81,070,475
                                         800,971,113         794,621,781
                                                            
Total Liabilities & Equity               $ 4,929,728,606     $ 4,855,268,512



AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
                                                      
                                                            
                                     Three Months Ended     Three Months Ended
                                     March 31, 2013         March 31, 2012
Net Interest Income
Interest income                      $  38,617,716          $   13,996,628
Interest expense                       6,875,962             1,827,414   
                                       31,741,754            12,169,214  
                                                            
Other Income
Net realized gain                       5,335,417               2,429,020
Gain on linked transactions,            5,838,219               3,439,185
net
Realized loss on periodic
interest settlements of                 (5,272,343   )          (1,457,950  )
interest rate swaps, net
Unrealized gain/(loss) on               5,223,241               (2,845,879  )
derivative instruments, net
Unrealized loss on real estate         (17,711,381  )         (755,552    )
securities and loans, net
                                       (6,586,847   )         808,824     
                                                            
Expenses
Management fee to affiliate             2,859,340               1,049,294
Other operating expenses                2,274,370               813,324
Equity based compensation to            114,528                 87,329
affiliate
Excise tax                             500,000               77,653      
                                       5,748,238             2,027,600   
                                                            
Income before provision for
income taxes and equity in              19,406,669              10,950,438
loss from affiliate
Provision for income taxes              (2,632,269   )          -
Equity in loss from affiliate           (3,591       )          -
                                                           
Net Income                             16,770,809            10,950,438  
                                                            
Dividends on preferred stock            3,367,354               -
                                                           
Net Income Available to Common       $  13,403,455         $   10,950,438  
Stockholders
                                                            
Earnings Per Share of Common
Stock
Basic                                $  0.49                $   0.77
Diluted                              $  0.49                $   0.77
                                                            
Weighted Average Number of
Shares of Common Stock
Outstanding
Basic                                   27,280,531              14,179,635
Diluted                                 27,402,305              14,180,789
                                                            
Dividends Declared per Share         $  0.80                $   0.70
of Common Stock


NON-GAAP FINANCIAL MEASURE

This press release contains Core Earnings, a non-GAAP financial measure. AG
Mortgage Investment Trust, Inc.’s management believes that this non-GAAP
measure, when considered with GAAP, provides supplemental information useful
in evaluating the results of the Company’s operations. This non-GAAP measure
should not be considered a substitute for, or superior to, the financial
measures calculated in accordance with GAAP. Our GAAP financial results and
the reconciliations from these results should be carefully evaluated.

Core Earnings are defined by the Company as net income excluding both realized
and unrealized gains (losses) on the sale or termination of securities and the
related tax provision, if any, on such, including underlying linked
transactions and derivatives. As defined, Core Earnings include the net
interest earned on these transactions, including credit derivatives, linked
transactions, investments in affiliates, inverse Agency securities, interest
rate derivatives or any other investment activity that may earn net interest.
One of the objectives of the Company is to generate net income from net
interest margin on the portfolio and management uses Core Earnings to measure
this objective.

A reconciliation of GAAP net income to Core Earnings for the three months
ended March 31, 2013 and March 31, 2012 is set forth below:


                                  Three Months Ended   Three Months Ended
                                     March 31, 2013         March 31, 2012
                                                            
Net Income available to common       $   13,403,455         $   10,950,438
stockholders
Add (Deduct):
Net realized gain                        (5,335,417  )          (2,429,020  )
Tax provision related to                 2,526,850              -
realized gain
Gain on linked transactions,             (5,838,219  )          (3,439,185  )
net
Net interest income on linked            3,210,642              1,437,254
transactions
Equity in loss from affiliate            3,591                  -
Net interest income from                 82,138                 -
equity method investment
Unrealized gain/(loss) on                (5,223,241  )          2,845,879
derivative instruments, net
Unrealized loss on real estate          17,711,381           755,552     
securities and loans, net
Core Earnings                        $   20,541,180         $   10,120,918
                                                            
Core Earnings, per Diluted           $   0.75               $   0.71
Share


Footnotes

(1) Per share figures are calculated using a denominator of all outstanding
common shares including all shares granted to our Manager and our independent
directors under our equity incentive plans as of quarter end. Net book value
uses stockholders’ equity less net proceeds of the Company’s 8.25% Series A
and 8.00% Series B Cumulative Redeemable Preferred Stock as the numerator.

(2) Generally when we purchase a security and finance it with a repurchase
agreement, the security is included in our assets and the repurchase agreement
is separately reflected in our liabilities on our balance sheet. For
securities with certain characteristics (including those which are not readily
obtainable in the market place) that are purchased and then simultaneously
sold back to the seller under a repurchase agreement, US GAAP requires these
transactions be netted together and recorded as a forward purchase commitment.
Throughout this press release where we disclose our investment portfolio and
the repurchase agreements that finance it, including our leverage metrics, we
have un-linked the transaction and used the gross presentation as used for all
other securities. Additionally we invested in certain credit sensitive
commercial real estate assets through an affiliated entity, for which we have
used the equity method of accounting. Throughout this press release where we
disclose our investment portfolio, we have presented the underlying assets
consistently with all other investments. This presentation is consistent with
how the Company’s management evaluates the business, and believes provides the
most accurate depiction of the Company’s investment portfolio and financial
condition.

(3) Net interest margin is calculated by subtracting the weighted average cost
of funds from the weighted average yield for the Company’s investment
portfolio, which excludes cash held by the Company. See footnotes (9) and (10)
for further detail.

(4) The total investment portfolio is calculated by summing the fair market
value of our Agency RMBS, Non-Agency RMBS, ABS, CMBS and commercial loan
assets, including linked transactions and assets owned through investments in
affiliates. The percentage of Agency RMBS and credit investments are
calculated by dividing the respective fair market value of each, including
linked transactions and assets owned through investments in affiliates, by the
total investment portfolio.

(5) This represents the weighted average monthly CPRs published during the
quarter for our in-place portfolio during the same period.

(6) Diluted per share figures are calculated using weighted average
outstanding shares in accordance with GAAP.

(7) The leverage ratio during the quarter was calculated by dividing our daily
weighted average repurchase agreements, including those included in linked
transactions, for the quarter by the weighted average stockholders’ equity for
the quarter. The leverage ratio at quarter end was calculated by dividing
total repurchase agreements, including repurchase agreements accounted for as
linked transactions, plus or minus the net payable or receivable, as
applicable, on unsettled trades on our GAAP balance sheet by our GAAP
stockholders’ equity at quarter end.

(8) The swap ratio during the quarter was calculated by dividing our daily
weighted average swap notionals, including receive fixed swap notionals as
negative values, as applicable, for the period by our daily weighted average
repurchase agreements secured by Agency RMBS. The swap ratio at quarter end
was calculated by dividing the notional value of our interest rate swaps by
total repurchase agreements secured by Agency RMBS, plus the net
payable/receivable on unsettled Agency trades.

(9) The yield on our investment portfolio represents an effective interest
rate, which utilizes all estimates of future cash flows and adjusts for actual
prepayment and cash flow activity as of quarter end. The yield on our
investment portfolio during the quarter was calculated by annualizing interest
income for the quarter and dividing by our daily weighted average securities
held. This calculation excludes cash held by the Company.

(10) The cost of funds during the quarter was calculated by annualizing the
sum of our interest expense and our net pay rate of our interest rate swaps,
and dividing by our daily weighted average repurchase agreements for the
period. The cost of funds at quarter end was calculated as the sum of the
weighted average rate on the repurchase agreements outstanding at quarter end
and the weighted average net pay rate on our interest rate swaps. Both
elements of the cost of funds at quarter end were weighted by the repurchase
agreements outstanding at quarter end.

(11) The management fee percentage during the quarter was calculated by
annualizing the management fees recorded during the quarter and dividing by
the weighted average stockholders’ equity for the quarter. The management fee
percentage at quarter end was calculated by annualizing management fees
recorded during the quarter and dividing by quarter end stockholders’ equity.

(12) The other operating expenses percentage during the quarter was calculated
by annualizing the other operating expenses recorded during the quarter and
dividing by our weighted average stockholders’ equity for the quarter. The
other operating expenses percentage at quarter end was calculated by
annualizing other operating expenses recorded during the quarter and dividing
by quarter end stockholders’ equity.

Contact:

AG Mortgage Investment Trust, Inc.
Lisa Yahr, 212-692-2282
Head of Investor Relations
lyahr@angelogordon.com
 
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