AG Mortgage Investment Trust (MITT) came out with quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.10 per share a year ago.
AG Mortgage Investment Trust (MITT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
AG Mortgage Investment Trust, Inc. (NYSE:MITT ) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET Corporate Participants Jenny Neslin - General Counsel T.J. Durkin - President and Chief Executive Officer Nick Smith - Chief Investment Officer Anthony Rossiello - Chief Financial Officer Conference Call Participants Doug Harter - UBS Bose George - KBW Trevor Cranston - Citizens JMP Brad Capuzzi - Piper Sandler Eric Hagen - BTIG Operator Good day and thank you for standing by.
AG Mortgage Investment Trust is a mREIT with a focus on non-agency mortgage loans. The preferred dividends have been well covered by net income both in Q1 2024 and over the past year. Coverage by market capitalization is less robust if you take preferred shares at par value, but sufficient if you account for the discount the three preferred issues trade at.
AG Mortgage Investment Trust issued two 9.500% Senior Notes due in 2029 with Call protection into 2026. After a brief review of the Issuer, both bonds are reviewed and compared. The low coverage ratio is a concern, at least to my conservative investing nature. Both Notes get a Hold rating. For investors willing to accept more risk, MITT also has three preferred stocks to pick from, two yielding over 10%.
We take a look at the action in preferreds and baby bonds through the fourth week of May and highlight some of the key themes we are watching. Preferreds were mostly down on the week, however, remain largely in the green month-to-date. Recent senior security issuance has been steady for a number of reasons.