AG Mortgage Investment Trust, Inc (MITT) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $46.13 million, or $ 1.54 a share in the quarter, against a net loss of $0.30 million, or $0.13 a share in the last year period.
The company has not recorded any revenues for the current as well as previous quarter.
“Our mortgage origination affiliate Arc Home is originating mortgages in 44 states through retail and correspondent channels. We are very pleased with the mortgage loan originations activity that has occurred thus far,” said chief executive officer David Roberts. “The investment team is working diligently to build out its MSR investment platform, and during the quarter Arc Home purchased MSRs on $2.4 billion of notional principal balance. Beginning in 2017, we anticipate that MITT will invest in mortgage related products originated and sourced by Arc Home.”
Net receivables were at $55.12 million as on Sep. 30, 2016, down 37.63 percent or $33.26 million from year-ago.
Investments stood at $2,712.70 million as on Sep. 30, 2016, down 9.60 percent or $288.02 million from year-ago.
Total assets declined 10.62 percent or $357.40 million to $3,008.09 million on Sep. 30, 2016. On the other hand, total liabilities were at $2,334.72 million as on Sep. 30, 2016, down 12.87 percent or $344.83 million from year-ago.
Return on equity was at 6.35 percent in the quarter against a negative 0.53 percent in the last year period.
Debt comes down
Total debt was at $2,297.54 million as on Sep. 30, 2016, down 12.43 percent or $326.08 million from year-ago. Shareholders equity stood at $673.37 million as on Sep. 30, 2016, down 1.83 percent or $12.56 million from year-ago. As a result, debt to equity ratio went down 41 basis points to 3.41 percent in the quarter.
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