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AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) 10-Year Financial Performance & Capital Metrics

MITN • • REIT / Real Estate
Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors
AboutAG Mortgage Investment Trust, Inc. is a real estate investment trust, which focuses on investing, acquiring, and managing a diversified portfolio of residential mortgage assets, other real estate-related securities and financial assets. The firm conducts its business through the following segments: Securities and Loans and Single-Family Rental Properties. Its portfolios include Agency RMBS, Residential Investments, Commercial Investments, and ABS. The company was founded on March 1, 2011 and is headquartered in New York, NY.Show more
  • Revenue $413M +549.1%
  • FFO $66M +23.6%
  • FFO/Share 2.25 -11.7%
  • FFO Payout 55.96% -15.9%
  • FFO per Share 2.25 -11.7%
  • NOI Margin 94.9% -5.1%
  • FFO Margin 16.08% -81.0%
  • ROE 10.4% -4.2%
  • ROA 0.85% -16.6%
  • Debt/Assets 91.56% +0.8%
  • Net Debt/EBITDA 15.54 -84.0%
  • Book Value/Share 18.41 -26.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 56.0%
  • ✓High NOI margin of 94.9%
  • ✓Healthy dividend yield of 5.0%
  • ✓Trading near 52-week high
  • ✓Trading at only 1.4x book value

✗Weaknesses

  • ✗High debt to equity ratio of 11.6x
  • ✗Weak 3Y average ROE of 3.7%
  • ✗Shares diluted 39.9% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y27.39%
3Y58.9%
TTM9.33%

Profit (Net Income) CAGR

10Y-
5Y-9.72%
3Y-18.82%
TTM-35.34%

EPS CAGR

10Y-
5Y-31.84%
3Y-38.51%
TTM-61.7%

ROCE

10Y Avg2.42%
5Y Avg1.97%
3Y Avg2.32%
Latest6.11%

Peer Comparison

Multi-Asset Mortgage Investors
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni3.36B25.3479.1952.9%-0.62%-0.29%14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029754.34M25.4520.695.49%18.45%8.87%7.4%11.65
EFC-PCEllington Financial Inc.2.49B25.4218.97-13.66%46.15%8.39%
RWTRedwood Trust, Inc.734.76M5.8018.1352.9%-41.59%-8.86%13.80
EFC-PDEllington Financial Inc.2.37B24.1817.6512.07%49.64%8.39%
STWDStarwood Property Trust, Inc.6.8B18.3516.38-0.53%19.99%4.84%9.1%1.25
NLYAnnaly Capital Management, Inc.16.28B23.8314.71189.21%31.62%9.97%15.04%1.69
IVRInvesco Mortgage Capital Inc.659.79M9.3014.3117.98%36.99%6.93%27.76%6.70

Profit & Loss

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+124.18M114.75M127.41M123.17M-367.89M102.98M218K63.66M413.19M
Revenue Growth %--0.08%0.11%-0.03%-3.99%1.28%-1%291%5.49%
Property Operating Expenses10.21M10.07M9.98M0000021.05M
Net Operating Income (NOI)+---------
NOI Margin %---------
Operating Expenses+-50.99M-51.32M-78.42M10.17M7.34M6.81M8.1M7.71M7.53M
G&A Expenses11010.17M7.34M6.81M8.1M7.71M7.53M
EBITDA+210.81M255.12M176.35M112.99M-375.23M96.17M-7.88M55.95M398.36M
EBITDA Margin %---------
Depreciation & Amortization+44.82M1.22M131.58M000000
D&A / Revenue %---------
Operating Income+166M253.91M44.77M112.99M-375.23M96.17M-7.88M55.95M398.36M
Operating Margin %---------
Interest Expense+00000000342.6M
Interest Coverage--------1.16x
Non-Operating Income86.63M140.37M9.3M112.99M-375.23M96.17M-7.88M55.95M0
Pretax Income+175.31M263.19M66.33M97.87M422.4M104.19M-53.1M53.78M55.74M
Pretax Margin %---------
Income Tax+113.15M157.26M66.33M531K815K0000
Effective Tax Rate %---------
Net Income+62.16M105.94M-12.09M92.92M-420.92M104.19M-53.1M53.78M55.74M
Net Margin %---------
Net Income Growth %-0.7%-1.11%8.69%-5.53%1.25%-1.51%2.01%0.04%
Funds From Operations (FFO)+---------
FFO Margin %---------
FFO Growth %-0%0.12%------
FFO per Share+---------
FFO Payout Ratio %---------
EPS (Diluted)+5.3911.31-1.288.36-36.795.29-3.121.681.23
EPS Growth %-1.1%-1.11%7.53%-5.4%1.14%-1.59%1.54%-0.27%
EPS (Basic)5.3911.31-1.288.35-36.795.29-3.121.681.23
Diluted Shares Outstanding9.32M9.29M9.46M10.73M11.73M16.23M22.89M21.1M29.51M

Balance Sheet

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+1.9B3B11.38M4.35B1.4B3.36B4.37B6.13B6.91B
Asset Growth %-0.58%-1%381.12%-0.68%1.4%0.3%0.4%0.13%
Real Estate & Other Assets+-2.63B-3.79B-3.55B-17.77M-3.16M-68.08M000
PP&E (Net)000000000
Investment Securities000000000
Total Current Assets+2.74B3.88B3.64B0068.08M000
Cash & Equivalents79.05M52.81M81.39M125.37M62.32M100.23M98.8M125.57M138.57M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets2.63B3.79B3.55B-140.61M-66.19M3.36B-120.2M-156.14M-173.5M
Intangible Assets000000000
Total Liabilities277K281.93K287K3.5B990.34M2.79B3.91B5.6B6.37B
Total Debt+5.6M2.49M6.06M3.46B929.21M2.78B3.88B5.56B6.33B
Net Debt-73.46M-50.32M-75.32M3.33B866.89M-95.71M3.78B5.44B6.19B
Long-Term Debt000168.32M418.29M999.22M3.26B4.8B5.59B
Short-Term Borrowings0001000K1000K1000K1000K1000K1000K
Capital Lease Obligations161.21M161.21M161.21M00220.47M000
Total Current Liabilities+2.02B3.12B5.62B001.78B000
Accounts Payable000000000
Deferred Revenue000000000
Other Liabilities1.86B2.98B2.8B-168.32M-418.29M0-3.26B-4.8B-5.59B
Total Equity+4.5B6.78B6.21B849.05M409.7M570.38M462.8M528.37M543.42M
Equity Growth %-0.51%-0.08%-0.86%-0.52%0.39%-0.19%0.14%0.03%
Shareholders Equity2.63B3.79B3.55B849.05M409.7M570.38M462.8M528.37M543.42M
Minority Interest1.87B2.99B2.66B002.68B000
Common Stock000327K414K239K212K294K296K
Additional Paid-in Capital576.28M585.53M595.41M662.18M688.87M796.47M778.61M823.72M824.38M
Retained Earnings655.88M714.26M656.01M-85.92M-518.06M-446.8M-536.49M-516.11M-501.73M
Preferred Stock000272.46M238.48M220.47M220.47M220.47M220.47M
Return on Assets (ROA)0.03%0.04%-0.01%0.04%-0.15%0.04%-0.01%0.01%0.01%
Return on Equity (ROE)0.01%0.02%-0%0.03%-0.67%0.21%-0.1%0.11%0.1%
Debt / Assets0%0%0.53%0.8%0.66%0.83%0.89%0.91%0.92%
Debt / Equity0.00x0.00x0.00x4.07x2.27x4.87x8.39x10.53x11.65x
Net Debt / EBITDA-0.35x-0.20x-0.43x29.49x--1.00x-97.22x15.54x
Book Value per Share482.50729.66656.2079.1034.9335.1320.2225.0418.41

Cash Flow

Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+67.42M80.23M100.99M81.38M34.77M26.3M39.09M28.13M55.84M
Operating CF Growth %-0.19%0.26%-0.19%-0.57%-0.24%0.49%-0.28%0.98%
Operating CF / Revenue %---------
Net Income63.68M118.56M3.5M97.34M-421.58M104.19M-53.1M53.78M55.74M
Depreciation & Amortization0000000010.72M
Stock-Based Compensation0000582K320K327K380K667K
Other Non-Cash Items1.5M-35.9M86.38M-14.16M460.54M-72.6M90.77M-28.21M-15.69M
Working Capital Changes-213.81K1.35M11.11M-1.8M-4.77M-5.61M1.1M2.18M4.4M
Cash from Investing+540.15M-1.15B138.08M-763.11M2.16B-1.9B-1.51B-433.5M-713.13M
Acquisitions (Net)000000000
Purchase of Investments-977.75M-2.26B-2.46B-2.28B-549.19M0-110.62M-316M-654.09M
Sale of Investments1000K1000K1000K1000K1000K01000K1000K1000K
Other Investing-3.26M8.94M-128.82M-205.51M-130.86M-1.9B-1.94B-417.6M-666.19M
Cash from Financing+-601.35M1.05B-207.53M722.7M-2.26B1.91B1.47B432.14M670.29M
Dividends Paid-66.78M-69.2M-68.72M-77.58M-35.28M-29.62M-37.77M-35.78M-37.19M
Common Dividends-66.78M-66.41M-68.72M0-35.28M-29.62M-37.77M-35.78M-37.19M
Debt Issuance (Net)-1000K1000K-1000K1000K-1000K1000K1000K1000K1000K
Share Repurchases-9.93M0000-3.56M-18.22M-6.35M0
Other Financing4.37M9.73M102.08M-104.76M-54.75M92.16M8.71M-9.04M-251K
Net Change in Cash+6.22M-26.24M28.57M43.98M-63.05M37.91M-1.43M26.77M12.99M
Exchange Rate Effect0001000K-162K10K000
Cash at Beginning72.84M79.05M52.81M81.39M125.37M62.32M100.23M98.8M125.57M
Cash at End79.05M52.81M81.39M125.37M62.32M100.23M98.8M125.57M138.57M
Free Cash Flow+67.42M76.83M75.83M81.38M34.77M26.3M39.09M28.13M55.84M
FCF Growth %-0.14%-0.01%0.07%-0.57%-0.24%0.49%-0.28%0.98%
FCF / Revenue %---------

Key Ratios

Metric201620172018201920202021202220232024
FFO per Share11.4811.5312.638.66-35.886.42-2.322.552.25
FFO Payout Ratio62.42%61.98%57.51%0%-8.38%28.43%-71.12%66.53%55.96%
NOI Margin91.78%91.23%92.17%100%100%100%100%100%94.9%
Net Debt / EBITDA-0.35x-0.20x-0.43x29.49x--1.00x-97.22x15.54x
Debt / Assets0.29%0.08%53.3%79.53%66.37%82.58%88.87%90.83%91.56%
Interest Coverage--------1.16x
Book Value / Share482.5729.66656.279.134.9335.1320.2225.0418.41
Revenue Growth--7.59%11.03%-3.33%-398.69%127.99%-99.79%29100%549.1%

Frequently Asked Questions

Valuation & Price

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) has a price-to-earnings (P/E) ratio of 20.7x. This is roughly in line with market averages.

Growth & Financials

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) reported $269.2M in revenue for fiscal year 2024. This represents a 117% increase from $124.2M in 2016.

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) grew revenue by 549.1% over the past year. This is strong growth.

Yes, AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) is profitable, generating $49.7M in net income for fiscal year 2024 (13.5% net margin).

Dividend & Returns

Yes, AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) pays a dividend with a yield of 4.95%. This makes it attractive for income-focused investors.

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) has a return on equity (ROE) of 10.4%. This is reasonable for most industries.

Industry Metrics

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) generated Funds From Operations (FFO) of $80.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

AG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029 (MITN) offers a 4.95% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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