AG Mortgage Investment Trust, Inc. (MITT) saw its loss widen to $1.08 million, or $0.16 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $0.49 million, or $0.14 a share. The company has not recorded any revenues for the current as well as previous quarter.
"We are pleased with our performance during 2016, producing core earnings in-line with our dividend, as well as with Arc Homes progress in its first 7 months of operations," said chief executive officer and Chief Investment Officer, David Roberts. “We believe Arc Home will provide us with significant opportunities to invest in excess MSRs, Non-Qualified Mortgages and other assets that Arc Home originates in 2017."
Receivables increase substantiallyNet receivables were at $34.88 million as on Dec. 31, 2016, up 212.72 percent or $23.73 million from year-ago. Investments stood at $2,448.09 million as on Dec. 31, 2016, down 17.31 percent or $512.61 million from year-ago.
Total assets declined 16.92 percent or $535.43 million to $2,628.64 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,972.77 million as on Dec. 31, 2016, down 21 percent or $524.36 million from year-ago.
Return on equity for the quarter stood at negative 0.68 percent as compared to a negative 0.58 percent for the previous year period.
Debt comes downTotal debt was at $1,922 million as on Dec. 31, 2016, down 6.93 percent or $143.01 million from year-ago. Shareholders equity stood at $655.88 million as on Dec. 31, 2016, down 1.66 percent or $11.07 million from year-ago. As a result, debt to equity ratio went down 17 basis points to 2.93 percent in the quarter.
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