AG Mortgage Investment Trust, Inc. Reports Full Year and Fourth Quarter 2022 Results

(NYSE: MITT) (the “Company”) announced today that it will release fourth quarter 2022 financial results prior to market open on Thursday, February 23, 2023. The Company will host a conference call to discuss the results on Thursday, February 23, 2023, at 8:30 a.m. Eastern Time. To participate in the call, please dial (800) 445-7795 at least five minutes prior to the start time. International callers should dial (785) 424-1699. The Conference ID is MITTQ422. A presentation will accompany the conference call and will be available prior to the call on the Company’s website, www.agmit.com , under “Presentations” in the “Investor Relations” section. For those unable to listen to the live call, an audio replay will be available on February 23, 2023 through 9:00 a.m. Eastern Time on March 23, 2023. To access the replay, please go to https://event.on24.com/wcc/r/4111737/68DEE1BBD51982EACF4D3E177E1FF8CC . About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies. Additional information can be found on the Company’s website at www.agmit.com . About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com . Contacts
Investor Relations

AG Mortgage Investment Trust, Inc. Schedules Fourth Quarter 2022 Earnings Release and Conference Call

(NYSE: MITT) (the “Company”) announced today that it will release fourth quarter 2022 financial results prior to market open on Thursday, February 23, 2023. The Company will host a conference call to discuss the results on Thursday, February 23, 2023, at 8:30 a.m. Eastern Time. To participate in the call, please dial (800) 445-7795 at least five minutes prior to the start time. International callers should dial (785) 424-1699. The Conference ID is MITTQ422. A presentation will accompany the conference call and will be available prior to the call on the Company’s website, www.agmit.com , under “Presentations” in the “Investor Relations” section. For those unable to listen to the live call, an audio replay will be available on February 23, 2023 through 9:00 a.m. Eastern Time on March 23, 2023. To access the replay, please go to https://event.on24.com/wcc/r/4111737/68DEE1BBD51982EACF4D3E177E1FF8CC . About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies. Additional information can be found on the Company’s website at www.agmit.com . About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com . View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005806/en/
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Five years later, the company sold the office tower at 230 Park Ave . for $1.2B. “When you have success like that, it's a lot of luck,” he said. “The combination of increasing the occupancy, increasing the cash flow and cap rates compressing made us look smart on that one, but we made mistakes elsewhere.”
Within a year of that sale, Manhattan-based Monday Properties had sold all 6M SF of its New York holdings, opting to chase office and multifamily deals in Northern Virginia . Westreich said the firm looked at some New York deals in the years since but didn't pull the trigger, and that is now a source of great relief. “We were lucky because anything bought in '18, '19 or '20 would just be worth less today,” he said. “I'm not suggesting it'll be that way forever, but it is at a moment in time. … You'll see a lot of smart, smart landlords divesting of office.”
The company is now back on the prowl, Westreich said, underwriting potential deals in the market to see if it can snap up a bargain — and potentially repeat its Helmsley Building success. “New York's a great market,” Westreich said. "It just depends what cycle you're in and where you see opportunities." As  commercial real estate values drop  in New York, loans come due and uncertainty hangs over the market, a new crop of real estate winners and losers is set to sprout from the turmoil. The last time there was such widespread distress was the Global Financial Crisis , and many of the big winners of that are still reaping the benefits of their good timing, good luck and foresight. But real estate players who made winning bets in 2009, 2010 and 2011 said this moment is unlike any other. While some parallels to the recession might provide some guideposts for investors, accurately predicting this cycle is turning out to be far more difficult. “In 2010, you could have bought anything and looked smart. Here, you have to be very selective,” said Marx Realty CEO Craig Deitelzweig , who was heading up Rockrose Development's office division at the time. “There was less of this existential threat on the office front. Today you really do have to convince people that this is smart to do. I think back then, people knew [buying] was smart to do, but they might not have had the financial wherewithal to do it." Those who took the biggest bites out of New York City real estate in the immediate aftermath of the GFC range from private firms like Monday Properties and RXR Realty  to REITs like Equity Residential and UDR  and institutions like TIAA and the Canada Pension Plan , according to Ariel Property Advisors data on NYC commercial real estate sales in 2010 and 2011 provided exclusively to Bisnow. Those big purchases cemented many firms’ dominance in the fabric of today's real estate market. Google  spent the most over the two-year span when it dropped $1.8B on 111 Eighth Ave., kicking off 12 years of mammoth acquisitions leading up to its  $2.1B purchase of the St. John’s Terminal  redevelopment, the biggest property sale of 2022. RXR Realty was the second-biggest spender, according to Ariel data, making some of its best-known purchases like 620 Sixth Ave., the Starrett-Lehigh Building  and  340 Madison . Equity Residential came in third on Ariel's list, spending $1.1B on 12 properties combined in 2010 and 2011. Some significant moves happened in the midmarket too. SL Green in 2010 took full ownership of the  Lipstick Building at 885 Third Ave., paying about $39.3M to Gramercy Capital Corp. for a 45% stake. Last year, the firm sold a large office condominium in the property to  Memorial Sloan Kettering for $300M . “In retrospect, we wish we backed up the truck and did more,” RXR CEO Scott Rechler  said in an interview last week. "In hindsight, you forget there is that moment of uncertainty." Bisnow/Miriam Hall
RXR Realty Chairman and CEO Scott Rechler
That uncertainty is back, and deal-makers say it is both worse today and in a different form. The key to beating the market, however, remains to move swiftly and have faith in a vision. “If you wait until it’s de-risked, then everyone else is in the market and you've missed the opportunity,” said Adler & Stachenfeld Managing Partner Terri Adler , who represented Angelo, Gordon & Co. in its 2010 partnership with Extell Development  to buy the Helmsley Carlton House at 680 Madison Ave. from the estate of Leona Helmsley. The pair paid $170M for the property, which had reportedly  attracted scores of potential buyers. It was one of the few deals trading at the time, Adler said, attracting anyone who had any access to capital. “You had people dipping their toe back into the markets [in 2010] and seeing the opportunities that were presenting themselves and having the sort of intellectual and gut rigor and willingness to take a risk," Adler said. "Other people were sitting on the sidelines.”
Deciphering the risk today is a bigger challenge, Adler said. In 2010, office, hospitality and retail were safe havens — a certainty that can't be relied upon in the aftermath of the pandemic. “The way people are interacting with real estate on a day-to-day basis is so shifted,” she said. Plus, while the economic meltdown of 2008 brought markets to a halt, today presents a complex mix of deep liquidity constrained by higher interest rates, higher inflation, supply chain snares and labor shortages. “How do you buy something and underwrite it if you don't know what your costs are?" she said. "How does the lender make a loan if they can't anticipate where their coverages are going to be?”
111 Eighth Ave.
Long-held beliefs around location, too, have been upended by remote work options, the housing crisis and demographic swings . Equity Residential doubled down in New York in 2010 and 2011. The Sam Zell-founded REIT’s purchases included a three-building portfolio from Harry Macklowe , who was  facing extensive portfolio distress at the time. The $475M deal  was for RiverTower at 420 East 54th St., the Longacre House at 305 West 50th St. and 777 Sixth Ave.
EQR and  AvalonBay Communities  also bought some 21,000 units across the country when they took over  Lehman Bros .' troubled apartment developer in 2013. “They are one of the best negotiators. They're very savvy, they're strategic,” said Piper Sandler Managing Director Alexander Goldfarb, an analyst who covers Equity Residential. “It showed with the Macklowe trade and then subsequently Archstone.”
But the buyers of apartments in gateway markets of yesteryear are now taking a different approach. EQR's strategy now is to reduce its exposure  to gateway cities like New York, Goldfarb said. "For EQR, it's going back to the Sun Belt and going back to Denver,” he said. “For Avalon, it's expanding their traditional bicoastal footprint. … Companies are taking these steps, and you gotta give them credit for that.”
While many large investors are looking at other cities, capital is still flowing to New York, Ariel Property Advisors  founder and President  Shimon Shkury said. But there has clearly been a swing of asset class preference. Over the last decade, an average of 35% of total sales volume in commercial real estate in Manhattan south of 96th Street had gone into multifamily assets, Shkury said. But last year, 52% of the investment dollars changing hands in that area were in multifamily assets — and that is including Google's mammoth West Side purchase. Shkury said that shows that savvy investors are still investing in New York City's attractiveness; they are just deploying funds differently than in 2010 and 2011. “There’s a tremendous amount of institutional capital that's going to free-market [rentals] than office compared to the past,” he said. “It really shows the resiliency of New York City. If you're an institution and you're sitting there and you say, ‘I gotta allocate some money to New York City,' with all the hard parts of office and the hard parts about regulations, there's something great that's happening here.”
Rechler said the “fog of uncertainty” is similar to 2008, but the fundamentals are completely different. “I think this is more like the early '90s, which in some ways is worse, in some ways maybe better,” he said. “We’re going through a similar circumstance now in the interest rate environment where there's a regime change. … The values are going to be permanently lower, at least in this period of structural change.”
Rechler’s firm made some big bets straight after 2008, including purchasing the Starrett-Lehigh Building on West 26th Street for nearly $1B. The only lender that would finance the deal was New York Community Bank , he said, and his peers were calling him and asking what he was thinking. “Today, that building is worth over $2B in the post-pandemic world,” he said. “A big piece of this is leaning into the market, hearing what's happening with our customers, understanding the demand trends and not waiting to see the historical reports that are being published, because, by that point, it's already happened.”
RXR owns 30M SF across 91 buildings, and while it is looking to pare back its portfolio, it is also looking to raise $3B to go on another downturn buying spree, Bloomberg reports . The big opportunity for RXR will now be lending and buying existing loans, Rechler told Bisnow. Last year, he joined with Macquarie Capital Principal Finance and the Qatar Investment Authority to provide a $261M preferred equity investment on Black Spruce Management and Orbach Affordable Housing Solutions’ $825M purchase of One and Two Sutton Place and One East River Place from the estate of the late Sheldon Solow  — another large multifamily trade. “We're getting equity-like returns on that vehicle because of the scarcity of capital in the market right now,” he said. “I think [my advice is] survive to 2025, and then there's an opportunity to thrive.”
But thriving in '25 starts with work this year, said Marx’s Deitelzweig, who said he is actively bidding on office deals in the city, even though accessing debt is a huge challenge. “I do think this is a time where we are starting to see really attractive bases,” he said. “The consensus seems to be the second half of the year [the deals will come up]. But we're starting to see some properties right now.”
Bisnow/Jon Banister
Monday Properties CEO Anthony Westreich in 2017. Westreich also said there are opportunities in the city, but the stars need to align. When asked if he would buy an older office building in Manhattan for the right price right now, he said, "Absolutely." “We're believers in New York  long-term,” he said. “You’ve got to be really selective as to what asset you're buying, what street corner, what your business plan is, and you need to be well-capitalized. So it's going to be bumpy for a while.”
While Rechler is prepared to pounce, his portfolio is far from immune to the bumps in the road. RXR is running a review dubbed “Project Kodak” to assess each building in the portfolio to mark them as either digital or film.

Luck And Guts Might Not Be Enough To Ride This Real Estate Cycle

(NYSE: MITT) (the “Company”) announced that its Board of Directors has declared a dividend of $0.18 per common share for the fourth quarter 2022. The dividend is payable on January 31, 2023 to shareholders of record at the close of business on December 30, 2022. During the fourth quarter 2022 and through the date of this press release, the Company repurchased 0.8 million shares of its common stock at a cost of $4.4 million. As of the date of this press release, $8.3 million of common stock remained authorized for future common stock repurchases under the Company’s 2022 stock repurchase program. About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies. Additional information can be found on the Company’s website at www.agmit.com . About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately-held alternative investment firm founded in November 1988. The firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com . Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that may cause such a difference, include, without limitation, the Company’s ability to achieve the anticipated benefits of its origination and securitization strategy, the Company’s liquidity, the timing and amount of stock repurchases, if any, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. The Company cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so. Contacts
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AG Mortgage Investment Trust, Inc. Announces Fourth Quarter 2022 Common Dividend of $0.18 per Share

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As of May 26th, 2022, Gordon & Co was acquired by Foxtons.47M. Gordon & Co is a London-based property agency. The company has expertise in sales, lettings, valuations, and new developments. The company was founded in 1948 and is based in London, England.

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