Company: MITN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001514281-25-000062
Chunk: 217

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 217
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 value less estimated costs to sell. We recorded real estate owned within our Non-Agency VIEs at $3.7 million.      

(3)Maximum loss exposure from our involvement with VIEs pertains to the fair value of the Certificates retained from the VIEs. We have no obligation to provide any other explicit or implicit support to the securitization trusts.

(4)Our equity at risk included bonds with a fair value of $456.1 million held in order to comply with Risk Retention Rules. We are generally required to hold the Required Credit Risk until the later of (i) the fifth anniversary of the securitization closing date and (ii) the date on which the aggregate unpaid principal balance of the mortgage loans has been reduced to 25% of the aggregate unpaid principal balance of the mortgage loans as of the securitization closing date, but no longer than the seventh anniversary of the closing date. 

(5)A portion of our equity at risk included bonds exposed to the first loss of the securitization with a fair value of $108.6 million. 

(6)Excludes net other asset/(liabilities) held within the VIEs of $7.6 million. 

(7)As the sponsor and depositor of each securitization, we may purchase all of the outstanding Certificates (an "Optional Redemption") following the earlier of (1) an applicable anniversary date (typically two or three years) of the respective securitization or (2) the date at which the unpaid principal balance of the applicable collateral has declined below a certain percentage (typically 10% to 30%) of the principal balance originally contributed to the securitization. As of March 31, 2025, there were seven securitizations with an unpaid principal balance of $1.4 billion that met the criteria for an Optional Redemption. 

Securitized residential mortgage loans and Residential mortgage loans

The following table presents information regarding collateral characteristics of our residential mortgage loans as of March 31, 2025 ($ in thousands).

Unpaid Principal BalanceWeighted Average (1)(2)Fair ValueLoan Count (1)Original LTV Ratio (3)Current FICO (4)CouponLife (Years) (5)Securitized residential mortgage loansNon-Agency Loans$6,630,833 $6,399,066 16,81169.86 %7645.67 %7.94