Company: MITN
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050624
Chunk: 17

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 17
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 with the sale of residential mortgage loans to us. Refer to Note 10 to the "Notes to Consolidated Financial Statements (unaudited)" for more information on this accounting policy.

Income tax expense

Income tax expense for the three months ended September 30, 2025 resulted from an increase in taxable income within our taxable REIT subsidiary primarily related to gains on residential mortgage loan securitization activity. During the three months ended September 30, 2024, income tax expense represented minimum state and local tax filing fees.

Dividends on Preferred Stock

Holders of our Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock are entitled to receive cumulative cash dividends at their respective rates per annum on the $25.00 per share liquidation preference for each series. Our Series A Preferred Stock and Series B Preferred Stock have fixed rates of 8.25% and 8.00%, respectively. The initial dividend rate for our Series C Preferred Stock, from issuance through September 16, 2024, was 8.000%. On and after September 17, 2024, dividends on the Series C Preferred Stock accumulate at an annual floating rate of three-month CME Term SOFR (plus a tenor spread adjustment of 0.26161%) plus a spread of 6.476%. 

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Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

The table below presents certain information from our consolidated statements of operations for the nine months ended September 30, 2025 and 2024 (in thousands).

Nine Months EndedSeptember 30, 2025September 30, 2024ChangeStatement of Operations Data:   Net Interest Income   Interest income$344,709 $302,843 $41,866 Interest expense288,626 254,333 34,293 Total Net Interest Income56,083 48,510 7,573 Other Income/(Loss)  Net interest component of interest rate swaps2,666 6,447 (3,781)Net realized gain/(loss)(7,062)(9,928)2,866 Net unrealized gain/(loss)13,961 20,488 (6,527)Total Other Income/(Loss)9,565 17,007 (7,442)Expenses  Management fee to affiliate6,947 5,202 1,745