Company: MITN
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050624
Chunk: 130

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 130
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 state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes.On December 6, 2023, the Company acquired WMC, an externally managed mortgage REIT. The WMC acquisition is intended to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code.Excise Tax Excise tax represents a non-deductible 4% tax on the required amount of the Company’s ordinary income and net capital gains not distributed during the year. The expense is calculated in accordance with applicable tax regulations. The below table details excise tax expense for the three and nine months ended September 30, 2025 and 2024, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands). Three Months EndedNine Months EndedSeptember 30, 2025September 30, 2024September 30, 2025September 30, 2024Excise tax expense (1)$34 $— $77 $— (1)During the nine months ended September 30, 2025, the Company recorded a reduction in excise tax expense of $0.1 million related to an excise tax refund.REIT Net Operating Loss and Net Capital Loss CarryforwardsIn connection with the WMC acquisition, the Company obtained federal net operating loss ("NOL") carryforwards of $321.6 million, of which $223.8 million do not have an expiration date and can be carried forward indefinitely. However, the Company’s use of the NOLs obtained in the WMC acquisition is limited under Section 382 of the Internal Revenue Code. As of September 30, 2025 and December 31, 2024, the remaining NOL carryforwards obtained in the WMC acquisition was $319.4 million.  As of September 30, 2025 and December 31, 2024, the Company had estimated net capital loss ("NCL") carryforwards of $279.4 million and $278.9 million, respectively. These NCL carryforwards (which exclude NCLs acquired from WMC) can be 

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