Company: MITN
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001514281-25-000033
Chunk: 47

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 47
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able by us under the management agreement in an amount equal to approximately $1.3 million, which was the excess of $7.0 million over the aggregate per share additional merger consideration paid by our Manager to the holders of WMC common stock under the Merger Agreement. The Fourth Amendment became effective automatically upon the closing of the WMC acquisition on December 6, 2023.

Pursuant to the management agreement, we pay to our Manager a management fee, calculated and payable quarterly in arrears in an amount equal to 1.50% of our Stockholders’ Equity, per annum. For the years ended December 31, 2024 and December 31, 2023, our Manager earned management fees of $7.5 million and $7.7 million, respectively. For the years ended December 31, 2024 and December 31, 2023, our Manager agreed to waive its right to receive management fees of $1.8 million and $0.6 million, respectively, pursuant to the Fourth Amendment.

In addition, pursuant to the management agreement we pay our Manager an annual incentive fee. The annual incentive fee with respect to each applicable fiscal year will be equal to 15% of the amount by which our cumulative adjusted net income from November 22, 2021 exceeds the cumulative hurdle amount, which represents an 8% return (cumulative, but not compounding) on an equity hurdle base consisting of the sum of (i) $341.5 million, and (ii) the gross proceeds of any subsequent public or private common stock offerings by us. The annual incentive fee will be payable in cash, or, at the option of our Board, shares of our common stock or a combination of cash and shares. For the years ended December 31, 2024 and December 31, 2023, no incentive fees were earned.

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We are obligated to reimburse our Manager or its affiliates for the allocable share of the compensation, including, without limitation, annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) our chief financial officer based on the percentage of time spent on our affairs, (ii) our general counsel based on the percentage of time spent on our affairs, and (iii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment personnel of our Manager and its affiliates who spend all or a portion of