Company: MITN
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001514281-25-000033
Chunk: 46

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 46
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 Gordon’s cross trade policy and comply with any other requirement deemed necessary by our General Counsel. Affiliated Transactions that satisfy each of the foregoing criteria are presumed to be fair, reasonable and within the Affiliated Transactions Policy. On a quarterly basis, our management team delivers a complete list and appropriate supporting documentation of the Affiliated Transactions entered into during the quarter to the Audit Committee for its review and confirmation to the Company's independent directors.

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Management Agreement

We entered into a management agreement with AG REIT Management, LLC, our Manager, in connection with our initial public offering. Our management agreement with our Manager provides for the day-to-day management of our operations. Our Manager has delegated to TPG Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under our management agreement.

The management agreement requires our Manager to manage our business affairs in conformity with the investment policies that are approved and monitored by our Board. Pursuant to the terms of our management agreement, our Manager is obligated to supply us with our management team, including a chief executive officer, chief financial officer and chief investment officer or similar positions, along with appropriate support personnel, to provide the management services to be provided by our Manager to us as described in the management agreement.

On November 1, 2023, TPG Inc. (NASDAQ: TPG) completed the acquisition of TPG Angelo Gordon (the “TPG Transaction”), pursuant to which TPG Angelo Gordon, including the Manager, became indirect subsidiaries of TPG. Pursuant to the management agreement with the Manager, the closing of the TPG Transaction resulted in an assignment of the management agreement. The independent directors of our Board unanimously consented to such assignment on July 31, 2023 in advance of the TPG Transaction closing. There were no changes to the management agreement in connection with the TPG Transaction and the assignment of the management agreement became effective upon the closing of the TPG Transaction.

In connection with our acquisition of WMC, we entered into the fourth amendment to the management agreement with our Manager (the “Fourth Amendment”), pursuant to which (i) our Manager’s base management fee was reduced by $0.6 million for the first four quarters (i.e., resulting in an aggregate $2.4 million waiver of base management fees) following the acquisition closing, for the period between the fourth quarter 2023 through the third quarter 2024, and (ii) our Manager waived its right to seek reimbursement from us for any expenses otherwise reimburs