Company: MITN
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050624
Chunk: 178

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 178
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 at least 5% of each class of securities issued in the securitization), an "eligible horizontal residual interest" (which is the most subordinate class of securities with a fair value of at least 5% of the aggregate credit risk) or a combination of both totaling 5% (the "Required Credit Risk"). We typically sell the senior classes of Certificates to unrelated third parties. When we choose to retain an eligible horizontal residual interest, we generally purchase the most subordinated classes of Certificates and the excess cash flow Certificates. When we choose to retain an eligible vertical interest, we purchase a 5% interest in each class of Certificates issued. We also may purchase the Certificates entitled to excess servicing fees and other Certificates not required to meet Risk Retention Rules. 

If we are determined to be the primary beneficiary of these securitization transactions, we consolidate the respective VIE created to facilitate the transaction and record "Securitized residential mortgage loans" and "Securitized debt" on the consolidated balance sheets in accordance with U.S. GAAP. However, our equity at risk represents certain Certificates from each securitization which we retain.

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The following table summarizes our Securitized residential mortgage loans and Securitized debt, as well as the economic interest on retained Certificates related to our Non-Agency VIEs and Home Equity VIEs as of September 30, 2025 (in thousands).

Non-Agency VIEsHome Equity VIEsUnpaid Principal BalanceFair ValueUnpaid Principal BalanceFair ValueSecuritized residential mortgage loans in VIEs$7,298,543 $7,142,686 $921,111 $1,007,911 Securitized debt in VIEs (1)6,676,720 6,469,626 828,954 861,727 Other assets (2)N/A2,259 N/A1,055 Retained Certificates from VIEs (3)(4)(5)(6)$675,319 $147,239 Retained interests in VIEsCurrent FaceFair ValueCurrent FaceFair ValueSenior Bonds$129,304 $131,573 $38,886 $39,091 Mezzanine Bonds23,348 21,894 1,117 1,119 Subordinate Bonds470,769 350,972 52,153 49,739 Interest Only / Excess Serv