Company: MITN
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001514281-25-000026
Chunk: 140

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 140
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 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"). In order to comply with the Risk Retention Rules in each securitization transaction, we generally purchase the most subordinated classes of Certificates and the excess cash flow Certificates. We also purchase the Certificates entitled to excess servicing fees and may purchase other Certificates issued by the securitization trust, while typically selling the senior classes of Certificates to unrelated third parties. 

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, as noted above, our equity at risk represents certain Certificates from each securitization which we retain.

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 (in thousands).

December 31, 2024Unpaid Principal BalanceFair ValueSecuritized residential mortgage loans in Non-Agency VIEs$6,382,814 $6,044,597 Securitized debt in Non-Agency VIEs (1)5,779,890 5,391,413 Other assets (2)N/A1,133 Retained Certificates from Non-Agency VIEs (3)(4)(5)(6)$654,317 Retained interests in Non-Agency VIEsCurrent FaceFair ValueSenior Bonds$71,804 $72,324 Mezzanine Bonds23,348 21,757 Subordinate Bonds508,161 373,819 Interest Only / Excess Servicing Bonds (1)(7)N/A186,417 Retained Certificates from Non-Agency VIEs (3)(4)(5)(6)$654,317 Financing arrangements on retained Certificates from Non-Agency VIEs370,913 Retained Certificates from Non-Agency VIEs, net of financing arrangements$283,404 

(1)Interest Only have no principal balances and bear interest based on a notional value