Company: MITN
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001514281-25-000026
Chunk: 121

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 121
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 the first quarter 2024 to $0.19 per common share beginning the second quarter 2024, which represented a 5.6% increase.

Investment Activity

•The table below summarizes the fair value of purchases and proceeds from sales of investments during the year ended December 31, 2024 (in thousands).

InvestmentPurchasesSalesAgency-Eligible Loans$1,432,492 $73,614 Home Equity Loans288,885 184,595 Non-Agency Loans23,796 86,349 Re/Non-Performing Loans— 13,493 Agency RMBS556,245 543,172 Non-Agency RMBS(1)(2)95,394 61,679 CMBS(1)— 1,531 Other Securities(1)— 763 Total$2,396,812 $965,196 

(1)Includes sales of $27.3 million, $1.5 million and $0.8 million of Non-Agency RMBS, CMBS and Other Securities, respectively, sold from the legacy portfolio acquired in the WMC acquisition.

(2)During the year, we co-sponsored two rated securitizations collateralized by $729.9 million of Agency-Eligible Loans. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with risk retention rules which consists of at least 5% of each class of securities issued in the securitizations. Upon evaluating our retained interest in the securitization trusts, we determined we were not the primary beneficiary and, as a result, did not consolidate the securitization trusts and recorded an investment of $69.1 million of Non-Agency RMBS.

Financing Activity

•Executed four rated securitizations of Agency-Eligible Loans with a total unpaid principal balance of $1.4 billion, converting recourse financing with mark-to-market margin calls to non-recourse financing without mark-to-market margin calls;

•Repurchased $7.1 million of principal amount of the Legacy WMC Convertible Notes during the first quarter of 2024 and paid off the remaining $79.1 million principal amount outstanding at maturity in September 2024; and

•Issued $99.5 million principal amount of Senior Unsecured Notes in public offerings generating net proceeds of approximately $95.2 million.

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Market Conditions

The financial markets have been, and will likely continue