Company: MITN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001514281-25-000062
Chunk: 103

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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, accounting, and other services. Refer to the "Contractual obligations" section below for more detail on certain expenses reimbursable to our Manager or its affiliates. The following table presents a summary of our non-investment related expenses (in thousands).

Three Months EndedMarch 31, 2025March 31, 2024Affiliate reimbursement (1)$1,839 $1,664 Professional fees456 547 D&O insurance255 334 Directors' fees and equity based compensation336 318 Tax expense (2)117 25 Other305 226 Total Non-investment related expenses$3,308 $3,114 

(1)For the three months ended March 31, 2024, the Manager agreed to waive its right to receive expense reimbursements of $0.3 million pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.

(2)Estimated excise tax expense of $0.1 million was recognized during the three months ended March 31, 2025. We did not recognize any excise tax during the three months ended March 31, 2024. 

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Investment related expenses

Investment related expenses are primarily comprised of servicing fees, asset management fees, trustee fees, and certain investment related expenses reimbursable to the Manager or its affiliates. We are required to reimburse our Manager or its affiliates for operating expenses incurred by our Manager or its affiliates on our behalf associated with our investment portfolio.  The following table presents a summary of our investment related expenses (in thousands).

Three Months EndedMarch 31, 2025March 31, 2024Affiliate reimbursement$200 $114 Servicing fees1,940 1,871 Residential mortgage loan asset management fees581 615 Trustee and bank fees584 516 Other105 167 Total Investment related expenses$3,410 $3,283 

Transaction related expenses

Transaction related expenses primarily include expenses associated with purchasing and securitizing residential mortgage loans. Transaction related expenses were relatively consistent from the three months ended March 31, 2024 to the three months ended March 31, 2025 as we executed one securitization in each period. 

Equity in earnings/(loss) from affiliates

Equity in earnings/(loss) from affiliates represents our share of earnings and profits of investments held within affiliated entities. Substantially all of these investments are comprised of