Company: MITN
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001514281-25-000026
Chunk: 144

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 144
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.81 %4.11Less: Investments in Debt and Equity of Affiliates$5,942 $15,766 0.36 %2.98Total GAAP Non-Agency RMBS and CMBS $223,765 $180,364 3.48 %4.66

(1)Equity residual investments with a zero coupon rate are excluded from this calculation. 

(2)Weighted average life is based on projected life. Typically, actual maturities are shorter than stated contractual maturities.

(3)Interest Only securities have no principal balances and bear interest based on a notional value. The notional value is used solely to determine interest distributions on the interest only classes of securities. As of December 31, 2024, the notional value of interest only classes included in the GCAT Non-Agency RMBS Interest Only, MATT Non-QM Securities, Re/Non-Performing Securities, and Non-Agency RMBS Interest Only line items was $85.6 million, $264.6 million, and $1.0 million, and $242.0 million, respectively. 

(4)As of December 31, 2024, there are Legacy WMC CMBS with an unpaid principal balance of $23.5 million and a fair value of $6.0 million which are on non-accrual or cost recovery status and have no coupon. 

The following table presents the fair value of our Non-Agency RMBS and Legacy WMC CMBS by credit rating as of December 31, 2024 (in thousands).

Credit Rating (1)Non-Agency RMBSLegacy WMC CMBSAAA$29,939 $— AA2,076 — A6,434 — BBB23,523 5,097 BB17,496 — B10,817 1,182 Below B— 31,751 Not Rated53,060 14,755 Total$143,345 $52,785 Less: Investments in Debt and Equity of Affiliates15,766 — Total: GAAP Basis$127,579 $52,785 

(1)Represents the minimum rating for rated assets of S&P, Moody's, Morningstar, and Fitch credit ratings, stated in terms of the S&P equivalent.

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The following table presents certain characteristics of our Non-Agency RMBS and