Company: MITN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001514281-25-000062
Chunk: 101

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 101
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MC Convertible Notes.

Interest expense increased from the three months ended March 31, 2024 to the three months ended March 31, 2025 due to an increase in the GAAP financing balance outstanding resulting from the issuance of securitized debt and Senior Unsecured Notes during the period, offset by the repayment of the Legacy WMC Convertible Notes upon maturity in September 2024. Additionally, there was an increase in the weighted average financing rate. The following table presents a summary of the weighted average financing balance and the weighted average financing rate on our GAAP investment portfolio ($ in millions).

Three Months EndedMarch 31, 2025March 31, 2024ChangeWeighted average GAAP financing balance$6,749 $6,022 $727 Weighted average financing rate on our GAAP investment portfolio5.35 %5.21 %0.14 %

Net interest component of interest rate swaps  

Net interest component of interest rate swaps represents the net interest income received or expense paid on our interest rate swaps.

We recorded income on the net interest component of interest rate swaps during the three months ended March 31, 2025 and 2024 as a result of our swap portfolio being in a net receive position during the periods. The decrease in income from the three months ended March 31, 2024 to the three months ended March 31, 2025 was the result of a decrease in the notional balance outstanding during the period and a decrease in the weighted average receive rate. The following table presents a summary of our interest rate swap portfolio as of March 31, 2025 and 2024 ($ in millions).

March 31, 2025March 31, 2024ChangeInterest rate swap notional value$333 $454 $(121)Weighted average receive-variable rate4.41 %5.34 %(0.93)%Weighted average pay-fix rate3.52 %3.74 %(0.22)%Net weighted average (pay)/receive rate0.89 %1.60 %(0.71)%

Net realized gain/(loss)

The following table presents a summary of Net realized gain/(loss) for the three months ended March 31, 2025 and 2024 (in thousands). During the three months ended March 31, 2025, there were gains on unwinding pay-fix, receive-variable interest rate swaps which were held at unrealized gains, offset by