Company: MITN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001514281-25-000062
Chunk: 194

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 194
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 events or otherwise. All forward-looking statements that we make, or that are attributable to us, are expressly qualified by this cautionary notice.

40

First Quarter 2025 Executive Summary

Financial Highlights

•$10.65 Book Value per share;

•$0.21 of Net Income/(Loss) Available to Common Stockholders per diluted common share and $0.20 of Earnings Available for Distribution ("EAD") per diluted common share; 

◦Refer to the "Earnings Available for Distribution" section below for further details related to our reconciliation of Net Income/(Loss) Available to Common Stockholders to EAD;

•12.4x GAAP Leverage Ratio and 1.6x Economic Leverage Ratio; and

•$0.20 dividend per common share declared in the first quarter 2025;

◦Increased our quarterly dividend from $0.19 per common share in the fourth quarter 2024, which represented a 5.3% increase.

Investment Activity

•The table below summarizes the fair value of purchases and proceeds from sales of investments during the quarter ended March 31, 2025 (in thousands).

InvestmentPurchasesSalesAgency-Eligible Loans$366,768 $— Home Equity Loans128,240 — Non-Agency RMBS (1)25,963 778 Non-Agency Loans— 11,336 Re- and Non-Performing Loans— 9,092 Agency RMBS— 1,894 Total$520,971 $23,100 

(1)During the first quarter 2025, we co-sponsored a rated securitization collateralized by $491.8 million of unpaid principal balance of Home Equity Loans. As the co-sponsor, the Company retained an "eligible vertical interest" to comply with applicable risk retention rules. Upon evaluating our retained interest in the securitization trust, we determined we were not the primary beneficiary and, as a result, did not consolidate the securitization trust and recorded an investment of $26.0 million of Non-Agency RMBS.

•In April 2025, the Company sold Agency-Eligible Loans for gross proceeds of $37.3 million. These loans were recorded within the "Residential mortgage loans, at fair value" line item on the consolidated balance sheets as of March 31, 2025.

Financing Activity 

•Executed a rated securitization of Agency-El