Company: MITN
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001514281-25-000026
Chunk: 130

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 130
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(2) Estimated excise tax expense of $0.1 million was recognized during the year ended December 31, 2024. The Company did not recognize any excise tax during the year ended December 31, 2023. 

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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 for the years ended December 31, 2024 and 2023 (in thousands).

Years EndedDecember 31, 2024December 31, 2023Affiliate reimbursement$477 $467 Servicing fees7,482 4,437 Residential mortgage loan asset management fees2,605 2,655 Trustee and bank fees2,138 1,644 Other820 605 Total Investment related expenses$13,522 $9,808 

Transaction related expenses

Historically, transaction related expenses have included expenses primarily associated with purchasing and securitizing residential mortgage loans as well as certain other transaction and performance related fees associated with assets we invest in.  During the year ended December 31, 2024 we completed four securitizations as compared to three securitizations during the year ended December 31, 2023. However, transaction related expenses for the year ended December 31, 2024 decreased primarily due to $6.0 million of transaction related expenses incurred during the year ended December 31, 2023 in connection with the WMC acquisition. 

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. These investments are comprised of real estate securities, loans, and our investment in AG Arc which holds our investment in Arc Home. The below tables summarize the components of the "Equity in earnings/(loss) from affiliates" line item on our consolidated statements of operations (in thousands).

Years EndedDecember 31, 2024December 31, 2023MATT Non-QM Securities (1)$1,289 $3,992 Land Related Financing (2)— 758 Re/Non-Performing Securities711 782 AG Arc (3