Company: MITN
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050624
Chunk: 20

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 20
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 debt, interest rate swaps, and commercial loans.

Nine Months Ended September 30, 2025September 30, 2024Residential mortgage loans$163,237 $207,250 Commercial loans(9,606)322 Real estate securities6,871 (706)Securitized debt(137,742)(188,779)Loan purchase commitment(410)— Derivatives(8,389)2,401 Total Net unrealized gain/(loss)$13,961 $20,488 

Management fee to affiliate

During the nine months ended September 30, 2024, the base management fee was reduced by $1.8 million in connection with the WMC acquisition. 

Non-investment related expenses

The following table presents a summary of our non-investment related expenses (in thousands).

Nine Months EndedSeptember 30, 2025September 30, 2024Affiliate reimbursement (1)$4,687 $4,936 Professional fees1,244 1,113 D&O insurance765 1,003 Directors' fees and equity based compensation866 903 Excise tax expense (2)77 — Other751 597 Total Non-investment related expenses$8,390 $8,552 

(1)For the nine months ended September 30, 2024, the Manager agreed to waive its right to receive expense reimbursements of $0.9 million pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.

(2)During the nine months ended September 30, 2025, we recorded a reduction in excise tax expense of $0.1 million related to an excise tax refund.

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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. These expenses increased from the nine months ended September 30, 2024 to the nine months ended September 30, 2025 primarily due to an increase in our GAAP residential mortgage loan portfolio. The following table presents a summary of our investment related expenses (in thousands).

Nine Months EndedSeptember 30, 2025September 30, 2024Affiliate reimbursement$551 $395