Company: MITN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001514281-25-000062
Chunk: 102

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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 losses on the sales of residential mortgage loans. 

Three Months Ended March 31, 2025March 31, 2024Sales of residential mortgage loans and loans transferred to or sold from Other assets$(1,010)$48 Sales of real estate securities278 848 Settlement of derivatives and other instruments742 (1,999)Total Net realized gain/(loss)$10 $(1,103)

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Net unrealized gain/(loss)

The following table presents a summary of Net unrealized gain/(loss) for the three months ended March 31, 2025 and 2024 (in thousands). During the three months ended March 31, 2025, there were unrealized gains on our residential mortgage loans and Non-Agency RMBS which were offset by unrealized losses on securitized debt, commercial loans, and interest rate swaps. 

Three Months Ended March 31, 2025March 31, 2024Residential mortgage loans$107,757 $23,079 Commercial loans(1,771)111 Real estate securities1,242 (116)Securitized debt(100,022)(22,429)Derivatives(6,404)9,369 Total Net unrealized gain/(loss)$802 $10,014 

Management fee to affiliate

Our management fee is based upon a percentage of our Stockholders’ Equity. See the "Contractual obligations" section of this Item 2 for further detail on the calculation of our management fee and for the definition of Stockholders’ Equity. In connection with the WMC acquisition, we and our Manager entered into the MITT Management Agreement Amendment pursuant to which the base management fee was reduced by $0.6 million for the first four quarters following the transaction closing, beginning with the fiscal quarter in which the transaction closing occurred (i.e., resulting in an aggregate $2.4 million waiver of base management fees). During the three months ended March 31, 2024, the base management fee was reduced by $0.6 million. 

Non-investment related expenses

Non-investment related expenses are primarily comprised of professional fees, directors’ and officers’ ("D&O") insurance, directors’ compensation, and certain non-investment related expenses reimbursable to our 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, including certain compensation expenses and other expenses relating to legal