Company: MITN
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001514281-25-000026
Chunk: 157

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 157
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 shares. During the years ended December 31, 2024 and 2023, we did not incur any incentive fee expense. 

Termination fee

Upon the occurrence of (i) our termination of the management agreement without cause or (ii) the Manager’s termination of the management agreement upon a breach by the Company of any material term of the management agreement, the Manager will be entitled to a termination fee equal to three times the average annual management fee during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter. As of December 31, 2024 and December 31, 2023, no event of termination of the management agreement had occurred. 

Expense Reimbursement

Our Manager uses the proceeds from its management fee in part to pay compensation to its officers and personnel, who, notwithstanding that certain of them also are our officers, receive no compensation directly from us. 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 salary expenses and other expenses relating to legal, accounting, due diligence and other services. Our reimbursement obligation is not subject to any dollar limitation; however, reimbursements are subject to an annual budget process which combines guidelines from the management agreement with oversight by our Board of Directors and discussions with our Manager. 

71

The below table details the expense reimbursement incurred during the years ended December 31, 2024 and 2023 (in thousands).

Years EndedConsolidated statements of operations line item:December 31, 2024December 31, 2023Non-investment related expenses (1)$5,715 $5,095 Investment related expenses477 467 Transaction related expenses608 896 Expense reimbursements to Manager or its affiliates$6,800 $6,458 

(1)For the years ended December 31, 2024 and 2023, our Manager agreed to waive its right to receive expense reimbursements of $1.1 million and $1.7 million, respectively. 

As of December 31, 2024 and 2023, we recorded a reimbursement payable to our Manager or its affiliates of $1.7 million and $1.5 million, respectively. The reimbursement payable to the Manager or its affiliates is included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets. 

Share-based compensation

The