Company: MITN
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001514281-25-000062
Chunk: 65

Company: AG Mortgage Investment Trust, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 on January 26, 2024 in a public offering for net proceeds of approximately $32.8 million and the May 2029 Senior Unsecured Notes were issued on May 15, 2024 in a public offering for net proceeds of approximately $62.4 million. The below table provides a summary of the Senior Unsecured Notes as of March 31, 2025 ($ in thousands). Principal Amount (1)Carrying ValueMaturity Date (2)Redemption Date (3)Rate (4)February 2029 Senior Unsecured Notes$34,500 $33,100 February 15, 2029February 15, 20269.500 %May 2029 Senior Unsecured Notes$65,000 $62,798 May 15, 2029May 15, 20269.500 %(1)The Senior Unsecured Notes were issued at 100% of the principal amount.(2)The Company has the option to redeem the Senior Unsecured Notes earlier than the maturity date. (3)The Company may redeem the Senior Unsecured Notes in whole or in part at any time or from time to time at the Company’s option on or after the redemption date, upon not less than 30 days written notice to holders prior to the redemption date, at a redemption price equal to 100% of the outstanding principal amount of the Senior Unsecured Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.(4)The Senior Unsecured Notes bear interest at a rate equal to 9.500% per year, payable in cash quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, beginning on the applicable first pay date. The below table details the total interest expense incurred on the Senior Unsecured Notes during the three months ended March 31, 2025 and 2024 (in thousands).Three Months EndedMarch 31, 2025March 31, 2024Coupon interest expense$2,363 $592 Amortization expense177 47 Total interest expense$2,540 $639 Legacy WMC Convertible NotesIn connection with the WMC acquisition, a wholly owned subsidiary of the Company assumed, and the Company guaranteed, $86.25 million aggregate principal amount of Legacy WMC Convertible Notes. The Legacy WMC Convertible Notes had an interest rate of 6.75% and