What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2021-02-23 compared with 2020-02-28 · 34 added, 41 removed, 65 unchanged (54% of the section changed)

5 unchanged sentences

The following tables set forth, for the periods indicated, the high and low sale price of our common stock as reported on the NYSE and the dividends declared per share of our common stock.

2020 High Low

First Quarter $ 16.70 $ 2.00

2 unchanged sentences

Fourth Quarter 3.66 2.51

2019 High Low

First Quarter $ 18.49 $ 15.62

2 unchanged sentences

Fourth Quarter 16.05 14.67

Declaration Date

Dividend Per Share

Declaration Date

Dividend Per Share

We intend to pay quarterly dividends and to distribute to our stockholders all of our annual taxable income in a timely manner.

This will enable us to maintain our qualification as a REIT under the Code.

Declaration Date Record Date Payment Date Dividend Per Share

12/22/2020 12/31/2020 1/29/2021 $ 0.03

Declaration Date Record Date Payment Date Dividend Per Share

3/15/2019 3/29/2019 4/30/2019 $ 0.50

6/14/2019 6/28/2019 7/31/2019 0.50

9/6/2019 9/30/2019 10/31/2019 0.45

12/13/2019 12/31/2019 1/31/2020 0.45

Although we intend to continue to declare quarterly dividends, no assurances can be made as to the amount of any future dividend.

We have not established a minimum dividend payment level and our ability to pay dividends may be adversely affected for the reasons described under the caption "Risk Factors," among others.

All distributions will be made at the discretion of our Board of Directors and will depend on our earnings, our financial condition, maintenance of our REIT status, Maryland law and such other factors as our Board of Directors may deem relevant from time to time.

The declaration of any future dividends by us is within the discretion of our Board of Directors and will be dependent upon, among other things, our earnings, our financial condition, Maryland law, and our capital requirements, as well as any other factor deemed relevant by our Board of Directors.

Two principal factors in determining the amounts of dividends are (i) the requirement of the Code that a real estate investment trust distribute to shareholders at least 90% of its real estate investment trust taxable income and (ii) the amount of our available cash.

Equity compensation plan information

We have adopted equity incentive plans to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other personnel, including our Manager and personnel of our Manager and its affiliates.

The total number of shares that may be made subject to awards under our Manager Equity Incentive Plan and our Equity Incentive Plan is 277,500 shares.

Awards under our equity incentive plans are forfeitable until they become vested.

The following table presents certain information about our equity incentive plans as of December 31, 2019 :

Plan Category

Number of Securities to

be Issued Upon Exercise

of Outstanding Options,

Warrants and Rights

Weighted Average

We have adopted equity incentive plans to provide incentive compensation to attract and retain qualified directors, officers, advisors, consultants and other resources, including our Manager and personnel of our Manager and its affiliates.

The total number of shares that may be made subject to awards under our Equity Incentive Plan is 2,000,000 shares.

Awards under our equity incentive plan are forfeitable until they become vested.

The following table presents certain information about our equity incentive plan as of December 31, 2020:

Plan Category Number of Securities to be Issued Upon Exercise of Outstanding Options,

Warrants and Rights Weighted Average

Exercise Price of

Outstanding Options,

Warrants, and Rights

Number of Securities Remaining

Available for Future Issuance

Warrants, and Rights Number of Securities Remaining Available for Future Issuance

Under Equity Compensation Plans

(Excluding Securities Reflected

in the First Column of this Table)

(Excluding Securities Reflected in the First Column of this Table)

Equity compensation plans approved by stockholders — $ — 1,879,680

Equity compensation plans not approved by stockholders — — —

Performance graph

The following graph provides a comparison of the cumulative total return on our common stock from December 31, 2014 to the NYSE closing price per share on December 31, 2019 with the cumulative total return on the Standard & Poor’s 500 Composite Stock Price Index (the "S&P 500") and an index of selected issuers of FTSE NAREIT Mortgage REITs.

Total return values were calculated assuming $100 invested with the reinvestment of all dividends.

Historical prices are not necessarily indicative of future price performance.

AG Mortgage Investment Trust, Inc.

FTSE NAREIT Mortgage REITs

Total — $ — 1,879,680

On February 22, 2021, our Board of Directors approved a stock repurchase program (the "Preferred Repurchase Program") pursuant to which our Board of Directors granted a repurchase authorization to acquire shares of the our 8.25% Series A Cumulative Redeemable Preferred Stock, our 8.00% Series B Cumulative Redeemable Preferred Stock and our 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock having an aggregate value of up to $20 million.

SELECTED FINANCIAL DATA

2 unchanged sentences

You should read the information below in conjunction with "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and our historical financial statements, including the related notes, included elsewhere in this report.

(in thousands)

December 31, 2019

December 31, 2018

December 31, 2017

December 31, 2016

December 31, 2015

(in thousands) December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016

Balance Sheet Data:

Real estate securities, at fair value:

Agency $ 518,352 $ 2,315,439 $ 1,988,280 $ 2,247,161 $ 1,057,664

Non-Agency 38,406 717,470 625,350 1,004,256 1,043,017

ABS — — 21,160 40,958 21,232

CMBS 56,788 416,923 261,385 220,169 211,653

Residential mortgage loans, at fair value 435,441 417,785 186,096 18,890 38,196

Commercial loans, at fair value 111,549 158,686 98,574 57,521 60,069

Commercial loans held for sale, at fair value 13,959 — — — —

Investments in debt and equity of affiliates 150,667 156,311 84,892 99,696 72,216

1 unchanged sentence

Cash and cash equivalents 47,926 81,692 31,579 15,200 52,470

Total assets 1,400,045 4,347,817 3,548,926 3,789,295 2,628,645

Financing arrangements 564,047 3,233,468 2,720,488 3,004,407 1,900,510

Securitized debt

Securitized debt, at fair value 355,159 224,348 10,858 16,478 21,492

Dividend payable 1,243 14,734 14,372 13,392 13,158

Stockholders' equity 409,705 849,046 656,011 714,259 655,876

(in thousands, except per share data)

December 31, 2019

December 31, 2018

December 31, 2017

December 31, 2016

December 31, 2015

(in thousands, except per share data) December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016

Statement of Operations Data:

11 unchanged sentences

Other operating expenses 14,513 18,638 14,885 10,965 10,291

Restructuring Related Expenses 10,200 — — — —

Excise tax (815) 531 1,500 1,500 1,513

Servicing fees 2,224 1,619 433 234 404

3 unchanged sentences

Net Income/(Loss) (420,919) 92,922 1,568 118,558 63,683

Gain on Exchange Offers, net 10,574 — — — —

Dividends on preferred stock (1) (20,549) (16,122) (13,469) (13,469) (13,469)

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity