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Item 5. Market for Registrant’s Common Equity

2022-02-25 compared with 2021-02-23 · 19 added, 75 removed, 24 unchanged (80% of the section changed)

1 unchanged sentence

Market and dividend information

Our common stock is traded on the NYSE under the symbol "MITT." As of February 15, 2021, there were 41,456,349 shares of common stock outstanding and approximately 37 registered holders of our common stock.

The 37 holders of record include Cede & Co., which holds shares as nominee for The Depository Trust Company, which itself holds shares on behalf of the beneficial owners of the Company’s common stock.

Such information was obtained through the Company’s registrar and transfer agent, based on the results of a broker search.

Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol "MITT." As of February 17, 2022, there were 23,915,293 shares of common stock outstanding and approximately 37 registered holders of our common stock.

The 37 holders of record include Cede & Co., which holds shares as nominee for The Depository Trust Company, which itself holds shares on behalf of the beneficial owners of our common stock.

Such information was obtained through our registrar and transfer agent, based on the results of a broker search.

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.

All per share amounts below have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021.

2021 High Low

10 unchanged sentences

3/22/2021 4/1/2021 4/30/2021 $ 0.18

Declaration Date Record Date Payment Date Dividend Per Share

6/15/2021 6/30/2021 7/30/2021 0.21

1 unchanged sentence

12/15/2021 12/31/2021 1/31/2022 0.21

Declaration Date Record Date Payment Date Dividend Per Share

12/22/2020 12/31/2020 1/29/2021 $ 0.09

3 unchanged sentences

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 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

Under Equity Compensation Plans

(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 — — —

Repurchase Program

On November 3, 2015, the Company’s Board of Directors authorized a stock repurchase program ("Repurchase Program") to repurchase up to $25.0 million of the Company's outstanding common stock.

Such authorization does not have an expiration date.

As part of the Repurchase Program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act.

The following table presents information related to our purchases of our common stock during the year ended December 31, 2021:

Period (1) Total Number of Shares Purchased Weighted Average Price Paid per Share (2) Total Number of Shares Purchased as Part of Publicly Announced Program (3) Maximum Approximate Dollar Value that May Yet Be Purchased Under the Program (4)

August 1, 2021 to August 31, 2021 150,870 $ 10.72 398,006 $ 12,980,553

September 1, 2021 to September 30, 2021 107,885 11.39 505,891 11,751,409

October 1, 2021 to October 31, 2021 61,104 11.59 566,995 11,043,506

Total 319,859 $ 11.11 566,995 $ 11,043,506

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

The selected financial data set forth below has been derived from the Company’s audited consolidated financial statements.

The information presented below is only a summary and does not provide all of the information contained in our historical financial statements, including the related notes.

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, 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

Excess mortgage servicing rights, at fair value 3,158 17,775 26,650 5,084 413

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, 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, 2020 December 31, 2019 December 31, 2018 December 31, 2017 December 31, 2016

Statement of Operations Data:

Net Interest Income

Interest income $ 74,525 $ 171,660 $ 156,475 $ 128,845 $ 123,006

Interest expense 36,945 90,108 70,502 43,722 33,785

Total Net Interest Income 37,580 81,552 85,973 85,123 89,221

Other Income/(Loss)

Net realized gain/(loss) (256,522) (50,822) (39,450) (13,986) (10,391)

Net interest component of interest rate swaps 731 7,736 2,230 (7,763) (6,010)

Unrealized gain/(loss) on real estate securities and loans, net (159,466) 83,832 (20,940) 45,529 2,673

Unrealized gain/(loss) on derivative and other instruments, net (10,347) (312) (13,538) 19,813 8,613

Foreign currency gain/(loss), net 1,528 (2,512) — — —

Management fee to affiliate 7,181 9,825 9,544 9,835 9,809

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

Equity in earnings/(loss) from affiliates (1,629) 7,644 15,593 12,622 1,519

Net Income/(Loss) from Continuing Operations (421,585) 97,338 3,504 118,558 63,683

Net Income/(Loss) from Discontinued Operations 666 (4,416) (1,936) — —

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)

Net Income/(Loss) Available to Common Stockholders $ (430,894) $ 76,800 $ (11,901) $ 105,089 $ 50,214

Earnings/(Loss) Per Share - Basic

Continuing Operations $ (12.26) $ 2.52 $ (0.35) $ 3.77 $ 1.80

Discontinued Operations 0.02 (0.13) (0.07) — —

Total Earnings/(Loss) Per Common Share $ (12.24) $ 2.39 $ (0.42) $ 3.77 $ 1.80

Earnings/(Loss) Per Share - Diluted

Continuing Operations $ (12.26) $ 2.52 $ (0.35) $ 3.77 $ 1.80

Discontinued Operations 0.02 (0.13) (0.07) — —

Total Earnings/(Loss) Per Common Share $ (12.24) $ 2.39 $ (0.42) $ 3.77 $ 1.80

Dividends Declared Per Share of Common Stock $ 0.03 $ 1.90 $ 1.975 $ 2.00 $ 1.90

(1) The year ended December 31, 2019 includes cumulative and undeclared dividends of $0.4 million on the Company's 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock as of December 31, 2019.

(1) Based on trade date.

The Repurchase Program was announced on November 4, 2015 and does not have an expiration date.

(2) Includes brokerage commissions and clearing fees.

(3) Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021.

(4) The maximum dollar amount authorized was $25.0 million.

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