4 unchanged sentences
(in thousands, except per share data)
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Securitized residential mortgage loans, at fair value - $ 716,530 and $ 705,294 pledged as collateral, respectively (1)
22 unchanged sentences
Common stock, par value $ 0.01 per share;
−Removed: 450,000 shares of common stock authorized and 29,659 and 29,640 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
+Added: 450,000 shares of common stock authorized and 29,691 and 29,640 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
Additional paid-in capital 824,763 824,380
11 unchanged sentences
(in thousands, except per share data)
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net Interest Income
29 unchanged sentences
(in thousands, except per share data)
−Removed: For the Three Months Ended March 31, 2025 and March 31, 2024
+Added: For the Three Months Ended June 30, 2025 and June 30, 2024
Common Stock Preferred
3 unchanged sentences
Shares Amount Total
+Added: Balance at April 1, 2025 29,659 $ 297 $ 220,472 $ 824,587 $ ( 501,486 ) $ 543,870
+Added: Grant of restricted stock and amortization of equity based compensation 32 — — 176 — 176
+Added: Common dividends declared ($ 0.21 per share)
+Added: — — — — ( 6,235 ) ( 6,235 )
+Added: Preferred dividends declared (1) — — — — ( 5,349 ) ( 5,349 )
+Added: Net Income/(Loss) — — — — 3,945 3,945
+Added: Balance at June 30, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407
+Added: Common Stock Preferred
+Added: Stock Additional
+Added: Paid-in Capital Retained
+Added: Earnings/(Deficit)
+Added: Shares Amount Total
+Added: Balance at April 1, 2024 29,453 $ 295 $ 220,472 $ 823,908 $ ( 505,110 ) $ 539,565
+Added: Grant of restricted stock and amortization of equity based compensation 21 — — 198 — 198
+Added: Common dividends declared ($ 0.19 per share)
+Added: — — — — ( 5,600 ) ( 5,600 )
+Added: Preferred dividends declared (1) — — — — ( 4,586 ) ( 4,586 )
+Added: Net Income/(Loss) — — — — 3,925 3,925
+Added: Balance at June 30, 2024 29,474 $ 295 $ 220,472 $ 824,106 $ ( 511,371 ) $ 533,502
+Added: For the Six Months Ended June 30, 2025 and June 30, 2024
+Added: Common Stock Preferred
+Added: Stock Additional
+Added: Paid-in Capital Retained
+Added: Earnings/(Deficit)
+Added: Shares Amount Total
Balance at January 1, 2025 29,640 $ 296 $ 220,472 $ 824,380 $ ( 501,725 ) $ 543,423
4 unchanged sentences
Net Income/(Loss) — — — — 15,422 15,422
−Removed: Balance at March 31, 2025 29,659 $ 297 $ 220,472 $ 824,587 $ ( 501,486 ) $ 543,870
+Added: Balance at June 30, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407
Common Stock Preferred
9 unchanged sentences
Net Income/(Loss) — — — — 24,815 24,815
−Removed: Balance at March 31, 2024 29,453 $ 295 $ 220,472 $ 823,908 $ ( 505,110 ) $ 539,565
−Removed: (1) Dividends totaling $ 0.51563 , $ 0.50 , and $ 0.693062 per share of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock outstanding were declared, respectively.
−Removed: (2) Dividends totaling $ 0.51563 , $ 0.50 , and $ 0.50 per share of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock outstanding were declared, respectively.
+Added: Balance at June 30, 2024 29,474 $ 295 $ 220,472 $ 824,106 $ ( 511,371 ) $ 533,502
+Added: (1) For the three months ended June 30, 2025 and 2024, dividends totaling $ 0.51563 and $ 0.51563 per share of Series A Preferred Stock, $ 0.50 and $ 0.50 per share of Series B Preferred Stock, and $ 0.704864 and $ 0.50 per share of Series C Preferred Stock outstanding were declared, respectively.
+Added: (2) For the six months ended June 30, 2025 and 2024, dividends totaling $ 1.03126 and $ 1.03126 per share of Series A Preferred Stock, $ 1.00 and $ 1.00 per share of Series B Preferred Stock, and $ 1.397926 and $ 1.00 per share of Series C Preferred Stock outstanding were declared, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3 unchanged sentences
(in thousands)
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Six Months Ended
+Added: June 30, 2025 June 30, 2024
Cash Flows from Operating Activities
38 unchanged sentences
Cash and cash equivalents and restricted cash, End of Period $ 100,169 $ 148,434
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: Six Months Ended
+Added: June 30, 2025 June 30, 2024
Supplemental disclosure of cash flow information:
5 unchanged sentences
Transfer from residential mortgage loans to other assets $ 7,081 $ 3,313
+Added: Purchase of investments in debt and equity of affiliates $ 114 $ —
+Added: Purchase price payable on securitized residential mortgage loans $ 1,447 $ —
+Added: Payable on unsettled derivatives $ 3,844 $ —
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
−Removed: March 31, 2025 March 31, 2024
+Added: June 30, 2025 June 30, 2024
Cash and cash equivalents $ 88,746 $ 120,912
5 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
AG Mortgage Investment Trust, Inc.
2 unchanged sentences
The Company’s investment activities primarily include acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market.
−Removed: The Company obtains its residential mortgage loans through Arc Home, LLC ("Arc Home"), a residential mortgage loan originator in which the Company owns an approximate 44.6 % interest, and through other third-party origination partners.
+Added: The Company obtains its residential mortgage loans through Arc Home, LLC ("Arc Home"), a residential mortgage loan originator in which the Company owned an approximate 44.6 % interest as of June 30, 2025, and through other third-party origination partners.
On December 6, 2023, the Company acquired Western Asset Mortgage Capital Corporation ("WMC"), an externally managed mortgage REIT that focused on investing in, financing and managing a portfolio of residential mortgage loans, real estate related securities, and commercial real estate loans.
21 unchanged sentences
GSEs or agencies of the U.S.
−Removed: Non-Agency RMBS are primarily secured by Non-Agency, Agency-Eligible, and Home Equity Loans.
+Added: Non-Agency RMBS are primarily secured by Non-QM, Agency-Eligible, Home Equity, and Prime Jumbo Loans.
Agency RMBS (2)
3 unchanged sentences
Commercial Loans • Commercial loans represent first lien commercial mortgage loan participations.
−Removed: • Commercial Mortgage-Backed Securities ("CMBS") represent investments of fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.
+Added: • Commercial Mortgage-Backed Securities ("CMBS") represent fixed-rate and floating-rate CMBS, secured by, or evidencing an ownership interest in, a single commercial mortgage loan or a pool of commercial mortgage loans.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
(1) These investments are included in the "Securitized residential mortgage loans, at fair value" or "Residential mortgage loans, at fair value" line items on the consolidated balance sheets.
2 unchanged sentences
The Company expects to either hold the Legacy WMC Commercial Investments until maturity or opportunistically exit these investments.
−Removed: The Company conducts its business through one reportable segment, Loans and Securities, which reflects how the Company manages its business and analyzes and reports its results of operations.
+Added: The Company conducts its business through one operating and reportable segment, Loans and Securities, which reflects how the Company manages its business and analyzes and reports its results of operations.
Refer to Note 13 for additional details on segment reporting.
28 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances.
27 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
consolidated balance sheets or as a "financing" and will be classified as "Securitized residential mortgage loans, at fair value" on the consolidated balance sheets, depending upon the structure of the securitization transaction.
15 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
Residential mortgage loans
−Removed: The tables below detail information regarding the Company’s residential mortgage loan portfolio as of March 31, 2025 and December 31, 2024 ($ in thousands).
+Added: The tables below detail information regarding the Company’s residential mortgage loan portfolio as of June 30, 2025 and December 31, 2024 ($ in thousands).
The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.
Unpaid Principal Balance Gross Unrealized Weighted Average
−Removed: March 31, 2025
+Added: June 30, 2025
(Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life
9 unchanged sentences
Total Residential mortgage loans, at fair value $ 305,290 $ 9,946 $ 315,236 $ 12,229 $ ( 11 ) $ 327,454 10.03 % 9.03 % 4.03
−Removed: Total as of March 31, 2025
+Added: Total as of June 30, 2025
$ 7,215,762 $ 23,775 $ 7,239,537 $ 69,346 $ ( 332,441 ) $ 6,976,442 5.87 % 5.86 % 7.65
23 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
The following tables present information regarding the delinquency status of the Company's residential mortgage loans ($ in thousands).
Unpaid Principal Balance Loan Count (1) Aging by Unpaid Principal Balance (1)
−Removed: March 31, 2025
+Added: June 30, 2025
Current 30-59 Days 60-89 Days 90+ Days (2)
9 unchanged sentences
Total Residential mortgage loans $ 305,290 3,888 $ 303,564 $ 31 $ — $ 193
−Removed: Total as of March 31, 2025
+Added: Total as of June 30, 2025
$ 7,215,762 22,179 $ 6,974,539 $ 97,286 $ 32,657 $ 109,778
16 unchanged sentences
(2) Represents loans that either have a delinquency status greater than 90 days or are in the process of foreclosure.
−Removed: As of March 31, 2025, the $ 106.4 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 43.0 million and loans in the process of foreclosure with a fair value of $ 58.6 million.
+Added: As of June 30, 2025, the $ 109.8 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 55.9 million and loans in the process of foreclosure with a fair value of $ 48.4 million.
As of December 31, 2024, the $ 116.6 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 51.9 million and loans in the process of foreclosure with a fair value of $ 57.9 million.
−Removed: As of March 31, 2025 and December 31, 2024, 8.7 % and 9.6 %, respectively, of the unpaid principal balance of the Company's securitized residential mortgage loans and residential mortgage loans were adjustable rate mortgages.
−Removed: During the three months ended March 31, 2025 and 2024, the Company purchased residential mortgage loans, as detailed below (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
−Removed: Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1)
+Added: As of June 30, 2025 and December 31, 2024, 8.2 % and 9.6 %, respectively, of the unpaid principal balance of the Company's securitized residential mortgage loans and residential mortgage loans were adjustable rate mortgages.
+Added: During the three and six months ended June 30, 2025 and 2024, the Company purchased residential mortgage loans, as detailed below (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
+Added: Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1)
Agency-Eligible Loans $ 331,375 $ 340,587 $ 406,121 $ 413,619 $ 692,913 $ 707,355 $ 674,207 $ 684,703
6 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: During the three months ended March 31, 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).
−Removed: The Company did not sell any residential mortgage loans during the three months ended March 31, 2024.
−Removed: Three Months Ended March 31, 2025
−Removed: Number of Loans Proceeds Realized Gains Realized Losses
+Added: June 30, 2025
+Added: During the three and six months ended June 30, 2025, the Company sold residential mortgage loans as detailed below ($ in thousands).
+Added: The Company did not sell any residential mortgage loans during the three and six months ended June 30, 2024.
+Added: Three Months Ended Six Months Ended
+Added: Number of Loans Proceeds Realized Gains Realized Losses Number of Loans Proceeds Realized Gains Realized Losses
+Added: June 30, 2025
+Added: Agency-Eligible Loans 88 $ 37,333 $ 238 $ ( 219 ) 88 $ 37,333 $ 238 $ ( 219 )
Non-Agency Loans — — — — 21 11,336 341 ( 1,152 )
2 unchanged sentences
The Company’s residential mortgage loan portfolio consists of mortgage loans on residential real estate located throughout the United States.
−Removed: The following is a summary of the geographic concentration of credit risk as of March 31, 2025 and December 31, 2024 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio.
−Removed: Geographic Concentration of Credit Risk (1) March 31, 2025 December 31, 2024
+Added: The following is a summary of the geographic concentration of credit risk as of June 30, 2025 and December 31, 2024 and includes states where the exposure is greater than 5% of the fair value of the Company's residential mortgage loan portfolio.
+Added: Geographic Concentration of Credit Risk (1) June 30, 2025 December 31, 2024
California 33 % 35 %
−Removed: New York 10 % 11 %
Florida 10 % 11 %
+Added: New York 10 % 11 %
Texas 6 % 6 %
13 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: The following table details certain information related to the assets and liabilities of the Non-Agency VIEs as of March 31, 2025 and December 31, 2024 ($ in thousands).
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025
+Added: The following table details certain information related to the assets and liabilities of the Non-Agency VIEs as of June 30, 2025 and December 31, 2024 ($ in thousands).
+Added: June 30, 2025 December 31, 2024
Carrying Value Weighted Average Carrying Value Weighted Average
14 unchanged sentences
The Company has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs.
−Removed: (5) As of March 31, 2025 and December 31, 2024, the Company had outstanding financing arrangements of $ 393.4 million and $ 370.9 million, respectively, collateralized by $ 666.3 million and $ 654.3 million of the Company's retained interests in the Non-Agency VIEs, respectively.
+Added: (5) As of June 30, 2025 and December 31, 2024, the Company had outstanding financing arrangements of $ 395.7 million and $ 370.9 million, respectively, collateralized by $ 675.6 million and $ 654.3 million of the Company's retained interests in the Non-Agency VIEs, respectively.
See Note 6 for more detail regarding the Company's financing arrangements.
−Removed: The following table details certain information related to the assets and liabilities of the RPL/NPL VIEs as of March 31, 2025 and December 31, 2024 ($ in thousands).
−Removed: March 31, 2025 December 31, 2024
+Added: The following table details certain information related to the assets and liabilities of the RPL/NPL VIEs as of June 30, 2025 and December 31, 2024 ($ in thousands).
+Added: June 30, 2025 December 31, 2024
Carrying Value Weighted Average Carrying Value Weighted Average
14 unchanged sentences
The Company has no obligation to provide any other explicit or implicit support to the RPL/NPL VIEs.
−Removed: (4) As of March 31, 2025 and December 31, 2024, the Company had outstanding financing arrangements of $ 27.4 million and $ 31.8 million, respectively, collateralized by $ 41.8 million and $ 51.0 million of the Company's retained interests in the RPL/NPL VIEs, respectively.
+Added: (4) As of June 30, 2025 and December 31, 2024, the Company had outstanding financing arrangements of $ 27.1 million and $ 31.8 million, respectively, collateralized by $ 41.0 million and $ 51.0 million of the Company's retained interests in the RPL/NPL VIEs, respectively.
See Note 6 for more detail regarding the Company's financing arrangements.
2 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
Legacy WMC Commercial loans
−Removed: The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of March 31, 2025 and December 31, 2024 ($ in thousands).
+Added: The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of June 30, 2025 and December 31, 2024 ($ in thousands).
The gross unrealized gains/(losses) in the table below represent inception to date gains/(losses) since acquisition.
−Removed: March 31, 2025 Premium /
+Added: June 30, 2025 Premium /
Amortized Cost Gross Unrealized Fair Value Weighted Average Maturity Date LTV (5) Location
15 unchanged sentences
(2) Each commercial loan investment is a first mortgage loan.
−Removed: (3) Each commercial loan has a current payment status.
−Removed: Refer to Note 14 for additional details regarding Loan A, Loan B, and Loan C.
(3) The weighted average yields are calculated based on the amortized cost of the underlying loans.
1 unchanged sentence
Maturities are affected by prepayments of principal.
−Removed: (6) Represents maturity date of the last possible extension option.
−Removed: Refer to Note 14 for additional details regarding Loan A, Loan B, and Loan C.
(5) Represents the LTV at acquisition.
1 unchanged sentence
(6) Loans A, B, and C have a floating rate coupon equal to 4.20 % plus one-month SOFR and are collateralized by hotels.
+Added: The borrower for Loans A, B and C is currently in default.
+Added: In May 2025, the administrative agent on behalf of the lenders (including the Company) of Loans A, B and C entered into short-term forbearance agreements with the borrower, which were subsequently terminated effective July 3, 2025.
+Added: For the three months ended June 30, 2025, these loans were placed on non-accrual status.
+Added: The borrower for such loans is in the process of selling the hotels collateralizing the loans;
+Added: however, no assurances can be made that any such sale will be completed on the terms contemplated or at all.
+Added: The lender on the Company’s financing arrangements on Loans A, B and C is permitted to request a full repayment of the debt with respect to such assets.
+Added: The Company does not currently expect its lender to request a full repayment of the related outstanding financing arrangements.
(7) Loan D has a floating rate coupon equal to 3.38 % plus one-month SOFR and is collateralized by a retail property.
+Added: Loan D has a current payment status.
+Added: The maturity date r epresents the last possible extension option.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
Real Estate Securities
−Removed: The following tables detail the Company’s real estate securities portfolio as of March 31, 2025 and December 31, 2024 ($ in thousands).
+Added: The following tables detail the Company’s real estate securities portfolio as of June 30, 2025 and December 31, 2024 ($ in thousands).
The Company’s real estate securities include its interest in VIEs in which the Company has concluded that it is not the primary beneficiary and, as a result, did not consolidate the VIEs.
1 unchanged sentence
Current Face (1) Premium/
−Removed: Amortized Cost Gross Unrealized Fair Value (1) Weighted Average
−Removed: March 31, 2025 Gains Losses Coupon (2) Yield (3) Life
+Added: (Discount) (1)
+Added: Amortized Cost Gross Unrealized Fair
+Added: Value (2) Weighted Average
+Added: June 30, 2025 Gains Losses Coupon (3) Yield (4) Life
Non-Agency RMBS
−Removed: GCAT Non-Agency RMBS (5)
−Removed: GCAT Non-Agency Securities $ 43,794 $ ( 1,792 ) $ 42,002 $ — $ ( 3,747 ) $ 38,255 4.99 % 6.09 % 6.12
−Removed: GCAT Non-Agency RMBS Interest Only (6) N/A N/A 2,217 1,070 — 3,287 0.57 % 31.32 % 2.98
−Removed: Total GCAT Non-Agency RMBS 43,794 ( 1,792 ) 44,219 1,070 ( 3,747 ) 41,542 2.85 % 7.35 % 4.07
−Removed: Non-Agency Securities (7) 102,131 ( 6,412 ) 95,719 3,369 ( 413 ) 98,675 5.90 % 7.59 % 8.73
−Removed: Non-Agency RMBS Interest Only (6)(7) N/A N/A 11,967 416 ( 10 ) 12,373 0.50 % 21.78 % 5.00
+Added: Non-QM Loans (6) $ 48,961 $ ( 2,522 ) $ 48,522 $ 752 $ ( 3,162 ) $ 46,112 2.99 % 6.88 % 3.99
+Added: Agency-Eligible Loans (7) 48,124 ( 2,790 ) 45,980 1,701 ( 187 ) 47,494 3.49 % 7.46 % 6.91
+Added: Home Equity Loans (7) 39,194 ( 33 ) 49,573 2,132 ( 946 ) 50,759 5.91 % 11.62 % 6.08
+Added: Prime Jumbo Loans 6,437 ( 2,702 ) 3,891 870 ( 9 ) 4,752 1.01 % 9.41 % 7.81
Total Non-Agency RMBS 142,716 ( 8,047 ) 147,966 5,455 ( 4,304 ) 149,117 3.37 % 8.71 % 5.82
1 unchanged sentence
Agency RMBS Interest Only N/A N/A 17,787 479 ( 312 ) 17,954 4.57 % 9.48 % 5.93
−Removed: Total as of March 31, 2025
+Added: Total as of June 30, 2025
$ 240,679 $ ( 46,984 ) $ 224,779 $ 11,544 $ ( 13,047 ) $ 223,276 4.48 % 10.89 % 5.20
Current Face (1) Premium/
−Removed: Amortized Cost Gross Unrealized Fair Value (1) Weighted Average
+Added: (Discount) (1)
+Added: Amortized Cost Gross Unrealized Fair
+Added: Value (2) Weighted Average
December 31, 2024 Gains Losses Coupon (3) Yield (4) Life (Years) (5)
Non-Agency RMBS
−Removed: GCAT Non-Agency RMBS (5)
−Removed: GCAT Non-Agency Securities $ 43,794 $ ( 1,884 ) $ 41,910 $ — $ ( 5,431 ) $ 36,479 4.94 % 6.12 % 6.74
−Removed: GCAT Non-Agency RMBS Interest Only (6) N/A N/A 2,271 1,565 — 3,836 0.38 % 36.66 % 3.16
−Removed: Total GCAT Non-Agency RMBS 43,794 ( 1,884 ) 44,181 1,565 ( 5,431 ) 40,315 2.68 % 7.69 % 4.37
−Removed: Non-Agency Securities (7) 79,524 ( 6,011 ) 73,513 2,206 ( 742 ) 74,977 5.94 % 7.77 % 10.77
−Removed: Non-Agency RMBS Interest Only (6)(7) N/A N/A 10,764 1,539 ( 16 ) 12,287 2.28 % 27.60 % 4.65
+Added: Non-QM Loans (6) $ 49,516 $ ( 2,772 ) $ 49,015 $ 1,678 $ ( 5,544 ) $ 45,149 2.83 % 7.65 % 4.62
+Added: Agency-Eligible Loans (7) 51,861 ( 3,062 ) 49,488 1,555 ( 148 ) 50,895 3.45 % 7.47 % 6.91
+Added: Home Equity Loans 15,526 640 26,076 1,445 ( 491 ) 27,030 3.40 % 16.36 % 5.26
+Added: Prime Jumbo Loans 6,415 ( 2,701 ) 3,879 632 ( 6 ) 4,505 0.97 % 9.41 % 7.95
Total Non-Agency RMBS 123,318 ( 7,895 ) 128,458 5,310 ( 6,189 ) 127,579 3.08 % 9.40 % 5.65
2 unchanged sentences
Total as of December 31, 2024 $ 224,214 $ ( 49,774 ) $ 207,992 $ 8,795 $ ( 15,427 ) $ 201,360 3.62 % 11.58 % 5.20
−Removed: (1) The fair value of the securities held from unconsolidated VIEs represents the Company’s maximum loss exposure in unconsolidated VIEs.
+Added: (1) Current Face and Premium/(Discount) exclude Interest Only securities, which have no principal balances and bear interest based on a notional value.
+Added: The notional value is used solely to determine interest distributions on the interest only classes of securities.
+Added: As of June 30, 2025, the notional balance of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, Prime Jumbo Loans and Agency RMBS Interest Only line items were $ 73.9 million, $ 46.0 million, $ 171.9 million, $ 26.5 million and $ 90.3 million, respectively.
+Added: As of December 31, 2024, the notional value of the Non-QM Loans, Agency-Eligible Loans, Home Equity Loans, Prime Jumbo Loans and Agency RMBS Interest Only line items were $ 85.6 million, $ 50.4 million, $ 163.3 million, $ 28.3 million and $ 107.2 million, respectively.
+Added: (2) The fair value of the securities held in unconsolidated VIEs represents the Company’s maximum loss exposure in unconsolidated VIEs.
The Company has no obligation to provide any other explicit or implicit support to unconsolidated VIEs.
3 unchanged sentences
Maturities are affected by prepayments of principal.
−Removed: (5) GCAT Non-Agency RMBS are securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG Angelo Gordon securitization shelf under which the Company or private funds under the management of TPG Angelo Gordon securitize loans.
+Added: (6) Certain Non-Agency RMBS include securities issued under Gold Creek Asset Trust ("GCAT"), which is the TPG Angelo Gordon securitization shelf under which the Company or private funds under the management of TPG Angelo Gordon securitize loans.
These securities were retained from rated Non-QM Loan securitizations the Company participated in alongside private funds managed by TPG Angelo Gordon.
The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts.
−Removed: (6) Interest Only securities have no principal balances and bear interest based on a notional value.
−Removed: The notional value is used solely to determine interest distributions on the interest only classes of securities.
−Removed: As of March 31, 2025, the notional balance of the GCAT Non-Agency RMBS Interest Only, Non-Agency RMBS Interest Only and Agency RMBS Interest Only line items were $ 81.9 million, $ 257.5 million and $ 93.1 million, respectively.
−Removed: As of December 31, 2024, the notional value of the GCAT Non-Agency RMBS Interest Only, Non-Agency RMBS Interest Only and Agency RMBS Interest Only line items were $ 85.6 million, $ 242.0 million and $ 107.2 million, respectively.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: As of June 30, 2025 and December 31, 2024, the Company’s Non-QM Loans includes $ 41.7 million and $ 40.3 million of retained securities from these transactions, respectively.
(7) For certain Non-Agency RMBS, the Company acted as a co-sponsor alongside an unrelated third party of rated securitizations.
1 unchanged sentence
The remaining tranches were sold to third parties and certain private funds managed by TPG Angelo Gordon or retained by the Company.
−Removed: As of March 31, 2025, the Company’s Non-Agency Securities and Non-Agency RMBS Interest Only includes $ 71.3 million and $ 2.8 million, respectively, of retained securities from these transactions.
−Removed: As of December 31, 2024, the Company’s Non-Agency Securities and Non-Agency RMBS Interest Only includes $ 47.3 million and $ 0.9 million, respectively, of retained securities from these transactions.
−Removed: (8) As of March 31, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and a fair value of $ 6.5 million which are on non-accrual or cost recovery status.
+Added: As of June 30, 2025 and December 31, 2024, the Company’s Agency-Eligible Loans includes $ 45.5 million and $ 48.2 million of retained securities from these transactions, respectively.
+Added: As of June 30, 2025, the Company’s Home Equity Loans includes $ 25.8 million of retained securities from these transactions.
+Added: (8) As of June 30, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and a fair value of $ 7.0 million which are on non-accrual or cost recovery status.
As of December 31, 2024, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and a fair value of $ 6.0 million which are on non-accrual or cost recovery status.
−Removed: The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of March 31, 2025 and December 31, 2024 (in thousands).
−Removed: March 31, 2025 Non-Agency RMBS Legacy WMC CMBS Agency RMBS
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
+Added: The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of June 30, 2025 and December 31, 2024 (in thousands).
+Added: June 30, 2025 Non-Agency RMBS Legacy WMC CMBS Agency RMBS
Weighted Average Life (1)
5 unchanged sentences
Greater than ten years 17,281 17,301 — — — —
−Removed: Total as of March 31, 2025
+Added: Total as of June 30, 2025
$ 149,117 $ 147,966 $ 56,205 $ 59,026 $ 17,954 $ 17,787
11 unchanged sentences
Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal and prepayments of principal.
−Removed: The Company sold real estate securities during the three months ended March 31, 2025 and 2024, as detailed below ($ in thousands).
−Removed: Three Months Ended
−Removed: Number of Securities Proceeds Realized Gains Realized Losses
−Removed: March 31, 2025
+Added: The Company sold real estate securities during the three and six months ended June 30, 2025 and 2024, as detailed below ($ in thousands).
+Added: Three Months Ended Six Months Ended
+Added: Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses
+Added: June 30, 2025
Agency RMBS — $ — $ — $ — 1 $ 1,894 $ 241 $ —
Non-Agency RMBS 1 558 35 — 2 1,336 72 —
−Removed: March 31, 2024
+Added: CMBS 1 1,959 — ( 144 ) 1 1,959 — ( 144 )
+Added: June 30, 2024
Non-Agency RMBS 6 $ 19,858 $ 2,005 $ ( 73 ) 13 $ 39,176 $ 3,165 $ ( 482 )
11 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 (in thousands).
−Removed: Fair Value at March 31, 2025
+Added: June 30, 2025
+Added: The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in thousands).
+Added: Fair Value at June 30, 2025
Level 1 Level 2 Level 3 Total
5 unchanged sentences
Agency RMBS — 17,954 — 17,954
+Added: Loan purchase commitment (1) — — 470 470
Derivative assets (2) — 5,308 41 5,349
3 unchanged sentences
Securitized debt $ — $ — $ ( 5,937,637 ) $ ( 5,937,637 )
+Added: Loan purchase commitment (1) — — ( 46 ) ( 46 )
Derivative liabilities (2) — ( 1,567 ) ( 5 ) ( 1,572 )
15 unchanged sentences
Total Liabilities Measured at Fair Value $ — $ ( 38 ) $ ( 5,492,303 ) $ ( 5,492,341 )
−Removed: (1) As of March 31, 2025, the Company applied a reduction in fair value of $ 6.4 million and $ 2.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.
+Added: (1) The Company has chosen to make a fair value election pursuant to ASC 825 for its loan purchase commitments.
+Added: Loan purchase commitment assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively.
+Added: (2) As of June 30, 2025, the Company applied a reduction in fair value of $ 5.3 million and $ 1.5 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.
As of December 31, 2024, the Company applied a reduction in fair value of $ 11.4 million and $ 35.0 thousand to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, net of collateral posted by the Company's derivative counterparties.
4 unchanged sentences
(4) The table above includes the Company's investment in AG Arc, which is included in its "Investments in debt and equity of affiliates" line item on the consolidated balance sheets, as the Company has chosen to elect the fair value option with respect to its investment pursuant to ASC 825.
−Removed: The valuation of the Company’s residential mortgage loans, securitized debt relating to the Non-Agency VIEs and RPL/NPL VIEs, commercial loans, certain securities, and forward purchase commitments is determined by the Manager using third-party
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: pricing services where available, valuation analyses from third-party pricing service providers, or model-based pricing.
+Added: June 30, 2025
+Added: The valuation of certain of the Company’s assets and liabilities, including residential mortgage loans, securitized debt, commercial loans, certain securities, loan purchase commitments and forward purchase commitments, is determined by the Manager using third-party pricing services where available, valuation analyses from third-party pricing service providers, or model-based pricing.
Third-party pricing service providers conduct independent valuation analyses based on a review of source documents, available market data, and comparable investments.
3 unchanged sentences
The Company also considers loan servicing data, as available, forward interest rates, general economic conditions, home price index forecasts, and valuations of the underlying properties.
−Removed: The variables considered most significant to the determination of the fair value of the Company's residential mortgage loans, securitized debt, commercial loans, certain securities, and forward purchase commitments include market-implied discount rates, projections of default rates, delinquency rates, prepayment rates, loss severity, loan-to-value ratios, recovery rates, reperformance rates, timeline to liquidation, and, for forward purchase commitments, pull-through rates.
+Added: The variables considered most significant to the determination of the fair value of these assets and liabilities include market-implied discount rates, projections of default rates, delinquency rates, prepayment rates, loss severity, recovery rates, reperformance rates, timeline to liquidation, and, for forward purchase commitments, pull-through rates.
The Company and third-party pricing service providers use loan level data and macro-economic inputs to generate loss adjusted cash flows and other information in determining the fair value.
−Removed: Because of the inherent uncertainty of such valuation, the fair value established for mortgage loans, securitized debt, commercial loans, certain securities, and forward purchase commitments held by the Company may differ from the fair value that would have been established if a ready market existed for these mortgage loans.
+Added: Because of the inherent uncertainty of such valuation, the fair value established for these assets and liabilities held by the Company may differ from the fair value that would have been established if a ready market existed for these mortgage loans.
Fair values for the Company’s securities and derivatives may be based upon prices obtained from third-party pricing services or broker quotations.
14 unchanged sentences
Significant increases (decreases) in the multiple applied would result in a significantly higher (lower) fair value measurement.
−Removed: The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three months ended March 31, 2025 and 2024.
−Removed: The Company did not have any transfers of assets or liabilities between Levels 2 and 3 of the fair value hierarchy during the three months ended March 31, 2025 and 2024.
+Added: The Company did not have any transfers of assets or liabilities between Levels 1 and 2 of the fair value hierarchy during the three and six months ended June 30, 2025 and 2024.
+Added: The Company did not have any transfers of assets or liabilities between Levels 1 or 2 and Level 3 of the fair value hierarchy during the three and six months ended June 30, 2025 and 2024.
Transfers into the Level 3 category of the fair value hierarchy occur due to instruments exhibiting indications of reduced levels of market transparency.
5 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
The following tables present additional information about the Company’s assets and liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value (in thousands).
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended June 30, 2025
Loans (1) Legacy WMC Commercial Loans Non-Agency
−Removed: RMBS Derivative Assets (2) AG Arc Securitized
−Removed: Debt Derivative Liabilities (2)
+Added: RMBS Other Assets (2) AG Arc Securitized
+Added: Debt Other Liabilities (2)
Beginning balance $ 6,809,796 $ 65,504 $ 141,118 $ — $ 32,242 $ ( 5,836,691 ) $ —
11 unchanged sentences
Ending Balance $ 6,974,999 $ 64,883 $ 137,945 $ 511 $ 32,205 $ ( 5,937,637 ) $ ( 51 )
−Removed: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2025
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2025
Net premium and discount amortization (3) $ 2,219 $ 63 $ ( 826 ) $ — $ — $ ( 6,650 ) $ —
1 unchanged sentence
Equity in earnings/(loss) from affiliates — — — — ( 37 ) — —
−Removed: Three Months Ended March 31, 2024
+Added: Three Months Ended June 30, 2024
Loans (1) Legacy WMC Commercial Loans Non-Agency
−Removed: RMBS Legacy WMC CMBS Legacy WMC Other Securities Derivative Assets (2) AG Arc Securitized
−Removed: Debt Derivative Liabilities (2)
+Added: RMBS Legacy WMC CMBS Legacy WMC Other Securities Other Assets (2) AG Arc Securitized
+Added: Debt Other Liabilities (2)
Beginning balance $ 5,848,560 $ 66,474 $ 39,163 $ 3,268 $ 1,220 $ 472 $ 33,190 $ ( 4,980,942 ) $ ( 159 )
11 unchanged sentences
Ending Balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ ( 5,117,189 ) $ ( 560 )
−Removed: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of March 31, 2024
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024
Net premium and discount amortization (3) $ 4,131 $ 140 $ 17 $ — $ ( 43 ) $ — $ — $ ( 7,738 ) $ —
2 unchanged sentences
(1) Includes Securitized residential mortgage loans.
−Removed: (2) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets.
+Added: (2) Other assets and Other liabilities include loan purchase commitments and derivative forward purchase commitments.
(3) Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.
3 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: The following table presents a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of March 31, 2025 and December 31, 2024 ($ in thousands).
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025
+Added: Six Months Ended June 30, 2025
+Added: Loans (1) Legacy WMC Commercial Loans Non-Agency
+Added: RMBS Other Assets (2) AG Arc Securitized
+Added: Debt Other Liabilities (2)
+Added: Beginning balance $ 6,416,066 $ 67,005 $ 115,533 $ 204 $ 30,778 $ ( 5,491,967 ) $ ( 336 )
+Added: Purchases 939,621 — 25,963 — — — —
+Added: Issuances of Securitized Debt — — — — — ( 723,330 ) —
+Added: Proceeds from sales or settlements ( 57,761 ) — — ( 258 ) — — 298
+Added: Principal repayments ( 422,385 ) — ( 3,702 ) — — 383,149 —
+Added: Principal funding 6,953 — — — — — —
+Added: Included in net income:
+Added: Net premium and discount amortization (3) 4,105 333 ( 1,518 ) — — ( 13,457 ) —
+Added: Net realized gain/(loss) ( 1,722 ) — — 258 — — ( 298 )
+Added: Net unrealized gain/(loss) 96,383 ( 2,455 ) 1,669 307 — ( 92,032 ) 285
+Added: Equity in earnings/(loss) from affiliates — — — — 1,427 — —
+Added: Other (4) ( 6,261 ) — — — — — —
+Added: Ending Balance $ 6,974,999 $ 64,883 $ 137,945 $ 511 $ 32,205 $ ( 5,937,637 ) $ ( 51 )
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2025
+Added: Net premium and discount amortization (3) $ 4,064 $ 333 $ ( 1,518 ) $ — $ — $ ( 13,457 ) $ —
+Added: Net unrealized gain/(loss) 95,526 ( 2,455 ) 1,669 511 — ( 92,032 ) ( 51 )
+Added: Equity in earnings/(loss) from affiliates — — — — 1,427 — —
+Added: Six Months Ended June 30, 2024
+Added: Loans (1) Legacy WMC Commercial Loans Non-Agency
+Added: RMBS Legacy WMC CMBS Legacy WMC Other Securities Other Assets (2) AG Arc Securitized
+Added: Debt Other Liabilities (2)
+Added: Beginning balance $ 5,675,135 $ 66,303 $ 37,533 $ 5,796 $ 1,156 $ 1,172 $ 33,574 $ ( 4,711,623 ) $ ( 7 )
+Added: Purchases 710,197 — 18,051 — — — — — —
+Added: Issuances of Securitized Debt — — — — — — — ( 658,255 ) —
+Added: Capital distributions — — — — — — ( 481 ) — —
+Added: Proceeds from sales or settlements — — — — — ( 1,728 ) — — 757
+Added: Principal repayments ( 312,147 ) — — — — — — 284,363 —
+Added: Included in net income:
+Added: Net premium and discount amortization (3) 8,328 200 33 ( 63 ) ( 97 ) — — ( 15,316 ) —
+Added: Net realized gain/(loss) 56 — — — — 1,728 — — ( 757 )
+Added: Net unrealized gain/(loss) 14,303 250 1,775 ( 5,006 ) 149 ( 726 ) — ( 16,358 ) ( 553 )
+Added: Equity in earnings/(loss) from affiliates — — — — — — 1,861 — —
+Added: Other (4) ( 3,356 ) — — — — — — — —
+Added: Ending Balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ ( 5,117,189 ) $ ( 560 )
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024
+Added: Net premium and discount amortization (3) $ 8,328 $ 200 $ 33 $ ( 63 ) $ ( 97 ) $ — $ — $ ( 15,316 ) $ —
+Added: Net unrealized gain/(loss) 14,303 250 1,775 ( 5,006 ) 149 446 — ( 16,358 ) ( 560 )
+Added: Equity in earnings/(loss) from affiliates — — — — — — 1,861 — —
+Added: (1) Includes Securitized residential mortgage loans.
+Added: (2) Other assets and Other liabilities include loan purchase commitments and derivative forward purchase commitments.
+Added: (3) Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.
+Added: (4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
+Added: The following table presents a summary of quantitative information about the significant unobservable inputs used in the fair value measurement of investments for which the Company has utilized Level 3 inputs to determine fair value as of June 30, 2025 and December 31, 2024 ($ in thousands).
+Added: June 30, 2025 December 31, 2024
Valuation Technique Unobservable Input Fair Value Range
26 unchanged sentences
100.00 % - 100.00 % ( 100.00 %)
−Removed: Loan-to-Value 42.50 % - 77.22 % ( 63.43 %)
−Removed: 42.50 % - 77.22 % ( 63.69 %)
Non-Agency RMBS
7 unchanged sentences
10.00 % - 25.00 % ( 18.17 %)
−Removed: Derivative Assets (3)
−Removed: Yield N/A 6.59 % - 7.70 % ( 6.72 %)
−Removed: Discounted Cash Flow Projected Collateral Prepayments $ — N/A $ 204 11.52 % - 25.78 % ( 19.09 %)
−Removed: Projected Collateral Losses N/A 0.02 % - 2.73 % ( 0.71 %)
−Removed: Projected Collateral Severities N/A 10.00 % - 10.00 % ( 10.00 %)
−Removed: Pull Through Percentages N/A 60.00 % - 100.00 % ( 89.33 %)
+Added: Other Assets (3)
+Added: Yield 5.69 % - 6.66 % ( 6.09 %)
+Added: 6.59 % - 7.70 % ( 6.72 %)
+Added: Discounted Cash Flow Projected Collateral Prepayments $ 511 6.28 % - 26.31 % ( 17.41 %)
+Added: $ 204 11.52 % - 25.78 % ( 19.09 %)
+Added: Projected Collateral Losses 0.02 % - 3.38 % ( 0.34 %)
+Added: 0.02 % - 2.73 % ( 0.71 %)
+Added: Projected Collateral Severities 10.00 % - 10.00 % ( 10.00 %)
+Added: 10.00 % - 10.00 % ( 10.00 %)
+Added: Pull Through Percentages 65.00 % - 100.00 % ( 97.22 %)
+Added: 60.00 % - 100.00 % ( 89.33 %)
Comparable Multiple Book Value Multiple $ 32,205 1.00 x - 1.00 x ( 1.00 x)
9 unchanged sentences
10.00 % - 26.00 % ( 19.63 %)
−Removed: Derivative Liabilities (3)
−Removed: Yield N/A 6.58 % - 6.96 % ( 6.67 %)
−Removed: Discounted Cash Flow Projected Collateral Prepayments $ — N/A $ ( 336 ) 9.00 % - 26.94 % ( 18.34 %)
−Removed: Projected Collateral Losses N/A 0.01 % - 1.36 % ( 0.17 %)
−Removed: Projected Collateral Severities N/A 10.00 % - 10.00 % ( 10.00 %)
−Removed: Pull Through Percentages N/A 65.00 % - 100.00 % ( 90.48 %)
+Added: Other Liabilities (3)
+Added: Yield 6.08 % - 6.77 % ( 6.33 %)
+Added: 6.58 % - 6.96 % ( 6.67 %)
+Added: Discounted Cash Flow Projected Collateral Prepayments $ ( 51 ) 4.46 % - 25.65 % ( 11.75 %)
+Added: $ ( 336 ) 9.00 % - 26.94 % ( 18.34 %)
+Added: Projected Collateral Losses 0.03 % - 3.03 % ( 0.76 %)
+Added: 0.01 % - 1.36 % ( 0.17 %)
+Added: Projected Collateral Severities 10.00 % - 10.00 % ( 10.00 %)
+Added: 10.00 % - 10.00 % ( 10.00 %)
+Added: Pull Through Percentages 65.00 % - 100.00 % ( 96.39 %)
+Added: 65.00 % - 100.00 % ( 90.48 %)
(1) Amounts are weighted based on fair value.
−Removed: (2) Represents the proportion of the principal expected to be collected relative to the loan balances as of March 31, 2025 and December 31, 2024.
−Removed: (3) Derivative assets and derivative liabilities are included in the "Other assets" and "Other liabilities" line items, respectively, on the consolidated balance sheets.
+Added: (2) Represents the proportion of the principal expected to be collected relative to the loan balances as of June 30, 2025 and December 31, 2024.
+Added: (3) Other assets and Other liabilities include loan purchase commitments and derivative forward purchase commitments.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: The following table presents a summary of the Company's financing as of March 31, 2025 and December 31, 2024 ($ in thousands).
−Removed: March 31, 2025
+Added: June 30, 2025
+Added: The following table presents a summary of the Company's financing as of June 30, 2025 and December 31, 2024 ($ in thousands).
+Added: June 30, 2025
December 31, 2024
3 unchanged sentences
Securitized Residential Mortgage Loans (4)
−Removed: Non-Agency Loans (5) $ 392,859 $ 393,359 Apr - Jul 2025 6.18 % 0.19 $ 666,297 $ 370,913
−Removed: Re- and Non-Performing Loans 27,433 27,433 Apr - May 2025 6.56 % 0.09 41,782 31,798
+Added: Non-Agency Loans $ 395,586 $ 395,691 Jul 2025 - May 2026 6.14 % 0.20 $ 675,565 $ 370,913
+Added: Re- and Non-Performing Loans 27,124 27,124 Jul 2025 6.59 % 0.03 40,965 31,798
Residential Mortgage Loans (5)
3 unchanged sentences
Legacy WMC Commercial Loans 30,936 30,936 Mar 2026 7.40 % 0.73 64,883 47,222
−Removed: Non-Agency RMBS 99,534 99,534 Apr - June 2025 5.26 % 0.20 134,193 78,978
−Removed: Legacy WMC CMBS 20,559 20,559 Apr 2025 6.10 % 0.04 54,258 20,416
−Removed: Agency RMBS 736 736 Apr 2025 4.94 % 0.08 1,033 2,038
+Added: Non-Agency RMBS 97,091 97,091 Jul 2025 - May 2026 5.27 % 0.13 131,218 78,978
+Added: Legacy WMC CMBS 20,164 20,164 Jul 2025 6.15 % 0.04 56,173 20,416
+Added: Agency RMBS 11,832 11,832 Jul 2025 - Sept 2025 4.87 % 0.23 16,970 2,038
Total Financing Arrangements $ 843,432 $ 843,537 6.20 % 0.43 $ 1,311,213 $ 742,108
8 unchanged sentences
Total Financing $ 7,161,668 $ 6,877,254 5.41 % 5.44 $ 1,311,213 $ 6,329,796
−Removed: (1) The Company also had $ 5.1 million and $ 10.6 million of cash pledged under repurchase agreements as of March 31, 2025 and December 31, 2024, respectively.
+Added: (1) The Company also had $ 2.2 million and $ 10.6 million of cash pledged under repurchase agreements as of June 30, 2025 and December 31, 2024, respectively.
(2) Under the terms of the Company’s financing agreements, the Company's financing counterparties may, in certain cases, sell or re-hypothecate the pledged collateral.
1 unchanged sentence
The fair value of certain of the Company's financing arrangements approximates the carrying value due to their floating interest rates and short-term maturities of generally one year or less.
−Removed: These financing arrangements are classified as Level 2 of the fair value hierarchy.
−Removed: As of March 31, 2025, the Company had certain fixed-rate long-term financing arrangements which had an amortized cost and fair value of $ 46.7 million and $ 47.0 million, respectively.
−Removed: The fair value of the fixed-rate long-term financing arrangements is based on a discounted cash flow valuation approach using valuation analyses of the underlying collateral sourced from third-party pricing service providers and is classified as Level 3 of the fair value hierarchy.
+Added: As of June 30, 2025, the Company had certain fixed-rate long-term financing arrangements which had an amortized cost of $ 43.4 million.
+Added: The fair value of the fixed-rate long-term financing arrangements approximates the carrying value as this financing arrangement matured and was paid off in July 2025.
+Added: Financing arrangements are classified as Level 2 of the fair value hierarchy.
(4) Amounts pledged as collateral under Securitized residential mortgage loans include certain of the Company's retained interests in securitizations.
Refer to Note 3 for more information on the Non-Agency VIEs and RPL/NPL VIEs.
−Removed: (5) The weighted average stated rate on the financing arrangements on the Company's Securitized Non-Agency Loans, Home Equity Loans, and Legacy WMC Commercial Loans was 6.56 %, 6.58 %, and 7.07 %, respectively.
−Removed: (6) The Company's Residential mortgage loan financing arrangements include a maximum uncommitted borrowing capacity of $ 1.8 billion on facilities used to finance Agency-Eligible, Home Equity and Non-Agency Loans,.
+Added: (5) The Company's Residential mortgage loan financing arrangements include a maximum borrowing capacity of $ 1.9 billion on facilities used to finance Agency-Eligible, Home Equity and Non-Agency Loans of which $ 50 million is committed by the lender.
(6) The holders of the securitized debt have no recourse to the general credit of the Company.
3 unchanged sentences
The notional value is used solely to determine interest distributions on the interest only classes of securities.
−Removed: As of March 31, 2025, the notional value of interest only classes of Securitized debt was $ 1.8 billion.
+Added: As of June 30, 2025, the notional value of interest only classes of Securitized debt was $ 2.0 billion.
(9) The Senior Unsecured Notes are recorded at amortized cost in the Company's consolidated balance sheets.
−Removed: As of March 31, 2025, the fair value of the Senior Unsecured Notes was $ 100.2 million.
+Added: As of June 30, 2025, the fair value of the Senior Unsecured Notes was $ 101.0 million.
The fair value of the Senior Unsecured Notes is based upon prices obtained from third-party pricing services or broker quotations and are classified as Level 2 of the fair value hierarchy.
2 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
Senior Unsecured Notes
1 unchanged sentence
The February 2029 Senior Unsecured Notes were issued 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.
−Removed: The below table provides a summary of the Senior Unsecured Notes as of March 31, 2025 ($ in thousands).
+Added: The below table provides a summary of the Senior Unsecured Notes as of June 30, 2025 ($ in thousands).
Principal Amount (1) Carrying Value Maturity
8 unchanged sentences
(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.
−Removed: 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).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The below table details the total interest expense incurred on the Senior Unsecured Notes during the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Coupon interest expense
1 unchanged sentence
Amortization expense
+Added: 182 117 359 164
Total interest expense $ 2,545 $ 1,725 $ 5,085 $ 2,364
2 unchanged sentences
The Legacy WMC Convertible Notes had an interest rate of 6.75 % and interest was paid semiannually.
−Removed: During the three months ended March 31, 2024, the Company repurchased $ 7.1 million of principal amount of its outstanding Legacy WMC Convertible Notes.
+Added: During the six months ended June 30, 2024, the Company repurchased $ 7.1 million of principal amount of its outstanding Legacy WMC Convertible Notes.
The Company paid off the remaining principal amount outstanding of the Legacy WMC Convertible Notes at maturity in September 2024.
−Removed: There was no interest expense incurred during the three months ended March 31, 2025 as the Legacy WMC Convertible Notes matured in September 2024.
−Removed: The below table details the total interest expense incurred on the Legacy WMC Convertible Notes during the three months ended March 31, 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2024
+Added: There was no interest expense incurred during the three and six months ended June 30, 2025 as the Legacy WMC Convertible Notes matured in September 2024.
+Added: The below table details the total interest expense incurred on the Legacy WMC Convertible Notes during the three and six months ended June 30, 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2024 June 30, 2024
Coupon interest expense
+Added: $ 1,335 $ 2,708
Amortization expense
3 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: June 30, 2025
Contractual maturities
−Removed: The following table allocates the current face of the Company's borrowings under financing arrangements and the Senior Unsecured Notes as of March 31, 2025 by contractual maturity (in thousands).
+Added: The following table allocates the current face of the Company's borrowings under financing arrangements and the Senior Unsecured Notes as of June 30, 2025 by contractual maturity (in thousands).
Securitized debt is excluded from the below table as it does not have a contractual maturity.
16 unchanged sentences
Total Senior Unsecured Notes $ — $ — $ — $ 99,500 $ 99,500
+Added: (1) Outstanding financing arrangements of $ 19.9 million is collateralized by Loans A, B, and C.
+Added: The borrower for Loans A, B and C is currently in maturity default.
+Added: The lender on the Company’s financing arrangements on Loans A, B and C is permitted to request a full repayment of the debt with respect to such assets.
+Added: The Company does not currently expect its lender to request a full repayment of the related outstanding financing arrangements.
Counterparties
−Removed: The Company had outstanding financing arrangements with six counterparties as of March 31, 2025 and December 31, 2024.
−Removed: The following table presents information as of March 31, 2025 and December 31, 2024 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities ($ in thousands).
−Removed: March 31, 2025
+Added: The Company had outstanding financing arrangements with six counterparties as of June 30, 2025 and December 31, 2024.
+Added: The following table presents information as of June 30, 2025 and December 31, 2024 with respect to each counterparty that provides the Company with financing for which the Company had greater than 5% of its stockholders’ equity at risk, excluding stockholders’ equity at risk under financing through affiliated entities ($ in thousands).
+Added: June 30, 2025
December 31, 2024
6 unchanged sentences
Stockholders' Equity
+Added: Goldman Sachs Bank USA $ 137,674 280 25.7 % $ 92,220 118 17.1 %
BofA Securities, Inc.
129,603 75 24.2 % 135,141 82 25.0 %
−Removed: Goldman Sachs Bank USA 110,795 60 20.4 % 92,220 118 17.1 %
Barclays Capital Inc.
68,421 73 12.8 % 75,516 20 14.0 %
+Added: Atlas Securitized Products, L.P.
+Added: 33,987 267 6.3 % (1) (1) (1)
Various (2) 86,060 30 16.0 % 81,855 211 15.2 %
+Added: (1) As of December 31, 2024, the Company had less than 5 % of its equity at risk under financing arrangements with Atlas Securitized Products, L.P.
(2) Certain retained interests in securitizations are held in WMC RR 2023-1 Trust, a wholly owned subsidiary of the Company.
WMC RR 2023-1 Trust issued certificates which were sold to various third-party investors.
+Added: WMC RR 2023-1 Trust matured and was paid off in July 2025.
Financial Covenants
The Company’s financing arrangements generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions.
−Removed: Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers.
−Removed: In addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders.
−Removed: To the extent that the Company fails to comply with the covenants contained in these financing arrangements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the associated agreement.
−Removed: Financings pursuant to
+Added: Although specific to each financing arrangement, typical
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: financing arrangements are generally recourse to the Company.
−Removed: As of March 31, 2025, the Company is in compliance with all of its financial covenants.
+Added: June 30, 2025
+Added: supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers.
+Added: In addition, some of the financing arrangements contain cross default features, whereby default under an agreement with one lender simultaneously causes default under agreements with other lenders.
+Added: To the extent that the Company fails to comply with the covenants contained in these financing arrangements or is otherwise found to be in default under the terms of such agreements, the counterparty has the right to accelerate amounts due under the associated agreement.
+Added: Financings pursuant to financing arrangements are generally recourse to the Company.
+Added: As of June 30, 2025, the Company is in compliance with all of its financial covenants.
Other assets and liabilities
−Removed: The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheets as of March 31, 2025 and December 31, 2024 (in thousands).
−Removed: March 31, 2025 December 31, 2024
+Added: The following table details certain information related to the Company's "Other assets" and "Other liabilities" line items on its consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands).
+Added: June 30, 2025 December 31, 2024
Interest receivable $ 38,494 $ 34,930
1 unchanged sentence
Derivative assets, at fair value 41 204
+Added: Loan purchase commitment, at fair value 470 —
Other assets 3,148 3,269
5 unchanged sentences
Derivative liabilities, at fair value 105 340
+Added: Loan purchase commitment, at fair value 46 —
Accrued expenses 4,893 1,698
Due to broker 5,005 48
+Added: Payable on unsettled trades 114 —
Taxes payable 99 103
1 unchanged sentence
(1) Refer to Note 10 for more information.
−Removed: The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of March 31, 2025 and December 31, 2024 (in thousands).
+Added: The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of June 30, 2025 and December 31, 2024 (in thousands).
Balance Sheet
−Removed: Location March 31, 2025 December 31, 2024
+Added: Location June 30, 2025 December 31, 2024
Derivatives and Other Instruments (1) Notional Fair Value Notional Fair Value
1 unchanged sentence
Pay Fix/Receive Float Interest Rate Swap Agreements (2) (3) Other liabilities 220,500 ( 100 ) 5,000 ( 4 )
+Added: Short TBAs Other assets 195,000 — — —
Forward Purchase Commitments
2 unchanged sentences
Other liabilities 2,022 ( 5 ) 35,398 ( 336 )
−Removed: (1) As of March 31, 2025 and December 31, 2024, no derivatives held by the Company were designated as hedges for accounting purposes.
−Removed: (2) As of March 31, 2025, the Company applied a reduction in fair value of $ 6.4 million and $ 2.2 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.
+Added: (1) As of June 30, 2025 and December 31, 2024, no derivatives held by the Company were designated as hedges for accounting purposes.
+Added: (2) As of June 30, 2025, the Company applied a reduction in fair value of $ 5.3 million and $ 1.5 million to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash.
As of December 31, 2024, the Company applied a reduction in fair value of $ 11.4 million and $ 35.0 thousand to its interest rate swap assets and liabilities, respectively, related to variation margin with a corresponding increase or decrease in restricted cash, net of collateral posted by the Company's derivative counterparties.
−Removed: (3) As of March 31, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.52 %, a weighted average receive-variable rate of 4.41 %, and a weighted average years to maturity of 4.68 years.
−Removed: As of December 31, 2024, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.48 %, a weighted average receive-variable rate of 4.49 %, and a weighted average years to maturity of 4.86 years.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of March 31, 2025 and December 31, 2024, if applicable.
+Added: June 30, 2025
+Added: (3) As of June 30, 2025, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.34 %, a weighted average receive-variable rate of 4.45 %, and a weighted average years to maturity of 5.28 years.
+Added: As of December 31, 2024, the Company's pay fix/receive float interest rate swaps had a weighted average pay-fixed rate of 3.48 %, a weighted average receive-variable rate of 4.49 %, and a weighted average years to maturity of 4.86 years.
+Added: Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of June 30, 2025 and December 31, 2024, if applicable.
The Company has not offset or netted any derivatives or other instruments with any financial instruments or cash collateral posted or received.
2 unchanged sentences
The posting of collateral is generally bilateral, meaning that if the fair value of the Company’s derivatives increases, its counterparty must post collateral.
−Removed: As of March 31, 2025, the Company's restricted cash balance included $ 8.6 million of collateral related to certain derivatives, of which $ 4.4 million represents cash collateral posted by the Company and $ 4.2 million represents amounts related to variation margin.
+Added: As of June 30, 2025, the Company's restricted cash balance included $ 9.2 million of collateral related to certain derivatives, of which $ 5.4 million represents cash collateral posted by the Company and $ 3.8 million represents amounts related to variation margin.
As of December 31, 2024, the Company's restricted cash balance included $ 9.3 million of collateral related to certain derivatives, of which $ 0.7 million represents cash collateral posted by the Company and $ 8.6 million represents amounts related to variation margin.
−Removed: The following table summarizes total income related to derivatives and other instruments for the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The following table summarizes total income related to derivatives and other instruments for the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Included within Net interest component of interest rate swaps
5 unchanged sentences
36 ( 427 ) 168 ( 1,279 )
+Added: ( 158 ) ( 1,991 ) ( 6,562 ) 7,378
Included within Net realized gain/(loss)
3 unchanged sentences
— ( 161 ) ( 40 ) 971
+Added: ( 2,688 ) ( 67 ) ( 1,946 ) ( 2,066 )
Total income/(loss) $ ( 2,025 ) $ 309 $ ( 6,950 ) $ 9,579
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
Derivative Activity
−Removed: The following table presents information about the Company’s derivatives for the three months ended March 31, 2025 and 2024 (in thousands).
+Added: The following table presents information about the Company’s derivatives for the three and six months ended June 30, 2025 and 2024 (in thousands).
Beginning Notional
−Removed: Amount Additions Settlement, Termination, or Expiration (1) Ending Notional
+Added: Amount Buys or Covers Sales or
+Added: Shorts (1) Ending Notional
Amount Derivative
Asset Derivative
−Removed: Three Months Ended March 31, 2025
+Added: Three Months Ended June 30, 2025
Interest Rate Swaps $ 332,500 $ 296,500 $ ( 284,000 ) $ 345,000 $ — $ ( 100 )
−Removed: Three Months Ended March 31, 2024
Short TBAs (2) — 300,000 ( 495,000 ) ( 195,000 ) — —
+Added: Three Months Ended June 30, 2024
Interest Rate Swaps $ 454,250 $ 498,000 $ ( 134,250 ) $ 818,000 $ 243 $ —
−Removed: (1) Includes $ 60.0 million of interest rate swaps that matured during the three months ended March 31, 2024.
−Removed: (2) As of March 31, 2024, the Company recorded a receivable from broker of $ 32.5 million and a fair value of $ 32.7 million related to its short TBAs.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
+Added: Short TBAs ( 32,000 ) 96,000 ( 64,000 ) — — —
+Added: Six Months Ended June 30, 2025
+Added: Interest Rate Swaps $ 342,550 $ 399,500 $ ( 397,050 ) $ 345,000 $ — $ ( 100 )
+Added: Short TBAs (2) — 300,000 ( 495,000 ) ( 195,000 ) — —
+Added: Six Months Ended June 30, 2024
+Added: Interest Rate Swaps $ 503,000 $ 717,750 $ ( 402,750 ) $ 818,000 $ 243 $ —
+Added: Short TBAs ( 9,000 ) 130,000 ( 121,000 ) — — —
+Added: (1) The sales or shorts include $ 60.0 million of interest rate swaps that matured during the six months ended June 30, 2024.
+Added: (2) As of June 30, 2025, the Company recorded a receivable from broker of $ 194.9 million and a fair value of $ 194.9 million related to its short TBAs.
Earnings per share
−Removed: The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three months ended March 31, 2025 and 2024 (in thousands, except per share data).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in thousands, except per share data).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net Income/(Loss) $ 3,945 $ 3,925 $ 15,422 $ 24,815
2 unchanged sentences
Basic weighted average common shares outstanding 29,686 29,474 29,672 29,463
+Added: Dilutive effect of restricted stock units (1) — — 25 27
Diluted weighted average common shares outstanding 29,686 29,474 29,697 29,490
2 unchanged sentences
Diluted $ ( 0.05 ) $ ( 0.02 ) $ 0.16 $ 0.53
−Removed: The following tables detail the Company's common stock dividends declared during the three months ended March 31, 2025 and 2024.
−Removed: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
+Added: (1) Restricted stock units issued to certain directors of 20 thousand and 27 thousand were excluded from the computation of diluted earnings per share because its effect would be anti-dilutive for the three months ended June 30, 2025 and 2024, respectively.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
+Added: The following tables detail the Company's common stock dividends declared during the six months ended June 30, 2025 and 2024.
+Added: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share
3/17/2025 3/31/2025 4/30/2025 $ 0.20 3/15/2024 3/29/2024 4/30/2024 $ 0.18
−Removed: The following tables detail the Company's preferred stock dividends declared and paid during the three months ended March 31, 2025 and 2024.
+Added: 6/17/2025 6/30/2025 7/31/2025 0.21 6/13/2024 6/28/2024 7/31/2024 0.19
+Added: Total $ 0.41 Total $ 0.37
+Added: The following tables detail the Company's preferred stock dividends declared and paid during the six months ended June 30, 2025 and 2024.
2025 Cash Dividend Per Share
3 unchanged sentences
2/14/2025 2/28/2025 3/17/2025 $ 0.51563 $ 0.50 $ 0.693062
+Added: 5/5/2025 5/30/2025 6/17/2025 0.51563 0.50 0.704864
+Added: Total $ 1.03126 $ 1.00 $ 1.397926
2024 Cash Dividend Per Share
3 unchanged sentences
2/16/2024 2/29/2024 3/18/2024 $ 0.51563 $ 0.50 $ 0.50
+Added: 5/2/2024 5/31/2024 6/17/2024 0.51563 0.50 0.50
+Added: Total $ 1.03126 $ 1.00 $ 1.00
The Company conducts its operations to qualify and be taxed as a REIT.
2 unchanged sentences
The Company may, however, be subject to certain minimum state and local tax filing fees as well as certain excise, franchise, or business taxes.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
On December 6, 2023, the Company acquired WMC, an externally managed mortgage REIT.
2 unchanged sentences
The expense is calculated in accordance with applicable tax regulations.
−Removed: The below table details excise tax expense for the three months ended March 31, 2025 and 2024, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The below table details excise tax expense for the three and six months ended June 30, 2025 and 2024, which is recorded in the “Non-investment related expenses” line item on the consolidated statement of operations (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Excise tax expense (1) $ ( 46 ) $ — $ 43 $ —
+Added: (1) During the three and six months ended June 30, 2025, the Company recorded a receivable of $ 0.1 million related to an excise tax refund in the “Other assets” line item on the consolidated balance sheets.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
REIT Net Operating Loss and Net Capital Loss Carryforwards
1 unchanged sentence
However, the Company’s use of the NOLs obtained in the WMC acquisition is limited under Section 382 of the Internal Revenue Code.
−Removed: As of March 31, 2025 and December 31, 2024, the remaining NOL carryforwards obtained in the WMC acquisition was $ 319.4 million.
−Removed: As of March 31, 2025 and December 31, 2024, the Company had estimated net capital loss ("NCL") carryforwards of $ 279.2 million and $ 278.9 million, respectively.
+Added: As of June 30, 2025 and December 31, 2024, the remaining NOL carryforwards obtained in the WMC acquisition was $ 319.4 million.
+Added: As of June 30, 2025 and December 31, 2024, the Company had estimated net capital loss ("NCL") carryforwards of $ 279.3 million and $ 278.9 million, respectively.
These NCL carryforwards (which exclude NCLs acquired from WMC) can be utilized to offset future net gains from the sale of capital assets.
1 unchanged sentence
In connection with the WMC acquisition, the Company obtained NCL carryforwards.
−Removed: As of March 31, 2025 and December 31, 2024, these estimated NCL carryforwards were $ 150.6 million, all of which expire by 2029.
+Added: As of June 30, 2025 and December 31, 2024, these estimated NCL carryforwards were $ 151.6 million and $ 150.6 million, respectively.
+Added: These NCL carryforwards will expire between 2026 and 2030.
However, the Company’s use of these NCLs is limited under Sections 382 and 383 of the Internal Revenue Code.
4 unchanged sentences
federal, state, and local income tax on net income at the applicable corporate rates.
−Removed: The federal statutory rate for the three months ended March 31, 2025 and 2024 was 21%.
+Added: The federal statutory rate for the three and six months ended June 30, 2025 and 2024 was 21%.
The Company’s effective tax rate differs from its combined U.S.
1 unchanged sentence
The tax expense attributable to its TRSs is recorded in the "Non-investment related expenses" line item on the consolidated statement of operations.
−Removed: The below table details the tax expense attributable to its TRSs for the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The below table details the tax expense attributable to its TRSs for the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Tax expense $ 26 $ 17 $ 54 $ 42
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax reporting purposes at the TRS level.
−Removed: As of March 31, 2025 and December 31, 2024, the Company recorded a deferred tax asset of approximately $ 33.3 million and $ 34.7 million, respectively, relating to net operating loss carryforwards, capital loss carryforwards, and basis differences of certain investments held within TRSs.
+Added: As of June 30, 2025 and December 31, 2024, the Company recorded a deferred tax asset of approximately $ 33.5 million and $ 34.7 million, respectively, relating to net operating loss carryforwards, capital loss carryforwards, and basis differences of certain investments held within TRSs.
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which temporary differences become deductible.
−Removed: The Company concluded it is more likely than not the deferred tax asset will not be realized and established a full valuation allowance as of March 31, 2025 and December 31, 2024.
+Added: The Company concluded it is more likely than not the deferred tax asset will not be realized and established a full valuation allowance as of June 30, 2025 and December 31, 2024.
Uncertain Income Tax Positions
−Removed: Based on its analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of March 31, 2025 and December 31, 2024.
+Added: Based on its analysis of any potential uncertain income tax positions, the Company concluded it did not have any uncertain tax positions that meet the recognition or measurement criteria of ASC 740 as of June 30, 2025 and December 31, 2024.
The Company’s and WMC's federal income tax returns for the last three tax years are open to examination by the Internal Revenue Service.
2 unchanged sentences
In the event that the Company incurs income tax related interest and penalties, its policy is to classify them as a component of provision for income taxes.
−Removed: The Company did no t incur any interest or penalties during the three months ended March 31, 2025 and 2024.
+Added: The Company did no t incur any interest or penalties during the three and six months ended June 30, 2025 and 2024.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
Related party transactions
14 unchanged sentences
The Manager is entitled to a management fee equal to 1.50 % per annum, calculated and paid quarterly, of the Company’s Stockholders’ Equity.
−Removed: For purposes of calculating the management fee, "Stockholders’ Equity" means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items incurred in current or prior periods), less any amount that the Company pays for
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors.
+Added: For purposes of calculating the management fee, "Stockholders’ Equity" means the sum of the net proceeds from any issuances of equity securities (including preferred securities) since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance, and excluding any future equity issuance to the Manager), plus the Company’s retained earnings at the end of such quarter (without taking into account any non-cash equity compensation expense or other non-cash items incurred in current or prior periods), less any amount that the Company pays for repurchases of its common stock, excluding any unrealized gains, losses or other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with GAAP, regardless of whether such items are included in other comprehensive income or loss, or in net income, and excluding one-time events pursuant to changes in GAAP, and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the Company’s independent directors.
Stockholders’ Equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements.
−Removed: The below table details the management fees incurred during the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
+Added: The below table details the management fees incurred during the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
Consolidated statements of operations line item:
−Removed: March 31, 2025 March 31, 2024
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Management fee to affiliate (1) $ 2,301 $ 1,753 $ 4,628 $ 3,494
−Removed: (1) For the three months ended March 31, 2024, the Manager agreed to waive its right to receive management fees of $ 0.6 million pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.
−Removed: As of March 31, 2025 and December 31, 2024, the Company recorded management fees payable of $ 2.3 million and $ 2.3 million, respectively.
+Added: (1) For the three and six months ended June 30, 2024, the Manager agreed to waive its right to receive management fees of $ 0.6 million and $ 1.2 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
+Added: As of June 30, 2025 and December 31, 2024, the Company recorded management fees payable of $ 2.3 million and $ 2.3 million, respectively.
The management fee payable is included within the "Due to affiliates" item within the "Other liabilities" line item on the consolidated balance sheets.
2 unchanged sentences
The annual incentive fee will be payable in cash, or, at the option of the Company's Board of Directors, shares of common stock or a combination of cash and shares.
−Removed: During the three months ended March 31, 2025 and 2024, the Company did not incur any incentive fee expense.
+Added: During the three and six months ended June 30, 2025 and 2024, the Company did not incur any incentive fee expense.
Termination fee
Upon the occurrence of (i) the Company’s 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.
−Removed: As of March 31, 2025 and December 31, 2024, no event of termination of the management agreement had occurred.
+Added: As of June 30, 2025 and December 31, 2024, no event of termination of the management agreement had occurred.
Expense reimbursement
4 unchanged sentences
In their capacities as officers or personnel of the Manager or its affiliates, they devote such portion of their time to the Company’s affairs as is necessary to enable the Company to operate its business.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: The below table details the expense reimbursement incurred during the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
+Added: The below table details the expense reimbursement incurred during the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
Consolidated statements of operations line item:
−Removed: March 31, 2025 March 31, 2024
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Non-investment related expenses (1)
1 unchanged sentence
Investment related expenses
+Added: 95 87 295 201
Transaction related expenses 109 306 369 374
Expense reimbursements to Manager or its affiliates $ 1,508 $ 2,029 $ 3,807 $ 3,875
−Removed: (1) For the three months ended March 31, 2024, the Manager agreed to waive its right to receive expense reimbursements of $ 0.3 million pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.
−Removed: As of March 31, 2025 and December 31, 2024, the Company recorded a reimbursement payable to the Manager or its affiliates of $ 2.3 million and $ 1.7 million, respectively.
+Added: (1) For the three and six months ended June 30, 2024, the Manager agreed to waive its right to receive expense reimbursements of $ 0.3 million and $ 0.6 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.
+Added: As of June 30, 2025 and December 31, 2024, the Company recorded a reimbursement payable to the Manager or its affiliates of $ 1.7 million and $ 1.7 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.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
Investments in debt and equity of affiliates
2 unchanged sentences
On December 9, 2015, the Company, alongside private funds managed by TPG Angelo Gordon, through AG Arc LLC, one of the Company’s indirect affiliates ("AG Arc"), formed Arc Home.
−Removed: The Company has an approximate 44.6 % interest in AG Arc.
+Added: As of June 30, 2025, the Company had an approximate 44.6 % interest in AG Arc.
Arc Home originates residential mortgage loans and retains the mortgage servicing rights associated with certain loans it originates.
2 unchanged sentences
The Company elected to treat its investment in AG Arc as a taxable REIT subsidiary.
+Added: Refer to Note 14 for additional details related to the Company’s acquisition of an additional interest in AG Arc on August 1, 2025.
On August 29, 2017, the Company, alongside private funds managed by TPG Angelo Gordon, formed Mortgage Acquisition Holding I LLC ("MATH") to conduct a residential mortgage investment strategy.
3 unchanged sentences
MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
Summary of investments in debt and equity of affiliates and related earnings
−Removed: The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of March 31, 2025 and December 31, 2024 (in thousands).
−Removed: March 31, 2025 December 31, 2024
+Added: The below table summarizes the components of the "Investments in debt and equity of affiliates" line item on the Company's consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands).
+Added: June 30, 2025 December 31, 2024
Assets Liabilities Equity Assets Liabilities Equity
6 unchanged sentences
(1) MATH, through its wholly owned subsidiary MATT, only holds risk-retention tranches from past securitizations which continue to pay down and the Company does not expect MATT to acquire additional investments.
−Removed: The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
+Added: The below table reconciles the net income/(loss) to the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Non-QM Securities $ 268 $ ( 828 ) $ 197 $ 1,377
10 unchanged sentences
The Company pays the Asset Manager asset management fees which are assessed periodically by a third-party valuation firm.
−Removed: The below details the fees paid by the Company to the Asset Manager during the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The below details the fees paid by the Company to the Asset Manager during the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Fees paid to Asset Manager $ 533 $ 667 $ 1,173 $ 1,325
−Removed: As of March 31, 2025 and December 31, 2024, the Company recorded asset management fees payable of $ 0.2 million and $ 0.2 million, respectively.
+Added: As of June 30, 2025 and December 31, 2024, the Company recorded asset management fees payable of $ 0.2 million and $ 0.2 million, respectively.
Asset management fees payable are included within the "Due to affiliates" line item within the "Other liabilities" line item on the consolidated balance sheets.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
Transactions with Arc Home
Arc Home may sell loans to the Company, third-parties, or affiliates of the Manager.
−Removed: The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025 March 31, 2024
+Added: The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Residential mortgage loans sold by Arc Home to the Company $ — $ 133,591 $ 60,957 $ 213,382
In connection with the sale of loans from Arc Home to the Company, the Company eliminates any intra-entity profits or losses typically recognized through the "Equity in earnings/(loss) from affiliates" line item on the Company's consolidated statement of operations and adjusts the cost basis of the underlying loans resulting in unrealized gains or losses on the underlying loans.
−Removed: The table below summarizes intra-entity profits eliminated during the three months ended March 31, 2025 and 2024 (in thousands).
−Removed: Three Months Ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: The table below summarizes intra-entity profits eliminated during the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Six Months Ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Intra-Entity Profits Eliminated $ — $ 405 $ 88 $ 606
2 unchanged sentences
These commitments to purchase mortgage loans are classified as derivatives.
−Removed: From time to time, the Company may determine that certain loans it has previously committed to purchase will be sold to third parties and, as a result, the derivative will be settled on a net basis with Arc Home.
+Added: From time to time,
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
+Added: the Company may determine that certain loans it has previously committed to purchase will be sold to third parties and, as a result, the derivative will be settled on a net basis with Arc Home.
See Note 7 and Note 12, if applicable, for more detail.
+Added: Transactions under the Company's Affiliated Transaction Policy
+Added: The below table details transactions where the Company purchased or sold assets from or to an affiliate of the Manager ($ in millions).
+Added: The transactions were executed in accordance with the Company's Affiliated Transaction Policy.
+Added: Refer to the "Transactions with Arc Home" section above for additional information related to transactions with Arc Home, which are excluded from the table below.
+Added: Date Transaction Fair Value (1) Pricing Methodology
+Added: June 2025 Purchase of Re/Non-Performing Securities (2) $ 0.1 Third party pricing vendors (3)
+Added: (1) As of the transaction date.
+Added: (2) The Company purchased an additional interest in certain re/non-performing securities which are recorded within the “Investments in debt and equity of affiliates” line item on the consolidated balance sheets.
+Added: (3) Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy.
Stock repurchase programs
4 unchanged sentences
The 2022 Repurchase Program does not obligate the Company to acquire any particular amount of shares and may be modified or discontinued at any time.
−Removed: As of March 31, 2025, approximately $ 1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program.
−Removed: There were no repurchases during the three months ended March 31, 2025 and 2024.
+Added: As of June 30, 2025, approximately $ 1.5 million of common stock remained authorized for future share repurchases under the 2022 Repurchase Program.
+Added: There were no repurchases during the three and six months ended June 30, 2025 and 2024.
On May 4, 2023, the Company's Board of Directors authorized a stock repurchase program (the "2023 Repurchase Program") to repurchase up to $ 15.0 million of the Company’s outstanding common stock on substantially the same terms as the 2022 Repurchase Program.
−Removed: As of March 31, 2025, the full $ 15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program.
+Added: As of June 30, 2025, the full $ 15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program.
This authorization is in addition to the amount remaining under the 2022 Repurchase Program.
2 unchanged sentences
Shares of stock repurchased by the Company under any repurchase program, if any, will be cancelled and, until reissued by the Company, will be deemed to be authorized but unissued shares of its stock as required by Maryland law.
−Removed: The cost of the
+Added: The cost of the acquisition by the Company of shares of its own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings.
+Added: Restricted stock grants
+Added: Equity Incentive Plans
+Added: Effective April 15, 2020 upon the approval of the Company's stockholders at its 2020 annual meeting of stockholders, the Company's 2020 Equity Incentive Plan (the "2020 Equity Incentive Plan") provided for a maximum of 666,666 shares of common stock to be issued.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: acquisition by the Company of shares of its own stock in excess of the aggregate par value of the shares first reduces additional paid-in capital, to the extent available, with any residual cost applied against retained earnings.
−Removed: Restricted stock grants
−Removed: Equity Incentive Plans
−Removed: Effective on April 15, 2020 upon the approval of the Company's stockholders at its 2020 annual meeting of stockholders, the Company's 2020 Equity Incentive Plan (the "2020 Equity Incentive Plan") provides for a maximum of 666,666 shares of common stock to be issued.
−Removed: The maximum number of shares of common stock granted during a single fiscal year to any non-employee director, taken together with any cash fees paid to such non-employee director during any fiscal year, shall not exceed $ 300,000 in total value (calculating the value of any such awards based on the grant date fair value).
−Removed: As of March 31, 2025, 239,183 shares of common stock remained available to be awarded under the 2020 Equity Incentive Plan.
−Removed: Since inception of the 2020 Equity Incentive Plan and through March 31, 2025, the Company has granted an aggregate of 268,313 shares of restricted common stock to its independent directors under its 2020 Equity Incentive Plan, all of which have vested.
−Removed: On December 6, 2023, in connection with the WMC acquisition, the Company granted an aggregate 25,962 restricted stock units to the Company's two independent directors added to the Company's Board of Directors who previously served on WMC's board of directors.
−Removed: Through March 31, 2025, the two independent directors have also been granted an aggregate of 3,208 dividend equivalent units.
−Removed: These restricted stock units and associated dividend equivalent units vested in full on June 23, 2024, and will be settled in shares of the Company's common stock upon each independent director's separation from service with the Company.
−Removed: On December 18, 2024, the Company granted an aggregate of 130,000 restricted shares of common stock to certain employees of the Manager, including certain of the Company's executive officers, under the 2020 Equity Incentive Plan.
−Removed: These awards vest ratably in three annual installments beginning in January 2026, subject to continued employment with the Manager.
−Removed: On May 5, 2025, following approval by the Company’s stockholders, the Company’s 2025 Equity Incentive Plan (the “2025 Equity Incentive Plan”) became effective.
−Removed: As a result, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).
−Removed: Refer to Note 14 for additional details.
+Added: June 30, 2025
+Added: Under the 2020 Equity Incentive Plan, the Company granted an aggregate of 285,825 shares of restricted common stock to its independent directors, all of which have vested.
+Added: On December 6, 2023, in connection with the WMC acquisition, the Company granted an aggregate 25,962 restricted stock units to the Company's two independent directors added to the Company's Board of Directors who previously served on WMC's board of directors, all of which have vested.
+Added: Through May 5, 2025, the two independent directors have also been granted an aggregate of 4,098 dividend equivalent units, all of which have vested.
+Added: These restricted stock units and associated dividend equivalent units will be settled in shares of the Company's common stock upon each independent director's separation from service with the Company.
+Added: On May 5, 2025, 15,030 restricted stock units and dividend equivalent units previously issued under the 2020 Equity Incentive Plan were settled for shares of the Company’s common stock, on a one-for-one basis, in connection with an independent director no longer serving on the Company’s Board of Directors as of May 5, 2025.
+Added: On May 5, 2025, following approval by stockholders at the Company’s annual stockholders meeting, the Company’s 2025 Equity Incentive Plan (the “2025 Equity Incentive Plan”) became effective.
+Added: The maximum number of shares of the Company’s common stock that may be issued under the 2025 Equity Incentive Plan is 800,000 shares of common stock, plus 220,781 shares of common stock (which reflects the number of shares that remained available for issuance under the 2020 Equity Incentive Plan as of May 4, 2025), plus 130,000 shares of common stock that remain subject to outstanding awards under the 2020 Equity Incentive Plan but only to the extent that such shares become forfeited or otherwise lapse.
+Added: As a result of the adoption of the 2025 Equity Incentive Plan, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).
+Added: As of June 30, 2025, there were no shares or awards issued under the 2025 Equity Incentive Plan.
Manager Equity Incentive Plans
1 unchanged sentence
2021 Manager Equity Incentive Plan (the "2021 Manager Plan") became effective on April 7, 2021 and provides for a maximum of 573,425 shares of common stock that may be subject to awards thereunder to the Manager.
−Removed: As of March 31, 2025, there were no shares or awards issued under the 2021 Manager Plan.
+Added: As of June 30, 2025, there were no shares or awards issued under the 2021 Manager Plan.
Following the execution of the Third Amendment to the management agreement in November 2021 related to the incentive fee, the Company's compensation committee no longer expects to continue its historical practice of making periodic equity grants to the Manager pursuant to the 2021 Manager Plan.
Director compensation
−Removed: As of March 31, 2025, the Company's Board of Directors consisted of six independent directors.
+Added: As of June 30, 2025, the Company's Board of Directors consisted of four independent directors.
The annual base director's fee for each independent director is $ 150,000 , $ 70,000 of which is payable on a quarterly basis in cash and $ 80,000 of which is payable on a quarterly basis in shares of restricted common stock.
3 unchanged sentences
These shares may not be sold or transferred by such director during the time of their service as an independent member of the Company’s Board of Directors.
−Removed: In addition to the annual base director's fee, the non-executive chair of the Company's Board of Directors receives an annual fee of $ 60,000 , of which $ 30,000 is payable in cash and $ 30,000 is payable in shares of restricted common stock, the chair of the
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: Audit Committee receives an annual fee of $ 25,000 , and the chairs of the Compensation and Nominating and Corporate Governance Committees each receive an annual fee of $ 10,000 .
−Removed: In connection with the vote of the Company’s stockholders at the 2025 Annual Meeting, as of May 5, 2025, the size of the Company’s Board of Directors was reduced from eight to six members, including four independent directors.
+Added: In addition to the annual base director's fee, the non-executive chair of the Company's Board of Directors receives an annual fee of $ 60,000 , of which $ 30,000 is payable in cash and $ 30,000 is payable in shares of restricted common stock, the chair of the Audit Committee receives an annual fee of $ 25,000 , and the chairs of the Compensation and Nominating and Corporate Governance Committees each receive an annual fee of $ 10,000 .
Equity distribution agreements
3 unchanged sentences
Prior to entering into the 2024 Equity Distribution Agreements, effective November 6, 2024, the Company terminated the equity distribution agreements related to its prior at-the-market program (the "Equity Distribution Agreements").
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
At the time of such termination, $ 51.7 million remained unsold under the prior program.
−Removed: The Company did no t issue any shares of common stock under any of its equity distribution agreements then in effect during the three months ended March 31, 2025 and 2024.
+Added: The Company did no t issue any shares of common stock under any of its equity distribution agreements then in effect during the three and six months ended June 30, 2025 and 2024.
Shelf registration statement
4 unchanged sentences
The Company is authorized to designate and issue up to 50.0 million shares of preferred stock, par value $ 0.01 per share, in one or more classes or series.
−Removed: As of March 31, 2025 and December 31, 2024, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding.
−Removed: The following table includes a summary of preferred stock issued and outstanding as of March 31, 2025 ($ and shares in thousands).
+Added: As of June 30, 2025 and December 31, 2024, there were 1.7 million, 3.7 million, and 3.7 million of Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock, respectively, issued and outstanding.
+Added: The following table includes a summary of preferred stock issued and outstanding as of June 30, 2025 ($ and shares in thousands).
Preferred Stock Series Issuance Date Shares Outstanding Carrying Value Aggregate Liquidation Preference (1) Optional Redemption
12 unchanged sentences
The calculation agent may also implement changes to the business day convention, the definition of business day, the dividend determination date, and any method for obtaining the substitute or successor base rate if such rate is unavailable on the relevant business day, in a manner that is consistent with industry accepted practices.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
The Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock generally do not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive).
1 unchanged sentence
In addition, certain material and adverse changes to the terms of any series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of the series of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock whose terms are being changed.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: June 30, 2025
Commitments and Contingencies
From time to time, the Company may become involved in various claims and legal actions arising in the ordinary course of business.
−Removed: As of March 31, 2025, the Company was not involved in any material legal proceedings.
−Removed: The below table details the Company's outstanding commitments as of March 31, 2025 (in thousands).
+Added: As of June 30, 2025, the Company was not involved in any material legal proceedings.
+Added: The below table details the Company's outstanding commitments as of June 30, 2025 (in thousands).
Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment
+Added: Agency-Eligible Loans (1) Various $ 70,467 $ — $ 70,467
Home Equity Loans (2) Various 326,930 301,680 25,250
+Added: Total $ 397,397 $ 301,680 $ 95,717
+Added: (1) The Company entered into commitments to acquire certain loans which have not yet settled as of June 30, 2025.
+Added: The total commitment amount represents the agreed upon purchase price of any outstanding unpaid principal balance the Company has committed to purchase.
+Added: The total commitment to purchase Agency-Eligible Loans includes $ 58.7 million related to Loan Purchase Commitments with third parties and $ 11.7 million related to Forward Purchase Commitments with Arc Home.
+Added: Refer to Note 10 "Transactions with affiliates" for more information related to Forward Purchase Commitments with Arc Home.
(2) Represents the undrawn portion of a borrowers' home equity line of credit.
13 unchanged sentences
Subsequent Events
−Removed: The Company announced that on May 5, 2025, its Board of Directors declared second quarter 2025 preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock in the amount of $ 0.51563 , $ 0.50 and $ 0.704864 per share, respectively.
−Removed: The dividends will be paid on June 17, 2025 to holders of record on May 30, 2025.
−Removed: In April 2025, the Company sold Agency-Eligible Loans for gross proceeds of $ 37.3 million.
−Removed: These loans were recorded within the "Residential mortgage loans, at fair value" line item on the consolidated balance sheets as of March 31, 2025.
−Removed: The maturity date for the Company's investments in Loan A, Loan B, and Loan C within the Legacy WMC Commercial Loan portfolio was May 6, 2025, reflecting the final extension option under current agreements.
−Removed: The borrower is in default with respect to the maturity.
−Removed: As a result, the lender on the Company’s financing arrangements on such Legacy WMC Commercial Loans are permitted to request a full repayment of the debt with respect to such assets.
−Removed: A short-term forbearance agreement with
+Added: The Company announced that on July 31, 2025, its Board of Directors declared third quarter 2025 preferred stock dividends on its Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock in the amount of $ 0.51563 , $ 0.50 and $ 0.706042 per share, respectively.
+Added: The dividends will be paid on September 17, 2025 to holders of record on August 29, 2025.
+Added: Financing Activity
+Added: On July 10, 2025, the Company co-sponsored a rated Non-Agency securitization, in which Home Equity Loans with a total unpaid principal balance of $ 301.3 million were securitized, converting recourse financing with mark-to-market margin calls to non-recourse financing without mark-to-market margin calls.
+Added: On July 18, 2025, the Company paid off certain fixed-rate long-term financing arrangements which had an outstanding unpaid principal balance and accrued interest payable of $ 43.8 million.
+Added: The financing was collateralized by certain of the Company's retained interests in securitizations acquired from WMC.
+Added: The Company pledged these assets under a recourse financing arrangement with mark-to-market margin calls with a balance of $ 82.9 million, providing the Company with net proceeds of $ 39.1 million.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: March 31, 2025
−Removed: such Legacy WMC Commercial Loan borrower is being negotiated;
−Removed: however, there can be no assurances that any agreement will be executed.
−Removed: The Company does not currently expect its lender to request a full repayment while the forbearance agreement continues to be negotiated or while the forbearance agreement is in effect.
−Removed: 2025 Equity Incentive Plan
−Removed: On May 5, 2025, following approval by stockholders at the Company’s annual stockholders meeting, the 2025 Equity Incentive Plan became effective.
−Removed: The maximum number of shares of the Company’s common stock that may be issued under the 2025 Equity Incentive Plan is 800,000 shares of common stock, plus 220,781 shares of common stock (which reflects the number of shares that remained available for issuance under the 2020 Equity Incentive Plan as of May 4, 2025), plus 130,000 shares of common stock that remain subject to outstanding awards under the 2020 Equity Incentive Plan but only to the extent that such shares become forfeited or otherwise lapse.
−Removed: As a result of the adoption of the 2025 Equity Incentive Plan, no additional awards will be granted under the 2020 Equity Incentive Plan (although awards previously made under the 2020 Equity Incentive Plan will remain in effect subject to the terms of the 2020 Equity Incentive Plan and the applicable award agreement).
+Added: June 30, 2025
+Added: On July 29, 2025, the Company co-sponsored a rated Non-Agency securitization, in which Home Equity Loans with a total unpaid principal balance of $ 647.0 million were securitized.
+Added: Acquisition of Additional Interest in AG Arc
+Added: On August 1, 2025, the Company purchased an additional 21.4 % interest in AG Arc from certain private funds managed by TPG Angelo Gordon.
+Added: In connection with the acquisition, the Company issued 2,027,676 restricted shares of the Company’s common stock as consideration.
+Added: Upon closing of the transaction on August 1, 2025 and giving effect to the Company’s acquisition of the additional 21.4 % interest, the Company has an approximate 66.0 % interest in AG Arc.
+Added: Refer to “Item 5.
+Added: Other Information” for additional information related to the transaction.
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.