4 unchanged sentences
(in thousands, except per share data)
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Securitized residential mortgage loans, at fair value - $ 803,984 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 29,691 and 29,640 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively
+Added: 450,000 shares of common stock authorized and 31,732 and 29,640 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively
Additional paid-in capital 840,237 824,380
11 unchanged sentences
(in thousands, except per share data)
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net Interest Income
14 unchanged sentences
Equity in earnings/(loss) from affiliates 1,645 ( 849 ) 3,061 2,099
+Added: Income/(Loss) before Income Taxes 20,650 16,656 36,126 41,513
+Added: Income tax expense 689 16 743 58
Net Income/(Loss) 19,961 16,640 35,383 41,455
13 unchanged sentences
(in thousands, except per share data)
−Removed: For the Three Months Ended June 30, 2025 and June 30, 2024
+Added: For the Three Months Ended September 30, 2025 and September 30, 2024
Common Stock Preferred
3 unchanged sentences
Shares Amount Total
−Removed: Balance at April 1, 2025 29,659 $ 297 $ 220,472 $ 824,587 $ ( 501,486 ) $ 543,870
+Added: Balance at July 1, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407
+Added: Issuance of common stock 2,028 20 — 15,310 — 15,330
Grant of restricted stock and amortization of equity based compensation 13 — — 164 — 164
3 unchanged sentences
Net Income/(Loss) — — — — 19,961 19,961
−Removed: Balance at June 30, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407
+Added: Balance at September 30, 2025 31,732 $ 317 $ 220,472 $ 840,237 $ ( 501,183 ) $ 559,843
Common Stock Preferred
3 unchanged sentences
Shares Amount Total
−Removed: Balance at April 1, 2024 29,453 $ 295 $ 220,472 $ 823,908 $ ( 505,110 ) $ 539,565
+Added: Balance at July 1, 2024 29,474 $ 295 $ 220,472 $ 824,106 $ ( 511,371 ) $ 533,502
Grant of restricted stock and amortization of equity based compensation 19 — — 133 — 133
3 unchanged sentences
Net Income/(Loss) — — — — 16,640 16,640
−Removed: Balance at June 30, 2024 29,474 $ 295 $ 220,472 $ 824,106 $ ( 511,371 ) $ 533,502
−Removed: For the Six Months Ended June 30, 2025 and June 30, 2024
+Added: Balance at September 30, 2024 29,493 $ 295 $ 220,472 $ 824,239 $ ( 504,921 ) $ 540,085
+Added: For the Nine Months Ended September 30, 2025 and September 30, 2024
Common Stock Preferred
4 unchanged sentences
Balance at January 1, 2025 29,640 $ 296 $ 220,472 $ 824,380 $ ( 501,725 ) $ 543,423
+Added: Issuance of common stock 2,028 20 — 15,310 — 15,330
Grant of restricted stock and amortization of equity based compensation 64 1 — 547 — 548
3 unchanged sentences
Net Income/(Loss) — — — — 35,383 35,383
−Removed: Balance at June 30, 2025 29,691 $ 297 $ 220,472 $ 824,763 $ ( 509,125 ) $ 536,407
+Added: Balance at September 30, 2025 31,732 $ 317 $ 220,472 $ 840,237 $ ( 501,183 ) $ 559,843
Common Stock Preferred
9 unchanged sentences
Net Income/(Loss) — — — — 41,455 41,455
−Removed: Balance at June 30, 2024 29,474 $ 295 $ 220,472 $ 824,106 $ ( 511,371 ) $ 533,502
−Removed: (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.
−Removed: (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.
+Added: Balance at September 30, 2024 29,493 $ 295 $ 220,472 $ 824,239 $ ( 504,921 ) $ 540,085
+Added: (1) For the three months ended September 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 $ 0.706042 and $ 0.50 per share of Series C Preferred Stock outstanding were declared, respectively.
+Added: (2) For the nine months ended September 30, 2025 and 2024, dividends totaling $ 1.54689 and $ 1.54689 per share of Series A Preferred Stock, $ 1.50 and $ 1.50 per share of Series B Preferred Stock, and $ 2.103968 and $ 1.50 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: Six Months Ended
−Removed: June 30, 2025 June 30, 2024
+Added: Nine Months Ended
+Added: September 30, 2025 September 30, 2024
Cash Flows from Operating Activities
14 unchanged sentences
Purchases of real estate securities ( 26,064 ) ( 627,495 )
+Added: Investments in debt and equity of affiliates ( 114 ) —
Proceeds from sales of residential mortgage loans 57,761 159,963
13 unchanged sentences
Repurchases of convertible senior unsecured notes — ( 7,059 )
+Added: Principal repayments of convertible senior unsecured notes — ( 79,120 )
Deferred financing costs paid ( 328 ) ( 142 )
7 unchanged sentences
Cash and cash equivalents and restricted cash, End of Period $ 76,808 $ 114,218
−Removed: Six Months Ended
−Removed: June 30, 2025 June 30, 2024
+Added: Nine Months Ended
+Added: September 30, 2025 September 30, 2024
Supplemental disclosure of cash flow information:
5 unchanged sentences
Transfer from residential mortgage loans to other assets $ 8,319 $ 3,568
−Removed: Purchase of investments in debt and equity of affiliates $ 114 $ —
−Removed: Purchase price payable on securitized residential mortgage loans $ 1,447 $ —
−Removed: Payable on unsettled derivatives $ 3,844 $ —
+Added: Investments in debt and equity of affiliates (Note 10) $ 15,330 $ —
+Added: Issuance of common stock (Note 10) $ 15,330 $ —
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: June 30, 2025 June 30, 2024
+Added: September 30, 2025 September 30, 2024
Cash and cash equivalents $ 59,000 $ 102,532
5 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 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 owned an approximate 44.6 % interest as of June 30, 2025, 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 66.0 % interest as of September 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.
31 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 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.
14 unchanged sentences
The accompanying unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.
+Added: For the three and nine months ended September 30, 2024, the Company reclassified $ 16 thousand and $ 58 thousand, respectively, from the “Non-investment related expenses” line item into the “Income tax expense” line item on the consolidated statement of operations.
+Added: These expenses were reclassified to conform to the current year presentation of expenses.
In the opinion of management, all adjustments considered necessary for a fair statement of the Company’s financial position, results of operations, and cash flows have been included for the interim period and are of a normal and recurring nature.
9 unchanged sentences
VIEs within the scope of Accounting Standards Codification ("ASC") 810-10, "Consolidation" are required to be consolidated by their primary beneficiary.
−Removed: The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
−Removed: This determination can sometimes involve complex and subjective analyses.
−Removed: Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE.
−Removed: In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation.
−Removed: If the Company determines that
+Added: The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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.
+Added: September 30, 2025
+Added: potentially be significant to the VIE.
+Added: This determination can sometimes involve complex and subjective analyses.
+Added: Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE.
+Added: In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation.
+Added: If the Company determines that 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.
A Special Purpose Entity ("SPE") is an entity designed to fulfill a specific limited need of the company that organized it.
3 unchanged sentences
Investors in an SPE usually have recourse only to the assets in the SPE and depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE, or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement.
−Removed: The Company enters into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans and re- and non-performing loans (the trusts in which these loans are deposited are referred to as "Non-Agency VIEs" and "RPL/NPL VIEs", respectively), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations.
+Added: The Company enters into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans (the trusts in which these loans are deposited are referred to as "Non-Agency VIEs", "Home Equity VIEs", and "RPL/NPL VIEs", respectively), which may result in the Company consolidating the respective VIEs that are created to facilitate these securitizations.
Based on the evaluations of each VIE, the Company may conclude that the VIEs should be consolidated and, as a result, transferred assets of these VIEs would be determined to be secured borrowings.
−Removed: Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Non-Agency VIEs and RPL/NPL VIEs.
+Added: Upon consolidation, the Company elected the fair value option pursuant to ASC 825 for the assets and liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.
Electing the fair value option allows the Company to record changes in fair value in the consolidated statement of operations, which, in management's view, more appropriately reflects the results of operations for a particular reporting period as all activities will be recorded in a similar manner.
−Removed: The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Non-Agency VIEs and RPL/NPL VIEs are more observable as a basis for measuring the less observable financial instruments.
−Removed: The Company has determined that the fair value of the liabilities of the Non-Agency VIEs and RPL/NPL VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs.
−Removed: See Note 3 for more detail regarding the Non-Agency VIEs and RPL/NPL VIEs and Note 5 for more detail related to the Company's determination of fair value for the assets and liabilities included within these VIEs.
+Added: The Company applied the guidance under ASC 810-10 (Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity) whereby the Company determines whether the fair value of the assets or liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable as a basis for measuring the less observable financial instruments.
+Added: The Company has determined that the fair value of the liabilities of the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs are more observable since the prices for these liabilities are more easily determined as similar instruments trade more frequently on a relative basis than the individual assets of the VIEs.
+Added: See Note 3 for more detail regarding the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs and Note 5 for more detail related to the Company's determination of fair value for the assets and liabilities included within these VIEs.
Transfers of financial assets
7 unchanged sentences
The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair value.
−Removed: The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold.
−Removed: When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.
−Removed: From time to time, the Company may securitize mortgage loans it holds if such financing is available.
−Removed: These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the
+Added: The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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.
+Added: September 30, 2025
+Added: the securities or loans sold.
+Added: When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.
+Added: From time to time, the Company may securitize mortgage loans it holds if such financing is available.
+Added: These transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a "sale" and the loans will be removed from the 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.
ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a "sale" or a "financing."
14 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 30, 2025
Residential mortgage loans
−Removed: The tables below detail information regarding the Company’s residential mortgage loan portfolio as of June 30, 2025 and December 31, 2024 ($ in thousands).
+Added: The tables below detail information regarding the Company’s residential mortgage loan portfolio by collateral type as of September 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: June 30, 2025
+Added: September 30, 2025
(Discount) Amortized Cost Gains Losses Fair Value Coupon Yield (1) Life
1 unchanged sentence
Non-Agency Loans (4) $ 7,298,543 $ 52,275 $ 7,350,818 $ 77,557 $ ( 285,689 ) $ 7,142,686 5.86 % 5.76 % 7.44
+Added: Home Equity Loans 921,111 64,181 985,292 22,619 — 1,007,911 9.81 % 7.73 % 5.01
Re- and Non-Performing Loans 160,916 ( 9,529 ) 151,387 — ( 13,001 ) 138,386 4.25 % 5.97 % 5.53
4 unchanged sentences
Non-Agency Loans 555 16 571 8 ( 7 ) 572 6.77 % 3.65 % 3.48
−Removed: Re- and Non-Performing Loans 1,502 ( 914 ) 588 855 — 1,443 N/A 120.02 % 1.30
+Added: Re- and Non-Performing Loans 1,314 ( 854 ) 460 797 — 1,257 N/A NM 1.17
Total Residential mortgage loans, at fair value $ 218,528 $ 5,571 $ 224,099 $ 2,434 $ ( 29 ) $ 226,504 8.17 % 7.59 % 5.26
−Removed: Total as of June 30, 2025
+Added: Total as of September 30, 2025
$ 8,599,098 $ 112,498 $ 8,711,596 $ 102,610 $ ( 298,719 ) $ 8,515,487 6.31 % 6.03 % 7.09
14 unchanged sentences
$ 6,781,862 $ ( 4,606 ) $ 6,777,256 $ 32,389 $ ( 391,750 ) $ 6,417,895 5.62 % 5.79 % 7.93
+Added: NM - Not Meaningful
(1) The weighted average yields are calculated based on the amortized cost of the underlying loans.
7 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 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: June 30, 2025
+Added: September 30, 2025
Current 30-59 Days 60-89 Days 90+ Days (2)
1 unchanged sentence
Non-Agency Loans $ 7,298,543 18,795 $ 7,094,787 $ 85,167 $ 36,597 $ 81,992
+Added: Home Equity Loans 921,111 11,056 919,036 1,375 588 112
Re- and Non-Performing Loans 160,916 1,095 128,989 11,575 4,044 16,308
6 unchanged sentences
Total Residential mortgage loans $ 218,528 1,736 $ 216,990 $ — $ — $ 224
−Removed: Total as of June 30, 2025
+Added: Total as of September 30, 2025
$ 8,599,098 32,682 $ 8,359,802 $ 98,117 $ 41,229 $ 98,636
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 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.
+Added: As of September 30, 2025, the $ 98.6 million of unpaid principal balance included securitized residential mortgage loans and residential mortgage loans that were 90+ days delinquent with a fair value of $ 42.6 million and loans in the process of foreclosure with a fair value of $ 53.1 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 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.
−Removed: During the three and six months ended June 30, 2025 and 2024, the Company purchased residential mortgage loans, as detailed below (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: As of September 30, 2025 and December 31, 2024, 6.5 % 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 nine months ended September 30, 2025 and 2024, the Company purchased residential mortgage loans, as detailed below (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024
+Added: September 30, 2025 September 30, 2024
Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1) Unpaid Principal Balance Fair Value (1)
7 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: During the three and six months ended June 30, 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 and six months ended June 30, 2024.
−Removed: Three Months Ended Six Months Ended
+Added: September 30, 2025
+Added: During the three and nine months ended September 30, 2025 and 2024, the Company sold residential mortgage loans as detailed below ($ in thousands).
+Added: Three Months Ended Nine Months Ended
Number of Loans Proceeds Realized Gains Realized Losses Number of Loans Proceeds Realized Gains Realized Losses
−Removed: June 30, 2025
+Added: September 30, 2025
Agency-Eligible Loans — $ — $ — $ — 88 $ 37,333 $ 238 $ ( 219 )
2 unchanged sentences
Total — $ — $ — $ — 197 $ 57,761 $ 1,411 $ ( 2,520 )
+Added: September 30, 2024
+Added: Agency-Eligible Loans 190 $ 73,614 $ 356 $ ( 276 ) 190 $ 73,614 $ 356 $ ( 276 )
+Added: Non-Agency Loans 160 86,349 1,274 ( 137 ) 160 86,349 1,274 ( 137 )
+Added: Total 350 $ 159,963 $ 1,630 $ ( 413 ) 350 $ 159,963 $ 1,630 $ ( 413 )
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 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.
−Removed: Geographic Concentration of Credit Risk (1) June 30, 2025 December 31, 2024
+Added: The following is a summary of the geographic concentration of credit risk as of September 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) September 30, 2025 December 31, 2024
California 30 % 35 %
6 unchanged sentences
Variable interest entities
−Removed: The Company entered into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans and re- and non-performing loans, of which the securitization trusts are considered VIEs.
+Added: The Company entered into securitization transactions collateralized by its Non-Agency Loans/Agency-Eligible Loans, Home Equity Loans, and re- and non-performing loans, of which the securitization trusts are considered VIEs.
The Company was determined to be the primary beneficiary of the VIEs and, as a result, consolidated the assets and liabilities of the VIEs on its consolidated balance sheets.
7 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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).
−Removed: June 30, 2025 December 31, 2024
−Removed: Carrying Value Weighted Average Carrying Value Weighted Average
−Removed: Yield (1) Life (Years) (2) Yield (1) Life (Years) (2)
−Removed: Securitized residential mortgage loans, at fair value (3) $ 6,510,682 5.70 % 7.86 $ 6,044,597 5.68 % 8.12
−Removed: Other assets 36,655 30,922
−Removed: Total Assets $ 6,547,337 $ 6,075,519
−Removed: Securitized debt, at fair value (3) (4) $ 5,839,789 5.26 % 6.01 $ 5,391,413 5.17 % 6.05
−Removed: Other liabilities 24,492 22,185
−Removed: Total Liabilities $ 5,864,281 $ 5,413,598
−Removed: Total Equity (5) $ 683,056 $ 661,921
−Removed: (1) The weighted average yields are calculated based on the amortized cost of the underlying loans or securities.
−Removed: (2) This is based on projected life.
−Removed: Typically, actual maturities are shorter than stated contractual maturities.
−Removed: Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.
−Removed: (3) Securitized residential mortgage loans in Non-Agency VIEs include loans that were considered to be Agency-Eligible prior to the Company's securitization.
−Removed: (4) The holders of the securitized debt have no recourse to the general credit of the Company.
−Removed: The Company has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs.
−Removed: (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.
−Removed: 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 June 30, 2025 and December 31, 2024 ($ in thousands).
−Removed: June 30, 2025 December 31, 2024
−Removed: Carrying Value Weighted Average Carrying Value Weighted Average
−Removed: Yield (1) Life (Years) (2) Yield (1) Life (Years) (2)
+Added: September 30, 2025
+Added: The following table details the carrying value related to the assets and liabilities of the Company’s consolidated VIEs as of September 30, 2025 and December 31, 2024 (in thousands).
+Added: Non-Agency VIEs Home Equity VIEs (1) RPL/NPL VIEs
+Added: September 30, 2025 December 31, 2024 September 30, 2025 September 30, 2025 December 31, 2024
Securitized residential mortgage loans, at fair value (2) $ 7,142,686 $ 6,044,597 $ 1,007,911 $ 138,386 $ 153,081
6 unchanged sentences
Total Equity (4) $ 682,887 $ 661,921 $ 151,004 $ 45,279 $ 54,303
−Removed: (1) The weighted average yields are calculated based on the amortized cost of the underlying loans or securities.
−Removed: (2) This is based on projected life.
−Removed: Typically, actual maturities are shorter than stated contractual maturities.
−Removed: Maturities are affected by the contractual lives of the underlying mortgages, periodic payments of principal, and prepayments of principal.
+Added: (1) As of December 31, 2024 , the Company did not hold any assets or liabilities in Home Equity VIEs.
+Added: (2) Securitized residential mortgage loans in Non-Agency VIEs include loans that were considered to be Agency-Eligible prior to the Company's securitization.
(3) The holders of the securitized debt have no recourse to the general credit of the Company.
−Removed: The Company has no obligation to provide any other explicit or implicit support to the RPL/NPL VIEs.
−Removed: (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.
−Removed: See Note 6 for more detail regarding the Company's financing arrangements.
+Added: The Company has no obligation to provide any other explicit or implicit support to the VIEs.
+Added: (4) The Company had outstanding financing arrangements collateralized by the Company's retained interests in its VIEs.
+Added: Refer to Note 6 for additional information.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 30, 2025
Legacy WMC Commercial loans
−Removed: 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).
+Added: The tables below detail information regarding the Company's Legacy WMC Commercial loan portfolio as of September 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: June 30, 2025 Premium /
+Added: September 30, 2025 Premium /
Amortized Cost Gross Unrealized Fair Value Weighted Average Maturity Date (3) LTV (4) Location
Loan (1)(2) Unpaid Principal Balance Gains Losses Coupon Yield (3) Life (Years)
−Removed: Loan A (6) $ 7,259 $ ( 29 ) $ 7,230 $ — $ ( 334 ) $ 6,896 8.51 % — % 0.19 9/6/2025 61.63 % IL, FL
−Removed: Loan B (6) 13,206 ( 52 ) 13,154 — ( 607 ) 12,547 8.51 % — % 0.19 9/6/2025 75.33 % CA
−Removed: Loan C (6) 24,535 ( 99 ) 24,436 — ( 1,127 ) 23,309 8.51 % — % 0.19 9/6/2025 77.22 % NY
−Removed: Loan D (7) 22,204 ( 49 ) 22,155 — ( 24 ) 22,131 7.69 % 9.03 % 0.10 8/6/2025 42.50 % CT
+Added: Loan A (5) $ 7,259 $ ( 29 ) $ 7,230 $ — $ ( 334 ) $ 6,896 8.42 % — % N/A N/A 61.63 % IL, FL
+Added: Loan B (5) 13,206 ( 52 ) 13,154 — ( 608 ) 12,546 8.42 % — % N/A N/A 75.33 % CA
+Added: Loan C (5) 24,535 ( 99 ) 24,436 — ( 1,127 ) 23,309 8.42 % — % N/A N/A 77.22 % NY
+Added: Loan D (6) 22,204 ( 44 ) 22,160 — ( 7,173 ) 14,987 7.60 % — % N/A N/A 42.50 % CT
Total $ 67,204 $ ( 224 ) $ 66,980 $ — $ ( 9,242 ) $ 57,738 8.15 % — % 65.94 %
9 unchanged sentences
(2) Each commercial loan investment is a first mortgage loan.
−Removed: (3) The weighted average yields are calculated based on the amortized cost of the underlying loans.
−Removed: (4) Actual maturities of commercial loans may be shorter or longer than stated contractual maturities.
−Removed: Maturities are affected by prepayments of principal.
−Removed: (5) Represents the LTV at acquisition.
+Added: (3) The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of September 30, 2025.
+Added: See footnotes 5 and 6 for further details related to each loan.
+Added: Due to these defaults, the lender on the Company’s financing arrangements is permitted to request full repayment of the debt with respect to such assets.
+Added: The Company does not currently expect the lender to require repayment of the related outstanding financing arrangements prior to its scheduled maturity in March 2026.
+Added: (4) Represents the LTV at acquisition of WMC.
The total LTV on commercial loans is presented based on fair value.
(5) Loans A, B, and C have a floating rate coupon equal to 4.20 % plus one-month SOFR and are collateralized by hotels.
−Removed: The borrower for Loans A, B and C is currently in default.
−Removed: 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.
−Removed: For the three months ended June 30, 2025, these loans were placed on non-accrual status.
−Removed: The borrower for such loans is in the process of selling the hotels collateralizing the loans;
−Removed: however, no assurances can be made that any such sale will be completed on the terms contemplated or at all.
−Removed: 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.
−Removed: The Company does not currently expect its lender to request a full repayment of the related outstanding financing arrangements.
+Added: During the second quarter 2025, these loans entered maturity default and were placed on non-accrual.
+Added: Following a period of forbearance, the lender parties and the borrower are pursuing a consensual sale of the hotels, which may include transferring title of all or certain of the properties to the lender parties via a deed-in-lieu of foreclosure to facilitate the sale.
+Added: The Company currently expects the sales process to be completed in the first half of 2026, however there are no assurances that sales can be completed within the time anticipated or at all.
(6) Loan D has a floating rate coupon equal to 3.38 % plus one-month SOFR and is collateralized by a retail property.
−Removed: Loan D has a current payment status.
−Removed: The maturity date r epresents the last possible extension option.
+Added: During the third quarter 2025, the loan entered maturity default.
+Added: The property is generating positive cash flow and, as of the date of this report, the Company has continued to receive interest payments from the property’s cash flows.
+Added: The lender parties are currently evaluating with the borrower a deed-in-lieu of foreclosure and/or a consensual sale of the property through a national commercial real estate sales advisor.
+Added: In connection with the foregoing and the valuation analysis obtained from a third-party pricing service provider, the Company recognized an unrealized loss of $ 7.1 million for the three months ended September 30, 2025 and placed the loan on cost recovery status.
+Added: (7) The weighted average yields are calculated based on the amortized cost of the underlying loans.
+Added: (8) Actual maturities of commercial loans may be shorter or longer than stated contractual maturities.
+Added: Maturities are affected by prepayments of principal.
+Added: (9) Represents maturity date of the last possible extension option.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 30, 2025
Real Estate Securities
−Removed: The following tables detail the Company’s real estate securities portfolio as of June 30, 2025 and December 31, 2024 ($ in thousands).
+Added: The following tables detail the Company’s real estate securities portfolio by collateral type as of September 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.
4 unchanged sentences
Value (2) Weighted Average
−Removed: June 30, 2025 Gains Losses Coupon (3) Yield (4) Life
+Added: September 30, 2025 Gains Losses Coupon (3) Yield (4) Life
Non-Agency RMBS
6 unchanged sentences
Agency RMBS Interest Only N/A N/A 17,220 75 ( 749 ) 16,546 4.56 % 7.67 % 5.35
−Removed: Total as of June 30, 2025
+Added: Total as of September 30, 2025
$ 222,649 $ ( 45,709 ) $ 206,708 $ 14,409 $ ( 14,173 ) $ 206,944 4.26 % 10.63 % 5.31
15 unchanged sentences
The notional value is used solely to determine interest distributions on the interest only classes of securities.
−Removed: 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 September 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 $ 71.5 million, $ 43.4 million, $ 163.2 million, $ 25.5 million and $ 87.6 million, respectively.
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.
8 unchanged sentences
The Company’s interest in the retained tranches represents its continuing involvement in these securitization trusts.
−Removed: 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.
+Added: As of September 30, 2025 and December 31, 2024, the Company’s Non-QM Loans includes $ 42.2 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 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.
−Removed: As of June 30, 2025, the Company’s Home Equity Loans includes $ 25.8 million of retained securities from these transactions.
−Removed: (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.
+Added: As of September 30, 2025 and December 31, 2024, the Company’s Agency-Eligible Loans includes $ 44.0 million and $ 48.2 million of retained securities from these transactions, respectively.
+Added: As of September 30, 2025, the Company’s Home Equity Loans includes $ 24.5 million of retained securities from these transactions.
+Added: (8) As of September 30, 2025, there are Legacy WMC CMBS with an unpaid principal balance of $ 23.5 million and a fair value of $ 7.1 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.
2 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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).
−Removed: June 30, 2025 Non-Agency RMBS Legacy WMC CMBS Agency RMBS
+Added: September 30, 2025
+Added: The following tables summarize the Company's real estate securities according to their projected weighted average life classifications as of September 30, 2025 and December 31, 2024 (in thousands).
+Added: September 30, 2025 Non-Agency RMBS Legacy WMC CMBS Agency RMBS
Weighted Average Life (1)
5 unchanged sentences
Greater than ten years 20,509 19,780 — — — —
−Removed: Total as of June 30, 2025
+Added: Total as of September 30, 2025
$ 149,715 $ 144,412 $ 40,683 $ 45,076 $ 16,546 $ 17,220
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 and six months ended June 30, 2025 and 2024, as detailed below ($ in thousands).
−Removed: Three Months Ended Six Months Ended
+Added: The Company sold real estate securities during the three and nine months ended September 30, 2025 and 2024, as detailed below ($ in thousands).
+Added: Three Months Ended Nine Months Ended
Number of Securities Proceeds Realized Gains Realized Losses Number of Securities Proceeds Realized Gains Realized Losses
−Removed: June 30, 2025
+Added: September 30, 2025
Agency RMBS — $ — $ — $ — 1 $ 1,894 $ 241 $ —
Non-Agency RMBS — — — — 2 1,336 72 —
−Removed: CMBS 1 1,959 — ( 144 ) 1 1,959 — ( 144 )
−Removed: June 30, 2024
+Added: Legacy WMC CMBS — — — — 1 1,959 — ( 144 )
+Added: September 30, 2024
+Added: Agency RMBS 6 $ 543,172 $ 10,172 $ — 6 $ 543,172 $ 10,172 $ —
Non-Agency RMBS 1 2,215 187 — 14 41,391 3,352 ( 482 )
+Added: Legacy WMC CMBS 1 1,531 — ( 62 ) 1 1,531 — ( 62 )
Fair value measurements
10 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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).
−Removed: Fair Value at June 30, 2025
+Added: September 30, 2025
+Added: The following tables present the Company’s financial instruments measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands).
+Added: Fair Value at September 30, 2025
Level 1 Level 2 Level 3 Total
5 unchanged sentences
Agency RMBS — 16,546 — 16,546
−Removed: Loan purchase commitment (1) — — 470 470
Derivative assets (1) — 5,795 128 5,923
21 unchanged sentences
Total Liabilities Measured at Fair Value $ — $ ( 38 ) $ ( 5,492,303 ) $ ( 5,492,341 )
−Removed: (1) The Company has chosen to make a fair value election pursuant to ASC 825 for its loan purchase commitments.
−Removed: Loan purchase commitment assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively.
−Removed: (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.
+Added: (1) As of September 30, 2025, the Company applied a reduction in fair value of $ 4.9 million and $ 2.3 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.
Derivative assets and liabilities are included in the "Other assets" and "Other liabilities" line items on the consolidated balance sheets, respectively.
−Removed: Refer to Note 7 for more information on the Company's derivatives.
(2) The Company classifies highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents.
Cash equivalents may include cash invested in money market funds and are carried at cost, which approximates fair value.
−Removed: (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.
+Added: (3) 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 elected the fair value option with respect to its investment pursuant to ASC 825.
+Added: (4) The Company has elected the fair value option pursuant to ASC 825 for its loan purchase commitments.
+Added: Loan purchase commitment liabilities are included in the “Other liabilities" line item on the consolidated balance sheets.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 30, 2025
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.
23 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 and six months ended June 30, 2025 and 2024.
−Removed: 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.
+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 nine months ended September 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 nine months ended September 30, 2025.
+Added: The Company transferred $ 1.6 million of residential mortgage loans from Level 3 to Level 2 of the fair value hierarchy during the nine months ended September 30, 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: June 30, 2025
+Added: September 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 June 30, 2025
+Added: Three Months Ended September 30, 2025
Loans (1) Legacy WMC Commercial Loans Non-Agency
4 unchanged sentences
Issuances of Securitized Debt — — — — — ( 1,678,309 ) —
+Added: Capital distributions — — — — ( 628 ) — —
Proceeds from sales or settlements — — — ( 628 ) — — 153
8 unchanged sentences
Ending Balance $ 8,514,230 $ 57,738 $ 138,427 $ 128 $ 49,244 $ ( 7,428,111 ) $ ( 631 )
−Removed: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2025
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2025
Net premium and discount amortization (3) $ ( 591 ) $ 6 $ ( 679 ) $ — $ — $ ( 4,791 ) $ —
1 unchanged sentence
Equity in earnings/(loss) from affiliates — — — — 2,337 — —
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Loans (1) Legacy WMC Commercial Loans Non-Agency
2 unchanged sentences
Beginning balance $ 6,092,516 $ 66,753 $ 57,392 $ 727 $ 1,208 $ 446 $ 34,954 $ ( 5,117,189 ) $ ( 560 )
+Added: Transfers out of level 3 (5) ( 1,329 ) — — — — — — — —
Purchases 524,709 — 51,047 — — — — — —
3 unchanged sentences
Principal repayments ( 163,020 ) — ( 524 ) — — — — 155,186 —
+Added: Principal funding 171 — — — — — — — —
Included in net income:
5 unchanged sentences
Ending Balance $ 6,489,778 $ 66,875 $ 111,171 $ 636 $ 998 $ 149 $ 30,967 $ ( 5,497,552 ) $ ( 25 )
−Removed: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2024
Net premium and discount amortization (3) $ 2,719 $ 50 $ 41 $ — $ ( 51 ) $ — $ — $ ( 7,334 ) $ —
2 unchanged sentences
(1) Includes Securitized residential mortgage loans.
−Removed: (2) Other assets and Other liabilities include loan purchase commitments and derivative forward purchase commitments.
+Added: (2) Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.
(3) Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.
(4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.
+Added: (5) Transfers are assumed to occur at the beginning of the period.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: Six Months Ended June 30, 2025
+Added: September 30, 2025
+Added: Nine Months Ended September 30, 2025
Loans (1) Legacy WMC Commercial Loans Non-Agency
4 unchanged sentences
Issuances of Securitized Debt — — — — — ( 2,401,639 ) —
+Added: Capital distributions — — — — ( 628 ) — —
Proceeds from sales or settlements ( 57,761 ) — — ( 886 ) — — 451
8 unchanged sentences
Ending Balance $ 8,514,230 $ 57,738 $ 138,427 $ 128 $ 49,244 $ ( 7,428,111 ) $ ( 631 )
−Removed: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2025
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2025
Net premium and discount amortization (3) $ 3,473 $ 339 $ ( 2,197 ) $ — $ — $ ( 18,248 ) $ —
1 unchanged sentence
Equity in earnings/(loss) from affiliates — — — — 3,764 — —
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Loans (1) Legacy WMC Commercial Loans Non-Agency
2 unchanged sentences
Beginning balance $ 5,675,135 $ 66,303 $ 37,533 $ 5,796 $ 1,156 $ 1,172 $ 33,574 $ ( 4,711,623 ) $ ( 7 )
+Added: Transfers out of level 3 (5) ( 1,629 ) — — — — — — — —
Purchases 1,234,906 — 69,098 — — — — — —
3 unchanged sentences
Principal repayments ( 474,879 ) — ( 524 ) — — — — 439,549 —
+Added: Principal funding 171 — — — — — — — —
Included in net income:
5 unchanged sentences
Ending Balance $ 6,489,778 $ 66,875 $ 111,171 $ 636 $ 998 $ 149 $ 30,967 $ ( 5,497,552 ) $ ( 25 )
−Removed: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of June 30, 2024
+Added: Change in unrealized appreciation/(depreciation) for level 3 assets/liabilities still held as of September 30, 2024
Net premium and discount amortization (3) $ 11,071 $ 250 $ 74 $ ( 63 ) $ ( 148 ) $ — $ — $ ( 22,650 ) $ —
2 unchanged sentences
(1) Includes Securitized residential mortgage loans.
−Removed: (2) Other assets and Other liabilities include loan purchase commitments and derivative forward purchase commitments.
+Added: (2) Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.
(3) Included in the "Interest income" and "Interest expense" line items on the consolidated statement of operations for assets and liabilities, respectively.
(4) Includes transfers of residential mortgage loans to real estate owned as well as activity related to advances.
+Added: (5) Transfers are assumed to occur at the beginning of the period.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 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 June 30, 2025 and December 31, 2024 ($ in thousands).
−Removed: June 30, 2025 December 31, 2024
+Added: September 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 September 30, 2025 and December 31, 2024 ($ in thousands).
+Added: September 30, 2025 December 31, 2024
Valuation Technique Unobservable Input Fair Value Range
69 unchanged sentences
(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 June 30, 2025 and December 31, 2024.
−Removed: (3) Other assets and Other liabilities include loan purchase commitments and derivative forward purchase commitments.
+Added: (2) Represents the proportion of the principal expected to be collected relative to the loan balances as of September 30, 2025 and December 31, 2024.
+Added: (3) Other assets and Other liabilities include derivative forward purchase commitments and loan purchase commitments, if applicable.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: The following table presents a summary of the Company's financing as of June 30, 2025 and December 31, 2024 ($ in thousands).
−Removed: June 30, 2025
−Removed: December 31, 2024
+Added: September 30, 2025
+Added: The following table presents a summary of the Company's financing as of September 30, 2025 and December 31, 2024 ($ in thousands).
+Added: September 30, 2025 December 31, 2024
Financing Weighted Average Collateral Fair Value (1)(2) Financing
2 unchanged sentences
Securitized Residential Mortgage Loans (4)
−Removed: Non-Agency Loans $ 395,586 $ 395,691 Jul 2025 - May 2026 6.14 % 0.20 $ 675,565 $ 370,913
−Removed: Re- and Non-Performing Loans 27,124 27,124 Jul 2025 6.59 % 0.03 40,965 31,798
+Added: Non-Agency Loans $ 439,020 $ 439,020 Oct 2025 - May 2026 5.71 % 0.19 $ 675,319 $ 370,913
+Added: Home Equity Loans 68,851 68,851 Dec 2025 5.02 % 0.21 86,761 —
+Added: Re- and Non-Performing Loans 26,992 26,992 Oct 2025 6.23 % 0.04 41,904 31,798
Residential Mortgage Loans (5)
−Removed: Agency-Eligible Loans 1,424 1,424 Jul 2025 6.17 % 0.08 1,509 95,688
−Removed: Home Equity Loans 259,275 259,275 Jun 2026 6.52 % 0.94 323,930 87,440
+Added: Agency-Eligible Loans 89,845 89,845 Nov 2025 5.96 % 0.16 95,671 95,688
+Added: Home Equity Loans (6) 59,623 59,623 Jun 2026 - Jul 2026 6.75 % 0.75 129,004 87,440
Non-Agency Loans — — N/A N/A N/A 572 7,615
Legacy WMC Commercial Loans 27,436 27,436 Mar 2026 7.16 % 0.48 57,738 47,222
−Removed: Non-Agency RMBS 97,091 97,091 Jul 2025 - May 2026 5.27 % 0.13 131,218 78,978
−Removed: Legacy WMC CMBS 20,164 20,164 Jul 2025 6.15 % 0.04 56,173 20,416
−Removed: Agency RMBS 11,832 11,832 Jul 2025 - Sept 2025 4.87 % 0.23 16,970 2,038
+Added: Non-Agency RMBS 98,130 98,130 Oct 2025 - May 2026 5.08 % 0.23 130,657 78,978
+Added: Legacy WMC CMBS 17,348 17,348 Oct 2025 - Dec 2025 5.55 % 0.15 40,651 20,416
+Added: Agency RMBS 11,000 11,000 Oct 2025 - Dec 2025 4.60 % 0.22 15,821 2,038
Total Financing Arrangements $ 838,245 $ 838,245 5.72 % 0.24 $ 1,274,098 $ 742,108
1 unchanged sentence
Non-Agency Loans (9) $ 6,676,720 $ 6,469,626 N/A 5.35 % 5.73 N/A $ 5,391,413
+Added: Home Equity Loans (9) 828,954 861,727 N/A 5.89 % 2.52 N/A —
Re- and Non-Performing Loans 102,656 96,758 N/A 3.42 % 3.36 N/A 100,554
5 unchanged sentences
Total Financing $ 8,546,075 $ 8,362,623 5.48 % 5.02 $ 1,274,098 $ 6,329,796
−Removed: (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.
+Added: (1) The Company also had $ 4.4 million and $ 10.6 million of cash pledged under repurchase agreements as of September 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.
−Removed: (3) Financing arrangements are recorded at amortized cost in the Company's consolidated balance sheets.
−Removed: 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: As of June 30, 2025, the Company had certain fixed-rate long-term financing arrangements which had an amortized cost of $ 43.4 million.
−Removed: 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: (3) Financing arrangements are recorded at amortized cost on the Company's consolidated balance sheets.
+Added: The fair value 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.
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.
−Removed: Refer to Note 3 for more information on the Non-Agency VIEs and RPL/NPL VIEs.
−Removed: (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.
+Added: Refer to Note 3 for more information on the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.
+Added: (5) The Company's Residential mortgage loan financing arrangements include a maximum borrowing capacity of $ 1.6 billion on facilities used to finance Agency-Eligible, Home Equity and Non-Agency Loans of which $ 50 million is contractually committed.
+Added: (6) The collateral fair value pledged includes $ 54.0 million of Home Equity Loans, with an unpaid principal balance of $ 50.9 million, in which the Company has no outstanding financing but has the ability to borrow from up to $ 50 million of available committed financing at an advance rate of 87.5 % of unpaid principal balance pledged as collateral.
(7) The holders of the securitized debt have no recourse to the general credit of the Company.
−Removed: The Company has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs and RPL/NPL VIEs.
+Added: The Company has no obligation to provide any other explicit or implicit support to the Non-Agency VIEs, Home Equity VIEs, and RPL/NPL VIEs.
(8) The weighted average funding costs are calculated based on the amortized cost of the underlying securities.
−Removed: (8) The current face on the Company's Securitized debt in the Company's Non-Agency VIEs excludes Interest Only classes which have no principal balances and bear interest based on a notional value.
+Added: (9) The current face on the Company's Securitized debt in the Company's Non-Agency VIEs and Home Equity VIEs excludes Interest Only classes which have no principal balances and bear interest based on a notional value.
The notional value is used solely to determine interest distributions on the interest only classes of securities.
−Removed: As of June 30, 2025, the notional value of interest only classes of Securitized debt was $ 2.0 billion.
+Added: As of September 30, 2025, the notional value of interest only classes of Securitized debt in the Non-Agency VIEs and Home Equity VIEs was $ 3.4 billion and $ 310.9 million, respectively.
(10) The Senior Unsecured Notes are recorded at amortized cost in the Company's consolidated balance sheets.
−Removed: As of June 30, 2025, the fair value of the Senior Unsecured Notes was $ 101.0 million.
+Added: As of September 30, 2025, the fair value of the Senior Unsecured Notes was $ 101.3 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: June 30, 2025
+Added: September 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 June 30, 2025 ($ in thousands).
+Added: The below table provides a summary of the Senior Unsecured Notes as of September 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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: The below table details the total interest expense incurred on the Senior Unsecured Notes during the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Coupon interest expense
6 unchanged sentences
The Legacy WMC Convertible Notes had an interest rate of 6.75 % and interest was paid semiannually.
−Removed: During the six months ended June 30, 2024, the Company repurchased $ 7.1 million of principal amount of its outstanding Legacy WMC Convertible Notes.
+Added: During the nine months ended September 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 and six months ended June 30, 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 and six months ended June 30, 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2024 June 30, 2024
+Added: There was no interest expense incurred during the three and nine months ended September 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 nine months ended September 30, 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2024 September 30, 2024
Coupon interest expense
5 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 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 June 30, 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 September 30, 2025 by contractual maturity (in thousands).
Securitized debt is excluded from the below table as it does not have a contractual maturity.
3 unchanged sentences
Non-Agency Loans $ 139,443 $ 188,404 $ 111,173 $ — $ 439,020
+Added: Home Equity Loans — 68,851 — — 68,851
Re- and Non-Performing Loans 26,992 — — — 26,992
11 unchanged sentences
Total Senior Unsecured Notes $ — $ — $ — $ 99,500 $ 99,500
−Removed: (1) Outstanding financing arrangements of $ 19.9 million is collateralized by Loans A, B, and C.
−Removed: The borrower for Loans A, B and C is currently in maturity default.
−Removed: 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.
−Removed: The Company does not currently expect its lender to request a full repayment of the related outstanding financing arrangements.
+Added: (1) The borrowers for the Company’s Legacy WMC Commercial Loans are in maturity default as of September 30, 2025.
+Added: Due to these defaults, the lender on the Company’s financing arrangements is permitted to request full repayment of the debt with respect to such assets.
+Added: The Company does not currently expect the lender to require repayment of the related outstanding financing arrangements prior to its scheduled maturity in March 2026.
Counterparties
−Removed: The Company had outstanding financing arrangements with six counterparties as of June 30, 2025 and December 31, 2024.
−Removed: 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).
−Removed: June 30, 2025
+Added: The Company had outstanding financing arrangements with six counterparties as of September 30, 2025 and December 31, 2024.
+Added: The following table presents information as of September 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: September 30, 2025
December 31, 2024
6 unchanged sentences
Stockholders' Equity
−Removed: Goldman Sachs Bank USA $ 137,674 280 25.7 % $ 92,220 118 17.1 %
BofA Securities, Inc.
$ 144,199 72 25.8 % $ 135,141 82 25.0 %
+Added: Goldman Sachs Bank USA 132,921 50 23.7 % 92,220 118 17.1 %
Barclays Capital Inc.
106,142 132 19.0 % 75,516 20 14.0 %
+Added: JP Morgan Securities, LLC 30,459 29 5.4 % (1) (1) (1)
Atlas Securitized Products, L.P.
2 unchanged sentences
(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.
−Removed: (2) Certain retained interests in securitizations are held in WMC RR 2023-1 Trust, a wholly owned subsidiary of the Company.
+Added: and JP Morgan Securities, LLC.
+Added: (2) As of December 31, 2024 , 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.
WMC RR 2023-1 Trust matured and was paid off in July 2025.
−Removed: Financial Covenants
−Removed: 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
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers.
+Added: September 30, 2025
+Added: Financial Covenants
+Added: The Company’s financing arrangements generally include customary representations, warranties, and covenants, but may also contain more restrictive supplemental terms and conditions.
+Added: Although specific to each financing arrangement, typical supplemental terms include requirements of minimum equity and liquidity, leverage ratios, and performance triggers.
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.
1 unchanged sentence
Financings pursuant to financing arrangements are generally recourse to the Company.
−Removed: As of June 30, 2025, the Company is in compliance with all of its financial covenants.
+Added: As of September 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 June 30, 2025 and December 31, 2024 (in thousands).
−Removed: June 30, 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 September 30, 2025 and December 31, 2024 (in thousands).
+Added: September 30, 2025 December 31, 2024
Interest receivable $ 48,566 $ 34,930
1 unchanged sentence
Derivative assets, at fair value 1,004 204
−Removed: Loan purchase commitment, at fair value 470 —
Other assets 2,628 3,269
8 unchanged sentences
Due to broker 899 48
−Removed: Payable on unsettled trades 114 —
Taxes payable 698 103
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 June 30, 2025 and December 31, 2024 (in thousands).
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
+Added: The following table presents information related to the Company's derivatives and other instruments and their balance sheet location as of September 30, 2025 and December 31, 2024 (in thousands).
Balance Sheet
−Removed: Location June 30, 2025 December 31, 2024
+Added: Location September 30, 2025 December 31, 2024
Derivatives and Other Instruments (1) Notional Fair Value Notional Fair Value
2 unchanged sentences
Short TBAs Other assets — 820 — —
+Added: Short TBAs Other liabilities — ( 1,688 ) — —
Forward Purchase Commitments
2 unchanged sentences
Other liabilities 30,096 ( 221 ) 35,398 ( 336 )
−Removed: (1) As of June 30, 2025 and December 31, 2024, no derivatives held by the Company were designated as hedges for accounting purposes.
−Removed: (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.
+Added: (1) As of September 30, 2025 and December 31, 2024, no derivatives held by the Company were designated as hedges for accounting purposes.
+Added: (2) As of September 30, 2025, the Company applied a reduction in fair value of $ 4.9 million and $ 2.3 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: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: (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: (3) As of September 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 4.24 %, and a weighted average years to maturity of 4.66 years.
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.
−Removed: 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.
+Added: Derivative and other instruments eligible for offset are presented gross on the consolidated balance sheets as of September 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 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.
+Added: As of September 30, 2025, the Company's restricted cash balance included $ 12.3 million of collateral related to certain derivatives, of which $ 9.7 million represents cash collateral posted by the Company and $ 2.6 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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
+Added: The following table summarizes total income related to derivatives and other instruments for the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Included within Net interest component of interest rate swaps
13 unchanged sentences
Total income/(loss) $ ( 4,413 ) $ ( 24,006 ) $ ( 11,363 ) $ ( 14,427 )
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
Derivative Activity
−Removed: The following table presents information about the Company’s derivatives for the three and six months ended June 30, 2025 and 2024 (in thousands).
+Added: The following table presents information about the Company’s derivatives for the three and nine months ended September 30, 2025 and 2024 (in thousands).
Beginning Notional
3 unchanged sentences
Asset Derivative
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Interest Rate Swaps $ 345,000 $ 227,180 $ ( 127,120 ) $ 445,060 $ 56 $ —
Short TBAs ( 195,000 ) 775,000 ( 580,000 ) — 820 ( 1,688 )
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Interest Rate Swaps $ 818,000 $ 129,000 $ ( 642,500 ) $ 304,500 $ — $ ( 86 )
−Removed: Short TBAs ( 32,000 ) 96,000 ( 64,000 ) — — —
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Interest Rate Swaps $ 342,550 $ 626,680 $ ( 524,170 ) $ 445,060 $ 56 $ —
Short TBAs — 1,075,000 ( 1,075,000 ) — 820 ( 1,688 )
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Interest Rate Swaps $ 503,000 $ 846,750 $ ( 1,045,250 ) $ 304,500 $ — $ ( 86 )
Short TBAs ( 9,000 ) 130,000 ( 121,000 ) — — —
−Removed: (1) The sales or shorts include $ 60.0 million of interest rate swaps that matured during the six months ended June 30, 2024.
−Removed: (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.
+Added: (1) The sales or shorts include $ 60.0 million of interest rate swaps that matured during the nine months ended September 30, 2024.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
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 and six months ended June 30, 2025 and 2024 (in thousands, except per share data).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 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 nine months ended September 30, 2025 and 2024 (in thousands, except per share data).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net Income/(Loss) $ 19,961 $ 16,640 $ 35,383 $ 41,455
7 unchanged sentences
Diluted $ 0.47 $ 0.40 $ 0.64 $ 0.93
−Removed: (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.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: The following tables detail the Company's common stock dividends declared during the six months ended June 30, 2025 and 2024.
−Removed: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024
+Added: The following tables detail the Company's common stock dividends declared during the nine months ended September 30, 2025 and 2024.
+Added: Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024
Declaration Date Record Date Payment Date Cash Dividend Per Share Declaration Date Record Date Payment Date Cash Dividend Per Share
1 unchanged sentence
6/17/2025 6/30/2025 7/31/2025 0.21 6/13/2024 6/28/2024 7/31/2024 0.19
+Added: 9/15/2025 9/30/2025 10/31/2025 0.21 9/16/2024 9/30/2024 10/31/2024 0.19
Total $ 0.62 Total $ 0.56
−Removed: The following tables detail the Company's preferred stock dividends declared and paid during the 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: September 30, 2025
+Added: The following tables detail the Company's preferred stock dividends declared and paid during the nine months ended September 30, 2025 and 2024.
2025 Cash Dividend Per Share
4 unchanged sentences
5/5/2025 5/30/2025 6/17/2025 0.51563 0.50 0.704864
+Added: 7/31/2025 8/29/2025 9/17/2025 0.51563 0.50 0.706042
Total $ 1.54689 $ 1.50 $ 2.103968
5 unchanged sentences
5/2/2024 5/31/2024 6/17/2024 0.51563 0.50 0.50
+Added: 8/1/2024 8/30/2024 9/17/2024 0.51563 0.50 0.50
Total $ 1.54689 $ 1.50 $ 1.50
7 unchanged sentences
The expense is calculated in accordance with applicable tax regulations.
−Removed: 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).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: The below table details excise tax expense for the three and nine months ended September 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 Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Excise tax expense (1) $ 34 $ — $ 77 $ —
−Removed: (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.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: (1) During the nine months ended September 30, 2025, the Company recorded a reduction in excise tax expense of $ 0.1 million related to an excise tax refund.
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 June 30, 2025 and December 31, 2024, the remaining NOL carryforwards obtained in the WMC acquisition was $ 319.4 million.
−Removed: 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.
−Removed: These NCL carryforwards (which exclude NCLs acquired from WMC) can be utilized to offset future net gains from the sale of capital assets.
−Removed: NCL carryforwards of $ 225.7 million were generated during the year ended December 31, 2020 and, if not utilized, will expire on December 31, 2025.
+Added: As of September 30, 2025 and December 31, 2024, the remaining NOL carryforwards obtained in the WMC acquisition was $ 319.4 million.
+Added: As of September 30, 2025 and December 31, 2024, the Company had estimated net capital loss ("NCL") carryforwards of $ 279.4 million and $ 278.9 million, respectively.
+Added: These NCL carryforwards (which exclude NCLs acquired from WMC) can be
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
+Added: utilized to offset future net gains from the sale of capital assets.
+Added: NCL carryforwards of $ 225.7 million were generated during the year ended December 31, 2020 and any unutilized NCL carryforwards will expire on December 31, 2025.
In connection with the WMC acquisition, the Company obtained NCL carryforwards.
−Removed: As of June 30, 2025 and December 31, 2024, these estimated NCL carryforwards were $ 151.6 million and $ 150.6 million, respectively.
+Added: As of September 30, 2025 and December 31, 2024, these estimated NCL carryforwards were $ 151.6 million and $ 150.6 million, respectively.
These NCL carryforwards will expire between 2026 and 2030.
5 unchanged sentences
federal, state, and local income tax on net income at the applicable corporate rates.
−Removed: The federal statutory rate for the three and six months ended June 30, 2025 and 2024 was 21%.
+Added: The federal statutory rate for the three and nine months ended September 30, 2025 and 2024 was 21%.
The Company’s effective tax rate differs from its combined U.S.
federal, state, and local corporate statutory tax rate primarily due to income earned at the REIT, which is not subject to tax due to the deduction for qualifying distributions made by the Company, and any change in the valuation allowance as disclosed in further detail below.
−Removed: 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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
−Removed: Tax expense $ 26 $ 17 $ 54 $ 42
+Added: The tax expense attributable to its TRSs is recorded in the "Income tax expense" line item on the consolidated statement of operations.
+Added: The below table details the tax expense attributable to its TRSs for the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
+Added: Income tax expense $ 689 $ 16 $ 743 $ 58
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 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.
+Added: As of September 30, 2025 and December 31, 2024, the Company recorded a deferred tax asset of approximately $ 32.8 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 June 30, 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 September 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 June 30, 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 September 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 and six months ended June 30, 2025 and 2024.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: The Company did no t incur any interest or penalties during the three and nine months ended September 30, 2025 and 2024.
Related party transactions
4 unchanged sentences
The Company does not have any employees.
−Removed: The Manager has delegated to TPG Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the Company’s management agreement.
+Added: The Manager has delegated to
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
+Added: TPG Angelo Gordon the overall responsibility of its day-to-day duties and obligations arising under the Company’s management agreement.
Below is a description of the fees and reimbursements provided in the management agreement.
9 unchanged sentences
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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
+Added: The below table details the management fees incurred during the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
Consolidated statements of operations line item:
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Management fee to affiliate (1) $ 2,319 $ 1,708 $ 6,947 $ 5,202
−Removed: (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.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: As of June 30, 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 nine months ended September 30, 2024, the Manager agreed to waive its right to receive management fees of $ 0.6 million and $ 1.8 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.
+Added: As of September 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.
1 unchanged sentence
The Manager is entitled to an annual incentive fee with respect to each applicable fiscal year, which will be equal to 15 % of the amount by which the Company's cumulative adjusted net income from November 22, 2021 exceeds the cumulative hurdle amount, which represents an 8 % return (cumulative, but not compounding) on an equity hurdle base consisting of the sum of (i) $ 341.5 million and (ii) the gross proceeds of any subsequent public or private common stock offerings by the Company.
−Removed: 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 and six months ended June 30, 2025 and 2024, the Company did not incur any incentive fee expense.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
+Added: 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.
+Added: During the three and nine months ended September 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 June 30, 2025 and December 31, 2024, no event of termination of the management agreement had occurred.
+Added: As of September 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: The below table details the expense reimbursement incurred during the three and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
+Added: The below table details the expense reimbursement incurred during the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
Consolidated statements of operations line item:
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Non-investment related expenses (1)
4 unchanged sentences
Expense reimbursements to Manager or its affiliates $ 1,974 $ 1,852 $ 5,781 $ 5,727
−Removed: (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.
−Removed: 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.
+Added: (1) For the three and nine months ended September 30, 2024, the Manager agreed to waive its right to receive expense reimbursements of $ 0.3 million and $ 0.9 million, respectively, pursuant to the MITT Management Agreement Amendment executed in connection with the WMC acquisition.
+Added: As of September 30, 2025 and December 31, 2024, the Company recorded a reimbursement payable to the Manager or its affiliates of $ 2.5 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.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
Investments in debt and equity of affiliates
1 unchanged sentence
The Company is one investor, amongst other investors managed by affiliates of TPG Angelo Gordon, in such entities and has applied the equity method of accounting for such investments.
−Removed: 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: As of June 30, 2025, the Company had an approximate 44.6 % interest in AG Arc.
−Removed: Arc Home originates residential mortgage loans and retains the mortgage servicing rights associated with certain loans it originates.
+Added: AG Mortgage Investment Trust Inc.
+Added: and Subsidiaries
+Added: Notes to Consolidated Financial Statements (Unaudited)
+Added: September 30, 2025
+Added: On December 9, 2015, the Company, alongside private funds managed by TPG Angelo Gordon, through AG Arc LLC ("AG Arc") formed Arc Home.
+Added: As of September 30, 2025 and December 31, 2024, the Company had an approximate 66.0 % and 44.6 % interest in AG Arc, respectively.
+Added: Arc Home is a multi-channel licensed mortgage originator and servicer primarily engaged in the business of originating and selling residential mortgage loans while retaining the mortgage servicing rights associated with certain loans that it originates.
Arc Home is led by an external management team.
−Removed: The Company has chosen to make a fair value election with respect to its investment in AG Arc pursuant to ASC 825.
+Added: The Company elected the fair value option with respect to its investment in AG Arc pursuant to ASC 825.
The Company elected to treat its investment in AG Arc as a taxable REIT subsidiary.
−Removed: Refer to Note 14 for additional details related to the Company’s acquisition of an additional interest in AG Arc on August 1, 2025.
+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: The Company continues to account for its investment in AG Arc using the equity method as it maintains significant influence, however does not have control over major decisions affecting AG Arc’s operations and financial policies.
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.
4 unchanged sentences
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 June 30, 2025 and December 31, 2024 (in thousands).
−Removed: June 30, 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 September 30, 2025 and December 31, 2024 (in thousands).
+Added: September 30, 2025 December 31, 2024
Assets Liabilities Equity Assets Liabilities Equity
9 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: September 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 nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Non-QM Securities $ ( 581 ) $ ( 1,070 ) $ ( 384 ) $ 307
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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: The below details the fees paid by the Company to the Asset Manager during the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Fees paid to Asset Manager $ 587 $ 799 $ 1,760 $ 2,124
−Removed: 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.
+Added: As of September 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.
1 unchanged sentence
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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: The below table details the unpaid principal balance of residential mortgage loans sold to the Company during the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Residential mortgage loans sold by Arc Home to the Company $ 22,993 $ 166,183 $ 83,950 $ 379,565
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 and six months ended June 30, 2025 and 2024 (in thousands).
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: The table below summarizes intra-entity profits eliminated during the three and nine months ended September 30, 2025 and 2024 (in thousands).
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024
+Added: September 30, 2025 September 30, 2024
Intra-Entity Profits Eliminated $ 94 $ 359 $ 182 $ 965
The Company enters into forward purchase commitments with Arc Home whereby the Company commits to purchase residential mortgage loans from Arc Home at a particular price on a best-efforts basis.
−Removed: Actual loan purchases are contingent upon successful loan closings.
−Removed: These commitments to purchase mortgage loans are classified as derivatives.
−Removed: From time to time,
+Added: Actual loan purchases are contingent
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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: September 30, 2025
+Added: upon successful loan closings.
+Added: These commitments to purchase mortgage loans are classified as derivatives.
+Added: 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.
See Note 7 and Note 12, if applicable, for more detail.
5 unchanged sentences
June 2025 Purchase of Re/Non-Performing Securities (2) $ 0.1 Third party pricing vendors (3)
+Added: August 2025 Purchase of AG Arc (4) (5) $ 15.7 Third party pricing vendors (3)
(1) As of the transaction date.
1 unchanged sentence
(3) Pricing was based on valuations prepared by third-party pricing vendors in accordance with the Company's policy.
+Added: (4) The Company’s Board of Directors, including its independent directors, approved the transaction and obtained a fairness opinion from a third party financial advisor.
+Added: (5) Refer to “Investments in debt and equity of affiliates - Arc Home” above for additional information on this transaction.
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 June 30, 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 and six months ended June 30, 2025 and 2024.
+Added: As of September 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 nine months ended September 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 June 30, 2025, the full $ 15.0 million authorized amount remains available for repurchase under the 2023 Repurchase Program.
+Added: As of September 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.
3 unchanged sentences
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.
−Removed: Restricted stock grants
−Removed: Equity Incentive Plans
−Removed: 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: June 30, 2025
−Removed: 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.
−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, all of which have vested.
−Removed: 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.
−Removed: 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.
−Removed: 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: September 30, 2025
+Added: Restricted stock grants
+Added: Equity Incentive Plans
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.
−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.
+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 equity incentive plan approved in 2020 (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.
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).
−Removed: As of June 30, 2025, there were no shares or awards issued under the 2025 Equity Incentive Plan.
+Added: Since inception of the 2025 Equity Incentive Plan and through September 30, 2025, the Company has granted an aggregate 13,383 shares of restricted common stock and 411 dividend equivalent units to its independent directors, all of which have vested.
+Added: As of September 30, 2025, there were 1,006,987 remaining shares available to be issued under the 2025 Equity Incentive Plan.
+Added: As of September 30, 2025, the Company has 12,981 restricted stock units and 2,460 associated dividend equivalent units outstanding, all of which are fully vested and held by one of the Company’s independent directors.
+Added: These units will be settled on a one -for-one basis in shares of the Company's common stock upon the director's separation from service with the Company.
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 June 30, 2025, there were no shares or awards issued under the 2021 Manager Plan.
+Added: As of September 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 June 30, 2025, the Company's Board of Directors consisted of four independent directors.
+Added: As of September 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.
12 unchanged sentences
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 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 and six months ended June 30, 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 nine months ended September 30, 2025 and 2024.
Shelf registration statement
2 unchanged sentences
Upon effectiveness of the 2024 Registration Statement, the Company's previous S-3 registration statement filed in 2021 was terminated.
+Added: Acquisition of additional interest in AG Arc
+Added: On August 1, 2025, in connection with the acquisition of an additional 21.4 % interest in AG Arc, the Company issued 2,027,676 restricted shares of the Company’s common stock (the “Holder Shares”) to certain funds managed by TPG Angelo Gordon (the “Holders”) as consideration.
+Added: Refer to Note 10 for additional information.
+Added: Pursuant to the registration rights agreement the Company entered into with the Holders, in August 2025, the Company filed a resale shelf registration statement on Form S-3 registering the resale of all the Holder Shares, which was declared effective by the Securities and Exchange Commission in August 2025.
Preferred stock
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 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.
−Removed: The following table includes a summary of preferred stock issued and outstanding as of June 30, 2025 ($ and shares in thousands).
+Added: As of September 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 September 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: 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).
−Removed: Under such circumstances, holders of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock voting together as a single class with the holders of all other classes or series of its preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors until all unpaid dividends have been paid or declared and set apart for payment.
−Removed: 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.
AG Mortgage Investment Trust Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
+Added: September 30, 2025
+Added: 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).
+Added: Under such circumstances, holders of the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock voting together as a single class with the holders of all other classes or series of its preferred stock upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Company's Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors until all unpaid dividends have been paid or declared and set apart for payment.
+Added: 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.
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 June 30, 2025, the Company was not involved in any material legal proceedings.
−Removed: The below table details the Company's outstanding commitments as of June 30, 2025 (in thousands).
+Added: As of September 30, 2025, the Company was not involved in any material legal proceedings.
+Added: The below table details the Company's outstanding commitments as of September 30, 2025 (in thousands).
Commitment type Date of Commitment Total Commitment Funded Commitment Remaining Commitment
2 unchanged sentences
Total $ 316,397 $ 121,535 $ 194,862
−Removed: (1) The Company entered into commitments to acquire certain loans which have not yet settled as of June 30, 2025.
+Added: (1) The Company entered into commitments to acquire certain loans which have not yet settled as of September 30, 2025.
The total commitment amount represents the agreed upon purchase price of any outstanding unpaid principal balance the Company has committed to purchase.
16 unchanged sentences
Subsequent Events
−Removed: 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.
−Removed: The dividends will be paid on September 17, 2025 to holders of record on August 29, 2025.
−Removed: Financing Activity
−Removed: 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.
−Removed: 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.
−Removed: The financing was collateralized by certain of the Company's retained interests in securitizations acquired from WMC.
−Removed: 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.
−Removed: AG Mortgage Investment Trust Inc.
−Removed: and Subsidiaries
−Removed: Notes to Consolidated Financial Statements (Unaudited)
−Removed: June 30, 2025
−Removed: 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.
−Removed: Acquisition of Additional Interest in AG Arc
−Removed: On August 1, 2025, the Company purchased an additional 21.4 % interest in AG Arc from certain private funds managed by TPG Angelo Gordon.
−Removed: In connection with the acquisition, the Company issued 2,027,676 restricted shares of the Company’s common stock as consideration.
−Removed: 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.
−Removed: Refer to “Item 5.
−Removed: Other Information” for additional information related to the transaction.
+Added: The Company announced that on November 3, 2025, its Board of Directors declared fourth 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 $ 0.680181 per share, respectively.
+Added: The dividends will be paid on December 17, 2025 to holders of record on November 28, 2025.
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.