$MITT-PA

AG Mortgage Investment Trust, Inc.

CIK:0001514281|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Net Interest Income

Interest income

$ 124,155

$ 110,865

$ 253,963

$ 219,995

Interest expense

103,912

93,113

213,077

183,394

Total Net Interest Income

20,243

17,752

40,886

36,601

Other Income/(Loss)

Net interest component of interest rate swaps

296

821

698

1,558

Net realized gain/(loss)

(1,844)

(3,494)

(1,962)

(3,484)

Net unrealized gain/(loss)

4,422

(40)

(12,038)

762

Total Other Income/(Loss)

2,874

(2,713)

(13,302)

(1,164)

Expenses

Management fee to affiliate

2,311

2,301

4,630

4,628

Non-investment related expenses

^[1]

2,306

2,507

4,962

5,787

Investment related expenses

^[1]

4,220

3,473

8,518

6,883

Transaction related expenses

^[1]

3,018

666

4,079

Total Expenses

8,929

11,299

18,776

21,377

Income/(loss) before equity in earnings/(loss) from affiliates

14,188

3,740

8,808

14,060

Equity in earnings/(loss) from affiliates

269

231

2,269

1,416

Income/(Loss) before Income Taxes

14,457

3,971

11,077

15,476

Income tax expense

188

370

Net Income/(Loss)

14,269

3,945

10,707

15,422

Dividends on preferred stock

5,177

5,321

10,330

10,625

Net Income/(Loss) Available to Common Stockholders

$ 9,092

$ (1,376)

$ 377

$ 4,797

Earnings/(Loss) Per Share of Common Stock

Basic (in dollars per share)

$ 0.29

$ (0.05)

$ 0.01

$ 0.16

Diluted (in dollars per share)

$ 0.29

$ (0.05)

$ 0.01

$ 0.16

Weighted Average Number of Shares of Common Stock Outstanding

Basic (in shares)

31,786

29,686

31,762

29,672

Diluted (in shares)

31,803

29,686

31,779

29,697

Affiliated Entity

Expenses

Management fee to affiliate

^[1]

$ 2,311

$ 2,301

$ 4,630

$ 4,628

[1]	Refer to Note 10 for additional details on related party transactions.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income/(loss)	$ 10,707	$ 15,422
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)	18,331	7,259
Net realized (gain)/loss	1,962	3,484
Net unrealized (gain)/loss	12,038	(762)
Grant of restricted stock and amortization of equity based compensation	342	384
Equity in (earnings)/loss from affiliates	(2,269)	(1,416)
Change in operating assets/liabilities:
Other assets	7,322	1,174
Other liabilities	(3,852)	(2,030)
Net cash provided by (used in) operating activities	44,581	23,515
Cash Flows from Investing Activities
Purchases of residential mortgage loans	(157,135)	(943,871)
Purchases of real estate securities	(66,872)	(26,064)
Proceeds from sales of residential mortgage loans	75,706	57,761
Proceeds from sales of real estate securities	522	5,189
Principal repayments on residential mortgage loans	804,299	422,774
Principal repayments on real estate securities	17,882	6,443
Principal repayments on commercial loans	1,343	0
Principal funding on residential mortgage loans	(9,568)	(6,953)
Distributions received in excess of income from investments in debt and equity of affiliates	8,601	2,802
Net settlement of interest rate swaps and other instruments	5,676	(6,262)
Net settlement of TBAs	0	662
Cash flows provided by other investing activities	3,590	2,270
Cash flows used in other investing activities	(1,979)	0
Net cash provided by (used in) investing activities	682,065	(485,249)
Cash Flows from Financing Activities
Net borrowings under (repayments of) financing arrangements	64,621	108,106
Principal repayments on fixed-rate long-term financing arrangements	0	(5,973)
Deferred financing costs paid	(58)	(34)
Proceeds from issuance of securitized debt	0	727,642
Principal repayments on securitized debt	(759,921)	(384,187)
Withholding taxes paid on the net settlement of equity based compensation	(170)	0
Dividends paid on common stock	(14,918)	(11,564)
Dividends paid on preferred stock	(10,359)	(10,655)
Net cash provided by (used in) financing activities	(720,805)	423,335
Net change in cash and cash equivalents and restricted cash	5,841	(38,399)
Cash and cash equivalents and restricted cash, Beginning of Period	76,321	138,568
Cash and cash equivalents and restricted cash, End of Period	82,162	100,169
Supplemental disclosure of cash flow information:
Cash paid for interest	209,383	170,612
Cash paid for taxes	544	202
Supplemental disclosure of non-cash financing and investing activities:
Transfer from residential mortgage loans to securitized residential mortgage loans	0	770,795
Common stock dividends declared but not paid	7,633	6,235
Transfer from residential mortgage loans to other assets	7,332	7,081
Purchase of investments in debt and equity of affiliates	0	114
Purchase price payable on securitized residential mortgage loans	0	1,447
Payable on unsettled derivatives	$ 0	$ 3,844

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Real estate securities, at fair value - $277,341 and $231,894 pledged as collateral, respectively

$ 309,254

$ 260,304

Cash and cash equivalents

61,636

57,832

Restricted cash

20,526

18,489

Other assets - $0 and $319 pledged as collateral, respectively

58,449

58,900

Total Assets

7,935,584

8,711,530

Liabilities

Securitized debt, at fair value

^[1]

6,355,237

7,177,923

Financing arrangements

891,015

826,394

Senior unsecured notes

96,858

96,458

Dividend payable

7,633

7,301

Other liabilities

^[2]

38,837

42,720

Total Liabilities

7,389,580

8,150,796

Commitments and Contingencies (Note 12)

Stockholders’ Equity

Preferred stock - $227,991 aggregate liquidation preference

220,472

Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 31,803 and 31,744 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

318

317

Additional paid-in capital

840,572

840,401

Retained earnings/(deficit)

(515,358)

(500,456)

Total Stockholders' Equity

546,004

560,734

Total Liabilities and Stockholders’ Equity

7,935,584

8,711,530

Investment, Affiliated Issuer

Assets

Investments in debt and equity of affiliates

55,005

61,333

Legacy WMC Commercial Loans

Assets

Commercial loans, at fair value - $49,254 and $55,376 pledged as collateral, respectively

49,254

55,376

Real Estate Securities

Assets

Real estate securities, at fair value - $277,341 and $231,894 pledged as collateral, respectively

309,254

260,304

Securitized Residential Mortgage Loans | Residential mortgage loans

Assets

Mortgage loans

^[1]

7,119,175

7,999,619

VIE, Not Primary Beneficiary | Residential mortgage loans

Assets

Mortgage loans

$ 262,285

$ 199,677

[1]

These balances relate to certain residential mortgage loans which were securitized resulting in the Company consolidating the variable interest entities that were created to facilitate these securitizations as the Company was determined to be the primary beneficiary. The "Securitized debt, at fair value" is collateralized by the "Securitized residential mortgage loans, at fair value" held within the securitization trusts. See Note 3 and Note 6 for additional details.

[2]

Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.