About AG Mortgage Investment Trust

AG Mortgage Investment Trust, Inc. operates as a residential mortgage REIT (real estate investment trust) with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. The company is externally managed by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P. The company focuses its investment activities primarily on acquiring and securitizing newly-originated residential mortgage loans within the non-agency segment of the housing market. The company obtains its assets through Arc Home, LLC (‘Arc Home’), the company’s residential mortgage loan originator in which the company owns an approximate 44.6% interest, and through other third-party origination partners. The company finances its acquired loans through various financing lines on a short-term basis and utilize Angelo, Gordon & Co., L.P.'s (‘Angelo Gordon’) proprietary securitization platform to secure long-term, non-recourse, non-mark-to-market financing as market conditions permit. Through the company’s ownership in Arc Home, the company also has exposure to mortgage banking activities. 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. The company’s investment portfolio (which excludes the company’s ownership in Arc Home) includes residential investments and agency RMBS. The company’s Residential Investments primarily consist of newly originated Non-Agency Loans and Agency-Eligible Loans, which the company refers to as its target assets. In addition, the company may invest in other types of residential mortgage loans and other mortgage related assets. As of December 31, 2022, the company’s investment portfolio consisted of the following: Target Assets Non-Agency Loans Non-Agency Loans are loans that do not conform to the underwriting guidelines of a government-sponsored enterprise (‘GSE’). Non-Agency Loans consist of Qualified mortgage loans (‘QM Loans’) and Non-Qualified mortgage loans (‘Non-QM Loans’). QM Loans are residential mortgage loans that comply with the Ability-To-Repay rules and related guidelines of the Consumer Finance Protection Bureau (‘CFPB’). Agency-Eligible Loans Agency-Eligible Loans are loans that are underwritten in accordance with GSE guidelines and are primarily secured by investment properties, but are not guaranteed by a GSE. Non-Agency Residential Mortgage-Backed Securities (‘RMBS’) Non-Agency RMBS represent fixed- and floating-rate RMBS issued by entities other than U.S. GSEs or agencies of the U.S. government. The mortgage loan collateral consists of either Non-Agency Loans or Agency-Eligible Loans. Other Residential Mortgage Related Assets Re/Non-Performing Loans Performing, re-performing, and non-performing loans are residential mortgage loans collateralized by a first lien mortgaged property. Land Related Financing First mortgage loans originated to third-party land developers and home builders for purposes of the acquisition and horizontal development of land. Agency RMBS Agency RMBS represent interests in pools of residential mortgage loans guaranteed by a GSE, such as Fannie Mae or Freddie Mac, or an agency of the U.S. Government, such as Ginnie Mae. The company’s primary sources of income are net interest income from its investment portfolio, changes in the fair value of the company’s investments, and income from the company’s investment in Arc Home. Net interest income consists of the interest income the company earn on investments less the interest expense the company incurs on borrowed funds and any costs related to hedging. Income from the company’s investment in Arc Home is generated through its mortgage banking activities, which represents the origination and subsequent sale of residential mortgage loans and servicing income sourced from its portfolio of mortgage servicing rights. Tax Status The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a result, the company is not subject to Federal or State income taxation at the corporate level to the extent it distributes annually approximately 90% of its REIT taxable income to its shareholders and satisfies certain other requirements. History AG Mortgage Investment Trust, Inc. was founded in 2011. The company was incorporated in Maryland in 2011.