TPG Mortgage Investment Trust, Inc.
For the period ended Mar 31, 2025. Filed May 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 7, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended March 31, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission file number 001-35151
AG MORTGAGE INVESTMENT TRUST, INC.
(Exact name of registrant as specified in its charter)
| Maryland | 27-5254382 |
|---|---|
| (State or Other Jurisdiction ofIncorporation or Organization) | (I.R.S. EmployerIdentification No.) |
| 245 Park Avenue, 26th FloorNew York, New York | 10167 |
| (Address of Principal Executive Offices) | (Zip Code) |
(212)692-2000
(Registrant’s Telephone Number, Including Area Code)
| Securities registered pursuant to Section 12(b) of the Act: | ||
|---|---|---|
| Title of each class: | Trading Symbols: | Name of each exchange on which registered: |
| Common Stock, $0.01 par value per share | MITT | New York Stock Exchange (NYSE) |
| 8.25% Series A Cumulative Redeemable Preferred Stock | MITT PrA | New York Stock Exchange (NYSE) |
| 8.00% Series B Cumulative Redeemable Preferred Stock | MITT PrB | New York Stock Exchange (NYSE) |
| 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | MITT PrC | New York Stock Exchange (NYSE) |
| 9.500% Senior Notes due 2029 | MITN | New York Stock Exchange (NYSE) |
| 9.500% Senior Notes due 2029 | MITP | New York Stock Exchange (NYSE) |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 and Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated filer¨ Accelerated filer ý Non-Accelerated filer¨ Smaller reporting company☒ Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ Noý
As of May 2, 2025, there were 29,676,342 outstanding shares of common stock of AG Mortgage Investment Trust, Inc.
AG MORTGAGE INVESTMENT TRUST, INC.
TABLE OF CONTENTS
| Page | ||
|---|---|---|
| PART I. FINANCIAL INFORMATION | ||
| Item 1. · Financial Statements (unaudited) | ||
| Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 3 | |
| Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 4 | |
| Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2025 and 2024 | 5 | |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 6 | |
| Notes to Consolidated Financial Statements (unaudited) | ||
| Note 1. Organization | 8 | |
| Note 2. Summary of Significant Accounting Policies | 9 | |
| Note 3. Loans | 12 | |
| Note 4. Real Estate Securities | 17 | |
| Note 5. Fair Value Measurements | 18 | |
| Note 6. Financing | 23 | |
| Note 7. Other Assets and Liabilities | 26 | |
| Note 8. Earnings Per Share | 28 | |
| Note 9. Income Taxes | 28 | |
| Note 10. Related Party Transactions | 30 | |
| Note 11. Equity | 34 | |
| Note 12. Commitments and Contingencies | 37 | |
| Note 13. Segment Reporting | 37 | |
| Note 14. Subsequent Events | 37 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 39 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 67 |
| Item 4. | Controls and Procedures | 71 |
| PART II. OTHER INFORMATION | 72 | |
| Item 1. | Legal Proceedings | 72 |
| Item 1A. | Risk Factors | 72 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 72 |
| Item 3. | Defaults Upon Senior Securities | 72 |
| Item 4. | Mine Safety Disclosures | 72 |
| Item 5. | Other Information | 72 |
| Item 6. | Exhibits | 74 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.