AG Mortgage Investment Trust, Inc. (NYSE:MITT) Q3 2022 Earnings Conference Call November 4, 2022 8:30 AM ET Company Participants Jenny Neslin - General Counsel T.J. Durkin - President & Chief Executive Officer Nick Smith - Chief Investment Officer Anthony Rossiello - Chief Financial Officer Conference Call Participants Doug Harter - Credit Suisse Trevor Cranston - JMP Securities Jason Stewart - Jones Trading Eric Hagen - BTIG Operator Good day, and thank you for standing by. Welcome to the AG Mortgage Trust ...

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 June 30, 2022 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 ...

AG Mortgage Investment Trust, Inc. (NYSE:MITT) Q2 2022 Results Conference Call August 3, 2022 5:00 PM ET Company Participants Jenny Neslin - General Counsel David Roberts - Chairman and CEO T.J. Durkin - President Nick Smith - Chief Investment Officer Anthony Rossiello - CFO Conference Call Participants Mike Smith - KBW Trevor Cranston - JMP Securities Matthew Erdner - Jones Trading Doug Harter - Credit Suisse Operator Welcome to the AG Mortgage Investment Trust Second Quarter 2022 Earnings Conference Call. ...

NYSE: MITT 1 | --- | --- | |------------------------------------|-------| | | | | AG Mortgage Investment Trust, Inc. | | | Q1 2022 Earnings Presentation | | | March 31, 2022 | | Forward Looking Statements & Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 related to dividends, book value, adjusted book value, our investments, ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited consolidated financial statements for AG Mortgage Investment Trust, Inc. as of March 31, 2022, and for the three months then ended, including balance sheets, statements of operations, stockholders' equity, and cash flows with detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets increased to **$3.84 billion** from **$3.36 billion** at year-end 2021, primarily driven by a significant rise in securitized residential mortgage loans, while total liabilities also grew, leading to a slight decrease in total stockholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$3,838,956** | **$3,362,728** | | Securitized residential mortgage loans, at fair value | $2,105,572 | $1,158,134 | | Residential mortgage loans, at fair value | $1,167,061 | $1,476,972 | | **Total Liabilities** | **$3,291,306** | **$2,792,348** | | Securitized debt, at fair value | $1,859,917 | $999,215 | | Financing arrangements | $1,411,493 | $1,777,743 | | **Total Stockholders' Equity** | **$547,650** | **$570,380** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2022, the company reported a net loss of **$(13.2) million**, a significant downturn from a net income of **$43.2 million** in the same period of 2021, primarily due to a net unrealized loss and higher transaction expenses, despite doubled net interest income Quarterly Performance Comparison (in thousands, except per share data) | Metric | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Total Net Interest Income | $17,295 | $8,058 | | Total Other Income/(Loss) | $(15,907) | $15,107 | | Total Expenses | $12,536 | $6,252 | | Net Income/(Loss) | $(13,202) | $43,249 | | Net Income/(Loss) Available to Common Stockholders | $(17,788) | $38,683 | | Basic Earnings/(Loss) Per Share | $(0.74) | $2.74 | [Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased from **$570.4 million** at the beginning of 2022 to **$547.7 million** at the end of Q1 2022, primarily due to a net loss of **$(13.2) million** and the declaration of common and preferred dividends totaling **$(9.6) million** Changes in Stockholders' Equity (Q1 2022, in thousands) | Description | Amount | | :--- | :--- | | Balance at January 1, 2022 | $570,380 | | Net Income/(Loss) | $(13,202) | | Common dividends declared | $(5,022) | | Preferred dividends declared | $(4,586) | | Grant of restricted stock | $80 | | **Balance at March 31, 2022** | **$547,650** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For Q1 2022, net cash used in investing activities was **$(624.2) million**, largely offset by net cash provided by financing activities of **$615.6 million**, resulting in a **$4.1 million** decrease in total cash and restricted cash to **$96.2 million** Cash Flow Summary (in thousands) | Cash Flow Category | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,528 | $6,477 | | Net cash provided by (used in) investing activities | $(624,197) | $(526,454) | | Net cash provided by (used in) financing activities | $615,611 | $549,205 | | **Net change in cash and restricted cash** | **$(4,058)** | **$29,228** | [Notes to Consolidated Financial Statements (unaudited)](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(unaudited)) The notes provide detailed explanations of the company's accounting policies and financial activities, including its organization as a residential mortgage REIT, investment portfolio composition, fair value measurement, financing arrangements, derivative usage, and extensive related-party transactions - The Company is a residential mortgage REIT focused on acquiring and securitizing newly-originated residential mortgage loans, sourced through its affiliate Arc Home (approx. **44.6%** ownership) and other third parties[28](index=28&type=chunk) - The Company has elected the fair value option for its loan and real estate securities portfolios, recording changes in fair value in the consolidated statement of operations[41](index=41&type=chunk)[47](index=47&type=chunk) - The Company consolidates various Variable Interest Entities (VIEs) created for securitization transactions where it is determined to be the primary beneficiary[54](index=54&type=chunk)[58](index=58&type=chunk) - A one-for-three reverse stock split was effected on July 22, 2021, and all per share amounts and common shares outstanding have been retroactively adjusted[93](index=93&type=chunk)[95](index=95&type=chunk) - The Company is assessing the impact of the LIBOR transition, with primary exposure in certain financing arrangements, interest rate swaps, and its Series C Preferred Stock. It does not expect a material impact[99](index=99&type=chunk)[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2022 performance, highlighting the strategy of growing its portfolio of newly-originated residential mortgage loans and increasing securitization activity to secure long-term, non-recourse financing amidst a challenging market environment - In Q1 2022, the company purchased **$604.6 million** of Non-Agency Loans and **$343.3 million** of Agency-Eligible Loans[263](index=263&type=chunk) - Executed three rated securitizations in Q1 2022, converting recourse financing to non-recourse financing for **$681.8 million** of Non-Agency Loans and **$464.3 million** of Agency-Eligible Loans[263](index=263&type=chunk) - Total liquidity at quarter-end was **$137.9 million**, consisting of cash and unencumbered Agency RMBS[260](index=260&type=chunk)[355](index=355&type=chunk) Core Earnings Reconciliation (Q1 2022 vs Q1 2021, in thousands) | Description | March 31, 2022 | March 31, 2021 | | :--- | :--- | :--- | | Net Income/(loss) available to common stockholders | $(17,788) | $38,683 | | Adjustments (Net) | $17,296 | $(35,209) | | **Core Earnings** | **$(492)** | **$3,474** | | **Core Earnings, per Diluted Share** | **$(0.02)** | **$0.25** | [Results of Operations](index=47&type=section&id=Results%20of%20Operations_MD%26A) Comparing Q1 2022 to Q1 2021, net interest income increased due to a larger portfolio, but a significant net unrealized loss and higher transaction-related expenses from securitization activities drove a net loss of **$(13.2) million** - Interest income increased by **$21.3 million** YoY, driven by a **$2.0 billion** increase in the weighted average amortized cost of the GAAP investment portfolio[283](index=283&type=chunk) - Interest expense rose by **$12.1 million** YoY due to a **$1.9 billion** increase in the weighted average financing balance and a **0.74%** increase in the financing rate[285](index=285&type=chunk) - Net unrealized losses of **$(22.4) million** in Q1 2022 were primarily due to a **$(158.1) million** loss on residential mortgage loans, partially offset by a **$97.2 million** gain on securitized debt and a **$49.9 million** gain on derivatives[291](index=291&type=chunk) - Transaction-related expenses increased to **$5.9 million** from near zero, mainly due to upfront costs on three securitizations in Q1 2022[295](index=295&type=chunk) [Investment activities](index=53&type=section&id=Investment%20activities) As of March 31, 2022, the company's investment portfolio had a fair value of **$3.73 billion**, with **89.9%** allocated to Residential Investments, and the equity allocation shifted more towards Residential Investments, which comprised **85.3%** of total equity Investment Portfolio Fair Value (in thousands) | Asset Class | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Residential Investments | $3,354,298 | $2,725,889 | | Agency RMBS | $377,493 | $495,713 | | **Total Investment Portfolio** | **$3,731,791** | **$3,221,602** | Allocated Equity by Investment Type | Asset Class | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Residential Investments | 85.3% | 80.5% | | Agency RMBS | 14.7% | 19.5% | | **Total** | **100.0%** | **100.0%** | [Financing activities](index=57&type=section&id=Financing%20activities) The company utilizes repurchase agreements and securitized debt for financing, with total financing increasing to **$3.3 billion**, driven by a rise in non-recourse securitized debt, while the Economic Leverage ratio remained relatively stable at **2.7x** Leverage Ratio Reconciliation (March 31, 2022) | Metric | Amount (in thousands) | Ratio | | :--- | :--- | :--- | | GAAP Leverage | $3,199,659 | 5.8x | | Adjustments for Economic Leverage | $(1,700,079) | N/A | | **Economic Leverage** | **$1,499,580** | **2.7x** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate, liquidity, prepayment, real estate, credit, and basis risk, with interest rate risk managed through hedging and liquidity risk mitigated by maintaining a cushion of cash and unpledged assets - The company's duration gap as of March 31, 2022 was **0.71 years**, indicating a moderate sensitivity to interest rate changes[397](index=397&type=chunk)[398](index=398&type=chunk) Interest Rate Sensitivity Analysis (as of March 31, 2022) | Change in Interest Rates (bps) | Change in Fair Value as a Percentage of GAAP Equity (%) | Change in Fair Value as a Percentage of Assets (%) | Percentage Change in Projected Net Interest Income (%) | | :--- | :--- | :--- | :--- | | 75 | (2.1) | (0.3) | 1.1 | | 50 | (1.3) | (0.2) | 0.7 | | 25 | (0.6) | (0.1) | 0.4 | | (25) | 0.6 | 0.1 | (0.4) | | (50) | 1.0 | 0.1 | (0.7) | | (75) | 1.4 | 0.2 | (1.4) | - Liquidity risk is significant due to potential margin calls on financing arrangements and derivative instruments, especially in a rising rate environment. This is mitigated by holding cash and unpledged assets[401](index=401&type=chunk)[402](index=402&type=chunk)[403](index=403&type=chunk) [Item 4. Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2022, at a reasonable assurance level, with no material changes to internal control over financial reporting identified during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[417](index=417&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[418](index=418&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=69&type=section&id=Item%201.%20Legal%20Proceedings) As of the report date, the company is not party to any litigation or legal proceedings that it believes would have a material adverse effect on its results of operations or financial condition - The company is not involved in any material legal proceedings as of the filing date[420](index=420&type=chunk) [Item 1A. Risk Factors](index=69&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the risk factors detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2021, and other subsequent filings [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=69&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period [Item 3. Defaults Upon Senior Securities](index=69&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period [Item 4. Mine Safety Disclosures](index=69&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Item 5. Other Information](index=70&type=section&id=Item%205.%20Other%20Information) This section discloses the results of the 2022 annual meeting of stockholders, where directors were elected, the auditor was ratified, and executive compensation was approved, along with new indemnification agreements for directors and officers - At the 2022 annual meeting, stockholders elected six directors, ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor, and approved executive compensation on an advisory basis[426](index=426&type=chunk) - On May 2, 2022, the company entered into amended and restated indemnification agreements with its directors and officers[427](index=427&type=chunk) [Item 6. Exhibits](index=71&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, and interactive data files (XBRL)

AG Mortgage Investment Trust, Inc. (NYSE:MITT) Q1 2022 Earnings Conference Call May 6, 2022 8:30 AM ET Company Participants Jenny Neslin - General Counsel and Secretary David Roberts - Chairman and CEO T.J. Durkin - President Nick Smith - Chief Investment Officer Anthony Rossiello - Chief Financial Officer Conference Call Participants Doug Harter - Credit Suisse Jason Stewart - Jones Trading Mike Smith - KBW Operator Good morning. And welcome to the AG Mortgage Investment Trust First Quarter 2022 Earnings C ...

PART I [Business](index=5&type=section&id=Item%201.%20Business) AG Mortgage Investment Trust, Inc. is a residential mortgage REIT focused on acquiring and securitizing newly-originated non-agency residential mortgage loans, externally managed by Angelo Gordon, operating to qualify as a REIT and exempt from the Investment Company Act - The company's primary strategic focus is on acquiring and securitizing newly-originated residential mortgage loans, particularly within the non-agency segment[16](index=16&type=chunk) Investment Portfolio Composition as of December 31, 2021 | Asset Class | Description | | :--- | :--- | | **Residential Investments** | | | Non-QM Loans | Residential mortgage loans not deemed "qualified mortgage" loans | | GSE Non-Owner Occupied Loans | Loans underwritten to GSE guidelines, secured by investment properties | | Re/Non-Performing Loans | Residential mortgage loans collateralized by a first lien, primarily held in consolidated trusts | | Land Related Financing | First mortgage loans to land developers and home builders | | **Agency RMBS** | Interests in pools of residential mortgage loans guaranteed by a GSE (Fannie Mae, Freddie Mac) or a U.S. Government agency (Ginnie Mae) | - The company is externally managed by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P. ("Angelo Gordon"), and has no employees of its own[20](index=20&type=chunk)[40](index=40&type=chunk) - The company's financing strategy involves using short-term financing arrangements (like repurchase agreements) to acquire loans, which are then refinanced into long-term, non-recourse, non-mark-to-market securitizations[24](index=24&type=chunk) - The company operates in a manner to qualify as a REIT, which requires distributing at least **90%** of its taxable income to stockholders annually, and to maintain an exemption from the Investment Company Act of 1940[19](index=19&type=chunk)[32](index=32&type=chunk)[36](index=36&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, dependence on its Manager for non-agency loan strategy, substantial credit risk, interest rate fluctuations, leverage, regulatory compliance, and potential conflicts of interest - The COVID-19 pandemic has had, and may continue to have, a material adverse effect on the business, particularly impacting financing strategy and liquidity, as demonstrated by the significant margin calls and asset value declines experienced in **2020**[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The company's business strategy is highly dependent on its Manager's ability to source, acquire, and finance a large volume of non-agency loans and to execute non-recourse securitization transactions, which are subject to market conditions and competition[67](index=67&type=chunk)[68](index=68&type=chunk) - The mortgage loans acquired, particularly Non-QM loans, expose the company to significant credit risk, as they are not guaranteed by the U.S. government and are directly exposed to borrower defaults[69](index=69&type=chunk)[70](index=70&type=chunk)[71](index=71&type=chunk) - The use of leverage, primarily through repurchase agreements, exposes the company to significant risks, including margin calls that could force asset sales under adverse market conditions[153](index=153&type=chunk)[167](index=167&type=chunk) - The company is dependent on its external Manager, and the management agreement was not negotiated at arm's length, creating potential conflicts of interest and a fee structure that may not perfectly align with stockholder interests[179](index=179&type=chunk)[184](index=184&type=chunk)[196](index=196&type=chunk) - Failure to maintain qualification as a REIT would result in higher taxes and reduced cash available for distribution, while complying with REIT rules may force asset liquidation or cause the company to forego attractive opportunities[206](index=206&type=chunk)[211](index=211&type=chunk) [Unresolved Staff Comments](index=44&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[249](index=249&type=chunk) [Properties](index=44&type=section&id=Item%202.%20Properties) The company does not own any real estate or physical property that is materially important to its operations - As of December 31, 2021, the company did not own any material real estate or other physical property[250](index=250&type=chunk) [Legal Proceedings](index=45&type=section&id=Item%203.%20Legal%20Proceedings) As of the report date, the company is not party to any litigation or legal proceedings that it believes would have a material adverse effect on its financial condition or results of operations - The company is not currently party to any material litigation or legal proceedings[251](index=251&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[252](index=252&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under "MITT", declared **$0.81** per share in dividends in **2021**, and has **$11.0 million** remaining for repurchases under its active program 2021 Common Stock Price and Dividends (Adjusted for 1-for-3 Reverse Split) | Quarter | High Price | Low Price | Dividend Per Share | | :--- | :--- | :--- | :--- | | First | $14.88 | $8.31 | $0.18 | | Second | $14.85 | $10.61 | $0.21 | | Third | $13.05 | $9.81 | $0.21 | | Fourth | $13.49 | $9.94 | $0.21 | | **Total** | | | **$0.81** | - As of February 17, 2022, there were **23,915,293** shares of common stock outstanding[255](index=255&type=chunk) - Under its stock repurchase program, the company repurchased **319,859** shares for **$3.6 million** during **2021**. As of December 31, 2021, approximately **$11.0 million** remained available for future repurchases under the program[259](index=259&type=chunk)[271](index=271&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In **2021**, the company transitioned to a pure-play residential mortgage REIT, growing its non-agency loan portfolio to **$2.7 billion**, achieving **$85.9 million** net income, increasing book value to **$14.64**, and raising **$80.0 million** in capital, while economic leverage rose to **2.4x** - During **2021**, the company focused on becoming a pure-play residential mortgage REIT by exiting all commercial investments, growing its portfolio of newly-originated non-agency loans, and increasing its pace of securitization activity[267](index=267&type=chunk) Key Activities in 2021 | Category | Activity | | :--- | :--- | | **Investment** | Purchased **$2.5 billion** of Non-QM and GSE Non-Owner Occupied Loans. Exited all remaining commercial investments | | **Financing** | Executed three rated securitizations of Non-QM loans totaling **$880.9 million** to convert financing to non-recourse | | **Capital** | Completed a public offering of common stock for net proceeds of ~**$80.0 million** and repurchased **0.3 million** shares for **$3.6 million** | Results of Operations Summary (in thousands) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Total Net Interest Income | $43,412 | $37,580 | | Total Other Income/(Loss) | $59,572 | $(424,070) | | Net Income/(Loss) | $104,186 | $(420,919) | | Net Income/(Loss) Available to Common Stockholders | $85,873 | $(430,894) | - Book value per common share increased to **$14.64** as of December 31, 2021, from **$12.40** as of December 31, 2020. Adjusted book value per common share increased to **$14.32** from **$11.81** over the same period[306](index=306&type=chunk) - Core Earnings, a non-GAAP measure, were **$18.1 million**, or **$1.11** per diluted share, for the year ended December 31, 2021, compared to **$22.0 million**, or **$1.88** per diluted share, for **2020**[316](index=316&type=chunk) - The company's Economic Leverage ratio, a non-GAAP metric, increased to **2.4x** at year-end **2021** from **1.5x** at year-end **2020**, while GAAP leverage increased to **4.9x** from **2.4x**[348](index=348&type=chunk)[349](index=349&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages primary market risks including interest rate, liquidity, prepayment, real estate value, credit, and basis risk, with interest rate risk hedged to a **1.32-year** duration gap and liquidity risk managed by maintaining cash reserves for margin calls - The primary components of market risk are identified as interest rates, liquidity, prepayment rates, real estate value, credit, and basis risk[402](index=402&type=chunk) Interest Rate Sensitivity Analysis as of December 31, 2021 | Change in Interest Rates (bps) | Percentage Change in GAAP Equity (%) | Percentage Change in Projected Net Interest Income (%) | | :--- | :--- | :--- | | +75 | (4.3) | (6.7) | | +50 | (2.8) | (4.5) | | +25 | (1.4) | (2.2) | | -25 | 1.3 | 1.5 | | -50 | 2.6 | 1.5 | | -75 | 3.7 | 0.1 | - The company's duration gap as of December 31, 2021 was **1.32 years**, reflecting the net interest rate sensitivity after accounting for assets, financing, and hedges[411](index=411&type=chunk) - Liquidity risk arises from financing long-maturity assets with shorter-term borrowings and is managed by maintaining a cushion of cash and unpledged assets to meet margin calls. This risk was particularly acute during the **March 2020** market disruption[417](index=417&type=chunk)[418](index=418&type=chunk) - Credit risk stems from potential borrower defaults and spread widening on non-agency assets. This risk is managed through pre-acquisition due diligence and the use of non-recourse financing where possible[427](index=427&type=chunk) [Financial Statements and Supplementary Data](index=77&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for **2021** and **2020**, showing total assets increased to **$3.4 billion** and net income recovered to **$104.2 million**, with detailed disclosures in accompanying notes - The independent auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2021[441](index=441&type=chunk) - A critical audit matter identified by the auditor was the fair value of investments in certain residential mortgage loans due to the significant management judgment involved in their valuation[448](index=448&type=chunk)[449](index=449&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Assets | $3,362,728 | $1,400,045 | | Total Liabilities | $2,792,348 | $990,340 | | Total Stockholders' Equity | $570,380 | $409,705 | Consolidated Statement of Operations Highlights (in thousands) | Account | Year Ended Dec 31, 2021 | Year Ended Dec 31, 2020 | | :--- | :--- | :--- | | Total Net Interest Income | $43,412 | $37,580 | | Net Income/(Loss) | $104,186 | $(420,919) | | Net Income/(Loss) Available to Common Stockholders | $85,873 | $(430,894) | | Diluted EPS | $5.29 | $(36.73) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=128&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[747](index=747&type=chunk) [Controls and Procedures](index=128&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2021, with no material changes reported - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[747](index=747&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2021, and this assessment was audited by the independent registered public accounting firm[749](index=749&type=chunk)[750](index=750&type=chunk) [Other Information](index=128&type=section&id=Item%209B.%20Other%20Information) On February 22, 2022, the Board of Directors approved amended bylaws to reflect Maryland corporate law changes, public company governance developments, and clarify corporate procedures - The company's Board of Directors amended and restated the company's bylaws on February 22, 2022[752](index=752&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=130&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's definitive proxy statement for its 2022 annual meeting of stockholders - This section incorporates information by reference from the forthcoming **2022** proxy statement[756](index=756&type=chunk) [Executive Compensation](index=130&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive proxy statement for its 2022 annual meeting of stockholders - This section incorporates information by reference from the forthcoming **2022** proxy statement[757](index=757&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=130&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the **2022** proxy statement, with **1,172,737** securities available for future issuance under equity compensation plans as of December 31, 2021 Equity Compensation Plan Information as of December 31, 2021 | Plan Category | Number of Securities Remaining Available for Future Issuance | | :--- | :--- | | Equity compensation plans approved by stockholders | 1,172,737 | | 2020 Equity Incentive Plan | 599,312 | | 2021 Manager Plan | 573,425 | | Equity compensation plans not approved by stockholders | 0 | | **Total** | **1,172,737** | [Certain Relationships and Related Transactions, and Director Independence](index=130&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's definitive proxy statement for its 2022 annual meeting of stockholders - This section incorporates information by reference from the forthcoming **2022** proxy statement[763](index=763&type=chunk) [Principal Accountant Fees and Services](index=130&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive proxy statement for its 2022 annual meeting of stockholders - This section incorporates information by reference from the forthcoming **2022** proxy statement[765](index=765&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=132&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the Form 10-K, including financial statements and various exhibits such as articles of incorporation, bylaws, management agreements, and officer certifications - This section lists all exhibits filed with the Form 10-K, including governance documents, material contracts, and certifications required by the Sarbanes-Oxley Act[767](index=767&type=chunk)[769](index=769&type=chunk) [Form 10-K Summary](index=134&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for its Form 10-K - None[771](index=771&type=chunk)

AG Mortgage Investment Trust, Inc. (NYSE:MITT) Q4 2021 Earnings Conference Call February 24, 2022 8:30 AM ET Company Participants Jenny Neslin - General Counsel & Secretary David Roberts - Chairman and Chief Executive Officer T.J. Durkin - President Nick Smith - Chief Investment Officer Anthony Rossiello - Chief Financial Officer Conference Call Participants John Kilichowski - Credit Suisse Bose George - KBW Herbert Cranston - JMP Securities Eric Hagen - BTIG Jason Stewart - Jones Holding Operator Welcome t ...

NYSE: MITT 1 | --- | --- | |------------------------------------|-------| | | | | AG Mortgage Investment Trust, Inc. | | | Q4 2021 Earnings Presentation | | | December 31, 2021 | | Forward Looking Statements & Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 related to dividends, book value, adjusted book value, our investmen ...

| --- | --- | |---------------------------------------------------------------------------------------|-------| | | | | | | | | | | AG Mortgage Investment Trust, Inc. Q3 2021 Earnings Presentation September 30, 2021 | | Forward Looking Statements and Non-GAAP Financial Information Forward Looking Statements: This presentation includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 related to dividends, book ...