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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 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 MORTGAGE INVESTMENT TRUST, INC.
(Exact name of registrant as specified in its charter) 
_____________________________________________________________________ 
Maryland27-5254382
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
245 Park Avenue, 26th Floor
New 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 shareMITT
New York Stock Exchange (NYSE)
8.25% Series A Cumulative Redeemable Preferred StockMITT PrA
New York Stock Exchange (NYSE)
8.00% Series B Cumulative Redeemable Preferred StockMITT PrB
New York Stock Exchange (NYSE)
8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockMITT PrC
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       No   ý

As of August 1, 2022, there were 22,502,073 outstanding shares of common stock of AG Mortgage Investment Trust, Inc.



AG MORTGAGE INVESTMENT TRUST, INC.
TABLE OF CONTENTS
 Page
 
   
 
 
 
 
 
   
 
   
   
   
   
   
   
   
   
   
   
   




PART I
 
ITEM 1. FINANCIAL STATEMENTS
 
AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
June 30, 2022December 31, 2021
Assets
Securitized residential mortgage loans, at fair value - $293,441 and $119,947 pledged as collateral, respectively (1)
$2,802,227 $1,158,134 
Residential mortgage loans, at fair value - $761,937 and $1,469,358 pledged as collateral, respectively
768,174 1,476,972 
Real estate securities, at fair value - $55,495 and $444,481 pledged as collateral, respectively
61,137 514,470 
Investments in debt and equity of affiliates82,243 92,023 
Cash and cash equivalents88,575 68,079 
Restricted cash52,075 32,150 
Other assets 25,206 20,900 
Total Assets$3,879,637 $3,362,728 
Liabilities
Securitized debt, at fair value (1)$2,467,766 $999,215 
Financing arrangements902,171 1,777,743 
Dividend payable4,723 5,021 
Other liabilities (2)26,312 10,369 
Total Liabilities3,400,972 2,792,348 
Commitments and Contingencies (Note 12)
Stockholders’ Equity
Preferred stock - $227,991 aggregate liquidation preference
220,472 220,472 
Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 22,490 and 23,908 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
225 239 
Additional paid-in capital785,610 796,469 
Retained earnings/(deficit)(527,642)(446,800)
Total Stockholders’ Equity478,665 570,380 
Total Liabilities & Stockholders’ Equity$3,879,637 $3,362,728 
(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. See Note 3 for additional details.
(2)Refer to Note 7 and Note 10 for additional details on amounts payable to affiliates.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
3



AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months EndedSix Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Net Interest Income
Interest income$39,410 $14,228 $72,827 $26,347 
Interest expense23,173 5,294 39,295 9,355 
Total Net Interest Income16,237 8,934 33,532 16,992 
Other Income/(Loss)
Net interest component of interest rate swaps(2,583)(1,573)(4,853)(2,314)
Net realized gain/(loss)308 4,374 9,091 336 
Net unrealized gain/(loss)(46,351)9,685 (68,771)29,534 
Other income/(loss), net   37 
Total Other Income/(Loss)(48,626)12,486 (64,533)27,593 
Expenses
Management fee to affiliate (1)1,958 1,667 3,920 3,321 
Other operating expenses (1)3,823 2,981 7,511 7,131 
Transaction related expenses (1)3,735 1,885 9,614 1,718 
Servicing fees1,012 672 2,019 1,287 
Total Expenses10,528 7,205 23,064 13,457 
Income/(loss) before equity in earnings/(loss) from affiliates(42,917)14,215 (54,065)31,128 
Equity in earnings/(loss) from affiliates(5,806)1,278 (7,860)27,614 
Net Income/(Loss)(48,723)15,493 (61,925)58,742 
Gain on Exchange Offers, net (Note 11) 114  472 
Dividends on preferred stock(4,586)(4,689)(9,172)(9,613)
Net Income/(Loss) Available to Common Stockholders$(53,309)$10,918 $(71,097)$49,601 
Earnings/(Loss) Per Share of Common Stock (2)
Basic$(2.27)$0.70 $(3.00)$3.34 
Diluted$(2.27)$0.70 $(3.00)$3.34 
Weighted Average Number of Shares of Common Stock Outstanding (2)
Basic23,457 15,595 23,685 14,860 
Diluted23,457 15,595 23,685 14,860 
(1)Refer to Note 10 for additional details on related party transactions.
(2)Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021. See Note 2 and Note 11 for additional details.

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4



AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)

For the Three Months Ended June 30, 2022 and June 30, 2021
Common StockPreferred 
Stock
Additional
Paid-in Capital
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at April 1, 202223,915 $239 $220,472 $796,549 $(469,610)$547,650 
Repurchase of common stock(1,434)(14)— (11,019)— (11,033)
Grant of restricted stock9 — — 80 — 80 
Common dividends declared— — — — (4,723)(4,723)
Preferred dividends declared— — — — (4,586)(4,586)
Net Income/(Loss)— — — — (48,723)(48,723)
Balance at June 30, 202222,490 $225 $220,472 $785,610 $(527,642)$478,665 
Common Stock (1)Preferred 
Stock
Additional
Paid-in Capital (1)
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at April 1, 202115,500 $156 $226,297 $711,055 $(482,203)$455,305 
Net proceeds from issuance of common stock227 2 — 3,098 — 3,100 
Grant of restricted stock6 — — 80 — 80 
Common dividends declared— — — — (3,394)(3,394)
Preferred dividends declared— — — — (4,707)(4,707)
Exchange Offers (Note 11)431 4 (5,825)5,707 114  
Net Income/(Loss)— — — — 15,493 15,493 
Balance at June 30, 202116,164 $162 $220,472 $719,940 $(474,697)$465,877 

For the Six Months Ended June 30, 2022 and June 30, 2021
Common StockPreferred 
Stock
Additional
Paid-in Capital
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 202223,908 $239 $220,472 $796,469 $(446,800)$570,380 
Repurchase of common stock(1,434)(14)— (11,019)— (11,033)
Grant of restricted stock16 — — 160 — 160 
Common dividends declared— — — — (9,745)(9,745)
Preferred dividends declared— — — — (9,172)(9,172)
Net Income/(Loss)— — — — (61,925)(61,925)
Balance at June 30, 202222,490 $225 $220,472 $785,610 $(527,642)$478,665 
Common Stock (1)Preferred 
Stock
Additional
Paid-in Capital (1)
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 202113,811 $138 $238,478 $689,147 $(518,058)$409,705 
Net proceeds from issuance of common stock972 10 — 13,123 — 13,133 
Grant of restricted stock13 — — 160 — 160 
Common dividends declared— — — — (6,185)(6,185)
Preferred dividends declared— — — — (9,668)(9,668)
Exchange Offers (Note 11)1,368 14 (18,006)17,510 472 (10)
Net Income/(Loss)— — — — 58,742 58,742 
Balance at June 30, 2021
16,164 $162 $220,472 $719,940 $(474,697)$465,877 
(1)Amounts have been adjusted to reflect the one-for-three reverse stock split effected July 22, 2021. See Note 2 and Note 11 for additional details.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5



AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Six Months Ended
June 30, 2022June 30, 2021
Cash Flows from Operating Activities
Net income/(loss)$(61,925)$58,742 
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)3,218 363 
Net realized (gain)/loss(9,091)(336)
Net unrealized (gain)/loss68,771 (29,534)
Equity based compensation expense160 160 
(Income)/Loss from investments in debt and equity of affiliates in excess of distributions received8,832 (18,089)
Change in operating assets/liabilities:
Other assets(2,747)(1,741)
Other liabilities5,680 311 
Net cash provided by (used in) operating activities12,898 9,876 
Cash Flows from Investing Activities
Purchase of residential mortgage loans(1,547,676)(655,627)
Purchase of real estate securities(108,558)(768,794)
Origination of commercial loans (1,881)
Purchase of commercial loans (3,377)
Investments in debt and equity of affiliates(1,698)(3,029)
Proceeds from sales of residential mortgage loans 45,615 
Proceeds from sales of real estate securities513,780 453,863 
Proceeds from sales of commercial loans 74,579 
Principal repayments on residential mortgage loans297,275 33,651 
Principal repayments on real estate securities19,416 30,165 
Principal repayments on commercial loans 195 
Distributions received in excess of income from investments in debt and equity of affiliates6,760 37,804 
Net settlement of interest rate swaps and other instruments52,277 11,518 
Net settlement of TBAs5,943  
Cash flows provided by (used in) other investing activities604 2,682 
Net cash provided by (used in) investing activities(761,877)(742,636)
Cash Flows from Financing Activities
Net proceeds from issuance of common stock 13,133 
Repurchase of common stock(11,033) 
Net borrowings under (repayments of) financing arrangements(875,572)643,422