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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 September 30, 2021
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.
_____________________________________________________________________ 
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)
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
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)

As of November 3, 2021, there were 15,857,513 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)
September 30, 2021December 31, 2020
Assets
Residential mortgage loans, at fair value - $854,977 and $46,571 pledged as collateral, respectively (1)
$1,607,066 $435,441 
Real estate securities, at fair value - $467,740 and $532,271 pledged as collateral, respectively
509,980 613,546 
Commercial loans, at fair value 111,549 
Commercial loans held for sale, at fair value 13,959 
Investments in debt and equity of affiliates109,123 150,667 
Cash and cash equivalents101,749 47,926 
Restricted cash27,087 14,392 
Other assets 18,074 12,565 
Total Assets$2,373,079 $1,400,045 
Liabilities
Financing arrangements$1,160,519 $564,047 
Securitized debt, at fair value (1)708,421 355,159 
Payable on unsettled trades 51,136 
Dividend payable3,354 1,243 
Other liabilities11,036 18,755 
Total Liabilities1,883,330 990,340 
Commitments and Contingencies (Note 12)
Stockholders’ Equity
Preferred stock - $227,991 and $246,610 aggregate liquidation preference as of September 30, 2021 and December 31, 2020, respectively
220,472 238,478 
Common stock, par value $0.01 per share; 450,000 shares of common stock authorized and 15,912 and 13,811 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively (2)
159 138 
Additional paid-in capital (2)717,176 689,147 
Retained earnings/(deficit)(448,058)(518,058)
Total Stockholders’ Equity489,749 409,705 
Total Liabilities & Stockholders’ Equity$2,373,079 $1,400,045 
(1)See Note 3 for details related to variable interest entities.
(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.
3



AG Mortgage Investment Trust, Inc. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net Interest Income
Interest income$19,629 $9,717 $45,976 $63,354 
Interest expense7,197 4,357 16,552 32,941 
Total Net Interest Income12,432 5,360 29,424 30,413 
Other Income/(Loss)
Net realized gain/(loss)(5,460)(14,431)(5,124)(257,183)
Net interest component of interest rate swaps(1,184)(13)(3,498)910 
Unrealized gain/(loss), net29,461 21,465 58,995 (186,567)
Other income/(loss), net (10)37 1,487 
Total Other Income/(Loss)22,817 7,011 50,410 (441,353)
Expenses
Management fee to affiliate1,693 1,698 5,014 5,525 
Other operating expenses5,010 5,929 13,859 11,416 
Restructuring related expenses 1,345  9,949 
Excise tax   (815)
Servicing fees849 540 2,136 1,685 
Total Expenses7,552 9,512 21,009 27,760 
Income/(loss) before equity in earnings/(loss) from affiliates27,697 2,859 58,825 (438,700)
Equity in earnings/(loss) from affiliates6,882 17,187 34,496 (23,571)
Net Income/(Loss) from Continuing Operations34,579 20,046 93,321 (462,271)
Net Income/(Loss) from Discontinued Operations   361 
Net Income/(Loss)34,579 20,046 93,321 (461,910)
Gain on Exchange Offers, net (Note 11) 539 472 539 
Dividends on preferred stock (1)(4,586)(5,563)(14,199)(16,897)
Net Income/(Loss) Available to Common Stockholders$29,993 $15,022 $79,594 $(478,268)
Earnings/(Loss) Per Share - Basic (2)
Continuing Operations$1.87 $1.31 $5.21 $(43.06)
Discontinued Operations   0.03 
Total Earnings/(Loss) Per Share of Common Stock (2)$1.87 $1.31 $5.21 $(43.03)
Earnings/(Loss) Per Share - Diluted (2)
Continuing Operations$1.87 $1.31 $5.21 $(43.06)
Discontinued Operations   0.03 
Total Earnings/(Loss) Per Share of Common Stock (2)$1.87 $1.31 $5.21 $(43.03)
Weighted Average Number of Shares of Common Stock Outstanding (2)
Basic16,077 11,474 15,270 11,116 
Diluted16,077 11,474 15,270 11,116 
(1)The three and nine months ended September 30, 2020 include cumulative and undeclared dividends of $5.6 million and $11.2 million, respectively, on the Company's Preferred Stock as of September 30, 2020.
(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 September 30, 2021 and September 30, 2020
Common Stock (1)Preferred StockAdditional
Paid-in Capital (1)
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at July 1, 202116,164 $162 $220,472 $719,940 $(474,697)$465,877 
Repurchase of common stock(258)(3)— (2,844)— (2,847)
Grant of restricted stock6 — — 80 — 80 
Common dividends declared— — — — (3,354)(3,354)
Preferred dividends declared— — — — (4,586)(4,586)
Net Income/(Loss)— — — — 34,579 34,579 
Balance at September 30, 202115,912 $159 $220,472 $717,176 $(448,058)$489,749 

Common Stock (1)Preferred StockAdditional
Paid-in Capital (1)
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at July 1, 202011,274 $113 $272,457 $666,352 $(573,544)$365,378 
Net proceeds from issuance of common stock578 6 — 5,479 — 5,485 
Grant of restricted stock and amortization of equity based compensation15 — — 60 — 60 
Exchange Offer (Note 11)172 2 (2,495)1,454 539 (500)
Net Income/(Loss)— — — — 20,046 20,046 
Balance at September 30, 202012,039 $121 $269,962 $673,345 $(552,959)$390,469 

For the Nine Months Ended September 30, 2021 and September 30, 2020
Common Stock (1)Preferred StockAdditional
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 
Repurchase of common stock(258)(3)— (2,844)— (2,847)
Grant of restricted stock19 — — 240 — 240 
Common dividends declared— — — — (9,539)(9,539)
Preferred dividends declared— — — — (14,254)(14,254)
Exchange Offers (Note 11)1,368 14 (18,006)17,510 472 (10)
Net Income/(Loss)— — — — 93,321 93,321 
Balance at September 30, 202115,912 $159 $220,472 $717,176 $(448,058)$489,749 

Common Stock (1)Preferred StockAdditional
Paid-in Capital (1)
Retained
Earnings/(Deficit)
SharesAmountTotal
Balance at January 1, 202010,913 $109 $272,457 $662,401 $(85,921)$849,046 
Net proceeds from issuance of common stock912 10 — 8,974 — 8,984 
Grant of restricted stock and amortization of equity based compensation42 — — 516 — 516 
Preferred dividends declared— — — — (5,667)(5,667)
Exchange Offers (Note 11)172 2 (2,495)1,454 539 (500)
Net Income/(Loss)— — — — (461,910)(461,910)
Balance at September 30, 202012,039 $121 $269,962 $673,345 $(552,959)$390,469 

(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)
Nine Months Ended
September 30, 2021September 30, 2020
Cash Flows from Operating Activities
Net income/(loss)$93,321 $(461,910)
Net (income)/loss from discontinued operations (361)
Net income/(loss) from continuing operations93,321 (462,271)
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium/(discount)2,993 (4,401)
Net realized (gain)/loss5,124 257,183 
Unrealized (gain)/loss, net(58,995)186,567 
Foreign currency (gain)/loss, net(14)(1,483)
Equity based compensation to affiliate 163 
Equity based compensation expense240 353 
(Income)/Loss from investments in debt and equity of affiliates in excess of distributions received(17,337)25,712 
Change in operating assets/liabilities:
Other assets(4,939)8,644 
Other liabilities(628)(12,025)
Net cash provided by (used in) continuing operating activities19,765 (1,558)
Net cash provided by (used in) discontinued operating activities (726)
Net cash provided by (used in) operating activities19,765 (2,284)
Cash Flows from Investing Activities
Purchase of real estate securities(768,794)(174,845)
Purchase of residential mortgage loans(1,263,835)(541,823)
Origination of commercial loans(1,881)(8,228)
Purchase of commercial loans(3,219)(19,280)
Investments in debt and equity of affiliates(3,806)(44,869)
Proceeds from sales of excess MSRs2,230 7,735 
Proceeds from sales of real estate securities761,568 2,722,425 
Proceeds from sales of residential mortgage loans47,219 393,633 
Proceeds from sales of commercial loans74,579 36,935 
Principal repayments on real estate securities49,336 104,213 
Principal repayments on excess MSRs497 2,579 
Principal repayments on commercial loans70,232 5,710 
Principal repayments on residential mortgage loans75,746 50,563 
Distributions received in excess of income from investments in debt and equity of affiliates66,154 26,444 
Net settlement of interest rate swaps and other instruments13,090 (73,180)
Net settlement of TBAs(1,087)4,610 
Cash flows provided by (used in) other investing activities3,265 (743)
Net cash provided by (used in) investing activities(878,706)2,491,879 
Cash Flows from Financing Activities
Net proceeds from issuance of common stock13,133 4,669 
Repurchase of common stock(2,847) 
Borrowings under financing arrangements12,367,334 13,374,192 
Repayments of financing arrangements(11,770,861)(16,037,399)
Deferred financing costs paid(277) 
Borrowing under secured debt 20,000 
Repayments of secured debt(10,000)(10,000)
Proceeds from issuance of securitized debt 463,987