1. It's like a specialized bond fund, similar to one you might find at Fidelity or Vanguard, but exclusively focused on investing in mortgage-backed securities.

2. Imagine a highly specialized financial institution, like a dedicated investment division within a large bank such as JPMorgan Chase, whose sole business is to buy and manage portfolios of existing mortgage debt.

• Agency Residential Mortgage-Backed Securities (RMBS): These are debt instruments representing interests in pools of residential mortgages, guaranteed by U.S. government-sponsored enterprises.
• Credit Risk Transfer (CRT) Securities: These debt securities transfer a portion of the credit risk from government-sponsored enterprise mortgage portfolios to private investors.
• Non-Agency Residential Mortgage-Backed Securities (RMBS): These are debt instruments representing interests in pools of residential mortgages not guaranteed by government entities, carrying higher credit risk.
• Commercial Mortgage-Backed Securities (CMBS): These are debt instruments representing interests in pools of commercial real estate loans.
• Residential Whole Loans: Direct investments in entire residential mortgage loans, often those with credit characteristics that make them unsuitable for agency securitization.

AG Mortgage Investment Trust (MITT) is a real estate investment trust (REIT) that primarily invests in a diversified portfolio of residential mortgage-backed securities (RMBS) and other mortgage-related assets. As an investment vehicle operating in the capital markets, MITT does not have traditional "customers" to whom it sells products or services.

Instead, MITT's business model involves:

• Investing in Securities: MITT acquires mortgage-backed securities from various financial institutions and originators. In this capacity, it is a buyer of financial instruments, not a seller of a product or service to a customer.
• Financing Operations: MITT finances its investment portfolio primarily through repurchase agreements (repos) with various large financial institutions. These institutions act as counterparties in financing transactions, providing short-term loans against MITT's securities. While these counterparties are crucial to its operations, they are financing partners, not customers purchasing a product or service from MITT.
• Generating Income: MITT's revenue is derived from the net interest income generated by its investment portfolio (the difference between the interest earned on its assets and its financing costs).

Therefore, MITT does not fit the description of a company that "sells primarily to other companies" or "sells primarily to individuals" in the traditional sense of a customer relationship. Its primary interactions are with financial market counterparties for investment and financing activities.

Fannie Mae (FNMA)

Freddie Mac (FMCC)

Citigroup Inc. (C)

Nomura Holdings, Inc. (NMR)

JPMorgan Chase & Co. (JPM)

Wells Fargo & Company (WFC)

Barclays PLC (BCS)

BNP Paribas SA (BNPQY)

Deutsche Bank AG (DB)

The Goldman Sachs Group, Inc. (GS)

Jefferies Financial Group Inc. (JEF)

Morgan Stanley (MS)

Mizuho Financial Group, Inc. (MFG)

Société Générale S.A. (SCGLY)

T.J. Durkin, Chief Executive Officer and President

Mr. Durkin joined Angelo, Gordon & Co., L.P. (TPG Angelo Gordon) in 2008 and serves as a Partner and Head of TPG Angelo Gordon's Structured Credit & Specialty Finance business. He is also a co-Portfolio Manager of TPG Angelo Gordon's structured credit securities portfolios. Mr. Durkin became the Chief Executive Officer and President of AG Mortgage Investment Trust in April 2021, having previously served as Chief Investment Officer from October 2017 to April 2021. He has been a member of the company's Board of Directors since 2018. Mr. Durkin began his career at Bear, Stearns & Co.. He is also a board member of Arc Home LLC, a mortgage originator and GSE licensed servicer owned by the Company and other affiliates of TPG Angelo Gordon.

Anthony Rossiello, Chief Financial Officer and Treasurer

Mr. Rossiello joined TPG Angelo Gordon's finance team in 2020 and was appointed Chief Financial Officer and Treasurer, as well as a Managing Director of TPG Angelo Gordon, in January 2021. He also holds the position of Principal Financial and Accounting Officer. Prior to these roles, he served as the company's Controller and interim Principal Accounting Officer during 2020. Mr. Rossiello began his career at Ernst & Young LLP, where he was a Senior Manager in the Banking and Capital Markets practice, primarily focusing on publicly traded companies in the banking and mortgage REIT industry, and private companies in the mortgage origination and servicing industry.

Nicholas Smith, Chief Investment Officer

Mr. Smith joined TPG Angelo Gordon in 2021 as a Managing Director in the Structured Credit & Specialty Finance team and leads the strategy's Residential Whole Loan Business. He has served as Chief Investment Officer of AG Mortgage Investment Trust since April 2021 and as a member of its Board of Directors since October 2022. Mr. Smith also sits on the board of Arc Home LLC, a mortgage originator and GSE licensed servicer owned by the Company and other affiliates of TPG Angelo Gordon.

Michael Wax, Tax Director

Mr. Wax joined TPG Angelo Gordon's finance team in 2015. He was appointed Tax Director of AG Mortgage Investment Trust in November 2022 and a Managing Director of TPG Angelo Gordon in January 2022. Mr. Wax is responsible for overseeing credit tax reporting and compliance for several of TPG Angelo Gordon's credit-focused strategies, including structured credit, direct lending, and leveraged loan investing. His experience includes managing complex investment vehicles such as hedge and private equity-like funds, collateralized loan obligations (CLOs), real estate mortgage investment conduits (REMICs), regulated investment companies (RICs), and real estate investment trusts (REITs).

Jenny Neslin, General Counsel and Secretary

Ms. Neslin serves as the General Counsel and Secretary of AG Mortgage Investment Trust.

• U.S. Non-Agency Residential Mortgage-Backed Securities (RMBS) Market: The total U.S. mortgage-backed securities (MBS) market has over $11 trillion in outstanding securities. The agency MBS market is approximately $5.5 trillion and is more than four times the size of the non-agency market. Based on this, the estimated size of the U.S. non-agency MBS market is approximately $1.375 trillion.
• U.S. Home Equity Loan Market: Outstanding home equity line of credit (HELOC) balances in the U.S. rose to $422 billion in the third quarter of 2025.
• U.S. Residential Mortgage Loan Originations: Americans originated $512 billion in new mortgage debt in the third quarter of 2025. Total mortgage originations in the U.S. were $1.69 trillion in 2024. MITT specifically focuses on newly-originated residential mortgage loans within the non-agency segment of this broader market.
• U.S. Commercial Mortgage-Backed Securities (CMBS) Market: While not their primary focus, U.S. insurance companies reported holdings of CMBS totaling $284 billion at year-end 2023.

AG Mortgage Investment Trust (MITT) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion into the Home Equity Loan Market and Increased Residential Mortgage Loan Investments: MITT is actively expanding its presence in the home equity loan market, which is anticipated to offer long-term opportunities with returns on equity (ROEs) in the 20s. The company has been increasing its acquisition of residential mortgage loans, including Closed-End Seconds and Home Equity Lines of Credit (HELOCs), contributing to overall portfolio growth.
2. Strategic Securitization Activities: The company has demonstrated a consistent strategy of securitizing its residential mortgage loans. This approach allows MITT to term out funding at reduced costs and to expand its investment portfolio. Management has indicated plans to maintain a balanced securitization strategy, targeting one to two securitizations per quarter.
3. Enhanced Contribution from Arc Home: MITT has increased its ownership in Arc Home, its mortgage origination and securitization platform. Arc Home has already contributed to the company's Earnings Available for Distribution (EAD) and is expected to continue supporting revenue growth through sustained increases in originations and margins.
4. Redeployment of Capital and Refinancing of High-Cost Debt: MITT is focused on optimizing its capital structure by monetizing and rotating capital from legacy WMC assets and refinancing expensive structured repurchase agreements. This strategy frees up equity for redeployment into higher-yielding investment opportunities and significantly lowers the cost of capital, thereby boosting earnings potential.
5. Improved Credit Performance through Analytics and Underwriting: Analyst consensus suggests that MITT's use of proprietary analytics and stricter underwriting standards is leading to improved credit performance. This focus on credit quality is expected to enhance long-term earnings stability.

Share Repurchases

• AG Mortgage Investment Trust has not made significant share repurchases over the last 3-5 years, with a buyback yield often reported at 0.00% or negative.
• During Q2 2025, the company refrained from repurchasing any common or preferred stock.

Share Issuance

• On August 1, 2025, the company issued 2,027,676 restricted shares of common stock, valued at $15.9 million, to acquire an additional stake in Arc Home. This transaction resulted in approximately 1.8% dilution to book value.
• In August 2025, a prospectus was filed to offer up to 2.03 million shares under a simplified registration form to enhance liquidity, refinance existing debt, and fund future investments, including the Arc Home acquisition.
• Prior to October 2025, approximately $50 million in preferred stocks were converted into common shares, which increased the shares entitled to common stock dividends.

Outbound Investments

• On August 1, 2025, AG Mortgage Investment Trust increased its ownership in Arc Home, a residential mortgage originator, from 44.6% to 66.0% by acquiring an additional 21.4% interest.
• The company purchased $128 million in Q1 2025 and $100 million in Q2 2025 of home equity loans, aligning with its strategy of purchasing and securitizing such loans.
• As of September 30, 2025, the company's total investment portfolio stood at $8.8 billion, focusing on residential mortgage-related assets in the U.S. mortgage market.