AG Mortgage Investment Trust (MITT) is a residential mortgage REIT externally managed by TPG Angelo Gordon. MITT buys, finances, and holds residential mortgage loans and mortgage-backed securities in the U.S. non-agency market — primarily non-QM loans, agency-eligible investor property loans, and home equity loans. MITT sources loans through two channels: Arc Home, a residential mortgage originator in which MITT owns approximately 66%, and a network of third-party nonbank originators. MITT does not originate loans directly. Instead, it acquires newly originated loans, finances them short-term via warehouse lines, and then packages them into securitizations — converting short-term, mark-to-market debt into long-term, non-recourse, non-mark-to-market structures. MITT retains the residual or subordinate securities from these securitizations and earns net interest income on the spread between loan yields and financing costs. MITT's investment portfolio totaled approximately $8.5B at year-end 2025, with home equity loans growing to roughly 35% of total equity allocation. Arc Home also contributes mortgage banking income through gain-on-sale margins and mortgage servicing rights on originated loans. MITT's near-term growth priorities include expanding its home equity lending business, executing call rights on 2022–2023 vintage securitizations to redeploy capital at current spreads, and winding down legacy commercial investments acquired in its 2023 WMC acquisition.