Business Context and Reporting Period
This Form 8-K Current Report was filed by AG Mortgage Investment Trust, Inc. (referred to in metadata as TPG Mortgage Investment Trust, Inc.) on June 25, 2018, reporting events occurring on June 20, 2018. The Company is a Maryland corporation focused on investing in residential mortgage loans.
Key Financial Metrics and Agreements
The filing details a material amendment to a financing facility rather than periodic financial performance metrics. Key terms of the amended agreement include:
- Counterparty: Wells Fargo Bank, National Association.
- Subsidiary: AG MIT WFB1 2014 LLC (wholly-owned).
- Maximum Borrowing Capacity: Increased to $110 million.
- Funding Period End Date: June 14, 2019.
- Expected Facility Termination Date: June 15, 2020.
The filing text does not provide specific values for revenue, profit, cash flow, margins, or total debt levels outside of this specific facility amendment.
Material Changes
The primary material change is the execution of Amendment Number Seven to the Master Repurchase Agreement dated February 11, 2014. This amendment:
- Increases the aggregate borrowing capacity available under the facility.
- Extends the funding period and expected termination date.
- Includes certain other covenant modifications.
Outlook, Risks, and Management Commentary
The filing does not contain forward-looking guidance, management commentary on market conditions, or specific risk factors beyond the standard legal disclaimers regarding the completeness of the agreement description. The Company notes that the description of the Amendment is qualified by reference to the full text filed as Exhibit 10.1.
Investor Verification Checklist
- Verify the full text of Amendment Number Seven (Exhibit 10.1) to understand specific covenant modifications.
- Confirm the utilization rate of the $110 million facility to assess current leverage.
- Review the original Master Repurchase Agreement (Exhibit 99.1 from February 21, 2014) to compare prior terms.
- Check subsequent filings for any drawdowns or prepayments on this facility.