T.J. Durkin, President of MITT, to Assume Role
of Chief Executive Officer of MITT
Lead Independent Director Debra Hess to Become
Non-Executive Chair of MITT’s Board of Directors
Nicholas Smith, Chief Investment Officer of
MITT, to Join MITT Board of Directors
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”)
announced that its Board of Directors (the “Board”) has appointed
T.J. Durkin as the Company’s Chief Executive Officer, effective
October 1, 2022. In addition to the new CEO role, Mr. Durkin will
continue his roles as the Company’s President and as a member of
the Board.
David Roberts, who has served as the Company’s CEO since its
initial public offering in 2011, will resign as the Company’s
Chairman and CEO and as a member of the Board, in connection with
his pending retirement as a partner at Angelo, Gordon & Co.,
L.P. on September 30, 2022. Following his retirement, Mr. Roberts
plans to pursue his interests in philanthropy and public
policy.
Debra Hess, currently the Company’s Lead Independent Director,
has been appointed by the Board to the position of Non-Executive
Chair of the Board, effective October 1, 2022. As a seasoned real
estate and mortgage industry executive, Ms. Hess brings over 25
years of investment and leadership experience, as well as a deep
knowledge of MITT’s business.
Nicholas Smith, the Company’s Chief Investment Officer, will
become a member of the Board effective October 1, 2022. Mr. Smith
is the head of Angelo Gordon’s residential whole loan business and
brings significant experience in specialized structured credit
trading and capital markets.
“In early 2021, we set out to reposition and simplify the
Company’s mission – to become a leading, pure play residential
credit REIT,” said Mr. Roberts. “T.J. and his team have achieved
this transformation at a rapid pace and I am confident that under
T.J.’s leadership, MITT will continue to be well positioned in
executing our origination and securitization strategy and growing
our business.” Mr. Roberts continued, “We are truly honored to have
Debra transition to the role of Chair of the Board. Her strategic
insight, experience and thoughtful leadership as our Lead
Independent Director perfectly positions her to lead the MITT Board
and reinforces our commitment to strong corporate governance and
enhancing stockholder value.”
“I want to thank David for his visionary leadership in building
what MITT is today, and on behalf of the company I wish him well in
his future endeavors,” said Mr. Durkin. “While uncertainty and
volatility in the market persist, we continue to firmly believe
that our robust loan pipeline, disciplined financing strategy,
strong liquidity position, and the support and resources of Angelo
Gordon, provides MITT with the tools necessary to navigate these
challenges and harness MITT’s earnings power.” Mr. Durkin added,
“We are extremely pleased to have Nick join the Board. His deep
mortgage origination and securitization expertise will strengthen
and complement the mix of skills and robust experience of our
Board.”
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a residential mortgage
REIT with a focus on investing in a diversified risk-adjusted
portfolio of residential mortgage-related assets in the U.S.
mortgage market. AG Mortgage Investment Trust, Inc. is externally
managed and advised by AG REIT Management, LLC, a subsidiary of
Angelo, Gordon & Co., L.P., a leading privately-held
alternative investment firm focusing on credit and real estate
strategies.
Additional information can be found on the Company’s website at
www.agmit.com.
About Angelo, Gordon & Co., L.P.
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a
privately-held alternative investment firm founded in November
1988. The firm currently manages approximately $52 billion with a
primary focus on credit and real estate strategies. Angelo Gordon
has over 600 employees, including more than 200 investment
professionals, and is headquartered in New York, with associated
offices elsewhere in the U.S., Europe and Asia. For more
information, visit www.angelogordon.com.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases which are predictions
of or indicate future events or trends and which do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Factors that may cause such a
difference, include, without limitation, the Company’s ability to
achieve the anticipated benefits of its origination and
securitization strategy, the Company’s ability to grow at the pace
anticipated or at all, the impact of uncertainty and volatility in
the markets on the Company’s business and strategy, the Company’s
pipeline, the Company’s liquidity, the Company’s financing
strategy, the Company’s management and resources, the Company’s
ability to navigate challenging market conditions and harness
MITT’s earnings power, including the ability to enhance shareholder
value, and other risks and uncertainties, including those detailed
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2021 and its other reports filed from time to time
with the U.S. Securities and Exchange Commission. All
forward-looking statements reflect the Company’s good faith
beliefs, assumptions and expectations, but they are not guarantees
of future performance. The Company cautions investors not to unduly
rely on any forward-looking statements.
The forward-looking statements speak only as of the date of this
press release. The Company is under no duty to update any of these
forward-looking statements after the date of this press release,
nor to conform prior statements to actual results or revised
expectations, and the Company does not intend to do so.
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version on businesswire.com: https://www.businesswire.com/news/home/20220922005680/en/
AG Mortgage Investment Trust, Inc. Investor Relations
(212) 692-2110 ir@agmit.com
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