NEW YORK–(BUSINESS WIRE)–AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced that its board of directors (the “Board”) has appointed TJ Durkin as Chief Executive Officer of the Company, effective October 1, 2022 appointed. In addition to the new CEO role, Mr. Durkin will continue in his roles as President of the Company and as a member of the Board of Directors.
David Roberts, who has served as CEO since the company’s IPO in 2011, will step down as chairman and CEO and as a member of the company’s board in connection with his upcoming departure as a partner at Angelo, Gordon & Co. , LP on September 30, 2022. After 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 as Non-Executive Chair of the Board, effective October 1, 2022. A seasoned executive in the real estate and mortgage industry, Ms. Hess brings over 25 years of investment and leadership experience and in-depth knowledge of the MITT business.
Nicholas Smith, the Company’s Chief Investment Officer, will join the Board of Directors effective October 1, 2022. Mr. Smith is Head of Angelo Gordon’s Personal Lending business and brings extensive experience in specialized structured credit trading and capital markets.
“In early 2021, we are committed to repositioning and simplifying the company’s mission – to become a leading pure-play residential lending REIT,” said Mr. Roberts. “TJ and his team have achieved this transformation at a rapid pace and I am confident that, under TJ’s leadership, MITT will remain well positioned to execute our origination and securitization strategy and grow our business.” Mr. Roberts continued, ” We are truly honored that Debra is stepping into the role of CEO. Her strategic insight, experience and thoughtful leadership as Lead Independent Director positions her perfectly to lead the MITT Board and reinforces our commitment to strong corporate governance and increasing shareholder value.”
“I would like 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. “As uncertainty and volatility persist in the market, we remain firmly convinced that our robust credit pipeline, disciplined funding strategy, strong liquidity position and Angelo Gordon’s support and resources provide MITT with the necessary tools to meet these challenges and to mastering MITT’s earning power.” Mr. Durkin added, “We are delighted to have Nick join the Board. His deep mortgage origination and securitization expertise will strengthen and complement the mix of skills and solid experience of our Board.”
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a residential mortgage REIT focused on investing in a diversified, risk-adjusted portfolio of residential-related assets in the US mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., LP, a leading privately held alternative investment firm focused on credit and real estate strategies.
For more information, visit the company’s website at www.agmit.com.
Via Angelo, Gordon & Co., LP
Angelo, Gordon & Co., LP (“Angelo Gordon”) is a privately held alternative investment firm founded in November 1988. The firm currently has approximately $52 billion under management with a primary focus on credit and real estate strategies. Angelo Gordon employs over 600 people, including more than 200 investment professionals, and is headquartered in New York with affiliated offices in the US, Europe and Asia. Visit www.angelogordon.com for more information.
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements address expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar statements regarding matters that are not historical facts. In some instances, you can identify forward-looking statements by using forward-looking terminology such as “may”, “will”, “should”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, ” predicted” or “potential” or the negative of those words and phrases or similar words or phrases that are predictions or indications of future events or trends and are not related solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and could cause actual results to differ materially from those projected in the forward-looking statements. Factors that may cause such a difference include, but are not limited to, the company’s ability to achieve the expected benefits of its issuance and securitization strategy, the company’s ability to grow at the expected pace or at all, the impact of uncertainty and volatility on the markets, 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 weather difficult market conditions and to leverage MITT’s earnings power , including the ability to create shareholder value, and other risks and uncertainties, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its other reports, from time to time currently with US Securities and Exchange Commission to be filed. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but are not guarantees of future performance. The company cautions investors not to place undue reliance on forward-looking statements.
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