Andrew Parks
About Andrew Parks
Andrew Parks is Chief Risk Officer (CRO) of AG Mortgage Investment Trust (MITT), a role he has held since the IPO in July 2011; he joined TPG Angelo Gordon (the external manager) in August 2009 and is age 52 as of the latest proxy . Prior roles include Executive Director at Morgan Stanley overseeing risk management for the ultra-high net worth division in the U.S. and Latin America and earlier corporate attorney at Cravath, Swaine & Moore; he holds a B.A. from Tulane University and a J.D. from The University of Texas School of Law . MITT is externally managed; executive officers are employed and paid by the Manager (TPG Angelo Gordon), not by the Company, with the Company disclosing $0 paid to named executive officers (NEOs) in 2021–2023 and reiterating the program structure in 2024 . The Manager’s incentive fee (effective 2023) is largely based on MITT’s adjusted net income (including unrealized mark-to-market gains), aligning management economics to performance at the Manager level rather than via Company-paid executive bonuses .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TPG Angelo Gordon (affiliate of Manager) | Chief Risk Officer; joined firm | Aug 2009–present | Leads MITT’s risk management since IPO; CRO and other officers regularly present overall risk profile to the Board . |
| AG Mortgage Investment Trust (MITT) | Chief Risk Officer | July 2011–present | Oversees liquidity, interest rate, capital markets and operational risk reporting to Board/Audit Committee as part of management’s risk oversight cadence . |
| Morgan Stanley | Executive Director, risk management for UHNW (U.S. and LatAm) | Pre-2009 | Built and oversaw UHNW risk function; relevant to structured credit/market risk rigor brought to MITT . |
| Cravath, Swaine & Moore LLP | Corporate attorney (M&A, capital markets, secured credit, real estate finance) | Pre-Morgan Stanley | Legal and capital markets expertise informing risk, documentation, and financing oversight . |
External Roles
- No public company directorships or external board roles for Mr. Parks are disclosed in MITT’s executive officer biographies in recent proxies .
Fixed Compensation
MITT is externally managed and does not pay or accrue salary/bonus to NEOs; compensation is paid by the Manager.
| Metric | 2021 | 2022 | 2023 |
|---|---|---|---|
| MITT-paid cash compensation to NEOs (incl. Parks) | $0 | $0 | $0 |
Additional structure:
- Program overview (2024 proxy): executive officers are employees of the Manager; MITT reimburses the Manager for allocable share of compensation for CFO, GC and certain non‑investment personnel; executive compensation levels are set at the Manager’s discretion .
- Management agreement (2022 proxy): MITT reimburses the Manager for allocable compensation of CFO, GC and other non‑investment personnel including risk management, and pays a 1.50% of Stockholders’ Equity management fee .
Performance Compensation
Aggregated NEO compensation paid by the Manager (not company-paid) indicates a heavy variable component; no individual breakdowns are provided.
| Component (paid by Manager) | 2022 Amount/Mix | 2023 Amount/Mix |
|---|---|---|
| Aggregate base salaries (NEOs) | $0.8M; 20.6% of total | $0.6M; 12.6% of total |
| Aggregate performance-based incentive bonuses (NEOs) | $3.2M; 79.4% of total | $4.5M; 87.4% of total |
| Equity awards by Manager | Certain NEOs received MITT common stock awards subject to time‑based vesting; amounts not disclosed by individual | Not separately disclosed beyond bonus mix; Company made no grants to NEOs |
Design and metrics:
- The Manager does not use a specific formula for variable pay and sets compensation at its discretion based on role, contribution, and market practices; no consultant was retained for NEO compensation in 2022 or 2023 .
- Company equity awards to NEOs: none granted by MITT in 2022 or 2023; no outstanding Company‑granted equity at year-end 2022/2023 .
- Manager incentive fee: beginning 2023, largely tied to adjusted net income (includes unrealized gains), payable in cash or, at Board option, Company shares .
Performance metric table (company-level executive plan specifics not disclosed):
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed; Manager‑determined discretionary metrics (e.g., role/contribution/market practices) | N/A | N/A | N/A | Discretionary | Manager stock awards (if any) vest time‑based; specifics not disclosed |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Mar 11, 2025) | Andrew Parks reported no beneficial ownership (— shares; —% of class; 29,658,830 shares outstanding) . |
| Executive ownership guidelines | Apply to CEO, President, CIO, and CFO (5,000 shares each); CRO not listed among roles subject to the guideline . |
| Pledging/hedging policy | Pledging and hedging of MITT securities prohibited for directors and executive officers . |
| Company‑granted equity outstanding | None for NEOs as of 12/31/2022 and 12/31/2023; no options outstanding; no vesting in those years . |
Implications:
- With no reported beneficial ownership and no Company‑granted awards outstanding, there is limited visible insider selling pressure from scheduled Company equity vests for Mr. Parks; Manager‑granted equity may exist but specifics by individual are not disclosed .
Employment Terms
| Term | Disclosure |
|---|---|
| Employer | Executive officers (incl. CRO) are employees of TPG Angelo Gordon (the Manager/affiliate), not MITT . |
| Employment agreements with MITT | None; MITT has no employment agreements with NEOs . |
| Severance/change‑of‑control | None; MITT is not obligated to make termination, post‑employment, or change‑of‑control payments to NEOs . |
| Reimbursement | MITT reimburses Manager for allocable share of compensation for CFO, GC, and other non‑investment personnel including risk management . |
| Management fee | 1.50% of Stockholders’ Equity per annum to Manager . |
| Incentive fee (Manager) | From 2023, largely based on adjusted net income (includes unrealized gains); payable in cash or Company shares at Board option . |
Investment Implications
- Alignment: Parks is a long‑tenured CRO with legal and market‑risk pedigree, but he reported no beneficial ownership as of March 11, 2025 and is not among roles covered by the 5,000‑share executive ownership guideline (applies to CEO/President/CIO/CFO), limiting direct “skin‑in‑the‑game”; pledging/hedging is prohibited, which avoids misalignment risks .
- Incentives: Compensation is determined and paid by the Manager and is heavily variable at the NEO group level; the Manager’s incentive fee effective 2023 ties economics to adjusted net income (including unrealized gains), which may amplify focus on earnings volatility/marks but also aligns pay with performance at the platform level; no Company‑paid severance/CoC reduces shareholder payout risk on turnover but shifts retention dynamics to the Manager .
- Retention/selling pressure: With no Company‑granted equity outstanding and no reported beneficial ownership, visible forced‑selling pressure from Company award vesting for Parks appears limited; any Manager‑granted equity exists on a discretionary, time‑vested basis without disclosed schedules, making Form 4‑based trading signals less observable from Company grants alone .
- Governance/risk: CRO role is embedded in Board risk oversight processes, with recurring reporting on liquidity, interest rate, and capital markets risks; stability in this function since the 2011 IPO lowers execution risk in risk governance across cycles .