Terms

Series

8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

Liquidation Preference

$25.00

Coupon Rate

8%

Rate Type

Fixed To Floating

Annual Dividend

$2.00

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

September 17, 2024

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness, Indebtedness Of Subsidiaries, Any Future Senior Stock; Pari Passu With: Series A Preferred Stock, Series B Preferred Stock, Any Future Parity Stock; Senior To: Common Stock, Any Junior Stock Issued In The Future

Regulatory (Basel III) Call

No

Tax Classification

Reit Passthrough

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

4,000,000

Prospectus Summary

AG Mortgage Investment Trust, Inc. (NYSE: MITT) is offering 4,000,000 shares of its 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock at a $25.00 liquidation preference per share. From issuance through September 17, 2024, dividends accrue at a fixed 8.00% per annum ($2.00/share annually, $0.50 quarterly); thereafter, the rate resets quarterly to Three-Month LIBOR plus 647.6 basis points. The first call date is September 17, 2024 at par. The Series C is cumulative, meaning any dividend not declared or paid in a given quarter accumulates and must be paid in full before the issuer can distribute anything to common stockholders or repurchase junior stock. The Series C Preferred Stock ranks senior to MITT's common stock and any future junior stock, and on parity with the existing Series A (8.25%) and Series B (8.00%) preferred shares. It is effectively subordinated to all of MITT's existing and future debt obligations and to all liabilities of its operating subsidiaries, which have no obligation to upstream funds for preferred dividends. There is no bank regulatory capital trigger; however, MITT may redeem the Series C prior to September 17, 2024 solely if necessary to preserve its REIT tax qualification — a narrow carve-out that is distinct from Tier 1 capital regulatory calls seen in bank preferred issuances. At the $25.00 offering price, the fixed-period yield is 8.00%. Dividends are paid quarterly on March 17, June 17, September 17, and December 17, with the first payment of $0.50 per share due December 17, 2019. Record dates are set by the board of directors. As a REIT, MITT's preferred dividends are generally treated as ordinary income and do not qualify for the preferential 15%/20% qualified dividend income (QDI) rate available to individual investors, nor for the corporate dividends-received deduction (DRD). If dividends are missed for six or more quarterly periods, holders gain the right (together with other parity preferred holders) to elect two directors to the board — the primary enforcement mechanism available to investors.

Summarized from the SEC prospectus filing.

Distribution History

Floating Rate Terms

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If dividends on the Series C Preferred Stock are in arrears, the issuer generally cannot pay dividends on or repurchase its common stock or other junior-ranking stock until all accumulated and unpaid Series C dividends are paid in full.

Other Preferreds from AG Mortgage Investment Trust Inc

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 47 (Average)