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11 thoughts on “AG Mortgage Investment to Sell Senior Notes”

  1. I consider Scott Kennedy a true pro with mREITS. He owns Mitt-B and Mitt-C and recently has been buying more Mitt-C and also Mitt common. He expects Mitt-C to be called in Sept. He has good coattails.

  2. It’s down from 75+ on common to under 7. It’s market cap is 200 million. Below where I’ll consider.

      1. Asset size doesn’t mean anything unto itself, it’s just that below 1 I tend to stay away. Its been trading pretty good! Hope it works out.

  3. MITT-C has a call date of 9/17/2024 at which time it will float I guess at the 3 month SOFR rate plus 6.476. Thoughts on these proceeds being used to redeem that preferred stock?

    1. Hey Dave – they have stated intention to use proceeds to redeem the WMC convert.

      “As of March 31, 2024, we had approximately $79.1 million aggregate principal amount of the Convertible Notes “outstanding. The Convertible Notes bear interest at an annual rate of 6.75%, can be redeemed at our option on or after June 15, 2024, and mature on September 15, 2024.”

  4. I think it was due to Covid and how MITT handled things.. which was really poor if my memory is correct.. and I realize they are most likely not holding the same securities but I am always gun shy at this name. I really never consider it anymore. I have a feeling I am not really missing out on anything with all the other mREITS to pick from.

    1. fc, your sentiment is why MITT still trades like a red headed step child.. not saying it’s wrong..but some of my best investments have been prior disasters where the stock was so punished..yet the company actually turned itself around.

      1. Maine,

        I was buying mREITs during the covid debacle. I loaded up. But MITT was on the edge of failing. CHMI, TWO, etc.. handled the situation better from a risk perspective. So buying them at 6-9 dollars a share for the preferred just made so much more sense.

        Now MITT did not fail and it would have made a good buy but to allow themselves to almost fail was too much for me. I would have to see if everyone in upper mgmt was replaced or not.. a deep dive to determine if I want to ever consider it. Too many other choices to bother with it.

        1. Makes sense. Time to just move on… been there plenty of times.
          FWIW – MITT did completely change its strategy and replaced the CEO w TJ Durkin.

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