mREIT AG Mortgage Investment Trust to Sell Fixed-to-Floating Preferred

Mortgage REIT AG Mortgage (NYSE:MITT) will be selling an issue of fixed-to-floating rate preferred.

The issue will trade under the permanent ticker of MITT-C when it begins to trade on the big board–no OTC symbol has yet been released

The company has 2 other preferred issues outstanding which can be seen here. MITT has not announced any redemption in the preliminary prospectus with proceeds from the new offering.

The preliminary prospectus can be seen here.

8 thoughts on “mREIT AG Mortgage Investment Trust to Sell Fixed-to-Floating Preferred”

  1. Been holding A@B forever below par so calling is not a problem. It won’t happen since the 8% payout is basically the same

  2. I am hoping it’s just another way to get cheaper capital versus a common stock offering.
    I’m getting tired of all these redemptions and try to replace the funds

  3. Wow, it looks like their preferreds went ex-dividend on the first of September and never recovered and both tanked even further today, so the market is expecting them to be called.

    1. Hmmm…. had been holding my B despite negative YTC as I figured they’d call the higher yield A first, but no reason they couldn’t call both at once, or B soon after A. Time will tell.

        1. If you include underwriters discount, it’s closer to 8.3%. That is above the rate on the 2 outstanding issues. No call.

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