mREITs have been very active in the equity markets in the last 30 days and now we see a new preferred issue from AGNC Investment (NASDAQ:AGNC).
AGNC will sell a new fixed-to-floating rate issue with an optional redemption in 2024.
The terms will be typical–cumulative dividends, but not qualified for preferential tax treatment (REITs do not pay qualified dividends).
Of course the issue is not rated as very few mREIT issues are rated.
AGNC has 2 other preferred stock issues outstanding. AGNCB has a coupon of 7.75% and is trading around $25.50. While AGNCN is a fixed to floating rate issue with a 7% current coupon–the issue is trading around $25.65.
Thanks to Nomad and others for keeping us on our toes.