Benzinga | Nov 15, 2021 04:37PM EST

AG Mortgage Investment Trust Announces Public Offering Of 1.05M Shares Of Common Stock

AG Mortgage Investment Trust, Inc. (NYSE:MITT) (the "Company") today announced it has commenced an underwritten public offering of 7,000,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 1,050,000 shares.

AG REIT Management, LLC (the "Manager"), the Company's external manager, has committed to purchase 700,000 shares in the offering. In addition, David N. Roberts, the Company's Chairman and Chief Executive Officer, has committed to purchase 200,000 shares in the offering. The shares purchased by the Manager and Mr. Roberts will be at the public offering price and will not be subject to any underwriting discounts or commissions.

The Company plans to use $50.6 million of the net proceeds from the offering, together with borrowings under the Company's financing arrangements, to acquire four newly originated non-agency residential mortgage loan pools (the "Additional Acquisition Pipeline"), totaling $530.7 million in aggregate unpaid principal balance, and the remainder to acquire other target assets, with a primary intended focus on non-agency residential mortgage loans, subject to its investment guidelines, and to the extent consistent with maintaining its REIT qualification and exemption from registration under the Investment Company Act, and for other general corporate purposes.

Credit Suisse, JMP Securities, Wells Fargo Securities and Keefe, Bruyette & Woods, A Stifel Company are acting as joint book-running managers for the offering.

The offering will be made pursuant to the Company's currently effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC").

The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, by contacting: Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, tel: 1-800-221-1037 or e-mail: usa.prospectus@credit-suisse.com; JMP Securities LLC, Attention: Prospectus Department, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, tel: (415) 835-8985; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 30 Hudson Yards, 500 West 33rd Street - 14th Floor, New York, NY 10001, tel: 1-833-690-2713 or e-mail: cmclientsupport@wellsfargo.com; or Keefe, Bruyette & Woods, A Stifel Company, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, tel: 1-800-966-1559 or e-mail: USCapitalMarkets@kbw.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.