NEW YORK–(BUSINESS WIRE)–AG Mortgage Investment Trust, Inc. (NYSE:MITT) (the “Company”) announced
today that the public offering of 3,000,000 shares of its common stock
has priced at $17.05 per share, resulting in gross proceeds of $51.2
million, before deducting underwriting discounts and estimated offering
expenses. In connection with the offering, the Company has granted the
underwriters a 30-day option to purchase up to an additional 450,000
shares of its common stock. The offering is expected to close on
February 14, 2019.
The Company intends to use the net proceeds from this offering to fund
purchases of residential mortgage loans, commercial mortgage loans and
its target assets in accordance with its investment objectives and
strategies, as well as for other general corporate purposes.
Morgan Stanley & Co. LLC is acting as sole book-running manager for the
offering. JMP Securities LLC is acting as co-manager for the offering.
The Company is conducting the offering pursuant to a shelf registration
statement, previously filed with the Securities and Exchange Commission
(the “SEC”) and which became effective on May 18, 2018. The offering of
these shares is being made only by means of a prospectus and a related
prospectus supplement, which will be filed with the SEC. Copies of the
prospectus and prospectus supplement related to this offering may be
obtained, when available, by contacting: Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014; or JMP Securities LLC, 600 Montgomery Street, 10th
Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by
calling (415) 835-8985.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock or any other
securities, nor shall there be any sale of these securities or any other
securities in any state or other 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 other
ABOUT AG MORTGAGE INVESTMENT TRUST, INC.
AG Mortgage Investment Trust, Inc. is a real estate investment trust
that invests in, acquires and manages a diversified portfolio of
residential and commercial mortgage assets, other real estate-related
securities, financial assets and real estate. AG Mortgage Investment
Trust, Inc. is externally managed and advised by AG REIT Management,
LLC, a subsidiary of Angelo, Gordon & Co., L.P., an SEC-registered
investment adviser that specializes in alternative investment activities.
ABOUT ANGELO, GORDON & CO.
Angelo, Gordon & Co., L.P. is a privately held limited partnership
founded in November 1988. The firm currently manages approximately $32
billion with a primary focus on credit and real estate strategies.
Angelo Gordon has over 490 employees, including more than 190 investment
professionals, and is headquartered in New York, with offices in the
U.S., Europe and Asia.
FORWARD LOOKING STATEMENTS
This press release includes “forward-looking statements” within the
meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995 related to the public offering
of the Company’s common stock, the use of proceeds related to the
offering, and the Company’s investment and portfolio strategy, among
others. Forward-looking statements are based on estimates, projections,
beliefs and assumptions of management of the Company at the time of such
statements and are not guarantees of future performance. Forward-looking
statements involve risks and uncertainties in predicting future results
and conditions. Actual results could differ materially from those
projected in these forward-looking statements due to a variety of
factors, including, without limitation, changes in interest rates,
changes in default rates, changes in the yield curve, changes in
prepayment rates, changes in the equity markets, the availability and
terms of financing, changes in the market value of our assets, general
economic conditions, conditions in the market for Agency RMBS,
Non-Agency RMBS, ABS and CMBS securities, Excess MSRs and loans, our
ability to integrate newly acquired rental assets into the investment
portfolio, our ability to predict and control costs, conditions in the
real estate market, and legislative and regulatory changes that could
adversely affect the business of the Company. Additional information
concerning these and other risk factors are contained in the Company’s
filings with the Securities and Exchange Commission (“SEC”), including
its most recent Annual Report on Form 10-K and subsequent filings. All
information in this press release is as of February 11, 2019. The
Company undertakes no duty to update any forward-looking statements to
reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.
AG Mortgage Investment Trust, Inc.
Karen Werbel – Investor