AG Mortgage drops after launching equity offering

TPG Mortgage Investment Trust

16/11/2021 18:21

** AG Mortgage Investment Trust  MITT.N  shares down 11.1%
at $11.24 as co seeks equity
    ** Co, externally managed by hedge fund Angelo, Gordon & Co,
launched 7 mln share offering after the bell on Mon  urn:newsml:reuters.com:*:nBwchpvXya
    ** AG REIT Management to buy 700k shares of the offering,
and CEO David N. Roberts to purchase 200k
    ** MITT plans to use ~$51 mln of net offering proceeds to
help fund acquisition of four newly originated non-agency
residential mortgage loan pools totaling $530.7 mln in aggregate
unpaid principal balance, remainder to buy other non-agency
residential mortgage loans
    ** Co has ~15.9 mln shares outstanding, per Refinitiv data
    ** Credit Suisse, JMP Secs, Wells Fargo and KBW jt
bookrunners for offering, scheduled to price Weds after market
close
    ** On Nov 5, MITT shares rose ~11% after co reported adj
book value/sh of $16.45 as of Sept 30, 12% increase from Q2
 urn:newsml:reuters.com:*:nBw53s1PVa
    ** With move on Tues, shares up 27% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))