AG Mortgage Investment Trust, Inc. Announces Pricing of Public Offering of Senior Notes

AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced today that it has priced an underwritten public offering of $65 million aggregate principal amount of its 9.500% senior notes due 2029 (the “Notes”). The offering is expected to close on May 15, 2024, subject to the satisfaction of customary closing conditions.

The Company intends to apply to list the Notes on the New York Stock Exchange under the symbol “MITP” and, if the application is approved, expects trading in the Notes on the New York Stock Exchange to begin within 30 days after the Notes are first issued. The Notes have received an investment grade rating of BBB- from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.

The Company plans to use the net proceeds from the offering for general corporate purposes, which may include acquisition of Residential Investments and Agency RMBS, subject to the Company’s investment guidelines, and to the extent consistent with maintaining its REIT qualification and exemption from registration under the Investment Company Act of 1940, as amended, and for working capital, which may include, among other things, the repayment of existing indebtedness, including the repurchase or repayment of a portion of the 6.75% Convertible Senior Notes due 2024 (the “Convertible Notes”), which were assumed by a subsidiary of the Company in connection with the Company’s acquisition of Western Asset Mortgage Capital Corporation. The Convertible Notes can be redeemed at the Company’s option on or after June 15, 2024 and mature on September 15, 2024.

The Notes will be senior unsecured obligations of the Company, and pay interest quarterly in cash on February 15, May 15, August 15 and November 15 of each year, commencing August 15, 2024. The Notes will mature on May 15, 2029, and may be redeemed, in whole or in part, at any time, or from time to time, at the Company’s option on or after May 15, 2026.

Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells Fargo Securities, LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. are serving 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 Notes will be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting: