MITT - AG Mortgage Investment Trust Now Offers Investors 2 Notes Maturing In 2029

2024-07-03 09:30:00 ET

Summary

• AG Mortgage Investment Trust issued two 9.500% Senior Notes due in 2029 with Call protection into 2026.
• After a brief review of the Issuer, both bonds are reviewed and compared. The low coverage ratio is a concern, at least to my conservative investing nature.
• Both Notes get a Hold rating. For investors willing to accept more risk, MITT also has three preferred stocks to pick from, two yielding over 10%.

Introduction

Fixed income securities became big losers twice since 2020. The first time was when COVID terrorized the market, with several issues postponed payments on their preferred stocks. The second time was when the FOMC decided to fight inflation, mostly caused by excessive spending fighting the economic effects of COVID, by rising the FFR at the fastest pace ever. As the rate rose, existing issues saw their prices drop to realign their yields with what newer issuers were forced to pay....

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