MITT - AG Mortgage Investment Trust Preferred Stock Update: 2 Rated Hold 1 Rated Buy

2024-02-14 09:00:00 ET

Summary

• MITT is a residential mortgage real estate investment trust with a focus on investing in residential mortgage-related assets. The financials of MITT are not strong, which could be a concern.
• This article briefly reviews the Issuer and then in more detail the three preferred stocks MITT offers to investors.
• Preferreds A & B get a Hold rating. The C has an attractive YTC and if not Called, the potential for a 12% coupon when it floats later in 2024.

Introduction

I first discovered and reviewed the AG Mortgage Investment Trust ( MITT ) preferreds in early 2023 and did a follow-up as “higher for longer” was starting to grip the markets and push preferred stocks toward the bottom they would reach in the fall. In late October, prices reversed as the fear of the FOMC not cutting rates in early 2024 faded. It seems the markets were overly optimistic and the rally in preferreds stocks that started in late October has started running into some resistance....

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