As rates have fallen recently, we have begun to see preferred issuance pick up. Among the issuers have been mortgage REITs, as it allows them to secure (perpetual) funding and better manage their assets and liabilities. Once again we have seen an mREIT tap the market.
AG Mortgage Investment Trust (MITT) is a hybrid mortgage REIT that invests in a portfolio of Agency RMBS, credit investments and single-family rental properties. Their agency investments include Agency RMBS and Agency Excess MSRs. Their credit investments include Non-Agency RMBS, ABS, CMBS, loans, and Credit Excess MSRs.