AG Mortgage Investment Trust, Inc. (“MITT”) and Western Asset Mortgage Capital Corporation (“MCC”) have entered into an agreement to merge as one company. The merger is expected to create a trusted leader in mortgage-associated investments that carries a strong balance sheet and a deep portfolio of non-agencymortgage associated securities.
This agreement marks a clear victory for MITT, having beaten its competitor Terra Property Trust, Inc. (“TPT”) in competition to acquire MCC. Once the merger is complete, the combined portfolio will host a wide array of non-agency mortgage-associated securities. This portfolio will accumulate to around $17 billion in assets under management.
Key points of the agreement:
• MITT will acquire MCC through a merger agreement
• The combined portfolio will have a wide array of non-agency mortgage-associated securities
• The combined portfolio is expected to accumulate assets of around $17 billion under management
• MITT won the competition to acquire MCC, beating its competitor TPT
• The merger is expected to form a trusted leader in mortgage-associated investments with a strong balance sheet
You can read this full article at: https://www.housingwire.com/articles/reit-fight-western-asset-agrees-to-merge-with-ag-mortgage-after-spurning-terra/(subscription required)
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