AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) announced today the tax treatment of 2021 common and preferred stock dividends paid to stockholders. This information is provided to assist stockholders with tax reporting requirements related to dividends of taxable income by the Company.
Stockholders should review the 2021 tax statements and/or Form 1099-DIV received from their brokerage firms or other institutions to ensure those statements agree with the information provided below. Also, as each stockholder’s tax situation may be different, stockholders are encouraged to consult with their professional tax advisor with respect to their individual tax reporting positions regarding the Company’s dividends.
Common Stock
As a result of the Company’s one-for-three reverse stock split (the “Reverse Split”) completed following the close of business on July 22, 2021, during 2021, the Company’s common stock was listed under two CUSIPs as follows:
(1) CUSIP #001228105, effective from January 1, 2021 through July 22, 2021, and
(2) CUSIP #001228501, effective from July 23, 2021 to present.
The Company's distributions per share on its common stock are to be classified for income tax purposes as detailed in the below table. The Company’s common stock dividend paid on January 29, 2021 to holders of record on December 31, 2020 will be treated as a 2021 distribution for tax purposes and the common stock dividend paid on January 31, 2022 to holders of record on December 31, 2021 will be treated as a 2022 distribution for tax purposes.
The information in the table below for the dividends paid during the period from January 2021 through July 2021 reflects the dividend amounts as declared, and has not been adjusted for the Reverse Split.
Record
|
Payable
|
2021 Distribution
|
2021 Ordinary
|
2021 Qualified
|
2021 Return
|
2021 Capital
|
Section 199A
|
||||||
CUSIP #001228105 (2) |
|||||||||||||
12/31/2020 |
1/29/2021 |
$ |
0.03 |
$ |
0.00 |
$ |
0.00 |
$ |
0.03 |
$ |
0.00 |
$ |
0.00 |
4/1/2021 |
4/30/2021 |
$ |
0.06 |
$ |
0.00 |
$ |
0.00 |
$ |
0.06 |
$ |
0.00 |
$ |
0.00 |
6/30/2021 |
7/30/2021 |
$ |
0.07 |
$ |
0.00 |
$ |
0.00 |
$ |
0.07 |
$ |
0.00 |
$ |
0.00 |
CUSIP #001228501 |
|||||||||||||
9/30/2021 |
10/29/2021 |
$ |
0.21 |
$ |
0.00 |
$ |
0.00 |
$ |
0.21 |
$ |
0.00 |
$ |
0.00 |
(1) |
Qualified Dividends and Section 199A Dividends are a subset of, and included in, the Ordinary Dividends amount. |
|
(2) |
Dividends paid on January 29, 2021, April 30, 2021, and July 30, 2021 above were not adjusted for the Reverse Split. As adjusted for the Reverse Split, dividends paid on January 29, 2021, April 30, 2021, and July 30, 2021 were $0.09, $0.18, and $0.21 per share, respectively. |
Preferred Stock
The Company’s dividends per share on its Series A 8.25% Cumulative Redeemable Preferred Stock (CUSIP #001228204) are to be classified for income tax purposes as follows:
Record
|
Payable
|
2021 Distribution
|
2021 Ordinary
|
2021 Qualified
|
2021 Return
|
2021 Capital
|
Section 199A
|
||||||
2/26/2021 |
3/17/2021 |
$ |
0.51563 |
$ |
0.14626 |
$ |
0.00 |
$ |
0.36937 |
$ |
0.00 |
$ |
0.14626 |
5/28/2021 |
6/17/2021 |
$ |
0.51563 |
$ |
0.14626 |
$ |
0.00 |
$ |
0.36937 |
$ |
0.00 |
$ |
0.14626 |
8/31/2021 |
9/17/2021 |
$ |
0.51563 |
$ |
0.14626 |
$ |
0.00 |
$ |
0.36937 |
$ |
0.00 |
$ |
0.14626 |
11/30/2021 |
12/17/2021 |
$ |
0.51563 |
$ |
0.14626 |
$ |
0.00 |
$ |
0.36937 |
$ |
0.00 |
$ |
0.14626 |
Totals |
$ |
2.06252 |
$ |
0.58504 |
$ |
0.00 |
$ |
1.47748 |
$ |
0.00 |
$ |
0.58504 |
|
(1) |
Qualified Dividends and Section 199A Dividends are a subset of, and included in, the Ordinary Dividends amount. |
The Company’s dividends per share on its Series B 8.00% Cumulative Redeemable Preferred Stock (CUSIP #001228303) are to be classified for income tax purposes as follows:
Record
|
Payable
|
2021 Distribution
|
2021 Ordinary
|
2021 Qualified
|
2021 Return
|
2021 Capital
|
Section 199A
|
||||||
2/26/2021 |
3/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
5/28/2021 |
6/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
8/31/2021 |
9/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
11/30/2021 |
12/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
Totals |
$ |
2.00 |
$ |
0.56 |
$ |
0.00 |
$ |
1.44 |
$ |
0.00 |
$ |
0.56 |
|
(1) |
Qualified Dividends and Section 199A Dividends are a subset of, and included in, the Ordinary Dividends amount. |
The Company’s dividends per share on its Series C 8.000% Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (CUSIP #001228402) are to be classified for income tax purposes as follows:
Record
|
Payable
|
2021 Distribution
|
2021 Ordinary
|
2021 Qualified
|
2021 Return
|
2021 Capital
|
Section 199A
|
||||||
2/26/2021 |
3/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
5/28/2021 |
6/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
8/31/2021 |
9/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
11/30/2021 |
12/17/2021 |
$ |
0.50 |
$ |
0.14 |
$ |
0.00 |
$ |
0.36 |
$ |
0.00 |
$ |
0.14 |
Totals |
$ |
2.00 |
$ |
0.56 |
$ |
0.00 |
$ |
1.44 |
$ |
0.00 |
$ |
0.56 |
|
(1) |
Qualified Dividends and Section 199A Dividends are a subset of, and included in, the Ordinary Dividends amount. |
The information provided in this press release is provided for informational purposes only and does not constitute tax advice. Stockholders are urged to consult their own tax advisors regarding the particular consequences of the distributions to them, including the applicability and effect of U.S. federal, state, local and foreign tax laws.
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a mortgage real estate investment trust that opportunistically invests in a diversified risk-adjusted portfolio of Residential Investments and Agency RMBS. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies.
Additional information can be found on the Company’s website at www.agmit.com.
About Angelo Gordon
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $48 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 550 employees, including more than 200 investment professionals, and is headquartered in New York, with offices in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
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Contacts
AG Mortgage Investment Trust, Inc.
Investor Relations
212-692-2110
ir@agmit.com
