Real estate investment trust AG Mortgage (NYSE:MITT) has announced plans to pay a dividend of $0.60 this quarter.

The new payout is a 25% drop from last quarter's payout of $0.80 per share, which the company had paid since January 2013. AG Mortgage's latest quarterly dividend will be payable on Oct. 28 to shareholders of record as of Sept. 19. The company has paid a dividend since September 2011.

On an annualized basis, AG Mortgage's dividend adds up to $2.40 per share of common stock. The REIT's stock price was $17.36 as of the market's close on Sept. 9, which means the company's current dividend yields 13.8%.