AG Mortgage Investment Trust Inc. still expects its initial public offering to price at $20 a share, but the company won’t reap nearly as many proceeds as previously projected after slashing the number of shares it offers. The recently formed real estate investment trust managed by Angelo Gordon & Co. will offer 3.8 million shares and raise about $75 million. In April, the REIT filed with the Securities and Exchange Commission, lowering its IPO projections to 12.5 million shares at $20 each for proceeds of nearly $250 million. Those lowered estimates were down from initial plans to offer 20 million shares for $15 each. AG Mortgage Investment Trust expects to bring the deal to market Wednesday, according to multiple sources, and will trade on the New York Stock Exchange under the symbol MITT. Deutsche Bank Securities (DB), Stifel Nicolaus Weisel (SF), and RBC Capital Markets are lead underwriters for the initial public offering. The REIT will use proceeds to acquire mortgage-backed securities, including those  guaranteed by Ginnie Mae and acquired by Freddie Mac and Fannie Mae. Investment bank Keefe, Bruyette & Woods said in early April that many REITs have “reasonably levered balance sheets” and are “poised to increase ownership of U.S. institutional commercial real estate” beyond the sector’s current 11% to 13% stake. “The cost and access to capital pendulum has swung in REITs’ favor, so gaining market share at various levels continues to be a key theme for 2011 and over the next several years,” KBW analysts said this spring. Write to Jason Philyaw.