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MFA - A 14.2% Baby Bond Yielder As Ready Capital Profits From The Pandemic
MFA Financial Inc.
The pandemic has had a devastating impact on sectors, but few have been hit as hard as mortgage REITs. Mortgage REITs such as Invesco Mortgage Capital Inc. (IVR), Exantas Capital Corp. (XAN) and MFA Financial, Inc. (MFA) are still trading at less than a third of their 3/1/2020 valuations. Many mREITs experienced devastating margin calls and huge permanent losses to their net asset value.
Ready Capital Corporation (RC) took a much smaller hit than most of its mREIT peers. RC reported Q1 2020 adjusted book value of