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AIC - AIC: Decreasing Risk With Increasing Yield For This 9.4%-Yielding Bond
Arlington Asset Investment Corp 6.750% Notes due 2025
2023-04-17 08:00:00 ET
Summary
Mortgage REIT AAIC recently put out its Q4 numbers, and we take the opportunity to review them.
The company has had an impressive book value track record since the end of 2020 due to its conservative stance and opportunistic SFR investment.
With the sale of its SFR portfolio and nearly complete hedging of the Agency book, the company is running an extremely low-risk portfolio, making its senior securities very attractive.
We recently rotated from the preferreds to the AIC baby bonds.