AAIC - One Of These Mortgage REITs Is Still 40% Under Book Value

• Investors starting on the sector should begin by learning about some of the simpler mortgage REITs. Ones focused on agency MBS are usually simpler.
• We’ll bring out a high-risk pick with substantial upside today. GPMT is a commercial REIT with a price-to-estimated-book below .60. That’s a big discount, even after a large rally recently.
• In this series we’re providing readers with the discounts to trailing book values throughout the sector and a few notes on the current environment.
• When we provide an index card for an individual mortgage REIT, it includes our most recent estimate on book values.

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