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CHMI - The Worst Is Over For Agency mREITs Thanks To The Fed's Unlimited QE
Cherry Hill Mortgage Investment Corporation
mREITs have had a rough couple of months. Despite the sharp recent rally, most stocks in the sector are down around 50% from their February highs. I believe that this sharp drop has opened up a buy opportunity, especially in agency-focused mREITs.
Agency mREITs can be essentially thought of as levered bond funds: they buy agency mortgage-backed securities ((MBS)) funded mostly through short-term borrowing in the repo market, and earn the spread between the yield on the MBS and cost of repo borrowings. Their portfolios are usually levered 5 to 10 times to juice up