GAINL - Timing New Share Issuance

• REITs often issue new shares to grow. The impact to existing shareholders depends on the valuation management can get for issuing shares.
• When DX recently issued shares, it was a textbook example of reading the environment.
• New issuance should be common for the mortgage REITs trading around book value, just like buying shares back should be common at large discounts.
• 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.

For further details see: