AAIC - We Bought One Of The Worst Mortgage REITs

• We just purchased shares in one of the worst performing mortgage REITs, and we’re excited to share that news.
• The discount to book value is staggering and is particularly rare among the residential mortgage REITs.
• Discounts to book value (or NAV) are the start of your mortgage REIT analysis, but not the end.
• In this series we’re providing readers with the discounts to trailingbook values throughout the sector and a few notes on the current environment.
• When we provide an index card for an individual mortgage REIT, itincludes our most recent estimate on book values.

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