AIC News and Press, Arlington Asset Investment Corp 6.750% Notes due 2025 From 04/27/21

The stock market today doesn’t have as many bargains. Plenty of amateurs may be hunting for high yields. What do they like besides dividends? Hopefully, some rhymes. It's an opportunity to get educated about mortgage REITs, share issuance, and the impact of interest rates. ...

I am projecting AGNC will report a combined notable unrealized loss on available-for-sale securities and investment securities measured at FMV for the first quarter of 2021 (MBS investments). Lower coupon generic 15- and 30-year fixed-rate agency MBS coupons had notable price decrease...

The market is getting more expensive. There’s no way around it. Investors should be cautious, but most are apathetic. There are still a few mortgage REITs trading at favorable discounts with some upside built in. There aren't many, so buying blindly is an exceptionally poor pla...

This series projects AGNC’s income statement for the first quarter of 2021. These projections help readers understand how some of the fixed-rate agency mREIT sector performed (valuable insight). I am projecting AGNC will report a notable increase in net spread income for the fi...

Some mortgage REITs are still attractive, but several are not. We recently warned investors about one of the less attractive deals, down more than 11%. This lesson illustrates the importance of price-to-book ratios, which is a topic we continue drilling into investors. Investors d...

The rally in the mortgage REIT was incredible. It lived up to everything we projected and then delivered a little bit more on top. AGNC delivered 39% in 10 months. With such a large rally in the sector, and in the market overall, there are fewer opportunities. Investors should be will...

This article compares NLY’s recent dividend per share rates, yield percentages, and several dividend sustainability metrics to nineteen mREIT peers. This includes an analysis of NLY’s quarterly estimated REIT taxable income, estimated core earnings, and normalized core e...

NLY and NRZ rallied and reached the neutral ranges. If shares dipped without a decline in fundamentals, they could be appealing again. The emphasis in analysis of mortgage REITs should rely on book value more than the shape of the yield curve. Investors cannot reasonably forecast ...

We’ve loaded up on mortgage REIT preferred shares. As the common shares kept pushing higher, lower risk gets appealing. The preferred shares are higher in the capital stack than the common shares, which enabled them to bounce back after the pandemic panic. We’ve been...

Part 1 of this article compares NLY’s recent investment composition, leverage, hedging coverage ratio, quarterly BV, economic return, and current valuation to nineteen mREIT peers. Providing sector-wide metrics allows readers to better understand which mREIT companies will like...