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We were pretty bullish on TWO lately, but shares rallied into the neutral range. Shares of ORC outperformed to the extent they ended up in our bearish range. Discounts to book value (or NAV) are the start of your mortgage REIT analysis, but not the end. In this series weȁ...

NRZ-A has two sister shares, NRZ-B and NRZ-C. These shares should be viewed as interchangeable. The problem is not that NRZ-A is fundamentally unattractive. The shares have a stripped yield of 8.32%, a discount to call value, and a floating yield on price of 6.67%. Investors in NR...

NYMTN is put together a huge rally over the last 10 days. Shares rallied from a solid buy rating up into the neutral range. Despite being in the neutral range, they still offer investors quite a bit of upside. They just don’t offer quite as much as NYMTM. Investors can pick...

TWO-C was in our buy range quite recently, but not anymore. The shares can be appealing to investors because they offer a respectable stripped yield, a discount to call value, and have some call protection on the calendar. Those are all attractive traits, but the recent performanc...

ARR got way too cheap during the pandemic, but the sale is over. Share prices look pretty fair. Neutral outlook on ARR and a few others tossed in. Investors may love the monthly dividend, but they’ve often misunderstood the REIT. We haven’t. We’ve nailed ratings o...

U.S. equity markets surged by the most since April on an election week rally fueled by the mounting prospects of a divided government after the "Blue Wave" failed to materialize. Rebounding from their worst week since March, the S&P 500 surged by 7.2% this past week while the Dow ...

Flying under-the-radar during Election season, a frenzy of real estate earnings reports over the last three weeks have provided critical information on the state of the commercial real estate sector. Roughly two-thirds of the 170 equity REITs in our coverage universe beat consensus FF...

PMT and NRZ are both in our bullish range and in our portfolio. These REITs don’t just service mortgages, they also originate mortgages. As you may have heard, mortgage origination is a great business today. Discounts to book value (or NAV) are the start of your mortgage RE...

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 mortg...

Risk is still high, but we’ve got quality mortgage REITs at substantial discount to book value. We don’t advocate going “all in,” but investors should be building positions. NLY, PMT and NYMT each demonstrate a substantial discount to book value. Each has o...