AIW News and Press, Arlington Asset Investment Corp 6.625% Notes due 2023 From 04/22/21

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...

We take a look whether the mREIT preferred sector has further upside in aggregate or across individual stocks. A number of factors point to further gains as the sector remains attractively valued for its underlying risk. As far as individual opportunities, we continue to like AAIC...

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...

In addition to asset classes and sectors, income investors can also allocate along the capital structure dimension of many individual issuers. In many instances, preferred shares can offer not only lower volatility and greater distribution certainty but also competitive yields and sup...

Investors are thrilled about the steeper yield curve. A steeper yield curve is generally positive for mortgage REITs, and the impact to fundamentals is smaller than many investors may think. When the yield curve was flat and mortgage REITs traded at huge discounts to book, many in...