- We’re focusing on the two big REITs today, talking about our bullish outlooks on American Capital Agency Corp. and Annaly Capital Management.
- Besides being big, they both have big discounts to NAV, internal management, and lower-than-average recurring operating expenses.
- 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 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:
Big, Cheap Mortgage REITs