- MITT gets an upgrade to a neutral outlook. Shares are down about 26.5% from their highs despite fundamentals performing reasonably well.
- Agency mortgage REITs have consistently reported declines in book value. The range of the decline differs significantly, but so far all were lower. This matches our forecast.
- BDCs have been enjoying a better earnings season with book values increasing quarter-over-quarter. Again, this matches forecasts.
- CMO-E is undergoing a merger. New asset type is generally riskier, but there is more common equity for coverage and the shares shouldn't be called during the merger.
- WMC delivered the largest dip in book value per share among the REITs we're covering. Can we call that a dip? A drop? A plunge?
For further details see:
Prices Down, Ratings Up: Mortgage REIT Updates