- Pricing between the different series of NLY preferred shares is absurd. NLY-G values are much too close to NLY-F and NLY-I.
- Investors in NLY-G can get a dramatically better risk-adjusted rate of return by swapping to NLY-F or NLY-I.
- The payback period on the upgrade is less than two years. From there on, NLY-I is consistently superior to NLY-G.
- 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:
Utter market Failure In Preferred Shares