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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 t...
Buying preferred shares isn't hard. It's a great technique to find some attractive risk-adjusted returns though. Many investors don't get the trick to it. You want to buy before the price goes up. That way you can be in a positive unrealized total return. If you entered correctly,...
REITs often issue new shares to grow. The impact to existing shareholders depends on the valuation management can get for issuing shares. When DX recently issued shares, it was a textbook example of reading the environment. New issuance should be common for the mortgage REITs trad...
Our largest position in the common shares of a mortgage REIT right now is CMO. We’re bullish on CMO and see the potential for shares to rally as they currently trade at an unusually large discount to book value. We’ve discussed CMO with readers before and we’v...
On 1/25/2021, AGNC reported results for the fourth quarter of 2020. AGNC reported comprehensive income of $660 million and a non-tangible BV as of 12/31/2020 of $17.69 per common share. In this article, I will discuss my previous account projections versus actual results. I will also ...
As predicted, IVR issues new shares. You can’t be surprised, we told you on 1/26/2021 that IVR should be looking to issue shares. Shares of IVR just closed at $4.01, which is about equal to management’s stated BV range for 1/31/2021 of $4.00 to $4.10. We remain beari...
Today we're focusing in on preferred share opportunities. Specifically, we like CMO-E, CIM-A, TWO-D, and TWO-E among the fixed-rate opportunities. Each offers a solid yield and still has a modest discount to call value. In this series, we’re providing readers with discounts...
Several good options are still available in mortgage REIT preferred shares. The preferred shares from NYMT are a great example. We see attractive valuations, though some are a bit more attractive than others. There are two fixed-rate options: NYMTO and NYMTP. There also are two Fi...
Some mortgage REITs are trading at significant premiums to book value per share. When that happens, issuing new shares is wise. One mortgage REIT already took advantage of favorable pricing to issue new shares. That’s intelligent and expected. IVR and MITT should be looking...
I'm projecting AGNC will report a combined modest unrealized loss on available-for-sale securities and investment securities measured at FMV for the fourth quarter of 2020. Most generic 15-year and 30-year fixed-rate agency MBS coupons had minor-modest price fluctuations during the qu...
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