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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...
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...
Mortgage REIT preferred shares offer big dividend yields and some offer steady payouts. The preferred shares from AGNC carry some of the lowest risks and AGNCP has been attractively priced. We took the opportunity to significantly increase our position in AGNCP at $23.70 on 3/15/2...
NYMT has updated its Q4 figures which gives us a chance to review its risk profile from the perspective of preferreds holders. NYMT ran into trouble in Q1 of last year, failing to meet margin calls though its book value drop was relatively contained and it dipped into illiquidity only...
The mortgage REIT sector began the year with big discounts to book value. Since then, it has delivered big returns. If you've read even a few of our articles on mortgage REITs, you're surely familiar with the price-to-book ratios. Investors who didn't buy mortgage REITs in April 2...
The mortgage REIT sector has been on fire lately. It gave us some huge gains in late 2020 and more huge gains in early 2021. As investors shift into "value" stocks, we've seen a dramatic increase in price with price-to-book ratios increasing substantially in the sector. With these...
During February, we placed a handful of trades in the mortgage REIT preferred shares. We recently picked up shares of ARR-C and NRZ-B. We'll highlight the index cards and commentary on those positions. In February we also closed out positions in NYMTP, TWO-E (which was called) and...
We trade our mortgage REIT positions based on shifting price-to-book ratios. It’s a great technique. It’s like counting cards, except we get to use machines, and some people think they sat down to play "Go Fish." We will share one of our recent adjustments in our por...
New York Mortgage Trust, Inc. (NYMT) Q4 2020 Earnings Conference Call February 25, 2021, 09:00 AM ET Company Participants Steve Mumma - Chairman and CEO Jason Serrano - President Kristine Nario - CFO Conference Call Participants Bose George - KBW Eric Hagen - BTIG Christopher Nolan - Ladenbur...
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...
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New York Mortgage Trust Inc. 7.875% Series C Cumulative Redeemable Preferred Stock Company Name:
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