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NEWT announced they are planning to buy a bank and stop being a BDC. Shares down 27.5% on the DAY as of 3PM Eastern. We couldn’t predict NEWT would announce this deal, but we could and did predict that paying an absolutely massive premium to book value was a mistake. Lookin...
U.S. equity markets were mixed this week as disappointing "big tech" earnings and concerns over controversial COVID vaccine and mask mandates were offset by historically strong earnings results from domestic-focused companies. Retreating from the record-highs set last week, ...
When it comes to mortgage REITs, investors need to pick their dips carefully. It isn’t as simple as a lower price indicating higher yields. That’s a mistake many new investors make. A few nice opportunities have been developing lately. We will highlight a few that ca...
We're now at the halfway point of another newsworthy real estate earnings season. Results have so far been as impressive as any REIT earnings season in recent memory. Roughly 95% of REITs have topped consensus earnings estimates, and of the 44 REITs that provide full-year funds from o...
U.S. equity markets rebounded from an early-week dive as investors shrugged-off COVID concerns following a historically strong start to corporate earnings season and better-than-expected housing market data. "American Exceptionalism" was the theme as COVID concerns across internationa...
Best of Times and Worst of Times: Mortgage REITs endured punishing declines during the pandemic, but have nearly tripled from their lows and are back within shouting distance of pre-pandemic highs. The wave of dividend cuts has given way to a frenzy of increases this year as 20 m...
We’re getting a dip in the mortgage REIT sector. We saw a quick one that was corrected recently, but this one moved quite a bit lower. The sector was expensive prior to the start of the dip, so some weakness isn’t surprising. This is an opportunity to start building posi...
U.S. equity markets retreated from record highs this past week, pressured by renewed COVID concerns and hotter-than-expected inflation data showing the fastest rise in consumer and producer prices in decades. The S&P 500 declined by 1.0% on the week while Mid-Caps and Small-Caps s...
Occasionally we see a sector rotation where prices dip rapidly with no basis in fundamentals. When that happens, we see an opportunity to build new positions. We had one of those opportunities very recently. During the flash sale on Thursday, we picked up some DX. This is an examp...
U.S. equity markets were mixed on a volatile holiday-shortened trading week as renewed concerns over the spread of COVID variants and downbeat economic data pulled global sovereign yields to five-month lows. Climbing for the third-straight week and closing at record highs, t...
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