Dane Bowler
Value, hedge fund analyst, REITs, long/short equity

American Capital Agency: Not A Terrible Q1, But The Dividend Is Still Not Sustainable

In this yield-starved environment, many investors have flocked to mREITs for their double-digit dividend yields. Nearly all investors are aware of the concept of dividend sustainability and most would agree that it is a critical concern. However, there is a tremendous amount of misinformation out there in regard to how to determine sustainability. What makes matters worse is that much of this mis-information actually comes from investment professionals, CPAs and even CFAs. At the heart of the confusion is a lack of understanding of what it means to be sustainable. With so many professionals giving conflicting advice, why should you listen to me? Well, if I may be blunt, because I was right.

On March 14th, I wrote an article

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