NorthStar Realty Finance (NYSE:NRF) is an extraordinarily complex company and woefully misunderstood. Much of the market and even some highly respectable data services still believe that NRF is a mortgage REIT despite the fact that it is closer to an equity REIT. Despite incredible cashflow and FFO growth over the past months, it has traded down with the mREITs that are falsely considered to be its peers.
The Buy Thesis
Between growing earnings and a reduced market price, NRF has become quite undervalued. There are numerous fundamental catalysts in place that will facilitate the restoration of NRF to a proper trading multiple.
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