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  • Western Asset Mortgage's BV, Dividend, Risk, And Valuation To Several mREIT Peers - Part 1 [View article]
    Great article! One of the best looks at NYMT I've seen. Long NYMT, WMC. Thank you for your hard work!
    Jun 11, 2015. 05:06 PM | 9 Likes Like |Link to Comment
  • New Residential -4.3% after pricing secondary [View news story]
    whoops! bought yesterday. I have a knack for that sort of thing.
    Jun 10, 2015. 09:41 AM | 6 Likes Like |Link to Comment
  • Rough session for mortgage REITs as yields crank higher [View news story]
    It is a good thing, it just has to overcome book value losses from MBS values going lower, and general trends toward abandoning higher yielding assets for less riskier assets as long term rates rise. When rates rise fast, mREITs tend to do worse. Slow rise is better. This rise has been more on the fast side of things.
    Jun 5, 2015. 06:44 PM | 8 Likes Like |Link to Comment
  • W. P. Carey Inc. launches $400M ATM offering [View news story]
    not only is it a 52 week low, but the upcoming dividend will have to be paid on the new shares as well.
    Jun 3, 2015. 06:28 PM | Likes Like |Link to Comment
  • W. P. Carey Inc. launches $400M ATM offering [View news story]
    52 week low secondary. Looks like it will be 52 week low tomorrow too. Long and patient WPC.
    Jun 3, 2015. 06:14 PM | Likes Like |Link to Comment
  • W. P. Carey Inc. Announces "At-The-Market" Offering Program [View article]
    What timing! At a 52 week low. I bought today.
    Jun 3, 2015. 05:07 PM | Likes Like |Link to Comment
  • Western Asset Mortgage Capital Corporation And Rising Interest Rates [View article]
    Im hoping if the FED does raise rates, its only a small, token amount. It will be hard for long term rates to rise if the foreign rates don't go up. If and when the FED starts to let its treasury and MBS holdings run off without repurchasing, that may send long rates higher.
    Jun 1, 2015. 06:01 PM | 1 Like Like |Link to Comment
  • When Will Annaly Capital Management Change Its Ways? [View article]
    I think compensation based on a percentage of dividends paid + book value change is a great way to incentivize management to be in line with shareholders. I value mREITs based on these metrics, companies already frequently report them, and it grows with market cap (only if they do accretive secondaries). It might incentivize them to do share buybacks if they can grow book value and pay more dividends.
    May 7, 2015. 07:30 PM | 2 Likes Like |Link to Comment
  • Apollo Residential Mortgage Should Have Everyone's Attention [View article]
    I sold AMTG back in Sept 2013 when they cut their dividend from .70 to .40 and moved it into WMC, which has done slightly better than AMTG since then. It is a tough call for putting AMTG in best of breed status. They have been doing well, but they certainly didn't hold it together in the spring/summer of 2013. Then again, no company did but NYMT. I see AMTG as about equal with MITT.
    May 7, 2015. 05:50 PM | Likes Like |Link to Comment
  • New York Mortgage Trust: They Can't All Be Winners [View article]
    Thanks for the article, I too am staying long and may be looking to pick up more shares as the yield finally passed 14% this morning. There was one thing from the earnings press release that caught my eye that Ill mention:
    "In recent quarters, the Company has increased its capital allocation to distressed residential loans, as management believes that the current risk-adjusted returns on these assets are more attractive than the current risk-adjusted returns on its other targeted assets. As the Company continues to expand its distressed residential loan portfolio, it expects the net portfolio interest margin to trend downward, with the impact of lower net margin being partially offset by a slight increase in leverage."
    Just something to keep on the radar, look out for lower NIM and higher leverage. It may not effect earnings as they like to sell these for profit.
    May 6, 2015. 10:15 AM | 1 Like Like |Link to Comment
  • New York Mortgage Trust misses by $0.05 [View news story]
    I liked Steven Mummas explanation that its sales of distressed loans don't always coincide with quarterly cut-off dates because they are trying to get the best pricing. I calculate that even with only earning .21 in Q1 and paying a .27 dividend, they still have .31 a share extra earnings from the past year to pay future dividends with. As Steven Mumma said "management focuses on earnings generation over a twelve month period" and this last 12 month period has still been phenomenal even with an earnings miss in Q1. Wish it would have been a better quarter, but book value is still up from a year ago and full-year earnings more than cover the dividends. Staying long NYMT.
    May 5, 2015. 05:09 PM | 7 Likes Like |Link to Comment
  • These HealthCare REITs Are Ready For Buying After Up To A 20% Pullback [View article]
    I recently added to OHI @36.35. Long VTR, HCP and OHI and hoping to hold for decades and DRIP. Looking to add into WPC or OHI if they go down further.
    May 1, 2015. 12:29 PM | 2 Likes Like |Link to Comment
  • MORL March Dividend To Bring Yield To 24%, Yellen Holds The Key To The Future [View article]
    @ seatleview - would also be nice to see how this big month dividend capture strategy fares if you use the collected dividends to reinvest using this strategy vs a buy, hold, and DRIP plan. Those small months might add up over time in MORL.
    Apr 26, 2015. 06:18 PM | 1 Like Like |Link to Comment
  • MORL March Dividend To Bring Yield To 24%, Yellen Holds The Key To The Future [View article]
    @ seattleview - so far it seems to be a non-random phenomenon. You buy the first Friday of the big month dividend after the jobs number comes out (or the Thursday before the job number if the jobs number comes on a Friday the stock market is not open), and then you sell after the dividend is paid on the next Friday that comes along, which is before the FED meeting that happens the next week. Reasons it works are perhaps how people trade mREITs around their ex dividend days and how calm the interest rates tend to be in that time period after the jobs number and before the FED meeting.
    @ Darren - The bid/ask spread is important, thanks for mentioning it. The new platform Robinhood has free trades and does give you a tax form, although I haven't seen how good or accurate they are. They do use the same clearing house as Tradeking (Apex) which I do have experience with and although it has been slow to give you the final corrected tax form (end of march the last few years), at least its been accurate. I haven't used this strategy yet, but historically it would have been better than my buy and hold strategy on MORL. Missing the 2013 share price drop would have been awesome.
    Apr 26, 2015. 06:11 PM | 1 Like Like |Link to Comment
  • ETN Showdown: Is MORL Overvalued? [View article]
    discount to book seems to be mostly a factor of how the market thinks this stock will be affected by a rate rise. From your analysis, it seems that if MORL is trading at book value, the market thinks a rate rise will be about neutral for MORL. Only by digging into each stocks holdings can you find out if this generalization is true, but it gives me more confidence MORL wont be as damaged by a rate rise as most assume.
    Apr 25, 2015. 05:35 PM | 2 Likes Like |Link to Comment
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