Seeking Alpha

Tucker Leppa

 
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  • Orchid Island Capital: A Deep Look Part I
       • Mon, May. 19 BMNM, ORC 29 Comments

    Summary

    • Orchid Island is a REIT managed by the co-founder of Bimini CEO since 2008.
    • Orchid Island was a wholly owned subsidiary of Bimini, and went public in 2013.
    • Bimini is a REIT founded in 2003, listed on the NYSE in 2004, and now trades OCTBB.
    • If you would have invested in Bimini's IPO (with reinvested dividends) you would currently have losses of 99%.
    • Bimini has been mixed up in litigation dating back to 2007, and still has a case ongoing, which could impact Orchid Island's performance.
  • Orchid Island Capital: A Deep Look Part II
    Mon, May. 19 BMNM, ORC 38 Comments

    Summary

    • The management agreement is typical of externally managed mREITs.
    • The 2012 Equity plan is a compensation plan put in place before the company went public.
    • The recent public offerings put the company above $100 million in stockholders’ equity, increasing expenses per the management agreement.
    • Higher equity also means higher management fees.
    • Orchid Island is currently overvalued trading at a premium to book with an expected increase in expenses later in the year.
  • CYS Investments Still Has The Best Upside Potential
    Fri, May. 9 ANH, NLY, AGNC 26 Comments

    Summary

    • CYS Investments remains the highest dividend paying company in the industry; paying nearly 15% in dividends annually.
    • CYS was on another level in the first quarter, posting the best economic returns.
    • CYS remains undervalued, trading at 90% of book.
    • CYS reduced leverage, but still had an interest rate spread net of hedge, including drop income of 1.89%.
  • Avoid These 2 High-Yield Mortgage REITs
    Wed, May. 7 MORL, MORT, REM 122 Comments

    Summary

    • In each of the past five quarters, WMC has seen a reduction in book value.
    • The offering of common stock was priced ~$14.75 net expenses.
    • The recent public offering was more than half of the previously reported total outstanding shares.
    • ARMOUR has authorized the repurchasing of stock, and didn't exercise it before.
    • Over the last four years, ARMOUR has cut its dividend by over 50%.
  • American Capital Agency: Conference Call Turned Circus Act
    Fri, Feb. 7 ANH, ARR, CMO 148 Comments
  • CYS Investments Has The Best Upside Potential
    Thu, Jan. 23 CYS 22 Comments
  • Possible Trade Created By Public Offering
    Wed, Jan. 8 NYMT 20 Comments
  • A Look Back At 2013, Issuing Common Stock The Wrong Way
    Wed, Jan. 8 AGNC, AMTG, ARR 21 Comments
  • Look For An Exit, Apollo Residential Mortgage, Inc.
    Dec. 27, 2013 REM, REZ, RTL 12 Comments
  • Why Investors Should Abandon Ares Commercial Real Estate
    Dec. 26, 2013 IYR, VNQ, DRN 10 Comments
  • Buy PennyMac Mortgage Investment Trust
    Dec. 24, 2013 PMT 14 Comments
  • Sell Apollo Commercial Real Estate Finance, Inc.
    Dec. 22, 2013 ARI 19 Comments
  • Add Arbor Realty Trust To Your Portfolio
    Dec. 20, 2013 ABR 10 Comments
  • Wait On Cherry Hill Mortgage Investment
    Dec. 20, 2013 CHMI 4 Comments
  • Add ZAIS Financial To Your Portfolio
    Dec. 19, 2013 ZFC 12 Comments
  • PennyMac Will Reward Your Portfolio With Great Returns
    Feb. 27, 2013 PMT, NLY, AGNC 15 Comments
  • Two Harbors Is Likely To Cut Its 2013 Dividend
    Feb. 19, 2013 AGNC, AMTG, ARR 52 Comments