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Tuesday, Feb 12
Increasing book value in Q4 while most other agency REITs declined, American Capital Mortgage...
Increasing book value in Q4 while most other agency REITs declined, American Capital Mortgage (MTGE) CIO Gary Kain says it was all about great performance in its non-agency holdings. But, ask an earnings caller (transcript), only 10% of assets were in non-agencies. Don't forget capital allocation, says Kain - 30% of the firm's capital was in the non-agency sector. It's a number sure to come down in Q1 as Kain says the better opportunities now are in agency MBS.