- It's still early, but the general tone of mREIT investor presentations at the JMP Financial Services Conference has the non-agency players touting their exposure to credit risk instead of interest rate risk, and all noting the salutary effect (on book value) of September's decline in interest rates. The Q2 story was book value declines, the Q3 story was dividend cuts. The Q4 story is hoped to be about stability.
- Relevant ETFs: REM, MORT, MORL.
- There remains a full afternoon of presentations.