Seeking Alpha

Kain's co-CIO departs American Capital Mortgage

Gary Kain's co-chief investment officer at American Capital Mortgage (MTGE) - Jeff Winkler - has resigned from the company, effective yesterday.

The entire mREIT (REM) industry has struggled this year, particularly MTGE and cousin American Capital Agency (AGNC), which - for the moment - have given up the management premiums they used to enjoy.

SEC Form 8-K

Comments (11)
  • Regarded Solutions
    , contributor
    Comments (20163) | Send Message
    Well well, what have we here?
    14 Nov 2013, 08:38 AM Reply Like
  • stevewojo
    , contributor
    Comments (224) | Send Message
    @RS, did you personally ask for his resignation? Just kiddin'
    14 Nov 2013, 08:51 AM Reply Like
  • William Packer
    , contributor
    Comments (836) | Send Message
    ok, this is odd.
    14 Nov 2013, 09:12 AM Reply Like
  • newsagg
    , contributor
    Comments (22) | Send Message
    whats really strange is the stock reacting positive and no mention on of the resignation -AGNC
    14 Nov 2013, 09:53 AM Reply Like
  • Positive Concavity
    , contributor
    Comments (183) | Send Message
    Jeff headed up non-agency investments at MTGE. This doesn't really impact AGNC or the agency investments at MTGE. I guess I wouldn't worry unless you were investing in MTGE for their growth in non-agency mortgages.
    14 Nov 2013, 02:41 PM Reply Like
  • hrener
    , contributor
    Comments (12) | Send Message
    This is big boy business. Someone must take the fall for the extreme underperformance. It will be interesting if this translates into some type of mea culpa from Kain. Unfortunately we are still looking at a significant dividend reduction now and the next quarter.
    14 Nov 2013, 09:58 AM Reply Like
  • northhills24
    , contributor
    Comments (1708) | Send Message
    see above. "SEC Form 8-K"
    14 Nov 2013, 11:12 AM Reply Like
  • sonomajer
    , contributor
    Comment (1) | Send Message
    Still beating dividends in the overall market by far.
    14 Nov 2013, 11:46 AM Reply Like
  • cleehart
    , contributor
    Comments (8) | Send Message
    Look on the bright side, the stock is up today and has been going up for the past few days. I'm hoping the resignation of Jeff Winkler is a good thing and so far it looks as though it is! Only time will tell.
    14 Nov 2013, 11:49 AM Reply Like
  • captain997
    , contributor
    Comments (10) | Send Message
    What's strange is the timing. Coming on the same day as the presentation at Merrill's banking and financial services conference.
    14 Nov 2013, 05:21 PM Reply Like
  • Alvars
    , contributor
    Comments (19) | Send Message
    Isn't MTGE externally managed? The 8-K only states he resigned from MTGE, but not from the manager. Maybe that's a distinction without a difference, but it also might mean the announcement isn't all that important.
    15 Nov 2013, 11:09 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs