Two post-earnings mREIT downgrades

• Ladenburg Thalman becomes the latest to throw in the towel on the habitually underperforming Armour Residential (ARR -0.3%), with a downgrade to Neutral from Buy.
• Meanwhile, Wells Fargo cuts Chimera Investment (CIM -1.1%) to Underperform from Neutral. The company reported pleasing Q1 results, but trades at less than a 3% discount to book value - pretty pricey in mREIT-land these days.