Annaly's (NLY -4.2%) play for CreXus (CXS -0.3%) is the start of a shift of assets away from the Agency MBS sector, says Citi, which wouldn't be surprised to see another bidder emerge (CXS turned down a $14 bid by Starwood in 2011). With a $130B MBS portfolio, Annaly's needle won't be moved a whole lot by CreXus' $840M in assets. For commercial REITs, Citi's favorite is STWD, in the non-Agency space, it's PennyMac (PMT).
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