CreXus Investment Corporation (CXS) - NYSE
CXS is defunct.
  • Sep. 14, 2012, 7:58 AM

    The good times should stay rolling for the mortgage REIT industry, says Barron's, as QE3 will continue to make the business of borrowing short to lend long a good one. Two perhaps less-followed mREITs mentioned are AG Mortgage (MITT) and MFA Financial (MFA). ETFs: MORT, REM. AGNC +0.5%, NLY +0.4% premarket.

    | Sep. 14, 2012, 7:58 AM | 22 Comments
  • Sep. 11, 2012, 12:29 PM

    The success of the mortgage REIT industry (both in garnering AUM and providing shareholder returns) is swell, writes Sober Look, but will end as another chapter in the story of leverage. Borrowing short and lending long, the companies are exposed to rising rates and the chance of financing being cut off - threatening not just shareholders, but U.S. mortgage markets.

    | Sep. 11, 2012, 12:29 PM | 50 Comments
  • Aug. 22, 2012, 11:01 AM

    Last week's big decline in mortgage applications was all about refinancing as the hiccup in interest rates slowed business. The overall decline of 7.9% was led by a 9% drop in the refi index, which fell to its lowest level since early July. Strangely, the mortgage REITs are lit up bright red today. Aren't prepayments a key leg of the bear case against them?

    | Aug. 22, 2012, 11:01 AM | 18 Comments
  • Aug. 1, 2012, 7:42 PM
    CreXus Investment (CXS) declares $0.27/share quarterly dividend, in line with previous. Forward yield 10.28%. (PR)
    | Aug. 1, 2012, 7:42 PM
  • Jul. 30, 2012, 10:54 AM

    Newcastle Investment (NCT +2.9%) regains all and more of its big decline following last Wednesday's secondary offering. The company is the latest in a series (I, II, III, to name a few) of mortgage REITs issuing shares at prices well above book value. The firms take these proceeds and invest them in higher-yielding assets - the result being increased book value.

    | Jul. 30, 2012, 10:54 AM | 1 Comment
  • Jul. 19, 2012, 12:03 PM

    "Our biggest competitor for assets is the Fed," says CYS Investments (CYS) CEO Kevin Grant on the earnings conference call, describing what may be becoming a frothy mREIT sector as yield-starved investors elbow out not only each other, but the central bank.

    | Jul. 19, 2012, 12:03 PM | 22 Comments
  • Jun. 20, 2012, 12:59 PM
    The mortgage REIT sector ticks down on news the Fed is reloading to flatten the yield curve even more. The mREITs make their living off of a steep curve, levering up to borrow short and lend long. Two popular ones:  AGNC -1.1%, NLY flat (but both lower than before the announcement).
    | Jun. 20, 2012, 12:59 PM | 15 Comments
  • May 21, 2012, 11:00 AM
    Mortgage REITs recover, led by a bounce Newcastle  (NCT +3.4%) following its secondary, American Capital (AGNC +2.7%), and Annaly (NLY +1.8%). The sector got "Einhorned" last week when he called it expensive, noting yield-desperate Japanese owned 9% of REITs and were beginning to pull money out.
    | May 21, 2012, 11:00 AM | 1 Comment
  • May 14, 2012, 3:08 PM
    "This one's on you Ben," writes David Schawel, not blaming the Chairman for the JPM failure, but for creating an environment in which investors (including banks) have no alternative but to seek out risk to get returns. Another example: The explosion in AUM at mortgage REITs which use high leverage to generate returns. "These will blow up at some point."
    | May 14, 2012, 3:08 PM | 40 Comments
  • Apr. 30, 2012, 9:51 AM
    Annaly (NLY) CEO Mike Farrell's $35M in pay last year more than doubled the average of the chiefs of the six largest U.S. banks as mortgage REITs continue to attract investor money. The business model - borrow short, lever up, lend long - is criticized by some for posing systemic risk, but the returns (thus far) speak for themselves. Put this chart up against the TBTFs.
    | Apr. 30, 2012, 9:51 AM | 8 Comments
  • Mar. 21, 2012, 8:38 AM

    Specialty finance company Crexus Investment (CXS) -7.4% premarket after declaring a Q1 common stock cash dividend of $0.27/share, down from a prior $0.35. (PR)

    | Mar. 21, 2012, 8:38 AM
  • Oct. 24, 2011, 4:49 PM

    The President's HARP II - supposedly an improvement on the failed HARP - is a whole lot of nothing, writes Felix Salmon. A check of the FHFA press release reveals the agency itself isn't terribly optimistic about the results, and is talking about a doubling in HARP refinances by the end of 2013. That's 2 years from now! No wonder the mortgage REITs rallied today.

    | Oct. 24, 2011, 4:49 PM
  • Oct. 8, 2011, 7:58 PM
    "Not something we are overly concerned about," says Annaly (NLY) CEO Mike Farrell of an SEC inquiry into whether mortgage REITs can continue to use leverage and still retain their favorable tax status. MREIT shares have sold off recently - at least in part due to the SEC review - pushing already double-digit yields even higher. A list of the larger ones.
    | Oct. 8, 2011, 7:58 PM | 5 Comments
  • Oct. 6, 2011, 3:00 PM
    Tim Geithner tells the Senate Banking Committee he expects a detailed plan on the administration's oft-rumored mass refinance idea within weeks. Mortgage REITs - NLY, CIM, HTS - have gotten beaten down recently, at least partly on fears they could be left holding cash instead of higher yielding MBS should a wave of refis take place.
    | Oct. 6, 2011, 3:00 PM | 2 Comments
  • Sep. 21, 2011, 9:53 AM

    CreXus (CXS) knocks out a 4.5% gain on the open after the firm declares a $0.30 dividend to shareholders, pushing up the yield on the REIT to an eye-catching 13.5%.

    | Sep. 21, 2011, 9:53 AM
  • Mar. 29, 2011, 9:00 AM

    Premarket gainers: GFRE +9%. SHZ +7%. CBEH +7%. VICL +6%. NCP +4%. PVH +3%. WACLY +3%. AVL +3%. NSTC +3%. LULU +3%.
    Losers: ANAD -15%. FCH -9%. APOL -9%. CTIC -9%. HTZ -6%. AHGP -5%. CXS -4%. ETP -3%. COCO -3%. BP -3%.

    | Mar. 29, 2011, 9:00 AM
Company Description
We are a specialty finance company that acquires, manages, and finances, directly or through our subsidiaries, commercial mortgage loans and other commercial real estate debt, commercial mortgage-backed securities, or CMBS, and other commercial real estate-related assets. We expect that the... More
Sector: Financial
Industry: Mortgage Investment
Country: United States