ARR has been one of our most frequent bearish calls.
The common shares of mortgage REITs are built for trading.
Investors who want a high yield and a stable price should look to the preferred shares.
Following ARR's catastrophes, we are upgrading shares to a neutral rating.
The thing that pains me about mortgage REITs is seeing how many investors and analysts just give up. They might start with all the best intentions for doing due diligence, but the complications of mortgage