An Update On mREIT Preferreds

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REITs, Special Situations, Bonds, Preferred Stock

Contributor Since 2008

Rubicon Associates is headed by a Chartered Financial Analyst charter holder with over 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, he has analyzed and invested in both public and private companies around the world as well as advised institutional clients on fixed income strategies and manager selection. The principal has been responsible for managing nearly seven billion dollars in credit investments across the capital structure and overseeing the research and trading of credit market activities. Rubicon Associates has written for Seeking Alpha, Learn Bonds, a newsletter and TheStreet.com in addition to advising institutional and private investors.

Summary

  • Tough times in mREIT land, but there could be opportunities.
  • Not calling the bottom on the prefs, just posting the data.
  • Careful playing the sector, if you are going to trade, leg in.

Hey everyone, its been a while.  Just thought I would post some of the details on agency mREIT preferred stock (or close to agency).  Not going to blah, blah blah, there is plenty of that from lots of other folks.  Not going to tell you I have a crystal ball, I don't - nobody does.

With that out of the way, here are preferred stocks by Annaly (NLY), AGNC (AGNC), Capstead Mortgage (CMO).  the higher octane hybrid and pure resi are not included.

Annaly:

AGNC:

Capstead

Now all together:

Yeah, threw a couple others in, figured why not.

Upfront, I recently purchased:

ABRprC (ABR.PC)

NLYprI (NLY.PI)

CHMIprA (CHMI.PA)

AGNCN (AGNCN), and

IVRprB (IVR.PB)(yeah, you don't pick them all)

I have been purchasing smaller lots, legging into the trades - this allows you to both minimize your price risk as well as diversify.

Stay safe and don't get greedy (I don't care who the hell is fearful, don't be greedy).

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