Busy day ahead, so I keep it short.
The market is currently pricing in bankruptcy on multiple mREIT and I believe the risk of these mREIT are exaggerated.
Most of the mREIT are deleveraging or concentrating into fewer class of assets. some of them sold their assets during the worst time resulting a big drop in book value. After raising cash by selling portfolio or issue secured bond like CIM, many of them have a much better balance sheet, which make their battled stock price attractive.
Current holdings:
CIM and CIM-B ; EFC-A ; IVR-C ; MFO; MITT-B and C; NLY; NRZ and NRZ-C ; NYMT, NYMTM, NYMTN; TRMT; WMC
Good news from NTMT overnight. current with all repo agreement with no need for forbearance, total outstanding repo $1.1b, down from 3.1b at the end of 2019. debt to equity down to 0.7, which is quite safe.
コメント