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| Comment | 31.000 | Dennis Mitchell, CFA | (Market Call Minute) Buy on an equity raise. Great name. | 2012-05-01 | |
| WAIT | 30.590 | Dennis Mitchell, CFA | US mortgage REIT. Own mortgage-backed securities that are guaranteed by the US Fed. There will probably be a capital raise out of them so he wouldn't buy at these levels. BV is about $28 compared to the current price of about $30.50. Wait for the next capital raise. | 2012-02-14 | |
| Comment | 28.440 | Paul Gardner, CFA | 19.6% dividend yield. Currently trading at $28.44 with a 52 week high of $30.76. Is this a good buy when it is so close to its high? This is a mortgage-backed security and is backed by the US government. Their spread is very juicy. | 2012-01-18 | |
| Comment | 28.120 | Charles Dillingham | Recently came out with the new issue, which went quite well. Well respected agency REITs. Huge yield of nearly 20%. Backed by the US government. Hasn't done enough work to give further comment. | 2011-11-16 | |
| BUY | 27.700 | Dennis Mitchell, CFA | Mortgage REITs, which are not available in Canada. Owns agency mortgages, which are agencies that are insured by Fannie Mae, Freddie Mac and Ginny Mae. Yield more because they utilize more leverage. A lot of noise and if you can deal with the volatility, the distribution is sustainable and you’ll do well. | 2011-10-21 | |
| BUY | 28.160 | Dennis Mitchell, CFA | Mortgage REITs are not as simple as people think. There are a lot of things that the average investor cannot stay on top of. This is a good quality name. 19% yield at current prices. | 2011-08-04 | |
| DON'T BUY | 30.200 | Dennis Mitchell, CFA | Doesn’t own real estate but owns pools of residential mortgage backed securities. The mortgages it owns are insured by Fannie Mae, Freddie Mac and Ginny Mae. Prefers to buy in the low $28s or when they do an equity raise and Sells at around the current price. Very complex product. | 2011-05-26 | |
| BUY | 28.600 | Dennis Mitchell, CFA | US mortgage REIT so they don’t own real estate but own pools of residential mortgages. Think of it as an investment in a levered US mortgage portfolio. Relatively safe. Buy below $29, which gives you a 20% yield. When it gets above $30, he tends to trim his position. You own solely for the income as there is very little upside. | 2011-04-20 | |
| BUY | 28.730 | Paul Harris, CFA | They borrow short and lend out long. Have some esoteric mortgage on their books. Two issues, because they borrow on the short end of the curve, if you think rates are going to go up then the stock price would go down. They paid a huge yield and then went back to dividend. This is the time to buy this type of company. There is a re-financing risk where people may refinance a mortgage and the company gets paid off. Likes it over the long term. Mortgages are backed by Gov’t. You get the return but you don’t get a lot of growth. | 2011-03-24 | |
| BUY | 29.470 | Dennis Mitchell, CFA | Prayers should not be a part of an investment strategy. Yield is 20%. Business model is that they pay out all of their earnings. He would be a seller at this level. Pure yield vehicle. Risk is not there due to Fannie Mae and Freddie Mac guarantees mortgages. | 2011-01-07 | |
| BUY | 27.960 | Paul Harris, CFA | They borrow short and lend out long. The risk is if short rates go up dramatically. They can pay their 20% dividend no problem. People buy this right before it goes X-dividend and it spikes. | 2010-10-21 | |
| HOLD | 29.270 | Paul Harris, CFA | A mortgage finance company that basically borrow very short, do mortgages and pay the spread out to unit holders. There are a couple of risks. 1) if short rates go up the stock will under perform and 2) bought mortgages at high premiums and there is a negative aspect to their BV. Doesn't expect government to raise rates. Yielding 19%. | 2010-09-23 |
