As I had noted last week I was trying to add some shares of a fixed to floating preferred from one of the many issues available.
After trying unsuccessfully to buy one of the AGNC issues at MY price I opted for the Annally 6.95% ftf issue NLY-F at $25.14. Current yield around 9.60%. Obviously this one could be called–but as long as I buy in the $25 area I am not concerned–plenty of options out there for a replacement.
This is just 1 small move into a higher yielding option–instead of the very safe CDs and money market. I will pause a bit now from further buys as we watch more economic news this week. Right now I am leaning toward another small buy in the mREIT sector–but we shall see.
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Just sold all of my NLY-F at 24.70 . It’s a good one but that price is just too high.
I’m hoping for you that that’s a typo, and you meant 25.70?
Buy the MREIT bonds. Forego a little yield to being higher in the pecking order. At least seven different issuers. Probably more.
I am long GPMTprA and have violated my rule of owning MREIT common shares here fortunately however, averaging down yesterday…FWIW
Granite Point Mortgage Trust Inc. Announces Dates for First Quarter 2025 Earnings Release and Conference Call and Provides Business Update
Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT,” “Granite Point” or the “Company”) today announced that it will release financial results for the quarter ended March 31, 2025, after market close on May 6, 2025. The Company will host a conference call to review the financial results on May 7, 2025, at 11:00 a.m. ET.
Business Update and Preliminary Estimates for First Quarter 2025
• As of April 28,2025, carried approximately $74 million in unrestricted cash.
• Extended the maturities of all repurchase facilities by approximately one year.
• Year-to-date, realized over $70 million in full and partial principal repayments, including the full repayment of an office loan. Anticipates near term additional full loan repayments of up to approximately $90 million, principally of office loans.
• Year-to-date, also resolved two risk-rated “5” loans. Anticipates near term resolutions of an additional two risk-rated “5” loans.
• No newly risk-rated “4” or “5” loans.
• First quarter 2025, GAAP net (loss) attributable to common stockholders estimated to be $(10.6) million, or $(0.22) per basic common share, inclusive of provision for credit losses of $(3.8) million.
• As of March 31, 2025, book value per common share estimated to be $8.24.
Oh, no, say it ain’t so, Jerry!
Hahaha.. We are all allowed a little YieldHogging, GPMT-A just not my poison. Check out ICR-A if you like GPMT-A.. much better credit profile, and it has a step up. super illiquid tho, and they are overstating equity.
I hear you on the difficulties of buying some of this stuff. I tried to get into forum favorite UMBFP recently and could only grab a lousy 65 shares below par.
Really? I got more than I wanted below par. 10,000+ shares. It traded there quite awhile.
Nly-F is a good one now that the price came back to Earth. One of the less risky high yielders.
Tim, I just sold my positions in PMT, MORT & NYMT-M today. PMT had some rough earnings, didn’t read into them, but sounds like the volatility caused losses. I think it is the spread between MBS and Treasuries that can hurt these guys the most depending on how they are hedged. As someone else pointed out if you can’t explain this investment to a 12 year old… I am not sure how rising delinquencies would hurt this group but overall I have to defer to the market yield which approximates at or worse than a CCC credit rating.
I am keeping positions in PMT-U & V and AGNC-N NLY -G and RITM-B for now but will keep a close watch on these as well.
I sold some on the bounce. A small portion of several REIT preferreds. Ready to play another move down if that’s what’s in the cards.