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mREIT Results Looking Good – For Now

Mortgage REITs (mREIT) are releasing earnings and at least on the surface earnings are fairly stellar–although one needs to drill down a bit into the various special gains and losses within the earnings statements.

On Tuesday giant mREIT AGNC (AGNC) reported earnings and reported book values that were $1.30/share above those reported at Q1 end.

Today much smaller mREIT Dynex Capital (DX) reported earnings which were bolstered by large gains on sale of investments, although the company’s book value per share fell by $1.32/share

Of course these 2 company’s have preferred stock issues outstanding with current yields in the 7-8% area. We have a page of the mREIT preferreds here.

Later today we will have sector giant Annaly Capital (NLY) announce earnings.

For those investors with a tolerance for higher risk these are the best current yields in the preferred stock world (excepting some lodging REITs, which may not be around in a year). Maybe a small ‘taste’ of some of these preferreds is in order?

AGNC’s earnings release can be read here.

The Dynex earnings can be read about here.

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