I was quite surprised to find the NRXPP ticker set up for the new New Residential Investment (NYSE:NRZ) F-T-F preferred on eTrade right away this morning.
I picked up a position with the hope (or intention) to likely flip out in a few weeks. Owning much related to mREITs for the long term would not be something I normally do–but this one is fairly tasty with the 5.802% spread when floating begins.
I paid $24.94/share for the position and likely would be open to a sell in the $25.40-$25.50 area. Alternately if it doesn’t achieve that level I would hold up to the 1st dividend and see where it stands then. Either way a 2% gain in 3 months or less would keep me happy.