Dec. 16, 2022 3:13 PM ET AGNC's suite of five preferred stocks gives us a terrific laboratory for observing and predicting how each preferred will tether, if at all. When a preferred stock converts, it doesn't necessarily trade close to par. See why we predict three of the five preferreds will likely tether and why […]
Dec. 07, 2022 10:43 AM ET Rithm Capital has undergone some critical changes just as the mortgage market roiled under rising interest rates this year. A quality asset portfolio with solid management should sail through the rate storm to calmer waters. While we avoid the common today, we are buying the RITM FtF Series C […]
Nov. 30, 2022 3:51 PM ET Many analysts beat up on Verizon for several valid reasons like increased churn rates and higher plan prices in Q3. Verizon also has significant positives for which we see the defensive buy case. Recession resistance, better credit management and wider 5G network deployment provide positive tailwinds in a slowing […]
Nov. 23, 2022 2:05 PM ET The Agency Mortgage REIT area benefits from quasi-U.S. government institutional guarantees for asset safety. Two Harbors Investment Corp. is mostly Agency risk today. When buying Agency REIT risk, there is both the common stock as well as a variety of preferred stocks from which to choose. While we are […]
Oct. 08, 2022 1:04 PM ET You take a shot. You miss. Rebound the ball, and you are more likely to score. We examine how 5 Triple Net Lease REITs active in the 1990s rebounded from the 2001, 2008, and 2020 recessions. Realty Income, National Retail Properties, Agree Realty, W. P. Carey, and Federal Realty […]
Sep. 27, 2022 12:08 PM ET SFL has held up very well in 2022 just as trade transportation looks to weaken materially. Does the FedEx warning mean bad times for marine shipping? Does it even matter when SFL isn't listed in the correct market sector? One of the least understood stocks should weather the recession […]
Sep. 13, 2022 6:56 PM ET KKR Real Estate Finance Trust is a Commercial Mortgage Real Estate Investment Trust - a specialized lender to owners of developed real estate. KREF is more like a Business Development Company (BDC) than a REIT, but with fewer risks than most BDCs in our opinion. With the elevated specter […]
Sep. 19, 2022 4:08 AM ET Among the more controversial REITs based on concerns over transparency and tenant weakness. Even though analysts are generally Bullish, bears growl loudly over risk and reporting issues. We take a deep dive to conclude MPW is far safer than bears claim. MPW is a Buy today.
Sep. 21, 2022 3:24 PM ET An industry giant whose price has declined with the overall market. Insurers like PRU, who focus on life, retirement and asset management, are supposed to fair better through inflation and recession due to their stability from life insurance policies/annuities. Is there opportunity or a further slide ahead?
Sep. 27, 2022 12:43 PM ET The Market treats this more like a live hand grenade, when in fact it's a bouquet of floating rate dividends. The NLY preferred F trades like a low B credit. But wait. Cash flows are covered more than 50x (after interest expense) with a 6x equity cushion and scads […]
