Mortgage REITs, or mREITs, are real estate investment trusts that finance real estate by purchasing or originating mortgages and mortgage-backed securities, earning income from the interest on these investments rather than from owning property.
Log in to followI run a handful of small multifamily units and the rent covers the debt with room to spare, so the question of where the surplus goes comes up every quarter. The case for putting…
I've been working through the interest rate hedging disclosures on a handful of agency-focused mREITs and the range of approaches is wider than I expected for what's supposedly a…
I've been building a comparison sheet for the mREIT side and the split that keeps showing up is agency versus credit. On the agency side you're holding mortgage-backed securities…
I've been sketching out how private capital gets allocated across buckets, and mortgage REITs broke my sheet. I had one line for real estate and one line for credit, and I couldn'…
I've been reading two mREIT quarterlies side by side and the shareholder letters are pulling in opposite directions on what matters. One of them leads with book value per share ev…
I opened a small position in a mortgage REIT last month, mostly to learn how the income actually behaves before I put anything meaningful in. The brokerage is now asking me a yes…