Dividends

[bar1080]

Another List From That Article: Amazing how mREIT's vary in leverage which partially explains the wide variation in performance. Understand that some are vastly more risky than others. Hedging plays a role too. As of 6/30/18

Ranked from Least Leveraged to Most Leveraged:

1) NRZ: 1.5x on-balance sheet leverage; 1.3x at-risk (total) leverage

2) NYMT: 1.6x on-balance sheet leverage; 1.6x at-risk (total) leverage

3) GPMT: 2.2x on-balance sheet leverage; 2.2x at-risk (total) leverage

4) MFA: 2.3x on-balance sheet leverage; 2.3x at-risk (total) leverage

5) CIM: 2.5x on-balance sheet leverage; 2.5x at-risk (total) leverage

5) PMT: 3.2x on-balance sheet leverage; 2.5x at-risk (total) leverage

7) BXMT: 2.6x on-balance sheet leverage; 2.6x at-risk (total) leverage

8) MITT: 4.0x on-balance sheet leverage; 4.2x at-risk (total) leverage

9) CHMI: 4.7x on-balance sheet leverage; 4.8x at-risk (total) leverage

10) DX: 4.6x on-balance sheet leverage; 6.1x at-risk (total) leverage

10) IVR: 6.1x on-balance sheet leverage; 6.1x at-risk (total) leverage

10) MTGE: 4.1x on-balance sheet leverage; 6.1x at-risk (total) leverage

13) TWO: 5.3x on-balance sheet leverage; 6.2x at-risk (total) leverage

14) NLY: 6.0x on-balance sheet leverage; 6.4x at-risk (total) leverage

15) ARR: 5.4x on-balance sheet leverage; 7.1x at-risk (total) leverage

16) ORC: 8.4x on-balance sheet leverage; 7.5x at-risk (total) leverage

17) AGNC: 5.6x on-balance sheet leverage; 7.8x at-risk (total) leverage

18) WMC: 7.3x on-balance sheet leverage; 8.0x at-risk (total) leverage

19) ANH: 7.4x on-balance sheet leverage; 8.7x at-risk (total) leverage

20) CMO: 10.3x on-balance sheet leverage; 10.3x at-risk (total) leverage

21) AI: 12.5x on-balance sheet leverage; 16.1x at-risk (total) leverage

Regarding several mREITs’ leverage ratios within Table 1, some figures may not “exactly” match to what was reported by each company. This is due to the fact not all companies within the mREIT sector have a “uniform” methodology for computing its leverage ratio. To provide a consistent sector-wide metric, I have calculated each company’s leverage ratios based on one uniform methodology.

https://seekingalpha.com/article/4199545-comparing-annaly-capitals-bv-dividend-valuation-20-mreit-peers-post-q2-2018-earnings-part-1