Core Viewpoint - Blackstone Mortgage Trust (BXMT) has effectively reduced its impaired loan portfolio in the third quarter while maintaining its dividend through earnings available for distribution [1]. Group 1: Financial Performance - The company successfully stabilized its portfolio and income during the third quarter [1].

Core Insights - Blackstone Mortgage Trust (BXMT) has successfully reduced its impaired loan portfolio in the third quarter while maintaining its dividend through earnings available for distribution [1] - The company has stabilized its portfolio and income, indicating a positive trend in its financial health [1] Group 1 - The company continued to shrink its impaired loan portfolio during the third quarter [1] - Blackstone Mortgage Trust managed to support its dividend with earnings available for distribution [1] - The stabilization of its portfolio and income reflects effective management strategies [1]

Company Overview - Dynex Capital, Inc. (DX) primarily invests in agency mortgage-backed securities (MBS) focusing exclusively on the secondary market rather than originations [1] Investment Focus - The company invests in agency MBS issued by Fannie Mae, Freddie Mac, and Ginnie Mae [1]

Company Overview - Dynex Capital, Inc. (DX) primarily invests in agency mortgage-backed securities (MBS) [1] - The company focuses exclusively on the secondary market rather than originations [1] - Agency MBS is issued by Fannie Mae, Freddie Mac, and Ginnie Mae [1] Investment Strategy - The company emphasizes thematic investing, crisis investing, and systematic options trading through both premium selling and long-vol positions [1] - It also has experience with private M&A and publicly-traded equities along with equity-based derivatives trading [1]

Core Insights - Annaly Capital Management, Inc. (NLY) shares reached a new 52-week high of $22.80 before closing at $22.67, reflecting a 7% gain over the past three months, outperforming the industry growth of 0.2% [1][7] Factors Fueling NLY Momentum - Easing mortgage rates due to two policy rate cuts by the Federal Reserve in 2025, with the average rate on a 30-year fixed mortgage dropping to 6.23% from 6.81% a year ago, are expected to improve purchase originations and refinance volumes, boosting net interest spread and overall yield [4][5] - The company employs a prudent investment strategy focusing on asset selection and capital allocation, primarily investing in Agency mortgage-backed securities (MBSs) for downside protection while also targeting non-agency and credit-focused asset classes [6] - As of September 30, 2025, Annaly's total investment portfolio was $97.8 billion, indicating a balanced approach for long-term growth [6] Portfolio and Financial Position - Annaly's significant allocation to Agency MBS, amounting to $87.3 billion, provides downside protection and attractive risk-adjusted returns, with most investments rated 'AAA' [8] - The company maintains a decent liquidity position with $8.8 billion in total assets available for financing, including $5.9 billion in cash, allowing it to navigate market volatility effectively [9] - Annaly has a focus on shareholder returns, with a new share repurchase program of up to $1.5 billion approved and a recent 7.7% increase in its cash dividend to 70 cents per share, resulting in a current dividend yield of 12.3% [10][11] Challenges Facing NLY - Market volatility and macroeconomic conditions may impact NLY's operating performance, with elevated mortgage rates continuing to pressure fixed-income assets [14] - The company actively adjusts its investment portfolio to manage risks, maintaining a hedge ratio of 92% as of Q3 2025, which may limit short-term returns [15] Valuation and Earnings Estimates - Analysts maintain a neutral stance on NLY's earnings growth potential, with estimates for 2025 and 2026 remaining unchanged, projecting growth of 7.4% and 1.5% respectively [16] - NLY's price-to-book (P/B) ratio of 1.17X is above the industry average of 0.97X, indicating a potentially stretched valuation [17] Conclusion - Annaly's recent performance reflects improving sentiment around mortgage rates and portfolio stability, supported by a disciplined investment strategy and strong liquidity [20] - However, the stretched valuation and ongoing market volatility may limit short-term upside, suggesting that investors should consider the company's fundamentals against broader interest-rate risks [21]

Core Insights - The article emphasizes the importance of value investing, which focuses on identifying undervalued companies in the market [2] - Invesco Mortgage Capital (IVR) is highlighted as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and an A for Value [4][8] Valuation Metrics - IVR has a Forward P/E ratio of 3.7, significantly lower than the industry's average of 7.95, indicating potential undervaluation [4] - The company's P/B ratio stands at 0.9, compared to the industry's average of 0.94, suggesting a solid valuation relative to its book value [5] - IVR's P/S ratio is 1.88, which is lower than the industry's average of 2.07, reinforcing the notion of undervaluation [6] - The P/CF ratio for IVR is 15.61, which is attractive compared to the industry's average of 17.51, indicating a favorable cash flow outlook [7] Investment Outlook - The combination of these valuation metrics suggests that Invesco Mortgage Capital is likely undervalued at present, making it an appealing option for value investors [8]

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Core Viewpoint - AGNC Investment's recent earnings report indicates a mixed performance, with a decline in net spread income and tangible net book value, while comprehensive income per share showed improvement [2][3][6]. Earnings Performance - The third-quarter 2025 net spread and dollar roll income per common share was 35 cents, missing the Zacks Consensus Estimate of 38 cents, and down from 43 cents in the previous year [2]. - Adjusted net interest and dollar roll income available to common stockholders was $430 million, a 2.4% increase from the year-ago quarter [2]. - Comprehensive income per common share was 78 cents, up from 64 cents in the year-ago quarter [3]. Financial Metrics - Net interest income was $148 million, missing the Zacks Consensus Estimate by 45.2%, with net interest expenses of $64 million in the prior-year quarter [4]. - The average asset yield on the portfolio increased to 4.95% from 4.73% year-over-year [4]. - The average net interest spread decreased to 1.78% from 2.21% in the previous year [5]. Balance Sheet and Portfolio - As of September 30, 2025, the tangible net book value per share was $8.28, down 6.1% year-over-year [6]. - The investment portfolio totaled $90.8 billion, including $76.3 billion in Agency mortgage-backed securities [7]. - Cash and cash equivalents were $450 million, down 11.2% from the prior quarter [8]. Market Sentiment and Outlook - There has been a downward trend in estimates revisions over the past month, indicating a negative sentiment among investors [9]. - AGNC Investment holds a Zacks Rank 4 (Sell), suggesting expectations of below-average returns in the coming months [11].

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Group 1 - The article discusses the investment strategy of purchasing shares in Invesco Mortgage Capital Inc. (IVR) due to its high expected return on equity (ROE) and its current discount to book value [2] - IVR has been identified as a historically poor performer, yet the current market conditions present a potential opportunity for investors [2] - The Trade With Beta team, which has extensive experience in preferred stocks and baby bonds, provides insights and analysis on various fixed-income instruments, including regular reviews and investment picks [1] Group 2 - The Trade With Beta service includes features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [2] - The team is led by an experienced trader with over 15 years in day trading and a group of 40 analysts focused on identifying mispriced investments [2]