Group 1 - Pearl Gray is a proprietary investment fund and independent market research firm focusing on fixed-income, funds, preferred shares, and opportunistic calls on individual ordinary shares [1] - The firm emphasizes hidden macro, fundamental, and quant variables to identify investment and trading alpha, prioritizing portfolio risk-return utility and position size management over narrative-based decision-making [1] - Steve Booyens, co-founder of Pearl Gray, identifies, invests, trades, and writes about identified opportunities for the firm [1] Group 2 - The content published by Pearl Gray on Seeking Alpha is intended as independent analysis and does not constitute financial advice [2] - The firm encourages consultation with a registered financial advisor before making investment decisions [2] - Seeking Alpha clarifies that past performance is not indicative of future results and that opinions expressed may not reflect the views of the platform as a whole [3]

With a focus on REITs, ETFs, Preferreds, and 'Dividend Champions' across asset classes, members gain complete access to our research and our suite of trackers and portfolios targeting premium dividend yields up to 10%.iREIT®+HOYA Capital is the premier income-focused investing service on Seeking Alpha. Our focus is on income-producing asset classes that offer the opportunity for sustainable portfolio income, diversification, and inflation hedging. Get started with a Free Two-Week Trial and take a look at ou ...

First Guaranty Bancshares ( FGBI ) is a Louisiana-based regional bank. Along with common shares, the bank also has a preferred share ( FGBIP ), which currently yields an impressive 9.5%. The low price and highOther writing on Substack: https://yieldstrategies.substack.com/I am currently focused on income investing through either common shares, preferred shares, or bonds. I will occasionally break away and write about the economy at large or a special situation involving a company I've been researching in. I ...

Group 1 - Bank of America (BAC) is classified as one of the "too big to fail" banks, indicating its significant role in the financial system [1] - The bank offers a variety of investment options for fixed-income investors, including common shares, preferred shares, and bonds [1] - The focus of the analysis is on income investing strategies, with an emphasis on the performance of Bank of America and its financial instruments [1] Group 2 - The author has a background in history, political science, and an MBA with a specialization in Finance and Economics, indicating a strong analytical foundation [1] - The author has been investing since 2000 and currently serves as the CEO of an independent living retirement community in Illinois, showcasing a blend of investment and management experience [1]

Core Viewpoint - Orchid Island Capital (ORC) is an agency mortgage REIT with a historically poor performance track record, making it a less favorable investment option in many situations [2][14]. Group 1: Company Overview - ORC primarily invests in agency mortgage-backed securities and has not historically performed well, leading to significant capital erosion for investors [2][9]. - The current trading price of ORC is around its book value, which is considered too high given its poor historical performance [14]. Group 2: Performance Metrics - The book value and share price of ORC have shown a declining trend over time, with significant losses reported in various quarters [9][12]. - ORC's performance compared to other agency mortgage REITs has been notably poor, with substantial declines in total return percentages during various quarters [11]. Group 3: Investment Strategy - The investment strategy of ORC involves buying fixed-rate agency MBS and hedging duration risk using instruments like LIBOR swaps or futures contracts [10]. - Investors have occasionally found opportunities to trade ORC shares when valuations collapse below historical levels, although this is not currently the case [3][14]. Group 4: Financial Insights - The financial statements indicate that ORC has faced challenges with net interest income and has incurred losses on mortgage-backed securities [21]. - Management fees and operating expenses have increased, raising concerns about the sustainability of dividends for common shareholders [18][31]. Group 5: Market Sentiment - Investor sentiment towards agency mortgage REITs has improved recently, attributed to a reasonable spread between agency mortgages and Treasury rates, but caution is advised regarding reliance on historical performance [23][24]. - Preferred shares in the mortgage REIT sector are recommended for investors seeking lower volatility and more reliable dividend levels compared to common shares [27][28].

Core Insights - The mortgage REIT sector experienced significant declines, primarily driven by the poor performance of PennyMac Financial Services (PFSI), which saw a 33% drop in stock price, impacting the entire sector [19][21][27] - The declines were exacerbated by hotter-than-expected CPI/PPI data and the reporting of compressed gain-on-sale/loan margins and larger mortgage servicing rights (MSR) amortization by PMT and PFSI [20][27] - The valuation of PFSI was deemed excessively high prior to earnings, trading at an 80% premium to its current book value, which raised concerns about its sustainability [23][26] Mortgage REITs and BDCs Performance - A table of mortgage REITs and BDCs showed substantial declines in share prices, with notable drops including Two Harbors (TWO) down 13.69% and PennyMac (PMT) down 12.44% [16][17] - The overall sentiment in the mortgage REIT sector was negative, with many companies experiencing declines regardless of their individual fundamentals [20][27] Preferred Shares and Baby Bonds - The company has been shifting its portfolio towards preferred shares and baby bonds, which have historically provided strong performance on a risk-adjusted basis and have outperformed other sectors [28]

Core Viewpoint - Cherry Hill Mortgage Investment Corporation (CHMI) is a mortgage real estate investment trust (mREIT) that provides a high dividend yield through its common shares and also offers two preferred shares [1] Company Overview - CHMI specializes in investing in mortgages, which positions it uniquely within the real estate investment trust sector [1] - The company has a focus on income investing, targeting returns through common shares, preferred shares, or bonds [1] Investment Strategy - The investment strategy includes a commitment to publish articles on income investing, with a frequency of two articles per week [1] - The articles may also cover broader economic topics or specific situations related to companies under research [1] Background of the Analyst - The analyst has a background in history and political science, along with a Master's in Business Administration specializing in Finance and Economics [1] - The analyst has been investing since 2000 and currently serves as the CEO of an independent living retirement community in Illinois [1]

Company Overview - Adamas Trust (ADAM), previously known as New York Mortgage Trust, operates as a mortgage real estate investment trust (mREIT) primarily investing in mortgages [1] - The company offers a range of securities including common shares, four preferred shares, and four baby bonds [1] Investment Focus - The company is currently focused on income investing through common shares, preferred shares, or bonds [1] - It also occasionally addresses broader economic topics or specific situations related to companies under research [1] Background Information - The company is led by an individual with a Bachelor's degree in history/political science and a Master's in Business Administration specializing in Finance and Economics [1] - The leadership has extensive experience in investing, having been active since 2000, and also manages an independent living retirement community in Illinois [1]

Core Viewpoint - Brompton Lifeco Split Corp. plans to execute a stock split of its class A shares due to strong performance, with class A shareholders receiving 20 additional shares for every 100 shares held, pending approval from the Toronto Stock Exchange [1] Group 1: Stock Split Details - The stock split will take effect for class A shareholders of record on January 27, 2026, and is subject to TSX approval [1] - Following the stock split, class A shareholders will continue to receive monthly cash distributions targeted at $0.075 per share, leading to an expected increase of approximately 20% in total distributions [2][4] - The class A shares will begin trading on an ex-split basis on January 27, 2026, with no fractional shares issued, and the split is a non-taxable event [4] Group 2: Performance Metrics - Over the past 10 years, class A shares have delivered a total return of 20.7% per annum based on net asset value, outperforming the S&P/TSX Capped Financials Total Return Index by 6.1% and the S&P/TSX Composite Total Return Index by 8% [3][8] - Since inception, class A shareholders have received cash distributions totaling $10.08 per share [3] - The fund's class A shares have shown strong compound annual returns, with a 43.8% return over 1 year and 20.7% over 10 years [8] Group 3: Fund Composition - The fund invests in a portfolio of common shares from Canada's four largest publicly-listed life insurance companies: Great-West Lifeco Inc., iA Financial Corporation Inc., Manulife Financial Corporation, and Sun Life Financial Inc., on an approximately equal weight basis [5]

Group 1 - The preferred shares in the hospitality sector present an interesting risk/reward ratio, although not all hotel REIT preferreds are considered attractive investments [1] - The focus is on high-quality small-cap investment opportunities in Europe, emphasizing both capital gains and dividend income for continuous cash flow [1] - The investment group European Small Cap Ideas provides exclusive access to actionable research, model portfolios, and educational content related to European investing [1] Group 2 - The analyst has disclosed a beneficial long position in the shares of INN.PR.F and INN.PR.E, indicating a personal investment interest in these preferred shares [2] - There is no position held in INN's common stock, suggesting a focused investment strategy on preferred shares rather than common equity [2]