Capital Destruction, Inc.
A look at mortgage REITs.
A version of this article was published in the December 2013 issue of Morningstar ETFInvestor. Download a complimentary copy here.
Share prices of the two biggest mortgage real estate investment trusts, Annaly Capital Management (NLY) and American Capital Agency (AGNC), are down more than 30% since last April. Both firms, as of this writing, offer double-digit yields and are buying back shares. Insiders have been buying, too.
Samuel Lee does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.