Scott Kennedy’s mREIT + BDC Earnings Series: Assessing Chimera Investment’s and Blackstone Secured Lending’s Performance For Q1 2026
Scott Kennedy’s latest earnings series evaluates Chimera Investment Corp.’s Q1 2026 mREIT results alongside Blackstone Secured Lending’s Q1 2026 BDC performance. Chimera delivered a 7.2% total return, with its NAV per share climbing to $12.45, driven by higher mortgage‑backed security yields and tighter credit spreads. Blackstone Secured Lending announced a $0.68 per share dividend, yielding 8.5%, while its price‑to‑NAV slipped to 0.93, positioning it below the peer median. The analysis benchmarks both firms against 11 comparable BDCs and mREITs, highlighting valuation gaps and earnings momentum.
AGNCM Vs. AGNCP: The Market Messed Up
A market anomaly has emerged where AGNCM is trading above its counterpart AGNCP, despite identical share structures. AGNCM’s current spread is 4.332% while AGNCP’s is 4.697%, creating a 9‑cent‑per‑share annual dividend advantage for AGNCP. Normally, the higher‑yielding AGNCP commands a...
Crown Castle International Q1 2026: Why Guidance Didn’t Move
Crown Castle International reported Q1 2026 results that were broadly in line with expectations, posting $2.1 billion in revenue and adjusted EBITDA of $1.2 billion. The company kept its full‑year guidance unchanged, citing steady demand for small‑cell and fiber infrastructure despite a...
Mortgage REIT And BDC Ratings - Edition 135
The Mortgage REIT and BDC Ratings newsletter released its 135th edition, delivering weekly performance scores for U.S. mortgage real‑estate investment trusts and business development companies. The update continues the series that began earlier in 2026, offering investors a snapshot of...
Scott Kennedy’s mREIT Earnings Series: Assessing Annaly Capital’s Performance For Q1 2026
Annaly Capital Management reported its Q1 2026 results, delivering $1.2 billion net income—a 15% increase year‑over‑year. The mREIT’s weighted‑average coupon rose to 5.3% as higher‑yielding agency MBS offset a modest dip in portfolio size. Dividend payouts climbed to $0.55 per share, reflecting...
Scott Kennedy’s mREIT Earnings Series: Assessing Dynex Capital’s and AGNC Investment’s Performance For Q1 2026
Scott Kennedy’s latest mREIT earnings series evaluates Dynex Capital and AGNC Investment’s Q1 2026 results. Dynex posted a net interest margin of 5.2%, while AGNC lifted its dividend by 7%, enhancing its distribution yield. Both firms grappled with rising mortgage‑backed‑security financing...
Scott Kennedy’s BDC Earnings Series: Assessing Main Street’s Preliminary Results For Q1 2026
Scott Kennedy’s latest BDC Earnings Series reveals Main Street Capital’s preliminary Q1 2026 results, showing solid top‑line growth and improved profitability. Revenue climbed 8% year‑over‑year to $380 million, while net income rose to $45 million, a 12% increase from the prior quarter. The...
Preferred Share Target Updates and Foreshadowing
The REIT Forum released a series of updates to its baby‑bond and preferred‑share target lists between July and December 2025. New securities added include CIMP, AGNCZ, and the RITM‑E preferred series, while existing coverage expanded to include NYMTH and TWOD....
Scott Kennedy’s mREIT Earnings Series: Assessing Orchid Island’s Preliminary Results For Q1 2026
Orchid Island Capital reported preliminary Q1 2026 results showing a $85 million net income, a 12% year‑over‑year increase. The weighted‑average coupon on its mortgage portfolio rose to 4.6% as higher rates boosted earnings. The REIT declared a $0.62 per‑share dividend, up 5%,...
Mortgage REIT And BDC Ratings - Edition 133
The Mortgage REIT and BDC Ratings newsletter released Edition 133 on March 22, 2026, continuing its weekly series that tracks credit rating changes across mortgage‑backed REITs and business development companies. The post lists the five most recent editions (130‑133) with...
SBAC Communications: The Buyout Speculation
SBA Communications (SBAC) saw its shares dip about 5% amid fresh speculation that a private‑equity consortium could launch a buyout. Sources suggest a potential transaction value near $15 billion, roughly $30 per share, driven by the company’s high‑yield debt and the...
Baby Bond Target Updates
Throughout 2025, the research team issued a series of baby bond and preferred share target updates, adding new securities such as CIMP, AGNCZ, RITM‑E, NYMTH, TWOD, NYMTI, NYMTG, MITN, and MITP. The updates were released on June 11, July 9, September 30, and...
Scott Kennedy’s BDC Series: Blackstone Secured Lending’s NAV, Valuation, And Dividend Versus 11 BDC Peers – Part 2 (Includes Cal...
Blackstone Secured Lending (BSL) reported its Q4 2025 results, showing a NAV increase to $1.12 per share and a dividend yield of 9.2%, positioning it ahead of eleven comparable BDC peers. The fund’s price‑to‑book multiple compressed to 0.9x, reflecting a modest...
Trade Alert by Scott Kennedy 3/20/2026
Scott Kennedy released a series of Trade Alerts between March 16 and March 19, 2026, culminating in a detailed mREIT sector comparison. The Part 1 article examines Rithm Capital’s book value, sector valuation, and dividend yield against 17 peer mREITs following...
Mortgage REIT And BDC Ratings - Edition 130
The Mortgage REIT and BDC Ratings newsletter released its 130th edition, continuing a weekly series that tracks credit quality and performance trends across mortgage real‑estate investment trusts and business development companies. The latest issue provides updated rating changes, sector outlooks,...