This REIT is internally managed and has a solid grasp of how to deal with tight spreads between MBS and treasuries. The current price to estimated Book value is around 93% to 94%. With tightening spreads, I want a larger discount to take a bullish stance. On the earnings call for Q3 2017, management stated they were using their “at the market program” efficiently to raise new capital. That means they would issue shares when they were trading at a slight premium to book value.
In my opinion, the management is some of the best in the industry. CYS Investments (CYS) is an excellent mortgage REIT. I am not bullish on the company, but the company is managed exceptionally. CYS is internally managed and the team has a solid grasp on how to deal with tight spreads between mortgaged-backed securities and treasuries.
Source: Seeking Alpha
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