Analyst Daniel Altscher of FBR Capital Markets is seeing an expanding business model trend within agency mortgage REITs such as Annaly Capital Management, Inc. (NLY).
“You’re seeing names that were pure-play agency mortgage REITs — just owning agency MBS — now expanding the business model to do things outside of that,” Altscher said. “You’ve seen that with a name like Annaly.”
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Altscher says Annaly is expanding by making acquisitions and announcing initiatives with other REITs to diversify its business model.
“In 2013 they purchased CreXus, which is a commercial real estate lender, so they took on a bit more of that commercial mortgage REIT platform within the agency shell,” Altscher said. “And you’ve seen them now diversify the business model even more, forming a venture with Inland (IRC) to buy net-lease assets, to actually own the property and own the equity. That’s a very different strategy than what Annaly has done historically and what the business model was before.”
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