Colorado Wealth

Author of The REIT Forum | 61,000 followers on SA, 2,000 paying subscribers. Beating Wall St. year after year. Follow for elite investment strategies.

[Colorado Wealth @ColoradoWealth]

Want to retire someday? Start investing.

Planning to retire someday? Stop wasting your money on nonsense.

Dreaming of retirement? Maybe stop treating every payday like a mini lottery win.

Future you thanks me.

[Colorado Wealth @ColoradoWealth]

$RITM delivered a steady Q1. Book value and adjusted earnings matched expectations, but the long-awaited spin-off news? Still missing. With asset management cooling and MSR valuations slipping, we’re watching how the rest of 2025 unfolds. #mREITs #Earnings #Dividends

[Colorado Wealth @ColoradoWealth]

$ARR posted a stable Q1: book value matched expectations, and core earnings ticked slightly higher. But no April update in the release and our models suggest a sharper BV drop may be coming. Watching closely. #mREITs #Earnings #Dividends #InterestRates

[Colorado Wealth @ColoradoWealth]

PMT posted a mixed Q1: book value dipped slightly, but net interest spread outperformed. Guidance came down a bit, and originations dropped. Still, the spread is holding up. Valuation looks fair — we��re holding for now. $PMT #mREITs #Earnings

[Colorado Wealth @ColoradoWealth]

Dynex Capital (DX) did something rare in 2025: hit expectations. Book value and earnings were nearly spot on. Capital was deployed smartly, and core income’s climbing. Boring? Maybe. But in this market, boring looks pretty good. $DX #REITs #Earnings #mREITs

[Colorado Wealth @ColoradoWealth]

Agree Realty (ADC) delivered a solid Q1: AFFO beat by $0.02, guidance nudged higher, and they’re issuing shares way above NAV to fund accretive growth. Fundamentals are strong . valuation? Not so much. Great REIT, great quarter… pricey stock. $ADC #REITs #Earnings

[Colorado Wealth @ColoradoWealth]

MAIN posted a steady Q1: NAV and NII matched expectations. Share issuance at a premium boosted NAV, though that premium slipped from 90%+ to ~68%. Non-accruals ticked up slightly, as forecasted. Still strong ops, but valuation remains steep. Holding for now.

[Colorado Wealth @ColoradoWealth]

CSWC posted a solid Q1: NAV slightly beat, adjusted NII slightly missed. Credit metrics improved, but likely due to write-offs. After a long stretch of being overvalued, shares now look fairly priced. We’ve moved from Sell to Hold. Watching for a better entry.

[Colorado Wealth @ColoradoWealth]

Don't let your dividends get mugged:

https://t.co/2LGRMOMspY

[Colorado Wealth @ColoradoWealth]

@SelfMadeMastery Checking Twitter

[Colorado Wealth @ColoradoWealth]

Wrote a new article covering the exceptionally high valuations of many mortgage REITs today:
https://t.co/2LGRMOMspY

[Colorado Wealth @ColoradoWealth]

Posted a new article on AGNCP preferred shares. It's a better deal than some of AGNC's preferred shares, but the valuation still isn't low enough to excite me:
https://t.co/Nq9D5zT2nY

[Colorado Wealth @ColoradoWealth]

@averageguymedia Can you share some insight on medium? How are the average views? I can see you've been working hard to publish a bunch of articles on the platform.

[Colorado Wealth @ColoradoWealth]

Rough day? Want a good laugh? I wrote a free article on a company failing at math:

https://t.co/T3HZAYGFBe

[Colorado Wealth @ColoradoWealth]

$RC is going to cut their dividend. This was well within our range of what we thought would happen. Further, it was already priced into the stock.

Nothing surprising.

[Colorado Wealth @ColoradoWealth]

Scott Kennedy’s mREIT Sector Comparison Article: Rithm Capital’s BV, Sector Valuation, And Dividend Versus 19 mREIT Peers – Part 1 (Post Q2 2024 Earnings)
https://t.co/J9PCNooHsh

[Colorado Wealth @ColoradoWealth]

$MAIN's quarterly NAV was basically as expected. MAIN’s quarterly NAV experienced a minor increase which was mainly the result of continued accretive equity issuance.

MAIN’s quarterly NII was a minor underperformance (within range). This was likely mainly due to MAIN reporting a modest increase in non-accrual loans (even more than I anticipated).

[Colorado Wealth @ColoradoWealth]

mREIT Glossary for anyone reading our analysis and not knowing all the terms. Here you go:

NAV = Net Asset Value

BV = Book Value. Generally equals NAV for mREITs and BDCs.

MBS = Mortgage-Backed Security. A type of asset securitization which is secured by a pool of underlying mortgages. The mortgages are aggregated and sold to a group of individuals that securitize/package the loans together into a security that investors can buy.

TBA = To-Be-Announced. A contract to buy (or sell) a MBS on specified forward date.

CPR = Constant/Conditional Prepayment Rate. A monthly/quarterly/annual/lifetime estimate of the percentage of a loan pool's principal that is likely to be paid off prematurely.

NDR = Net Dollar Roll Income (Expense). The difference in price between the current delivery month of a MBS and the next delivery month (the “price drop”). The equivalent of accrued interest income (expense) of an on-balance sheet MBS investment.

MSR = Mortgage Servicing Right

Interest Rate Payer Swaps = The company pays a fixed interest rate and receives a variable interest rate. These are used to hedge interest rate exposure.

Interest Rate Receiver Swaps = The company receives a fixed rate and pays a variable rate. Can offset payer swaps.

Interest Rate Swaptions = Option contracts to enter into underlying payer/receiver interest rate swaps.

EAD = Earnings Available for Distribution. Interchangeable with Core Earnings.

FMV = Fair Market Value. Interchangeable with Fair Value/FV.

CECL = Current Expected Credit Loss. A recently-enacted accounting impairment model whereas management estimates expected credit losses over the life of all underlying investments not recorded at FMV (and books a reserve) as opposed to strictly actual/realized losses that have occurred.

ASC = Accounting Standards Codification

REO = Real Estate Owned. When pertaining to this sector, typically a procedure where a mREIT assumes legal title/possession of the underlying collateral/property through a foreclosure (or deed-in-lieu) process.

LTV = Loan-to-Value

EPS = Earnings Per Share

CRT = Credit-Risk-Transfer

GOS = Gain-On-Sale

ERTI = Estimated REIT Taxable Income

IRC = Internal Revenue Code

QM = Qualified Mortgage

[Colorado Wealth @ColoradoWealth]

If rates really fall, eREITs have huge upside.

[Colorado Wealth @ColoradoWealth]

@StevenRay90 @Alphanso_AI This was a tiny part of a massive article I wrote on the company. My track record speaks for itself.

[Colorado Wealth @ColoradoWealth]

Gaming and Leisure Properties $GLPI has outperformed the sector over the past 5 years, despite challenges during the pandemic.

GLPI's market implied cap rate is around 7.4%, compared to recent acquisitions at 8.3% to 8.4% cap rates.

GLPI's growth in AFFO per share has been slower than other REITs, though their focus on acquisitions and reduced leverage have positively impacted their performance.