| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 419 | $12.84 | $5,380 | 0.22% | $11.94 | $376 | +7.5% | — |
| RLT | 250 | $12.84 | $3,210 | 0.19% | $11.92 | $230 | +7.7% | — |
| Total | 669 | $8,590 | 0.19% | $606 | +7.6% | — |
In short: The other half of the rate-peak income add — +10 bps on July 29 alongside Redwood, on the view that the 10-year is close to peaking if the war de-escalates.
Dynex is a mortgage REIT — it borrows short-term money to hold government-backed mortgage bonds and pays out the difference as a large dividend. Like Redwood, it is a direct bet that long-term interest rates have peaked. Singh added 10 bps alongside Redwood on the same day.
Full passage: premium transcript (PDF).
In short: Q&A on agency REITs: "we like Dynex here — it's a very, very high yield." Part of the basket he'd add across (DX / RWT / RWTS / AGNC / NLY) on the view that "if you believe rates have peaked, all of them are pretty much adds here" — especially with a temporary Iran peace ahead of the midterms and the 10-yr at 4.63% (possibly having peaked at 4.7%).
Dynex is a mortgage REIT: it borrows short-term money, buys government-backed mortgage bonds, and pays out the difference as a very large dividend. That model gets hurt when interest rates rise (the bonds fall in value and borrowing costs go up) and rewarded handsomely when rates stop rising.
That's the whole bet. Singh thinks the 10-year Treasury yield "might have peaked at 4.7%" now that the war looks like it's cooling, and if he's right, "all of them are pretty much adds here." Dynex is his favourite of the group on yield — "a very, very high yield."
Full passage: premium transcript (PDF).
In short: High-dividend mortgage-REIT add (~16%, "15.6%") — added last week with NLY and RWT and will keep adding rate-sensitive real-estate names on the view that rates are near peaking if the Iran deal closes.
Dynex is a "mortgage REIT" — it borrows cheaply and buys government-backed mortgage bonds, pocketing the difference and paying almost all of it out as a very high dividend (here about 16%). These stocks get hammered when interest rates rise (their bonds lose value), which is exactly why they're cheap now.
Singh's bet is that rates are near their peak — especially if the Iran conflict winds down and the oil-driven inflation scare fades — so the worst is behind these names while you collect a fat dividend. He added Dynex alongside Annaly and Redwood last week and plans to keep adding to the group.
Full passage: premium transcript (PDF).
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.