In short: Named only as a peer — the hybrid-REIT comparison (owns both loans and securities) against which Annaly is "by far and away the best managed"; no view on Rithm itself.
31:06I don't bother with the preferreds. I know they love asking about it. I feel like we always own it and you know what, it's a good look. I own no T-bills now. I put most of my liquidity into Annaly simply because they own government-insured securities. They also have some private label exposure but they're very good at managing that. They outsource their servicing for the assets they own and they're also an issuer. They're a very interesting company. I think if you compare them with, say, Rithm
In short: The issuer behind the pref pick: a diversified, profitable asset manager (mortgage-servicing book is a natural rate hedge + a REIT sleeve), ~$5.3B cap, ~$1.1B operating income, ~5× earnings, common yields ~10.6%. "More diversified and safer than RWT," little private-credit exposure — but he prefers the prefs to the common.
Rithm is the company that issues the preferred above — a roughly $5 billion diversified asset manager trading at about five times earnings with the common paying ~10.6%. Singh likes the business (its mortgage-servicing book is a natural hedge against rising rates, and it has little exposure to the troubled private-credit market) and thinks it's safer than a pure mortgage REIT like Redwood — but he prefers owning the safer preferred to the common here.
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