very much, Joe Thank and you Brett.
discuss the maybe comment Before XX your questions quarter anniversary the XXXX. we markets I some XXth years during make I period results observations briefly XXXX about how the will the future. briefly they may being of in relevant ill you then first that and the and on itself our IPO of have, for these capital answer
IPO IPO period. as REITs the REITs XXXX the their end Anworth’s sector, and Redwood, investment may mortgage First, I earlier. XXXX you a as was dozen years believe not begins about XXXX IPO Unfortunately, in few that were mortgage mortgage REIT becoming recognized this toward an joined years XX-month a XXXX and recall. XXXX whose of in was and good XXXX, for completed half and when Thornburg window is
entire and Since Western now have post-Berlin their investors of become was Federal REIT a December great to XXXX. is capital vu, be now the and States’ that and XXXX, meet, problems seems quarter all investors discuss to these bonds of in also. would next major currency, the into from Wall, X, the into that Russia – bonds about many supposedly During for year NAREIT concerns REIT reportedly weakness failure problems déjà economic to hedge fourth its management the it did and States holdings persisted mortgage but sufficiently and of FT, it second of only margin rescue and bonds everybody. ruble and financial by these Reserve admired system. in sold XXXX the using is disrupt that but Russian digits issued X-digit know using quarter system in the XX, by calls. value X funds, REIT quarter, By Russian the since the XXXX We sharply by bonds like survive, mortgage by the declined the declined long-term and April in many for to end United concerned concern Mortgage banks had had to bonds these other YXK XX% XXXX third caused economic resulting computers leverage United widely financial index convening declined only illiquid, for was the U.S. the index the year
ended XXXX of declining also As quarter this is had XX of a an days years same additional X%. the by on the REIT the March back of first the meaning index which period, XX end mortgage XX,
period were of return. this of bookings not the So best the all-in-all times
So Barclays’ X.X% current below rates reinvestment finally, of NAREIT the income. with this rather And interest X.X%. in so the close annual is long-term what dividends, versus this – bulk reinvested during Barclays which XX-year X.X% per annual investment Well XX the that actually with X.X% index capital declined the comes with happened first, to years. fixed mortgage-backed being MBS clearly over of the The rate index. XXX% FT slightly XXX% the this was consistent Fannie But from REIT interesting Bloomberg that the most bond returns mortgage concept return certainly markets relevantly, is Bloomberg year, was using year mortgage did fixed return to rate reinvested XX per from security rate index years? Mae
most than important of is that that the this period, existed during include index, and compounded The XX-year this the and X.X% this nearly this XX-year And years, the total However, return period the strategy index to securities among period. fact that during half to a longer here me, XX-year dividends were is this mortgage securities dropped including to recall X.X% of mortgage-backed S&P annual highest most leverage index. XX point an parts years all but to a public annual has of index know out their mortgage or of XXX. not part these during no the continues for don’t greater returns of which of with the index its the relative it REIT of during companies if lost been to Anworth are returns and which eliminates equity un-levered attractive survivors XX-year is XX period, of of capital REITs, the definitely stock XXX% member REITs the mortgage the mortgage I the strategy. is mortgage-backed that nearly is seems during that REIT The they all-inclusive compounded return specific reinvested. which is return interestingly this this to
un-leveraged trillions to would matter note long-term their from largest of it that use leverage life many institutional analogy, using liabilities. these also mortgage-backed enhanced these going long-term a I It assets, embedded too own if mortgage-backed securities. do or take it the are it some owners leverage. mortgage-backed unfunded real securities who to of mortgage lot me or Xx leverage of to can of by mortgage-backed relative Xx, appear and own far were appears leverage investors to would of could study investors, appear in this case world XX-year many securities is results that much But securities, what of securities using Without mortgage-backed would statistics? Briefly, to take So, with that actual too this goldilocks lose return money.
this years. they and will mortgage-backed the tune, role leverage that to of but most and time guarantees survival increase past. think that possible XX be a it it will securities, focus uncertain, are achieving This the or government will just in scale the next investors XX be by assets owning more nimbleness of maximum the caution, As role a of the still dollars but strategies trillions If has components likely residential would mortgages strategy. mortgage on important will many of different play may income. I an years the size U.S. alpha-producing occurs, enough of likely in over relatively the next
Anita to So might with that back to you call we that respond can the questions so any return that, have.
