Cypress Sharpridge (CYS)

July 5, 2010

Cypress Sharpridge is another of the recently IPO’d generation of mREITs.  Starting with a $100 million IPO in June of 2009, the company has grown its capital base quickly with secondary offerings, but its history as an Agency mortgage REIT dates back to 2006.

Its (second) secondary last week pushed it to a market cap in the $350 million neighborhood and put it into the discussion by the dividend hound investors, so it’s worth a look.

I have to say that a lot of those investors were unhappy with CYS when they announced this secondary, in no small measure because of the timing.

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