Armour is a relatively newer entrant in the MREIT sector and has higher leverage then the peer group, hence the higher yield.

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Other MREIT-specific issues have also weighed on the shares in recent months ( Agency Mortgage REITs Continue To Hold Their Own in Tough Market).

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While premiums to book value have eroded in recent quarters as share prices stagnated and dividends were flat or cut, keep in mind that the relative attractiveness of the Agency MREIT yields has actually increased as competing investment yields have fallen.

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