So when we look at this, this is for our attorneys. We are an internally managed REIT. We are positioned to benefit from with agency and non-agency residential mortgage-backed securities. One thing Rich said a moment ago, he used the term hybrid. It's not offensive, but we don't consider ourselves a hybrid REIT. We can consider ourselves if you will specialist in residential mortgage-backed securities, which consists of both agency and non-agency securities. But what our expertise is in residential mortgage-backed securities. So I would just like to make you understand that.Kind of an experienced management team focused on residential MBS opportunities. I've been doing this since 1971 I guess. So that’s more than a couple of years. Non-agencies remain available at significant discounts. Craig will give you some data on that, but there is still wonderful opportunities non-agency arena very much so at or about the 8% level on a risk-adjusted return.
MFA Financial's CEO Hosts JPMorgan SMid Cap Conference (Transcript)
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