Well, those companies don't really compete as long-term investments, the agency REIT's are an escalator with a chipper at the top, you want to step off before the government guarantee of agency debt looks like it might end, the principal value of those companies would plunge.
In any case, I'm doing nothing, I wanted to raise some cash and put it on the shelf. Yield compression in the MLP's, and here to some extent, made raising cash palatable as it didn't hurt my income much. I was fully invested since the summer dip, I feel better with some dry powder.
Well, RSO isn't an agency REIT. I am guessing you were just talking about NLY, AGNC and CYS. And yes, I would agree. Those three are not good for long term investments. You could probably still get another couple of quarters out of them though for their dividends or flip plays around dividend times. Someone on the AGNC board the other day made a comment about putting into their IRA as a long term play. This made me very sad.