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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. effects of changes in interest rates on the borrowing costs of our short-term financing agreements and the value of our fixed-rate agency MBS investment portfolio, and 11 therefore may expose our ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Such hedging transactions may also limit the opportunity for gain if the values of the portfolio positions should increase. Moreover, it may not be possible to hedge against an interest rate fluctua...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. Furthermore, our hedging strategies may adversely ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ging can be expensive, particularly during periods of rising and volatile interest rates; •the duration of the hedge may not match the duration of the related asset or liability; available interest...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. transactions other than hedging transactions that satisfy certain requirements of the Internal Revenue Code or that are done through a TRS is limited by federal tax provisions governing REITs; •the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. hedging strategies are generally not designed to mitigate spread risk. When the market spread widens between the yield on our mortgage assets and benchmark interest rates, our net book value could ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. monetary policy actions by the Federal Reserve, market liquidity, changes in expected prepayments, or changes in required rates of return on different assets. Consequently, while we use various inte...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. volatile. The fair values can change rapidly and significantly, and changes can result from various factors, including changes in interest rates, actual and perceived risk, supply, demand, expected ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. not borrowed funds and had not invested in such assets on a leveraged basis. Conversely, if the revenue from our investment do not sufficiently cover the interest expense, hedging expense and other ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. borrowings mature, we must either enter into new borrowings or liquidate certain of our investments at times when we might not otherwise choose to do so. Lenders may also seek to use a maturity date...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -term borrowings may adversely affect our profitability. We rely primarily on short-term borrowings to acquire fixed-rate securities with long-term maturities. The relationship between short-term an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , to the extent cash flows from investments that return principal are reinvested, the spread between the yields on the new investments and available borrowing rates may decline, which would likely de...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. agency MBS and other mortgage assets. Our repurchase agreements allow the lenders, to varying degrees, to determine a new market value of the collateral to reflect current market conditions. If the ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. incur further losses and adversely affect our results of operations and financial condition. In the event we do not have sufficient liquidity to satisfy these margin calls, lending institutions can ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (also known as “variation margin”) as measured by the central clearinghouse through which those instruments are cleared. In addition, the central clearinghouse requires market participants to deposi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. against our hedging instruments. In the event that future adverse economic developments or market uncertainty result in increased margin requirements for our hedging instruments, it could materially...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. revise their eligibility requirements for the types of assets they are willing to finance or the terms of such financings based on, among other factors, the regulatory environment and their perceive...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -term assets) and generate cash for us. We may also sell assets from time to time as part of our portfolio management and capital reallocation strategies. In order to maintain or grow our portfolio s...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. obligations or that these guarantee obligations may be repudiated, which would adversely affect the value of our investment portfolio and our ability to sell or finance these securities. All of the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and related efforts, along with any changes in laws and regulations affecting the relationship between Fannie Mae and Freddie Mac and the federal government, may adversely affect our business. The ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. operations of Fannie Mae and Freddie Mac with any necessary capital contributions up to a maximum capital commitment to each GSE while in conservatorship. Although the U.S. Treasury has committed to...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. have each discussed and considered separate measures intended to restructure the U.S. housing finance system and the operations of Fannie Mae and Freddie Mac. The passage of any additional new legis...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. will emerge from committee, be approved by Congress, or be affected by any executive actions and, if so, what the effect will be on our business. The value of our MSR related assets may vary substa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Interest rate hedging may fail to protect or could adversely affect us. To the extent we do not utilize hedging instruments to hedge against changes in the fair value of our MSR related assets, our ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. prepayments that are faster or slower than expected on our investments. These faster or slower than expected payments may adversely affect our profitability. We may purchase securities that have a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. may purchase securities that have a lower interest rate than the then-prevailing market interest rate. In exchange for this lower interest rate, we may pay a discount to par value to acquire such s...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . This could have a negative impact on our results from operations, as the maturities of our interest rate hedges are fixed and will, therefore, cover a smaller percentage of our funding exposure on ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. would be expected to be lower and the value of the MSR would be expected to decline. The value of our MSR financing receivables are based on the value of a related MSR. Accordingly, an increase in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. property and use the sale proceeds to prepay the mortgage as part of a physical relocation or when borrowers default on their mortgages and the mortgages are prepaid from the proceeds of a foreclosu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 15 loans, which could lead to an acceleration of the payment of the related principal. Furthermore, changes in the GSEs’ policies regarding the repurchase of delinquent loans can materially impact...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. make it more difficult for us to analyze our investment portfolio. Our success depends on our ability to analyze the relationship of changing interest rates on prepayments of the mortgage loans tha...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. may change the way that prepayment trends have historically responded to interest rate changes and, consequently, may negatively impact our ability to (i) assess the impact of future changes in inte...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of investing in and financing agency MBS. TBA contracts enable us to purchase or sell, for future delivery, agency MBS with certain principal and interest terms and certain types of collateral, but ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. BS for settlement in the current month. This difference (or discount) is referred to as the “price drop.” As discussed under Item 7. Management’s Discussion and Analysis of Financial Condition and Re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. agency MBS for settlement in the current month. Under such conditions, it may be uneconomical to roll our TBA positions prior to the settlement date and we could have to take physical delivery of t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. financing to settle our obligations or meet margin calls under our TBA commitments could result in defaults or force us to sell assets under adverse market conditions or through foreclosure and adve...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. for us to recover our pledged assets in the event that any of our lenders file for bankruptcy. Thus, the use of repurchase agreements exposes our pledged assets to risk in the event of a bankruptcy ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. lose money on our repurchase transactions. When we engage in a repurchase transaction, we initially sell securities to a counterparty under a master repurchase agreement in exchange for cash from t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. haircut (assuming no change in the value of the securities). Losses incurred on our repurchase transactions would adversely affect our operating results and the market price of our securities. If w...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. indebtedness levels, we may still be able to incur substantially more debt, which could have important consequences to you. As of December 31, 2022, we had total unsecured indebtedness (excluding p...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -term debentures due between 2033 and 2035. Our level of indebtedness could have important consequences to you, because: •a substantial portion of our cash flows from operations will have to be dedi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our ability to obtain additional debt or equity financing in the future; •it may limit our flexibility in planning for, or reacting to, changes in our business and industry; it may limit our abili...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. default on the Senior Notes. it may make us more vulnerable to downturns in our business, our industry or the economy in general. Our operations may not generate sufficient cash to enable us to se...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. access to input data necessary to calculate LIBOR tenors relevant to us on a representative basis after June 30, 2023, IBA would have to cease publication of such LIBOR tenors immediately after the ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. USD LIBOR, identify best practices for contract robustness and create an implementation plan. The ARRC has recommended SOFR and, in some cases, the forward-looking term rate based on SOFR published ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. replace overnight, one-month, three-month, six-month and 12-month LIBOR in U.S. contracts that do not mature before LIBOR ends and that lack adequate fallback provisions that would replace LIBOR wit...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. being an unsecured lending rate while SOFR is a secured lending rate, and SOFR is an overnight rate while LIBOR reflects term rates at different maturities. If our LIBOR-based borrowings are convert...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. either in amendments to existing facilities or as we decide to enter into new facilities. It is possible that not all of our assets and liabilities will transition away from LIBOR at the same time, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. OR as a reference rate that mature or expire after June 30, 2023. As of December 31, 2022, these financial instruments include preferred stock and unsecured notes issued by us. At this time, it is n...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the market for, or value of, any securities, loans, derivatives and other financial obligations on which the interest or dividend is determined by reference to LIBOR, which could negatively impact o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. essential to our business. Failures of similar businesses have often been attributable in large part to insufficient liquidity. Liquidity is of particular importance to our business and perceived li...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the liabilities associated with those investments and may not reveal aspects of the investments which could lead to lower expected investment returns or investment losses. Before making certain ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. credit investments subject us to a potential high risk of loss. Investments in mortgage-related assets where repayment of principal and interest is not guaranteed by a U.S. government agency or GSE...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. changes in national and local economic and market conditions; changes in laws and regulations, fiscal policies and zoning ordinances and the related costs of complying with such laws and regulations...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the form of a longer-term loan. The risks of delinquency and foreclosure on these residential properties may be greater than similar risks associated with loans made on the security of single-famil...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. effect on our cash flow from operations and our ability to make distributions to our shareholders. Commercial mortgage loans are secured by commercial property and are subject to risks of delinquen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. from comparable types of properties; changes in laws that increase operating expense or limit rents that may be charged; any need to address environmental contamination at the property; the occurren...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to our non-agency MBS, mortgage loan investments and MSR related assets. We are, therefore, subject to the risks associated with third-party service providers. We depend on a variety of third-part...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. MSR related assets are dependent upon the mortgage servicer counterparty performing the actual servicing of the mortgage loans. The duties and obligations of the mortgage servicer are defined throu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. that we rely upon. For instance, as a result of an increase in mortgagors requesting relief in the form of forbearance plans and/or other loss mitigation, servicers and other parties responsible in ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on each of the underlying loans. Both default frequency and default severity of loans may depend upon the quality of the servicer. If servicers are not vigilant in encouraging borrowers to make the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of non-agency MBS. If a servicer goes out of business, the transfer of servicing takes time and loans may become delinquent because of confusion or lack of attention. When servicing is transferred...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the loss to the trust may be greater than the outstanding principal balance of that loan (greater than 100% loss severity). Our investment portfolio may be concentrated in terms of credit risk. Ou...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. identify, detect or hedge against those risks, resulting in large or unexpected losses. This risk may be more pronounced during times of market volatility and negative economic conditions. Our inve...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. such subordinated interests generally are less actively traded and may not provide holders thereof with liquid investments. When we invest in securities that are illiquid, are unrated, have a highe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. insurance and rent. To the extent that any decrease in revenue or increase in operating expenses result in the facilities not generating enough cash to make payments to us, we would have to rely on...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. that will enable them to meet our borrower’s obligations to us. The operators and healthcare facilities securing our investments may also face litigation and may experience rising liability and ins...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and state healthcare programs, loss of licensure or closure of the facility. The operators and healthcare facilities rely on reimbursement from third-party payors, including Medicare and Medicaid p...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. us to garner the economic return of an investment in an MSR purchased by the mortgage servicing counterparty through an MSR financing transaction. Under the terms of the arrangement, for an MSR acq...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , generally equal to the servicing fee revenue less the excess servicing spread and the costs of servicing (and to distributions of corresponding proceeds of sale of the MSRs), net of fees earned by ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on our MSR financing receivable from the basic fee component part of the transaction is an unsecured obligation of the mortgage servicing counterparty. If the counterparty were to default under its...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . A default by the mortgage servicing counterparty in its capacity as servicer relating to its obligations under any acknowledge agreement with an agency, pooling and servicing agreement, agency req...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. related to billing and collections practices, modification protocols or foreclosure practices. If the MSRs that are referenced to our contractual arrangements are terminated or transferred or if ou...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. MSRs that are subject to our MSR financing receivables to finance the purchase of additional MSRs to increase potential returns to us. The lender providing the leverage to our mortgage servicing co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. affect our financial condition, liquidity and results of operations. We may have to fund servicing advances under our MSR related assets that could adversely affect our liquidity and financial cond...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. that mortgage loan borrowers could request forbearance of their monthly mortgage payments. In addition, agencies and other federal and state regulators may require servicers to grant forbearance un...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. set forth in FASB Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures. Ultimate realization of the value of an asset depends to a great extent on economic a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. uations may fluctuate over short periods of time. Our determination of the fair value of our investments includes prices based on estimates provided by third-party pricing sources including pricing ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. determinations of fair value may differ materially from the values that would have been used if a public market for these investments existed. Depending on the complexity and liquidity of an investm...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is highly competitive. Many of our competitors are substantially larger than us and have considerably greater financial, technical and marketing resources, more long-standing relationships, broader ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. from aggregating ownership of our common stock and triggering an “ownership change” for purposes of Sections 382 and 383 of the Internal Revenue Code. Under the terms of the Rights Plan, in general,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the time at which the rights are redeemed or exchanged pursuant to the Rights Plan, (iii) the repeal of Section 382 and 383 of the Internal Revenue Code or any successor statute if the Board of Dire...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ailing market price for our common stock in connection with such a transaction. In addition, because our Board of Directors can prevent the Rights Plan from operating, in the event our Board of Direc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 9.9% in value or the number of shares, whichever is more restrictive, of the outstanding shares of any class or series of our stock. This and other restrictions on ownership and transfer of our shar...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the prospects for our business or the types of assets in which we invest could depress our stock price regardless of our results. The following factors, among others, could contribute to the vola...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. that cause our borrowing costs to increase, our reported yields on our investment portfolio to decrease or that cause the value of our investment portfolio to decrease; •changes in the market valua...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. currency rate fluctuations; and dilution resulting from new equity issuances; •additions or departures of our key personnel. general economic conditions such as a recession, or interest rate or c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. IT, we will generally not be subject to U.S. federal or state corporate income taxes on our REIT taxable income that we distribute to our shareholders on a timely basis. At present, it is our intent...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. forwards of $155.7 million that can be used to offset future net capital gains. We have not established a minimum dividend payment level and the amount of future dividends, if any, may fluctuate. Ou...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. dividend on our common stock for any quarter during 2022, and it is uncertain when our Board of Directors will determine to declare future dividends, if any, on our common stock. Accordingly, the t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and officers in connection with any liability incurred by them in connection with any action or proceeding (including any action by us or in our right) to which they are or may be made a party by re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. entered into indemnification agreements with certain of our current and former directors and officers under which we are generally required to indemnify them against liability incurred by them in co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. insurance policies that may limit our exposure and enable us to recover a portion of any amounts paid with respect to such obligations. However, if our coverage under these policies is reduced, deni...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. registration requirements of the 1940 Act. This provision requires that 55% of our assets, on an unconsolidated basis, consist of qualifying assets, such as agency whole pool certificates, and 80% o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to register as an investment company, or we may be required to acquire or dispose of assets in order to meet our exemption. Any such asset acquisitions or dispositions may include assets that we wou...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our current investment and financing strategies and result in a decline in the price of our securities. Failure to obtain and maintain an exemption from being regulated as a commodity pool operator...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ”) for which the compliance date generally was December 31, 2012 as to those funds that become commodity pools solely because of their use of swaps, CPOs must by then have filed an application for re...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. commodity pools, it would not recommend that the CFTC take enforcement action against the operator of a mortgage REIT who does not register as a CPO if, among other things, the mortgage REIT limits ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. investment portfolio and related borrowings to reduce or mitigate risks associated with changes in interest rates, yield curve shapes and market volatility. These hedging instruments may include int...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. not enter into hedging transactions covered by the no-action letter if they would cause us to exceed the limits set forth in the no-action letter. However, there can be no assurance that the CFTC wi...