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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.
Repurchase Program"). Repurchases under the Repurchase Program may be made from time to time on the open market and in private transactions at management’s discretion in accordance with applicable f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2,794,574
shares of Class A common stock for a total purchase price of $
9,316
. As of
March 31, 2023
, there remain available for repurchase
10,195,704
shares of Class A common stock under t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”), par value of $
0.01
per share; and (iv)
20,400,000
shares of undesignated preferred stock... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
traded on the New York Stock Exchange under the ticker symbols “AAIC PrB” and “AAIC PrC,” respectively.
The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund and w... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
at the Company’s option.
Dividends are payable quarterly in arrears on the 30th day of March, June, September and December of each year, when and as declared.
Arlington Asset Investment Corp. has ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
% per annum of the $
25.00
per share liquidation preference (equivalent to $
2.0625
per annum per share) and (ii) from and including March 30, 2024, at a floating rate equal to three-month LIBO... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
IT.
Dividends are payable quarterly in arrears on the 30th day of March, June, September and December of each year, when and as declared.
Arlington Asset Investment Corp. has declared and paid all ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
sold through the preferred equity sales agents in transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, including sales made directly ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
149
under the Series B preferred equity distribution agreement. As of
March 31, 2023
, the Company had
1,602,566
shares of Series B Preferred Stock available for sale under the preferred equity... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
14, 2018. On April 11, 2022, the Board of Directors approved a second amendment to the Rights Plan (“Second Amendment”) to further extend the term until
June 4, 2025
and the Company's shareholders... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
“Acquiring Person”), all of our other Class A and Class B common shareholders will have the right to purchase securities from us at a discount to such securities’ fair market value, thus causing sub... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the ownership of the Company’s common stock of more than 50% by one or more “5% shareholders” during a three-year period. The Rights Plan was adopted to dissuade any person or group from acquirin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Internal Revenue Code or any successor statute if the Board of Directors determines that the Rights Plan is no longer necessary for the preservation of the applicable tax benefits, or (iv) the begin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
replaced the Arlington Asset Investment Corp. 2014 Long-Term Incentive Plan (the “2014 Plan”). No additional grants will be made under the 2014 Plan. However, previous grants under the 2014 Plan and... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
its affiliates. If an award under the 2021 Plan or Prior
28
Plans
is canceled, terminated, forfeited or otherwise settled without the issuance of shares subject to such award, those shares will b... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
dividend equivalents for such awards. If these outstanding performance-based stock awards are earned at “target” level performance, an additional
1,625,783
shares would be issued resulting in
2,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
withholding taxes, may not be sold or transferred before the earlier of (i) the first anniversary of the exercise of the option or SAR or vesting of the restricted stock award or the settlement of r... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
grant date developed using appropriate valuation methodologies, as adjusted for estimates of future award forfeitures. Valuation methodologies used and subsequent expense recognition is dependent up... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as expense over the requisite performance periods, as adjusted for changes in estimated, and ultimately actual, performance and forfeitures. Compensation costs for components of Performance-based St... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
during the applicable performance period (“Absolute TSR Awards”), (ii) the compound annualized total shareholder return relative to a peer index during the applicable performance period (“Relative T... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Absolute TSR Awards granted
174,581
Absolute TSR Award grant date fair value per share
6.03
Relative TSR Awards granted
87,291
Relative TSR Award grant date fair value per share
5.83
Book V... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
per share of the Company’s Absolute TSR Awards and Relative TSR Awards for the periods indicated:
Absolute TSR AwardsGranted in:
Relative TSR AwardsGranted in:
2023
2022
2023
2022
Closing sto... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
date of grant.
(3)
Dividend equivalents are accrued during the performance period and deemed reinvested in additional stock units, which are to be paid out at the end of the performance period to ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Committee.
For Absolute TSR Awards and Relative TSR Awards granted, the Compensation Committee established a
three-year
performance period. The actual number of shares of Class A common stock tha... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company’s Class A common stock on a one-for-one basis. As of March 31, 2023, there are a total
400,293
Absolute TSR Awards and Relative TSR Awards outstanding.
For Book Value Awards granted duri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
equal number of shares of restricted stock in February 2023 that will vest on the third anniversary of the original Book Value Award grant date subject to continued employment under the terms of the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
anniversary of the date of grant subject to continued employment under the terms of the award agreement. If the minimum threshold level of stock price performance goals are never achieved, no award... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
are paid out in shares of Class A common stock at the end of the performance period to the extent that the underlying Performance-based Stock Awards vest.
For the three months ended March 31, 2023
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
As of March 31, 2023 and December 31, 2022
, the Company had unrecognized compensation expense related to Performance-based Stock Awards of $
2,990
and $
3,314
, respectively. The unrecognized ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that had a performance period ending on December 31, 2022 were earned at
40
% of target resulting in the issuance of
41,410
shares of restricted stock that will vest on the third anniversary of ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
either vest ratably over a three-year period or cliff vest at the end of a three-year period based on continued employment over these specified periods. A summary of these unvested restricted stock ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
95
Conversion of Book Value Awards
41,410
3.37
Vestitures
(181,125
4.40
Share Balance as of March 31, 2023
828,127
3.43
1.3
For the three months ended March 31, 2023 and 2022
, the Compan... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to be recognized over a weighted average period of
1.3
years. For the
three months ended March 31, 2023 and 2022
, the intrinsic value of restricted stock awards that vested were $
547
and $
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
directors vest immediately on the award grant date and are convertible into shares of Class A common stock. For RSUs granted under the Company’s 2021 Plan, 2014 Plan, and certain of the Prior Plans,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2023 and December 31, 2022, the Company had 548,272 of non-employee director RSUs outstanding. There were no non-employee director RSUs grants during the three months ended March 31, 2023 and 2022.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Class A common stock for the
three months ended March 31, 2023 and 2022
32
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Unless the context otherw... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
The discussion of our consolidated financial condition and results of operations below may contain forward-looking statements. These statements, which reflect management’s beliefs and expectations... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
is currently allocated between the following asset classes:
•credit investments
mortgage servicing right (“MSR”) related assets
•agency mortgage-backed securities (“MBS”)
credit investments
Our... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”).
agency mortgage-backed securities (“MBS”)
Our MSR related assets represent investments for which the return is based on the econom... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
We also previously allocated investment capital to a strategy of investing in single-family residential ("SFR") properties that consisted of acquiring, leasing and operating single-family residential... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
conditions in the real estate and mortgage markets;
changes in interest rates and prepayment rates;
•actions taken by the U.S. government, U.S. Federal Reserve, the U.S. Treasury and foreign centra... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
quarter end. The interest rate curve, measured as the spread between the 2-year and 10-year U.S. Treasury, continued to be inverted at a negative 56 basis points as of March 31, 2023. With the decl... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022 with the Consumer Price Index declining to 5.0% for the twelve-month period ending March 31, 2023.
In order to address the persistently high inflation, the U.S. Federal Reserve has continued t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
debt and agency MBS. As of March 31, 2023, the market is projecting an approximately 50% likelihood that the FOMC could have one additional 25 basis point increase in the next three months followed... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Valuation multiples of MSRs remained relatively consistent during the first quarter of 2023.
The recent trend of declining housing price gains continued in 2023, evidenced by the Standard & Poor’s... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2
March 31,2023
Change - First Quarter 2023
30-Year FNMA Fixed Rate MBS (1)
3.0%
97.55
93.11
86.81
87.71
89.59
1.88
3.5%
99.75
96.17
89.83
90.82
92.80
1.98
4.0%
101.58
98.62
92.6... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
98.52
99.69
1.17
Investment Spreads
FNMA Current Coupon vs. 10-year Swap Rate
108 bps
129 bps
180 bps
155 bps
158 bps
3 bps
30 Year Fixed Mortgage Rate
Freddie Mac Average Primary Mort... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
57
43 bps
10-year UST
2.34
3.01
3.83
3.87
3.47
40 bps
2-year UST to 10-year UST spread
1 bps
6 bps
45 bps
56 bps
56 bps
0 bps
Interest Rate Swap Rates
2-year swap
2.55
3.28
4.55
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
38 bps
2-year swap to 2-year UST spread
22 bps
33 bps
27 bps
28 bps
33 bps
5 bps
10-year swap to 10-year UST spread
7 bps
8 bps
5 bps
3 bps
1 bps
2 bps
London Interbank Offered Rates (... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.30
1.69
3.04
4.36
4.80
44 bps
Twelve Month Percent Change in Consumer Price Index ("CPI")
1-month LIBOR
8.50
9.10
8.20
6.50
5.00
150 bps
(1)
Generic 30-year FNMA TBA price information... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
will no longer be representative after June 30, 2023. The FCA's announcement coincides with the March 5, 2021 announcement of LIBOR's administrator, ICE Benchmark Administration ("IBA"), indicating ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
convened the ARRC, a steering committee comprised of private sector entities, each with an important presence in markets effected by LIBOR, and official-sector entities, including banking and financ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
not have clear and practical provisions for replacing LIBOR after June 30, 2023. On December 16, 2022, the Federal Reserve Board implemented a final rule that implements the LIBOR Act and identifie... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Federal Reserve Board for certain LIBOR contracts.
Any of our LIBOR-based borrowings that extend beyond June 30, 2023 will need to be converted to a replacement rate. We are party to various financ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for the notes, if the publication of LIBOR is not available, the current fallback is for the independent calculation agent to obtain quotations for what LIBOR should be from major banks in the inter... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
million. The Series C Preferred Stock is entitled to receive a cumulative cash dividend (i) from and including the original issue to, but excluding, March 30, 2024 at a fixed rate of 8.250% per annu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
such quotations, we are required to appoint an independent calculation agent, which will determine LIBOR based on sources it deems reasonable in its sole discretion. If the calculation agent is unab... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
its final rule.
Portfolio Overview
The following table summarizes our asset and capital allocation of our investment strategies as of March 31, 2023 (dollars in thousands):
March 31, 2023
Assets... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.4
(1)
Our investable capital is calculated as the sum of our shareholders’ equity capital and long-term unsecured debt.
35
(2)
Our leverage is measured as the ratio of the sum of our repurchase... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company's TBA forward purchase and sale commitments. In accordance with GAAP, the Company's TBA forward commitments are reflected on the consolidated balance sheets as derivative assets and liabili... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
mortgage loan servicer that enable us to garner the economic return of an investment in an MSR purchased by the mortgage servicing counterparty. The arrangement allows us to participate in the econ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
s:
MSRs
Financing
Advances Receivable
Cash and Other Net Receivables
Counterparty Incentive Fee Accrual
MSR Financing Receivables
Implicit Leverage
178,180
(1,010
4,202
12,979
(11,293
18... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,006,719
3.72
0.25
25 months
1.35
5.41
13,616
Total/weighted-average
13,349,947
3.14
0.25
29 months
1.33
5.33
178,180
(1)
Calculated as the underlying MSR price divided by the weighte... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
mortgage loan
100.00
27,798
19,053
8,904
2.1
Business purpose residential MBS (3)
79.80
4,780
4,780
Solar ABS
37.25
1,885
1,885
Total/weighted-average
133,396
98,425
35,349
2.8
36... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
financial reporting purposes.
Our classes of credit investments as of March 31, 2023 are summarized as follows:
Commercial MBS - We hold two AAA rated senior position commercial MBS which are summ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
balance of $50.0 million. The investment has 30.9% in subordinated credit support and is secured primarily by a first lien mortgage loan on a 153 room full-service hotel ("The Mark Hotel") located ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2023.
A senior position commercial MBS with a fair value of $49.3 million and an unpaid principal balance of $50.0 million. The investment has 43.7% in subordinated credit support and is secured p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
carries a variable note rate of one-month term SOFR plus 5.61% and matures on June 23, 2023.
Business purpose residential MBS - We hold residual interests in two securitized pools of business purpo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a securitized pool of loans for the purchase and installation of solar panels on residential real estate with a fair value of $1.9 million and unpaid principal balance of $5.1 million. As of March ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as of March 31, 2023 (dollars in thousands):
Unpaid Principal Balance
Net Unamortized Purchase Premiums (Discounts)
Amortized Cost Basis
Net Unrealized Gain (Loss)
Fair Value
Market Price
Cou... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
222,645
97.94
4.50
9.7
5.5%
104.71
5.50
6.0
Total/weighted-average
480,542
(6,970
473,572
(12,588
460,984
95.93
4.09
9.7
37
Unpaid Principal Balance
Net Unamortized Purchase Prem... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Freddie Mac
258,777
(2,901
255,876
(7,646
248,230
95.92
4.09
9.9
Total/weighted-average
480,542
(6,970
473,572
(12,588
460,984
95.93
4.09
9.7
The annualized prepayment rate for ou... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
low balance loans, respectively, while the remainder includes specified pools of loans originated in certain geographical areas. Weighted average pay-up premiums on our agency MBS portfolio, which r... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Implied
Net Carrying
Position (1)
Cost Basis (2)
Fair Value (3)
Amount (4)
3.0% 30-year MBS sale commitments
(70,000
(61,009
(62,725
(1,716
4.0% 30-year MBS purchase commitments
50,000
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
TBA positions
(389,000
(362,359
(372,973
(10,614
(1)
Notional amount represents the unpaid principal balance of the underlying agency MBS.
(2)
Implied cost basis represents the contractual f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and rent revenues recognized from SFR properties net of the interest expense incurred from repurchase agreement financing arrangements or other short and long-term borrowing transactions and SFR pro... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the fair value of derivative instruments within the line item “investment and derivative gain (loss), net.”
Investment and Derivative Gain (Loss), Net
“Investment and derivative gain (loss), ne... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
granted to employees, including performance share units that are earned only upon the attainment of Company performance measures over the relevant measurement period.
“Other general and administrat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
fees and commissions on interest rate derivative instruments, local license taxes, office supplies and other miscellaneous expenses.
Board of Director fees; and
Three months ended March 31, 2023 c... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, except per share amounts):
Three Months Ended March 31,
2023
2022
Interest and other income
14,000
7,406
Rent revenues from single-family residential properties
1,064
Interest expense
(8,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(742
Net loss attributable to common stock
(2,878
(3,443
Diluted loss per common share
(0.10
(0.12
Weighted-average diluted common shares outstanding
28,004
29,832
Interest and Other In... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
The components of interest and other income are summarized in the following tables for the periods indicated (dollars in thousands):
Three Months Ended March 31,
2023
2022
AverageBalance
Interes... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
4,685
13.78
108,275
3,382
12.49
Other
179
325
Total
933,736
14,000
6.00
746,831
7,406
3.97
The effects of changes in the composition of our investments in financial assets on interest ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
financing receivables
437
866
1,303
Other
(146
(146
Total
4,109
2,485
6,594
Rent Revenues from SFR Properties
We began to acquire SFR properties pursuant to our SFR property rental inves... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, the level of any property level refurbishments and the length of the lease marketing period.
During the year ended December 31, 2022, we sold all our SFR rental properties in two separate transact... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the result of higher interest rates on repurchase agreement financings, partially offset by lower interest rates on secured debt of consolidated VIEs and the subtraction of long-term debt secured by... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,062
1,370
6.37
Secured debt of consolidated VIEs
163,279
681
1.67
174,763
1,188
2.72
Total
755,104
8,347
4.42
660,323
3,242
1.96
The effects of changes in the composition of our deb... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
165
171
Secured debt of consolidated VIEs
(429
(78
(507
Total
5,454
(349
5,105
SFR Properties Operating Expenses
We began to acquire SFR properties pursuant to our SFR property rental in... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
August 2022 and December 2022.
Investment and Derivative Gain (Loss), Net
As prevailing longer-term interest rates increase (decrease), the fair value of and MSR financing receivables and TBA sale... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
receivables to fluctuations in interest rates, they are not generally designed to mitigate the sensitivity of our net book value to spread risk, which is the risk of an increase of the market spread... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Months Ended March 31,
2023
2022
Gain (loss) on agency MBS investments, net
6,783
(25,957
(Loss) gain on credit investments, net
(2,073
1,289
(Loss) gain on MSR financing receivables, net
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, net
1,177
5,841
Total gain on interest rate derivatives, net
1,059
5,550
Other investments, net
(16
(584
Investment and derivative loss, net
(3,851
(827
General and Administrative Expen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
taxes. As a result, for the three months ended March 31, 2023 and 2022, we recognized a provision for income taxes of $0.1 million and $2.3 million, respectively, on the pre-tax net income of our TR... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(i) the income tax provision for TRS earnings available for distribution and (ii) an income tax provision for (or benefit from) periodic increases (or decreases) in the fair value of the investments... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(losses) gains, net
(344
2,058
GAAP income tax provision
109
2,287
42
Non-GAAP Earnings Available for Distribution
In addition to the results of operations determined in accordance with GAAP,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
) for TRS realized and unrealized gains and losses on investments and derivatives
•Plus (less) interest rate swap net interest income (expense)
Plus TBA dollar roll income
•Plus depreciation of si... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
economic interest income earned or interest expense incurred from our interest-bearing financial assets and liabilities during the indicated reporting period. Because our long-term-focused investme... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
excluded from earnings available for distribution.
Plus stock-based compensation
Realized and unrealized gains and losses recognized with respect to our mortgage related investments and economic h... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
assets attributable to changes in benchmark interest rates, we generally expect the fluctuations in the fair value of our mortgage related investments and economic hedging instruments to largely off... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
known as “dollar roll” transactions). Dollar roll income (expense) is generated (incurred) as a result of delaying, or “rolling,” the settlement of a forward-settling purchase (sale) of a TBA agency ... |
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