Financial Data and Key Metrics Changes - For calendar Q1, the company reported a net loss of $0.23 per share and adjusted distributable earnings of $0.26 per share [9] - The overall net interest margin increased by 20 basis points to 5.27, supported by a growing capital allocation to CLOs [9] - The economic return for the quarter was negative 3.2%, with book value per share at $6.08 [10][11] Business Line Data and Key Metrics Changes - The CLO portfolio increased by 46% to $250 million, while capital allocated to CLOs expanded to 81% from 72% at the end of the previous quarter [11] - The agency RMBS holdings decreased slightly to $504 million from $512 million at the end of the previous quarter [11] - The portfolio P&L by strategy showed a negative $0.24 per share from CLOs and a positive $0.08 from agency [10] Market Data and Key Metrics Changes - The market experienced strong performance in January and February, followed by turbulence in March due to fears of tariffs, slowing growth, and persistent inflation [7] - Credit spreads widened significantly in March, impacting CLO mezzanine debt and equity tranches, leading to meaningful price declines [7][8] - Recent tariff de-escalations have led to credit spreads and prices reversing course in May, recovering a significant portion of the declines [8] Company Strategy and Development Direction - The company successfully completed its conversion to a registered closed-end fund and changed its fiscal calendar to begin on April 1 [4][5] - The strategy focuses on increasing the CLO portfolio while maintaining liquidity and flexibility in response to market conditions [22][29] - The company plans to add corporate debt to its liability structure later this year, which should be accretive to net investment income [29] Management's Comments on Operating Environment and Future Outlook - Management noted that while there were mark-to-market losses in calendar Q1, most price declines were driven by credit spread widening rather than realized credit losses [22] - The company is optimistic about deploying capital in a compelling market and believes it is well-positioned to drive strong earnings moving forward [29] - Management expects to be slightly short on dividend coverage in the second quarter but is on track for recovery in the third quarter [56] Other Important Information - The company disposed of all remaining mortgage positions shortly after April 1, which allowed for increased liquidity and buying power [8][25] - As of April 30, approximately 18.8% of the total portfolio, or about $59 million, was in cash and cash equivalents, providing ample dry powder for deployment [27] Q&A Session Summary Question: How does the yield on newly acquired CLOs compare to the previous $250 million? - Management indicated that the weighted average yield varied from slightly wider to potentially hundreds of basis points back, depending on the type of assets purchased [34] Question: Is there still dry powder available for deployment? - Management confirmed that there is still good dry powder available and that cash reserves are maintained to allow for increased portfolio size [37][39] Question: What are the latest thoughts on the ADE trajectory? - Management stated that they might be slightly short on covering the dividend in the second quarter but are on track for recovery in the third quarter [56]

MCLEAN, Va., May 21, 2025 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced the pricing of the Freddie Mac Seasoned Loans Structured Transaction Trust (SLST) Series 2025-1, a securitization of approximately $284.2 million including both guaranteed senior and non-guaranteed subordinate securities backed by a pool of seasoned residential mortgage loans. The SLST program is a fundamental part of Freddie Mac's seasoned loan offerings which reduce less-liquid assets in its mortgage-related investment ...

May 21, 2025 Earnings Conference Call Three-Month Period Ended March 31, 2025 Important Notice Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions ...

Group 1 - Redwood Trust Inc (NYSE: RWT) has a business model that allows it to achieve high returns while minimizing balance sheet risks [1] - The stock is currently trading at 0.7 times price-to-book (P/B) ratio, indicating potential undervaluation [1]

NEW YORK, May 20, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Rocket Companies, Inc. ("Rocket Companies" or the "Company") (NYSE: RKT) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Rocket Companies investors who were adversely affected by alleged securities fraud between March 29, 2021 and April 1, 2021. Follow the link below to get more information and be contacted by a member of our team:https://www.zlk.com/pslra-1/rocket-compa ...

Core Viewpoint - Real estate investment trusts (REITs) can provide significant dividend yields, with AGNC Investment and Healthpeak Properties being highlighted for their monthly dividends, but their sustainability and growth potential differ significantly [1]. Group 1: AGNC Investment - AGNC Investment is a mortgage REIT that invests in Agency MBS, which are protected against credit risk by government agencies, and it employs leverage to enhance returns, resulting in a high monthly dividend yield of 15.7% [3]. - The CEO noted that the outlook for agency MBS investments remains favorable, with potential returns in the low-20% range, which exceeds the company's total cost of capital of approximately 18% [4]. - However, AGNC has previously cut its dividend when returns fell below costs, indicating that it may not be the best option for investors seeking a highly sustainable income stream [5]. Group 2: Healthpeak Properties - Healthpeak Properties is a healthcare REIT with a diversified portfolio that includes outpatient medical, lab, and senior housing properties, providing stable cash flow with contractual annual rental increases [7]. - The REIT's adjusted funds from operations (FFO) have grown by 19% over the past three years, and it expects to generate between $1.81 and $1.87 per share of FFO this year, comfortably covering its $1.22-per-share dividend [9]. - Healthpeak has a strong balance sheet with $500 million to $1 billion available for new investments, and it recently raised its dividend payout by 2%, indicating a capacity for future dividend increases [10][12].

NEW YORK, May 19, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Rocket Companies, Inc. ("Rocket Companies" or the "Company") (NYSE: RKT) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Rocket Companies investors who were adversely affected by alleged securities fraud between March 29, 2021 and April 1, 2021. Follow the link below to get more information and be contacted by a member of our team: https://www.zlk.com/pslra-1/rocket ...

Core Insights - Security National Financial Corporation successfully concluded a lending transaction that generated nearly $4,000,000 in profit-split income, in addition to over $3,200,000 in interest and origination fees [1][2] - The transaction involved an acquisition and development loan for over 500 planned residential units on a 162-acre parcel, originated in June 2021 [2] - The company believes the return on investment from this transaction exceeds that of competing general debt offerings, enhancing its residential mortgage segment's ability to offer long-term financing [2][3] Strategic Growth - The transaction highlights the company's enhanced lending capabilities, providing increased value to homebuilders and the real estate development community [3] - Proceeds from the profit split will be reinvested in similar attractive transactions to strengthen the company's asset base [3] - The CEO emphasized the importance of working with reputable local developers to structure beneficial loan terms for both the company and developers [4] Business Segments - Security National operates in three reportable business segments: life insurance, cemetery and mortuary, and mortgages [4] - The life insurance segment sells and services various insurance products across 40 states through independent agents [4] - The mortgage segment originates and underwrites residential and commercial loans through 100 retail offices in 23 states [4]

The next agency MBS weekly will be published on May 30, 2025. 16 May 2025 12:18:00 ET │ 23 pages Agency MBS Weekly Supply Gets Mowed CITI'S TAKE We project private market supply to be $394bn for 2025, ~$20bn lower than our previous projection. The reduction in private market supply should be a tailwind for the sector, but near-term supply could increase due to summer seasonals. Fed custody holdings data showed another $10bn reduction in Treasury holdings between May 7th and May 14th, and uncertainty remains ...

Group 1 - Mortgage REITs have a long history, gaining popularity in the late 1960s and early 1970s as large banks and mortgage brokers established their own [1] - The iREIT® Tracker provides comprehensive data on over 250 tickers, including quality scores, buy targets, and trim targets, aimed at enhancing investment research [1] - The introduction of the iREIT Buy Zone Ratings Tracker allows members to screen for value, enhancing investment decision-making [2] Group 2 - A promotional offer includes a 2-week free trial and a complimentary book, aimed at attracting new members to the iREIT® platform [4]