Joining forces will expand The Bank of Glen Burnie's mortgage business line both in products and footprint, and will grow VA Wholesale Mortgage's reach and strength under The Bank of Glen Burnie name. GLEN BURNIE, Md., Aug. 18, 2025 (GLOBE NEWSWIRE) -- The Bank of Glen Burnie, a wholly owned subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), continued its plans for growth and expansion through today's completed acquisition of VA Wholesale Mortgage, Inc., announced Mark C. Hanna, President and CEO of Glen Bur ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $100.2 million or $0.76 per share for the second quarter, primarily driven by the decision to accelerate the wind down of the legacy portfolio and associated fair value changes [20][21] - GAAP book value per common share decreased to $7.49 at June 30 from $8.39 at March 31 [20][21] - Core segments earnings available for distribution (EAD) for the quarter was $25 million or $0.18 per share, equating to a 14.5% annualized return on equity (ROE) [21][22] Business Line Data and Key Metrics Changes - Sequoia locked $3.3 billion of jumbo loans in the second quarter, representing a 15% increase in current coupon flow volume versus Q1, marking the highest quarterly flow volume since 2021 [11][22] - Aspire's lock volume tripled sequentially to $330 million, driven by engagement from a growing network of originators [14][22] - CoreVest funded over $500 million in loans during the second quarter, its highest volume since mid-2022 [17][22] Market Data and Key Metrics Changes - The company has sourced and is reviewing over $55 billion of seasoned bulk jumbo pool opportunities from regional banks, indicating increased demand for capital-efficient solutions [8][9] - The overall housing activity remains subdued, but the company has expanded loan acquisition volumes and market share due to the retrenchment by banks and mortgage lending [8][9] Company Strategy and Development Direction - The company is transitioning towards a more scalable and simplified operating model, reducing exposure to non-core legacy assets [5][6] - The decision to wind down the legacy portfolio is expected to free up $200 million to $250 million of capital by year-end 2025, which will be redeployed into higher quality, more predictable earnings [7][24] - The company anticipates a long-term target to reduce capital allocated to legacy investments to between 0% to 5% by 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for transformative housing market reform and GSE privatization, which could create significant opportunities for the company [9] - The company remains engaged with regulatory and market stakeholders to shape housing policy and expects to be positioned advantageously irrespective of policy outcomes [9] - Management highlighted the importance of capital allocation towards core platforms to enhance profitability and shareholder value [26] Other Important Information - The company has introduced a new reporting segment for legacy investments to enhance investor transparency [20] - The company has begun repurchasing common shares, buying back 2.4 million shares since June 2025, with plans to be more aggressive in share buybacks [7][25] Q&A Session Summary Question: Should the 9% to 12% EAD for 2026 be calculated based on the $7.49 book value? - The response indicated that the EAD figure is a blended number inclusive of the legacy portfolio, so it should be calculated on the full book value [29] Question: What changed regarding the home equity investments moved into the legacy piece? - Management explained that the decision was part of speeding up the evolution of the operating model, focusing on capital light strategies [30][32] Question: What types of prices are expected for the disposition of bridge loans and legacy portfolio? - Management clarified that the expected capital generation includes various legacy investments, and they are trying to maximize value during transactions [38][40] Question: Can you discuss the drivers behind the Sequoia gain on sale margin? - Management noted that while they are hesitant to forecast above the long-term average, they are optimistic about maintaining strong returns in Sequoia [42][44] Question: Can you help compartmentalize the $0.79 loss? - The response indicated that the loss was largely driven by older vintage multifamily and bridge loans, with a focus on near-term resolutions [47][49] Question: What is the sensitivity of net interest income (NII) if the Fed cuts rates? - Management confirmed that there is sensitivity to Fed cuts, which could provide a modest benefit to NII [69] Question: How does the company plan to maximize opportunities in the prime jumbo segment? - Management emphasized the focus on market share and the potential for refinancing as rates decrease, which could accelerate business growth [75][78]

Core Viewpoint - Companies like AGNC Investment, Annaly Capital Management, and Delek Logistics Partners are identified as "monster dividend stocks" with yields exceeding 10%, making them attractive for generating passive income [1]. Group 1: AGNC Investment - AGNC Investment offers a dividend yield of over 16%, significantly higher than the S&P 500's yield of less than 1.5% [3]. - As a REIT, AGNC is required to distribute at least 90% of its taxable net income as dividends, contributing to its high yield [4]. - The company utilizes leverage to enhance returns, with potential returns in the low 20% range, but this strategy carries risks during market downturns [5]. Group 2: Annaly Capital Management - Annaly Capital Management, another mortgage REIT, has a dividend yield approaching 15% and has recently increased its dividend due to improved earnings [7]. - The REIT invests primarily in Agency MBS and has also ventured into higher-risk residential credit investments and mortgage servicing rights [6][8]. - Historical performance shows that Annaly has had to cut dividends in the past due to declining earnings, indicating a higher risk-reward profile [8]. Group 3: Delek Logistics Partners - Delek Logistics Partners operates as a master limited partnership (MLP) with a dividend yield of nearly 10.5%, the highest in the energy midstream sector [10]. - The MLP has consistently raised its distribution for 49 consecutive quarters, with a 3.7% increase over the past year [10]. - Its business model is supported by stable cash flows from long-term contracts, and it is diversifying its earnings by reducing reliance on its parent company [11].