- Q3 net income of $4.2M or $0.28 per share vs. $3.8M and $0.34 in Q2. Dividend is $0.375.
- Book value per share of $12.50 slips from $12.76 at the end of Q2. Last night's close of $11.20 is a 10.4% discount to book.
- Since quarter's end, Five Oaks (OAKS) for the first time participated in a prime jumbo mortgage securitization deal. OAKS was the biggest contributor of loans, selling about $106M into the trust.
- CEO David Carroll notes the dividend more than made up for the drop in book value during the Q, allowing a positive economic return. "We continued to make continued significant progress in changing our business model to that of an operating company focused on credit."
- Previously: Five Oaks Investment misses by $0.07, misses on revenue
- The stock fell 2.7% in after-hours trade last night to $10.90.
Five Oaks lower by 2.7% after earnings miss
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