Wed, Feb. 4, 8:06 AM
- Q4 core operating income of $32.6M or $1.40 per share vs. $18.8M a year ago. Dividend is $0.875.
- Net interest income of $32.9M, and the CPR was 6.33%. The debt-to-equity ratio at year-end was about 5:1.
- Portfolio: Agency-backed MBS with fair value of $3.4B - all are fixed-rate 30 year mortgages specifically selected for their prepayment protections. Company owns $2.2B in Eurodollar futures with a rate of 1.87% and funding cost of 1.77%. Company also owns $1.1B in notional 10-year interest rate swap futures, bringing total combined hedges to about $3.3B. Private-label MBS portfolio with fair value of $267.4M.
- Previously: Arlington Asset Investment beats by $0.19, misses on revenue (Feb. 3)
- AI flat premarket
Tue, Feb. 3, 11:07 PM| 1 Comment
Oct. 27, 2014, 9:11 PM
- Q3 core operating income of $28.7M or $1.36 per share vs. $24.4M and $1.22 in Q2. Dividend of $0.875.
- Private-label MBS portfolio has fair value of $292.8M, or 75.2% of face value. Average cost as a percent of face value of 53.5%. The quarterly unlevered cash yield as a percent of average amortized cost of 8.6%. CPR is 12.2% vs. 11.3% in Q2.
- Book value per share of $30.43 vs. $31.51 at end of Q2. Today's close of $27.06 is an 11% discount to book.
- CEO J. Rock Tonkel: "Our results reflect the positive financial dynamic taking place in the Company through the redeployment of appreciated capital in the private-label MBS portfolio to higher return opportunities, paired with a reduction in the ratio of cash expenses to investable capital."
- AI +0.85% AH.
Oct. 27, 2014, 5:25 PM| 2 Comments
Jul. 30, 2014, 7:49 AM
- Core operating income of $24.4M or $1.22 per share. Dividend of $0.875. Proceeds from the March capital raise were fully deployed by mid-May and boosted results, as did continued gains in AI's private-label MBS portfolio.
- Private-label portfolio fair market value of $314.1B is 74.1% of face value. The quarterly cash yield as a percent of fair market value is 3.6% and the quarterly unlevered yield as a percent of amortized cost is 10.4%. The CPR is 11.3%.
- Book value per share of $31.51u p from $33.10 at the start of the year.
- Previously: Arlington Asset Investment beats by $0.16, beats on revenue
- Shares +2.5% premarket
Jul. 29, 2014, 5:27 PM| 6 Comments
Apr. 29, 2014, 7:34 AM
- Core operating income of $20.1M or $1.18 per share. Net interest income of $21.6M vs. $16.7M one year ago. CPR of 6%. Leverage of about 3:1. Dividend was $0.875 per share. Book value per share of $31.50 vs. $33.10 one year ago.
- Agency MBS portfolio of $1.9B face value. All are fixed-rate 30-year mortgages with average coupon of 4.06%, weighted average cost of 106.82, weighted average market price of 104.38, and weighted average cost of repo funding of 34 basis points. Thus far in April, company has purchased another $500M in face value of additional MBS.
- Private-label MBS portfolio of $458.6M in face value, and fair value of $329.8M (71.9% of face). Unlevered yield as a percent of amortized cost is 10.2%.
- AI +1.8% premarket
- Source: Press Release
- Previously: Arlington Asset Investment beats by $0.25
Apr. 28, 2014, 7:05 PM
Feb. 4, 2014, 7:53 AM
- Non-GAAP core operating income of $16.4M of $0.97 per share compares to $1.03 in Q3 and quarterly payout of $0.88.
- Non-agency portfolio of $485.9M in face value compares to $1.5B in face value for agency portfolio. Company leverage is about 3:1.
- Agency portfolio CPR of 6.27%, non-agency at 14.2%.
- After strongly outperforming the mREIT sector in 2013 thanks to its agency portfolio being fully hedged while the non-agency holdings improved along with the economy and the housing market, Arlington (AI) has struggled in 2014 - the fall in rates doesn't help the hedged agency paper, and the slowing economy bodes ill for the non-agency. The stock was off 4.7% yesterday.
- Press release, Q4 results
- CC at 9 ET
Feb. 4, 2014, 12:28 AM
Oct. 29, 2013, 8:00 AM
- Book value per share of $31.77 is off from $32.44 at end of Q2, and compares to last night's close of $25.21.
- Agency MBS portfolio of $1.6B fair value is all 30-year fixed-rate. Non-agency MBS portfolio size has fair value of $344.1M. CPR on agency portfolio is 9.85%.
- Q3 results, press release.
- AI unchanged premarket.
Oct. 29, 2013, 5:45 AM
Jul. 29, 2013, 6:46 PM
Apr. 30, 2013, 7:09 AMMore on Arlington Asset Management (AI) Q1 earnings: Agency MBS portfolio (all 30-year fixed) fair value of $1.6B with weighted average coupon of 4.08%. Non-agency MBS portfolio fair value of $275.9M with weighted average coupon of 4.2%, unlevered cash yield of 10.8%. 90-day CPR on agency portfolio of 8.64%. Conference call at 9 ET. (PR) | Comment!
Apr. 30, 2013, 4:54 AM
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Arlington Asset Investment Corp., is an investment firm that acquires & holds mortgage-related and other assets. Its portfolio consists of agency-backed mortgage-backed securities & private-label residential mortgage-backed securities.
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