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American Capital Mortgage Investment Corp. Message Board

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  • Reply to

    chscl making its move

    by reikreik70 Feb 24, 2015 12:38 PM

    what I meant to say was jpm is normally month 1 of 3 month cycle is when they ex it

    a,b,d,e all ex on 1/28 and next will be near end of april

    c is a legacy one - a trust and that is end month 3 as in march coming

    a,b,d,e all have 6/1 pay and last divi was 1/28 ex wise

    expect the same from f

    if tlt is holding and strong as in rates down

    you want jpm-f

    ride it

    again you will see mid april bump and end of april first divi some sort of stub

  • Reply to

    chscl making its move

    by reikreik70 Feb 24, 2015 12:38 PM

    no no

    jpm usually has the cycle of end of month x

    the pay date is when they pay it not when they x it

    you want it long if tlt is strong and ride it

    april bump bump coming

  • Reply to

    chscl making its move

    by reikreik70 Feb 24, 2015 12:38 PM

    I'm king of impressed with JPM-F.
    It's not going to pay it's first dividend until 6/1 which is still pretty far away.
    Something to keep in mind if you guys didn't know that.
    But they should pro-rate the dividend back to Feb 4th I think, so should be around 60c or so for the first dividend.

    Anyhow I wasn't sure if it would just stay flat(ish) for a while or trend up since the dividend is still a ways out.

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    WMC
    .87c core!!!!11one
    22c of which was from dollar roll
    14.94 BV
    GAAP net income of .37c
    6.8x lev TBA inclusive

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    NRZ
    41c Core
    GAAP net income of .38c
    13ish book value (I think, not explicitly stated)
    I think this is the first mREIT that I am just outright short.. (yesterday)

  • AJX
    Great Ajax Corp

    Prospectus seems slightly shady. They've been at this for a while tho.. why now? Luxor Capital is one of the selling shareholders.. I understand that.. they're kinda in need of cash (see performance of AAMC). 20% of distributable taxable income goes to their managers or one of their affiliates.. It actually works like this.. (annual distribution - (book value * .08)) * .20.

    So a book of 14.25 producing $2.00 (.50c quarterly) would get knocked down to 45.7c qtrly.. On a book of 14.25ish, that knocks down the "book yield" from 14.035% to 12.828%..

    On a book value of 16 producing 2.25.. it ends up being 2.056. or 14.0625% knocks down to 12.85%.

    On a book value of 16 producing 3.. 18.75% becomes 16.60%

    Kind of masks the riskiness of the payouts; if you're one of those that thinks high yield is high risk. I don't.. one must look at the underlying assets and go deeper than just dividend yield to determine risk.. Hell, this thing could end up yielding what would be perceived as a safe yield.

    The quarterly incentive fee is the would-be distribution minus 8% of the book value (called annual minimum hurdle). Incentive fee says chase some income... mutilate book value. This is in addition to the management fee of 1.5% of equity annualized.

    Seriously.. what would happen with a book of 32 and a payout of 2? Incentive fee would be negative? Payup sucker? Yeah, I don't think so..

    My girlfriend's dog is named Ajax. That's why I looked into this.. Seriously. Funny enough, that dog is usually greedy and up to no good.. so they got the name right.

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    ANGELOOOOOOOOOOOOOOOOO

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    2.89 V 2.92 LINKD SO ABOUT THE SAME

    KEPT ASSET MIX ABOUT THE SAME 55-56 AGENCY REST CREDIT AND NON AGENCY (WELL ASSET MIX FROM A TOP GENERAL ASPECT - WHO KNOWS ABOUT TEH SMALL DETAILS)

    CPR 8.8 V 9.4 LINKED

    LOWER

    AND BOOK DOWN 1%

    BUT BEAT DIVI BY 5 CENTS AND UTI IS LARGE

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    also
    2.89% NIM (excluding TBA position)

    a little too much hand holding with their parent company's funds.. but ok.. whatever.

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    (Finally) MITT
    .65 core (of which .07c TBA dollar roll income)
    .40 GAAP net income
    20.13 BV (net of the fourth quarter dividend!?!?!?!?!?!! I hate that)
    4.17x lev inclusive of tba roll
    UTI $1.75

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    Yes.. JMI had a 10.35% increase in management fees in 2014 (compared to 2013). They did have a capital raise around May of 2013.. It's funny though, board compensation went up by 145%.. I'm not sure what professional fees are separated for.. as it should be on management to pay the costs associated with well... management..

    The fact that professional fees are separated means that management fee is just that.. a payment for their management.. whereas professional fees are the costs incurred by their management. Insurance was up 55% for who knows what reason.

    "The increase in costs year over year relate primarily to increases in coverage levels associated with our growth. " sure buddy

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    Then again it appears you get paid big to win and just the same if you suck and lose ala arr.

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    I could do a lot bit better. My unlevered beat-a-reit portfolio I had better net income _and_ gains in portfolio.. This is thru buying discounted higher coupon CMOs (4.0% coupon[s] 96c/$) and equivalent notional IO (4.5% coupon, about 3.8c/$). Just that setup with a hypothetical 10k inv had net income of 736.24 and ~14% "bv" gains.

    But that is pretty much a thing of the past; Slim pickings in terms of new issuance. The smaller you are, the harder it is to get the good stuff. Right now I'd go for IIOs and inverse floaters, if priced right - anything that has a omg libor is going rise sort of discount..

    But going public would involve lawyers, listening to people.. all sorts of irritating things. And the "alternative" sort of distressed real estate market.. it's like bobbing for razor blade apples.. Get one baddie and you're done. Some of this stuff needs to die.. need to see some building jumpers and some desperate cap rates to be bold enough to put OPM at risk.

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    Only because it's such a large part of REM.. lets do STWD.. It's cringeworthy how much of a premium to book this is.

    16.84 BV
    50c core

    Just so you know, that's what you get when you buy REM.. :) They reported yesterday morning.. and so it seems that REM has a little bit of tissue in it's bra in the way of having STWD as a heavy weighting..

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    How do we start one and simply do just a little bit better

    alkkov yuo seem to know quite a bit - any interest????

    gotta be some decent guys around that will help seed it

    even if just a 50 to 100mil starting point and then grow???

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    It's not a surprise that MITT is late.. I told ya they do the same thing as AI occasionally does.

  • Reply to

    MITT, JMI, WMC and the rest

    by alkkov Feb 26, 2015 4:18 PM

    I guess it's not ironic JMI has evaporated the same amount of share holder equity as ARR of it's highs.

    JMI: $20 - $9.
    ARR: $8 - $3 and change.

    Jeffrey Zimmer is a fricken #$%$.
    That his his 3rd mortgage reit that pays him fatty dollars while train wrecking people's equity.

  • Reserving this thread for Q4 results for the above and any others

    Ugh.. JMI
    Core .28c
    11.65 BV
    8.13x lev
    NIM 1.53%
    GAAP Loss of 1.47 per share. Yep.

  • Reply to

    MTGE diapers

    by alkkov Feb 26, 2015 3:20 PM

    dammit.. it's now bid 75c.. but you get the idea.

    meanwhile.. AGNC is getting deep "richard'd" by algos because it has had itself a nice little death cross.

  • If you have a little puddle at your feet regarding MTGE. You can sell the March 17.50 strike call for at least 80c.. If the bid is 80c,, try a market order sell to open; you'll often get the mid point. If it comes down more, you can fill that "bucket" with newly purchased shares.. If you think the div will be cut but the stock won't bug out below 17.50, you can gain additional premium by selling the April 17.50 put..

MTGE
18.45+0.20(+1.10%)Feb 27 4:00 PMEST

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