Good news! ARR's book up slightly thanks to lowering count in wt average shares in comparison to last quarter . No more 30 years agency now, mostly 15 years one. Leverage increased to 8x for higher earning. Hope for new phase for the coming years!
2014 will be good year for REITS, I expect a special divy, or an increase in some REITs, or they will buy-back lots of stock with their cash.
ARR should have a floor above $4.10 - now we can move towards $5 again
ARRs hopes is to get an increase in share price, so their DIVY is no longer 15%, they would prefer to pay out 10-12% and have an increase PPS. Then they can think about increasing the divy. Their plan for the year it to buy back stock... increase the PPS, and then raise the divy in 2015.
Morgtage assets up 2 billion to 16.74bn(2.14bn to be more accurate). While maintaining a billion plus in cash, and liquid assets. Debt is at 15.27bn, what is not to like? I mean break up the company today and it would pay out near $7/share if the float is 357 million, which I didn't double check.
ARR did not buy back any shares in the last three months. The net asset value remains steady while it recovered some temporary charges from the last quarter. Since the rate was lowered, it is likely that the Book value increased with other agency REITs, even more so! My estimation of the BV is around $4.9 which will give ARR a fair share values of $4.3-$4.4 plus 14% div.