Glad I was proven wrong :) I'm guessing that investors feel that this 4th QTR will be an improvement; although I don't see that much of a profit coming from the MSR's till next year?
Two Harbors core earnings decline in Q3
Core earnings per share of $0.19 vs. $0.21 in Q2. Dividend is $0.28 per share.
Book value of $10.35 per share slips from $10.47 at end of Q2 and compares to today's close $9.22, putting the shares at a 10.9% discount to book.
Aggregate yield of 4% in RMBS portfolio driven by non-agency holdings which generated 9% yield. Net interest spread of 2.8% is up 30 bps from Q2.
Portfolio size of $12.9B, with agency holdings making up 75%, non-agency 23%. Fixed-rate securities make up 70.9% of portfolio, the rest are in adjustables. Portfolio size at end of Q2 was $15.1B.
Repurchased 1.45M shares at average price of $9.23 each.
CC tomorrow at 9 ET at which the new MSR deal with PHH Corp. will be discussed.
Q3 results, press release.TWO -0.2% AH.
9.15 after hours.......
The accounting here is way beyond me. Is this a good, mediocre or bad quarterly earnings report?
short as much as you can
Cut and paste your short position, it must be huge! Won't do it? Just another windbag with no stones to back up his statement.
Sentiment: Strong Buy
Way to go, genius.