The company paid out $2.37 in dividends last year and grew BV. The current portfolio is of newer vintage with lower refi risk and more than half of the mbs are in fairly predictable 15 yr pools. The lower dividend is a function of the company not wanting to reach for yield or pay up in price for lower CPR specified pools. The current 10% discount to marked-to-market BV is excessive in my opinion. Mgt owns a decent amount of stock and has a shareholder friendly compensation/expense system.
ARR mgt, on the other hand, doesn't seem to know how to manage risk, recklessly employs high leverage, and seems to be awful at security selection, paying high prices for high CPR securities.
I agree with your assessment. Having known some of ARR's management personally I can assure you they are at best bencjwarmers on any JV team. Their performance speaks for itself. I own CYS, TWO, IVR, WMC, MTGE, NLY and AGNC. ARR is in a class by itself. A class for special needs REITs.