It will also be very interesting to see if management bought back any of IVR's shares for the past quarter. At the depressed prises IVR fell to during the past quarter, I find it hard to believe that they didn't buy shares back even if the amount wasn't the total 7 million approved by the board.
PWS, when IVR made the buyback announcement, it was after the dividend cut announcement. I can't remember what level the stock fell to after the divy cut, but think it was still over $14 (it was running up to $16 when they announced the cut). This is why I think they made the announcement -- to stem the decline -- and it worked.
Many mREIT managements are paid a management fee based on total assets under management. Selling assets to buy back stock does not increase the assets under management, so there is an inherent conflict of interest in this decision. Second, to admit to the board of directors that management cannot find assets with a better return to invest in or that it can't find a different way to narrow the gap between the stock price and book value is a severe admission, and one that a mREIT manager is not likely to make unless they also want the board to start thinking about liquidating the company. With mREITs, they say you can never have enough capital, which means they are reluctant to give it back (through buybacks).