There will be no "healthy increase in the book value thru accretion" if the company continues to use cash flow to buy shares which are then given to management.
For 16 consecutive quarters AI has paid $0.875 per quarter. It would seem that AI would use some of its undistributed cash to maintain that level as it anticipates better times ahead.
Agree. They should be able to reverse some of the losses they booked in Q1 due to interest rate hedges.
There was a distribution of $5.786 on CSRSX shares on June 30. This includes capital gains and dividends.
Good question. The C&S website offers no information (yet) on distributions with an ex-dividend date of June 30. Once that is reported, it should explain the $5.65 decline in the shares of CSRSX on June 30. Normally such big distributions occur in Q4.
Excellent post! You certainly have done a lot of research on this company. Eventually, I believe investors will recognize the value of the NOL carryover that this company has on its balance sheet.
ARLINGTON, Va., April 27, 2015 /PRNewswire/ -- Arlington Asset Investment Corp. (AI) (the "Company" or "Arlington") today reported non-GAAP core operating income of $34.5 million for the quarter ended March 31, 2015, or $1.50 per diluted share.
It doesn't take much volume to drop this thing 5 or 10 cents. A shareholder trying to sell a big holding could drop the price significantly.
In a week or ten days:
Ex-Dividend Record Date Declared Date Payable Date Year Amount Dividend
3/27/2015 3/31/2015 3/10/2015 4/30/2015 2015 $0.875 Regular Cash Quarterly
12/29/2014 12/31/2014 12/18/2014 1/30/2015 2015 $0.875 Regular Cash Quarterly
9/25/2014 9/29/2014 9/17/2014 10/31/2014 2014 $0.875 Regular Cash Quarterly
6/26/2014 6/30/2014 6/11/2014 7/31/2014 2014 $0.875 Regular Cash Quarterly
3/27/2014 3/31/2014 3/13/2014 4/30/2014 2014 $0.875 Regular Cash Quarterly
12/27/2013 12/31/2013 12/19/2013 1/31/2014 2014 $0.875 Regular Cash Quarterly
Here is the Form 8-K filing June 12, 2015. No mention of a dividend:
Form 8-K for ARLINGTON ASSET INVESTMENT CORP.
Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders.
Arlington Asset Investment Corp. (the "Company") held its annual meeting of shareholders on June 10, 2015. At the annual meeting, the shareholders voted on (i) the election of Eric F. Billings, Daniel J. Altobello, Daniel E. Berce, David W. Faeder, Peter A. Gallagher, Ralph S. Michael, III, Anthony P. Nader, III and J. Rock Tonkel, Jr. to the Company's Board of Directors for one-year terms expiring at the 2016 annual meeting of shareholders, and (ii) a proposal to ratify the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for 2015. The shareholders elected all eight nominees for director and approved the ratification of the appointment of PricewaterhouseCoopers LLP.
I wish I could share your optimism. However, this deal will significantly dilute common stock ownership for existing shareholders. When all is said and done, Tricadia will receive over 12.6 million common shares "....comprising 20% of the fully diluted common equity of the Company...." CVHL will receive zero dollars for these common shares. This is the price CVHL pays for Tricadia's $50 million investment in CVHL preferred stock. Like last time, the common shares are given away "....as they are an equity kicker for the Preferred investment."