Stable Book Value and Dividend Increase
The company's book value remained largely unchanged, moving from $10.64 to $10.65, while supporting a newly increased quarterly dividend of $0.20 per share, resulting in a 5.3% increase.
Strong Liquidity Position
MITT maintained a strong liquidity position with approximately $133 million, consisting of $116 million in cash and $17 million of unencumbered Agency RMBS.
Home Equity Securitization Growth
MITT partnered with a nonbank mortgage originator to issue a $500 million home equity securitization and acquired $130 million of additional home equity loans from various nonbank originators.
Economic Return and Earnings Growth
The company delivered a 2% economic return on equity and reported GAAP net income available to common shareholders of $6.2 million or $0.21 per share, with earnings available for distribution (EAD) increasing to $0.20 per share.