Financial Institution Reports Q3 Results, Reducing Leverage and Increasing Cash
1 report, 1 independent
Updated Nov 2
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What happened
A financial institution reported its third-quarter results, noting an Adjusted Book Value of $8.88 per share, which declined 19.6% due to price reductions on Agency RMBS holdings. The company also reported Total New Investments of $1.6 billion, comprising $1.2 billion in Agency securities and $390.1 million in business purpose loans. Available Cash rose 42% from the second quarter to $259 million.
From aol.com
Why it matters
The institution proactively managed risk, reducing its Company Economic Recourse Leverage from 5.5x to 4.8x. Adjusted Net Interest Income increased 2.4% sequentially, driven by the expansion of the Agency RMBS and BPL Rental portfolios.
From aol.com