
Commenting on the change to
the Company's monthly distribution rate, Robert E. Cauley, Chairman and
Chief Executive Officer, said, "The decision to reduce our monthly
dividend from $0.14 to $0.11 was a difficult one but a necessary one.
The current interest rate and investment environment has put downward
pressure on the earnings power of the portfolio. In particular,
continued upward movements in our borrowing costs driven by rate
increases by the Federal Reserve, without a corresponding increase in
yields available on the Agency RMBS assets we acquire, has depressed our
net interest margin and necessitated the reduction in our
monthly dividend."
No comments:
Post a Comment