ECC Capital Corporation Announces Fourth Quarter Dividend of $0.18 Per Share
Tuesday December 20, 9:17 am ET
IRVINE, Calif., Dec. 20 /PRNewswire-FirstCall/ -- ECC Capital Corporation (NYSE: ECR - News), a mortgage finance real estate investment trust that originates and invests in residential mortgage loans, announced today that its Board of Directors has declared a cash dividend of $0.18 per share of common stock for the fourth quarter of 2005. The fourth quarter dividend will be paid January 31, 2006 to stockholders of record on December 30, 2005. The ex-dividend date is December 28, 2005.
The sustainability of future dividends depends on several factors including the company's earnings, capital requirements and financial position. These critical factors could be impacted by items such as the prices we may obtain for our loan production in the whole loan market as well as the availability and cost of capital from the securitization market and warehouse lenders.
Stockholders who are tax exempt or non U.S. corporations or residents may be required to report a portion of the company's 2005 dividends as excess inclusion income as defined under the Internal Revenue Code. The company will provide the amount of excess inclusion income on the company's Web site after year end.
About ECC Capital Corporation
ECC Capital Corporation, headquartered in Irvine, Calif., is a mortgage real estate investment trust (REIT) that originates and invests in residential mortgage loans. Through its wholesale and retail subsidiaries, ECC Capital offers a series of mortgage products to borrowers, with a particular emphasis on "nonconforming" borrowers who generally do not satisfy the credit, collateral, documentation or other standards required by conventional mortgage lenders and loan buyers. ECC Capital is structured to qualify as a REIT by managing a portfolio of nonconforming loans it originates or acquires. As a REIT, ECC Capital's principal business objective is to generate net income for distribution to its stockholders from the spread between the interest income on its assets in its portfolio and the costs of capital to finance its acquisition of these assets.