Traders Cooperative

[Joe Stocks]

IVR- Long at 9.79. Really beaten up mREIT after reverse split. I usually don't like reverse splits, but sometimes many others don't either so the selling can get over done. Down 45% since the June 6th split. Book value at April 30, 2022 was about $18.00. So selling for 54% of book as last reported. Earning per share available for distribution was $1.20 per share. (btw, all number split adjusted)
I looked at institutional activity and it looks pretty good.
https://fintel.io/so/us/ivr

Three insider buys in May but all relatively small.
Earnings presentation.
https://static.seekingalpha.com/uploads/sa_presentations/13/83013/original.pdf

Been paying a dividend of 90 cents a share per quarter for the last year. $3.60 a year and the stock selling here at $9.71 as I type. This is what they said on the last conference call.

"What is the outlook for the future of the dividend now, as you could see pressure there with meeting higher returns?

John Anzalone

Right. Okay. Yes. So first of all, dividend policy set by our Board based on where we expect earnings available for distribution to be over the coming quarters, so it's always difficult to comment on any potential dividend decisions in advance. That said, EAD [ph] came in well above the dividend this quarter at $0.12 versus $0.09, mainly because of slowing speeds and higher reinvestment rates as we rotated into higher coupons, particularly production coupon dollar rolls. So, looking ahead over the next couple of quarters, we anticipate that EAD will be impacted by lower leverage, but also by higher reinvestment rates offered by wider mortgage spreads as we continue to rotate into higher coupons. So, we also expect that as the mortgage basis becomes more attractive going forward, we'll look to begin to lever up again, which should also be supportive. So, that's kind of where we see things going. "