As for the downgraded rmbs assets, these assets sit in trusts and securitizations that are non-recourse to the company. They also reflect a small portion of the outstanding trust assets with a carrying value of $5.7 billion. That some of these trusts are not performing well is not news. The legacy portfolio, which the trusts are a part of, is in run-off and is not the core business of the company.
Yet Impac does receive cash from its residual interest in the performing trusts, and that amounted to o$7.9 million in cash payments over the last 9 months. That works out to a little over $1 per share over that period.
Cash receipts from the trusts are not included in the earnings from continuing operations that I mention above.
Impac said October origination volumes were 19% higher than the average monthly volume in Q3.
So this is a company that just posted earnings from continued operations of $1.50 in the latest quarter, or $6 annualized, announced a significant increase in origination volumes for the first month of the fourth quarter, and received cash receipts from trust residuals that are in addition to the earnings number above of $1 per share in the last 9 months. It is trading at $12. I am surprised the shorts want to take a chance here.
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