Now I'd like to turn the call over to Wes.
Great, thanks Cam. Welcome everyone.
I'm going to give you a few kind of general remarks. And then we'll jump into it.
The quarter that was recently concluded was in many respects the busiest and most productive quarter the company has had in many, many years. Lots of investment activity, lots of new and interesting things that are going on in the sectors that we are closely involved in with the mortgage servicing rights. And also the non-agency residential securities market had very busy and active periods and a lot of activity to report there. We made new investments in a sector that we think has a lot of promise, the senior housing sector. And our core real estate debt business also had a very good quarter. So all and all, a good and productive period of time for us.Just to start with financial results, the numbers that we look at, core earnings for the quarter, $39 million or $0.29 per share. Cash available for distribution, which is our measure of availability to pay sustainable and growing dividends, $22 million, which is about $0.16 a share. And the common dividend we paid was $0.20 a share.Results for the quarter were definitely hampered to the extent that we had committed capital on transactions that did not get invested during the quarter. On balance for the quarter, we had $240 million on un-invested capital. All of that capital subsequent to the quarter and by the end of the quarter, was fully invested. The impact of our earnings was about $.07 per share. So in general terms, if you could take the earnings numbers that we had and just add $.06 to $.07 to get the impact of a full quarter of activity, it will give you a truer sense of the run rates. So third quarter results based upon that are off to a very strong start.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV