As of the close of June, the company reported a total investment portfolio, including TBAs, valued at $8.2 billion. Management estimates the book value per common share at $8.03. The firm’s capital structure shows $548.3 million in unrestricted cash and unencumbered investments, balanced against $6.2 billion in total repurchase agreement borrowings.
Operational leverage metrics indicate a debt-to-equity ratio of 6.3x, while the economic debt-to-equity ratio sits at 7.5x. The portfolio remains heavily weighted toward 30-year fixed-rate agency mortgage-backed securities, which account for over 73% of total holdings. These preliminary figures reflect management’s current judgment and remain subject to revision as standard quarter-end closing processes conclude.
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