RMBS

Rambus Protects Data Center Infrastructure with Quantum Safe Engine IP

Retrieved on: 
Monday, December 4, 2023

Rambus Inc. (NASDAQ: RMBS ), a premier chip and silicon IP provider making data faster and safer, today announced the availability of a Quantum Safe Engine (QSE) for integration into hardware security elements in ASICs, SoCs and FPGAs.

Key Points: 
  • Rambus Inc. (NASDAQ: RMBS ), a premier chip and silicon IP provider making data faster and safer, today announced the availability of a Quantum Safe Engine (QSE) for integration into hardware security elements in ASICs, SoCs and FPGAs.
  • Quantum computers will enable adversaries to break current asymmetric encryption, placing important data and assets at risk.
  • The Rambus QSE IP core uses NIST-selected quantum-resistant algorithms to protect valuable data center and government hardware against attacks emerging in the post quantum computing era.
  • “Implementing quantum-resistant cryptography now is key for organizations to protect their past, current and future data from quantum computing enabled attacks.”
    The Rambus QSE IP is available as a standalone cryptographic core or integrated in the Rambus Quantum Safe Root of Trust IP as a comprehensive hardware security solution.

KBRA Releases Research – 2024 RMBS Sector Outlook: Holding Steady With a Little Upside

Retrieved on: 
Monday, November 20, 2023

KBRA releases its 2024 RMBS Sector Outlook, which provides an update on key U.S. RMBS market and performance themes as of year-to-date (YTD) 2023, as well as issuance volume trends and forecasts for 2024, collateral performance trends, and rating surveillance outcomes.

Key Points: 
  • KBRA releases its 2024 RMBS Sector Outlook, which provides an update on key U.S. RMBS market and performance themes as of year-to-date (YTD) 2023, as well as issuance volume trends and forecasts for 2024, collateral performance trends, and rating surveillance outcomes.
  • In addition, we cover the RMBS 2.0 spread environment at pricing, plus other themes to watch in 2024.
  • RMBS 2.0 Spreads: The spread environment in 2023 YTD continued to exhibit volatility, with levels that were generally unfavorable across all sectors of RMBS.
  • Recent RMBS 2.0 Performance Trends: RMBS 2.0 YTD 2023 exhibited generally stable credit performance across all sectors.

Orchid Island Capital Announces November 2023 Monthly Dividend and October 31, 2023 RMBS Portfolio Characteristics

Retrieved on: 
Wednesday, November 15, 2023

Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of November 2023.

Key Points: 
  • Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of November 2023.
  • The Company plans on announcing its next common stock dividend on December 12, 2023.
  • As of November 15, 2023, October 31, 2023 and September 30, 2023, the Company had 52,332,306 shares of common stock outstanding.
  • The estimated book value per share includes a deduction for today’s dividend declaration that will be paid on December 27, 2023.

Ellington Residential Mortgage REIT Reports Third Quarter 2023 Results

Retrieved on: 
Monday, November 13, 2023

Ellington Residential Mortgage REIT (NYSE: EARN) ("we", "us," or "our") today reported financial results for the quarter ended September 30, 2023.

Key Points: 
  • Ellington Residential Mortgage REIT (NYSE: EARN) ("we", "us," or "our") today reported financial results for the quarter ended September 30, 2023.
  • Book value of $7.02 per share as of September 30, 2023, which includes the effects of dividends of $0.24 per share for the quarter.
  • As a result, Ellington Residential experienced a significant net loss for the quarter, with net declines on our specified pools exceeding net gains on our interest rate hedges.
  • The following table summarizes our portfolio of RMBS as of September 30, 2023 and June 30, 2023:

Master of the Irish High Court Calls Out Vulture Funds - from Ireland to Wall Street

Retrieved on: 
Friday, December 1, 2023

and highlighted the grab by US-backed credit servicers, better known as vulture funds.

Key Points: 
  • and highlighted the grab by US-backed credit servicers, better known as vulture funds.
  • Master Honohan's paper also highlights the levels of cooperation between State bodies in Ireland and American vulture funds which are effectively defrauding Irish homeowners.
  • The vulture funds, with their legal teams, dishonestly seek possessions capitalizing on charges on Irish homeowners' land folios.
  • He continued that this issue goes beyond financial struggles and also has severe societal and cultural implications.

KBRA Assigns Preliminary Ratings to Tricon Residential 2023-SFR2

Retrieved on: 
Thursday, November 9, 2023

KBRA assigns preliminary ratings to four classes of Tricon Residential 2023-SFR2 (TCN 2023-SFR2) single-family rental pass-through certificates.

Key Points: 
  • KBRA assigns preliminary ratings to four classes of Tricon Residential 2023-SFR2 (TCN 2023-SFR2) single-family rental pass-through certificates.
  • The subject transaction will be the 11th KBRA-rated securitization issued by Tricon Residential.
  • KBRA adjusted the BPOs, which yielded an aggregate value of $579.4 million, which represents a 7.5% haircut to the nominal BPO value.
  • To determine loss given default (LGD), KBRA assumes the underlying properties would be liquidated in the residential property market.

MEDIA ALERT: Rambus to Present at Upcoming Investor Conferences

Retrieved on: 
Tuesday, November 7, 2023

Rambus Inc. (Nasdaq: RMBS), a provider of industry-leading chips and IP making data faster and safer, today announced that its executives will present at three upcoming investor events.

Key Points: 
  • Rambus Inc. (Nasdaq: RMBS), a provider of industry-leading chips and IP making data faster and safer, today announced that its executives will present at three upcoming investor events.
  • A replay of Rambus’ presentation can be accessed on the company’s Investor Relations website at investor.rambus.com following the event.
  • The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com .
  • The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com .

Cherry Hill Mortgage Investment Corporation Announces Third Quarter 2023 Results

Retrieved on: 
Thursday, November 2, 2023

The RMBS portfolio had a book value of approximately $1.08 billion and carrying value of approximately $1.02 billion at quarter-end September 30, 2023.

Key Points: 
  • The RMBS portfolio had a book value of approximately $1.08 billion and carrying value of approximately $1.02 billion at quarter-end September 30, 2023.
  • As of September 30, 2023, Cherry Hill’s GAAP book value was $4.99 per diluted share, net of the third quarter dividend.
  • On September 14, 2023, the Board of Directors declared a quarterly dividend of $0.15 per share of common stock for the third quarter of 2023.
  • The following table provides a reconciliation of net income to EAD for the three months ended September 30, 2023 and June 30, 2023:

Chimera Declares Fourth Quarter 2023 Common and Preferred Stock Dividends

Retrieved on: 
Thursday, November 2, 2023

The Board of Directors of Chimera announced the declaration of its fourth quarter cash dividend of $0.50 per share of 8% Series A Cumulative Redeemable Preferred Stock.

Key Points: 
  • The Board of Directors of Chimera announced the declaration of its fourth quarter cash dividend of $0.50 per share of 8% Series A Cumulative Redeemable Preferred Stock.
  • The Board of Directors of Chimera also announced the declaration of its fourth quarter cash dividend of $0.50 per share of 8% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
  • The Board of Directors of Chimera also announced the declaration of its fourth quarter cash dividend of $0.484375 per share of 7.75% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
  • The Board of Directors of Chimera also announced the declaration of its fourth quarter cash dividend of $0.50 per share of 8% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.

KBRA Assigns Preliminary Ratings to CROSS 2023-H2 Mortgage Trust

Retrieved on: 
Friday, October 27, 2023

KBRA assigns preliminary ratings to eight classes of mortgage pass-through certificates from CROSS 2023-H2 Mortgage Trust, a RMBS transaction issued under the Hildene-CCC Loan Acquisition, LLC (CROSS) shelf, where Hildene Capital Management (Hildene) in affiliation with CrossCountry Mortgage (CrossCountry or CCM) and CrossCountry Capital (CCC) sponsored the transaction.

Key Points: 
  • KBRA assigns preliminary ratings to eight classes of mortgage pass-through certificates from CROSS 2023-H2 Mortgage Trust, a RMBS transaction issued under the Hildene-CCC Loan Acquisition, LLC (CROSS) shelf, where Hildene Capital Management (Hildene) in affiliation with CrossCountry Mortgage (CrossCountry or CCM) and CrossCountry Capital (CCC) sponsored the transaction.
  • The $332.8 million transaction is collateralized by a pool of 656 residential mortgages originated by CCM, including a meaningful concentration of collateral that KBRA considers to be “non-prime”, with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 77.0% and 23.0% of the pool, respectively.
  • This analysis is further described in our U.S. RMBS Rating Methodology.
  • To access ratings and relevant documents, click here .