RMBS

Orchid Island Capital Announces September 2023 Monthly Dividend and August 31, 2023 RMBS Portfolio Characteristics

Retrieved on: 
Monday, September 11, 2023
Professional Services, Finance, REIT, RMBS, Trust, NYSE, Holding company, Life insurance

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 September 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 September 2023.
  • The dividend of $0.16 per share will be paid October 27, 2023 to holders of record of the Company’s common stock on September 29, 2023, with an ex-dividend date of September 28, 2023.
  • The Company plans on announcing its next common stock dividend on October 11, 2023.
  • The Company intends to make regular monthly cash distributions to its holders of common stock.

Rambus Completes Sale of PHY IP Assets to Cadence

Retrieved on: 
Thursday, September 7, 2023
Data Management, Technology, IOT (Internet of Things), Semiconductor, Apps, Applications, Software, Networks, Internet, Mobile, Wireless, Hardware, Electronic Design Automation, Sale, Security (finance), Silicon, Rambus Inc. v. Nvidia, RMBS, Inc., Cadence Design Systems, Rambus, AI, Sumathi Best Television Current Reporting Award, PHY, 3D printing, Financial adviser, Cryptocurrency

Rambus Inc. (NASDAQ: RMBS ) a premier chip and silicon IP provider making data faster and safer, today announced the completion of the previously announced sale of its PHY IP business to Cadence Design Systems, Inc. With this transaction, Rambus strengthens its focus on high-growth chips and digital IP, including novel memory solutions for high-performance computing, to support the continued evolution of the data center and AI.

Key Points: 
  • Rambus Inc. (NASDAQ: RMBS ) a premier chip and silicon IP provider making data faster and safer, today announced the completion of the previously announced sale of its PHY IP business to Cadence Design Systems, Inc. With this transaction, Rambus strengthens its focus on high-growth chips and digital IP, including novel memory solutions for high-performance computing, to support the continued evolution of the data center and AI.
  • Separately, Rambus affirmed its previously issued guidance for the fiscal quarter ending September 30, 2023, as set forth on the Current Report on Form 8-K furnished with the Securities and Exchange Commission on July 31, 2023.

KBRA Assigns Preliminary Ratings to Verus Securitization Trust 2023-6 (VERUS 2023-6)

Retrieved on: 
Tuesday, September 5, 2023
Professional Services, Finance, KBRA, CLTV, LTV, RMBS, Documentation, WA, Commercial property, Telescopic sight

KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2023-6 (VERUS 2023-6), a $655.8 million non-prime RMBS transaction.

Key Points: 
  • KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2023-6 (VERUS 2023-6), a $655.8 million non-prime RMBS transaction.
  • The underlying collateral, comprising 1,256 residential mortgages, is characterized by a significant concentration of loans underwritten using alternative income documentation.
  • Borrowers in the subject pool possess a non-zero WA original credit score of 733 and exhibit moderate equity in each mortgaged property, with original combined LTV (CLTV) ratio of 70.6%.
  • To access ratings and relevant documents, click here .

KBRA Releases Research – FHFA’s Credit Score Proposal and Its Impacts on RMBS

Retrieved on: 
Tuesday, September 5, 2023
Consulting, Banking, Professional Services, Finance, KBRA, EL, RMBS, Research, California v. Federal Housing Finance Agency, FHFA, Risk management, Bank

KBRA releases research to assess the potential impacts of the Federal Housing Finance Agency’s (FHFA) plans to shift the requirement of three credit reports (tri-merge) to two credit reports (bi-merge) for single-family loan acquisitions.

Key Points: 
  • KBRA releases research to assess the potential impacts of the Federal Housing Finance Agency’s (FHFA) plans to shift the requirement of three credit reports (tri-merge) to two credit reports (bi-merge) for single-family loan acquisitions.
  • To do so, KBRA conducted an analysis that utilized data compiled from KBRA-rated RMBS 2.0 transactions.
  • Finally, KBRA’s analysis looks directly at the potential impact to loss estimation for RMBS pools—estimating the likelihood of a more meaningful impact to loss estimation in general and across RMBS pool types and sizes.
  • When comparing the bi-merge (average) and the tri-merge, KBRA-defined measures of difference and variance were found to be close to zero across KBRA’s study population, in aggregate.

KBRA Releases Research – RMBS-Related Exposure to Hurricane Idalia

Retrieved on: 
Thursday, August 31, 2023
Banking, Professional Services, Finance, KBRA, Insurance, FEMA, Welfare, Gulf Coast of the United States, RMBS, Research, Manatee, Risk, Reinsurance

KBRA releases research in response to potential RMBS exposure of our rated universe of residential mortgage-backed securities (RMBS) to the unfolding events surrounding Hurricane Idalia, which made landfall in the Gulf Coast of Florida on August 30 as a Category 3 storm.

Key Points: 
  • KBRA releases research in response to potential RMBS exposure of our rated universe of residential mortgage-backed securities (RMBS) to the unfolding events surrounding Hurricane Idalia, which made landfall in the Gulf Coast of Florida on August 30 as a Category 3 storm.
  • KBRA’s analysis generally assumed that the most heavily affected regions from the storm are the areas with disaster declarations within the state of Florida.
  • As events continue to unfold, our thoughts are with the individuals and families affected by the hurricane.
  • Generally, KBRA’s rated RMBS show modest exposure to properties located in counties with public assistance FEMA declaration in Florida, with an average transaction exposure of 3% by current balance.

Rambus Safeguards Accelerated Computing with FPGA-targeted Security IP

Retrieved on: 
Tuesday, August 22, 2023
Data Management, Security, IOT (Internet of Things), Technology, Software, Networks, Internet, PQC, Inc., IEEE 802.1AE, Data center security, Data center, FIA, Internet of things, RMBS, IPsec, IP, DPA, Silicon, Rambus Inc. v. Nvidia, Intel, Semiconductor intellectual property core, Post-quantum cryptography, Field-programmable gate array, FPGA, Cryptocurrency, Defense, Rambus

Rambus security IP protects FPGAs serving applications in the Data Center, AI/ML, Edge, IoT, Defense, and beyond.

Key Points: 
  • Rambus security IP protects FPGAs serving applications in the Data Center, AI/ML, Edge, IoT, Defense, and beyond.
  • “As customer demand for security continues to accelerate, Rambus is dedicated to providing state-of-the-art security IP for the broad range of applications increasingly enabled by FPGAs,” said Neeraj Paliwal, general manager of Silicon IP at Rambus.
  • “We’re pleased to see Rambus offer security IP solutions tailored to FPGAs powering the growing landscape of accelerated computing.”
    As part of the industry-leading portfolio, Rambus offers advanced FPGA targeted security IP products including root of trust, 800G MACsec, IPsec, classic and quantum safe public key encryption solutions.
  • With new Quantum Safe security IP products, Rambus futureproofs the protection of FPGAs for the coming Post Quantum Cryptography (PQC) era.

Orchid Island Capital Announces August 2023 Monthly Dividend and July 31, 2023 RMBS Portfolio Characteristics

Retrieved on: 
Wednesday, August 16, 2023
REIT, Finance, Other Construction & Property, Professional Services, Construction & Property, RMBS, Trust, NYSE, Life insurance

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 August 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 August 2023.
  • The dividend of $0.16 per share will be paid September 27, 2023 to holders of record of the Company’s common stock on August 31, 2023, with an ex-dividend date of August 30, 2023.
  • The Company plans on announcing its next common stock dividend on September 11, 2023.
  • As of July 31, 2023 and June 30, 2023, the Company had 43,896,709 shares of common stock outstanding.

Rambus Initiates $100 Million Accelerated Share Repurchase Program

Retrieved on: 
Friday, August 11, 2023
Semiconductor, Data Management, Security, Technology, Internet, Hardware, Royal Bank, RBC Capital Markets, Royal Bank of Canada, Growth, Silicon, Rambus Inc. v. Nvidia, RMBS, Inc., Share repurchase, Cryptocurrency, Rambus

Rambus Inc. (NASDAQ: RMBS ), a premier chip and silicon IP provider making data faster and safer, today announced that it initiated an accelerated share repurchase program with Royal Bank of Canada, through its agent RBC Capital Markets, LLC to repurchase an aggregate of approximately $100 million of its common stock.

Key Points: 
  • Rambus Inc. (NASDAQ: RMBS ), a premier chip and silicon IP provider making data faster and safer, today announced that it initiated an accelerated share repurchase program with Royal Bank of Canada, through its agent RBC Capital Markets, LLC to repurchase an aggregate of approximately $100 million of its common stock.
  • “This program is part of our strategic approach to capital allocation and demonstrates our confidence in the long-term growth of the company,” said Luc Seraphin, president and chief executive officer at Rambus.
  • “Our robust balance sheet and strong cash generation allow us to consistently deliver value to our stockholders.”
    Under the accelerated share repurchase program, Rambus will pre-pay $100 million to Royal Bank of Canada and receive an initial delivery of approximately 1.6 million shares of its common stock within the first week of the program.
  • The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.

Ellington Residential Mortgage REIT Reports Second Quarter 2023 Results

Retrieved on: 
Thursday, August 10, 2023
REIT, Finance, Banking, Professional Services, Construction & Property, Treasury, RMBS, United States Department of the Treasury, FDIC, TBA, Investment, Risk, Bank

The Company's leverage ratios were largely unchanged quarter over quarter as well.

Key Points: 
  • The Company's leverage ratios were largely unchanged quarter over quarter as well.
  • Overall for the second quarter, Agency RMBS generated a positive excess return relative to U.S. Treasuries of 0.79%.
  • The FDIC-directed sales were well absorbed by the market, however, and low-coupon RMBS outperformed in the second quarter.
  • Average pay-ups on the Company's existing specified pool portfolio decreased quarter over quarter, while the pools that it sold during the quarter had higher pay-ups than the held population.

AG Mortgage Investment Trust and Western Asset Mortgage Capital Corporation Announce Definitive Merger Agreement

Retrieved on: 
Tuesday, August 8, 2023
Professional Services, Residential Building & Real Estate, Commercial Building & Real Estate, Finance, Construction & Property, REIT, Banking, Slate, LLP, Angelo Gordon, RMBS, Trust, AG, G&A, Multimedia, Acquisition, Skadden, Arps, Slate, Meagher & Flom, Agency, Investment, WMC, Hunton Andrews Kurth, Security (finance), MITT, NYSE, Real estate, Cryptocurrency, Risk management, Airline, Financial adviser

AG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), a publicly traded residential mortgage REIT managed by AG REIT Management, LLC, an affiliate of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), a leading $73 billion alternative investment firm, and Western Asset Mortgage Capital Corporation (NYSE: WMC) (“WMC”), today announced that they have entered into a definitive merger agreement, pursuant to which MITT will acquire WMC in a fixed exchange ratio stock/cash transaction.

Key Points: 
  • AG Mortgage Investment Trust, Inc. (NYSE: MITT) (“MITT”), a publicly traded residential mortgage REIT managed by AG REIT Management, LLC, an affiliate of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), a leading $73 billion alternative investment firm, and Western Asset Mortgage Capital Corporation (NYSE: WMC) (“WMC”), today announced that they have entered into a definitive merger agreement, pursuant to which MITT will acquire WMC in a fixed exchange ratio stock/cash transaction.
  • WMC has terminated its previously announced acquisition agreement with Terra Property Trust, Inc. in accordance with the terms of such agreement.
  • WMC’s legacy commercial investments will only represent approximately 3% of the total investment portfolio on a pro forma basis.
  • Piper Sandler & Co. is acting as exclusive financial advisor and Hunton Andrews Kurth LLP is acting as legal counsel to MITT.