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News Article | May 15, 2017
Site: globenewswire.com

LM Funding America, Inc. (NASDAQ:LMFA) (NASDAQ:LMFAW), a specialty finance company offering unique funding solutions to community associations, is reporting results for the first quarter ended March 31, 2017. “Our first quarter was highlighted by the acquisition of 147 delinquent accounts from both new and existing clients,” said Bruce Rodgers, founder and CEO of LM Funding. “This is roughly half of the delinquent accounts acquired in all of 2016, reflecting a considerable return on our investment of IPO proceeds in sales and marketing strategies. “Despite another quarter of lower payoff occurrences due to the reduction of distressed real estate transactions in Florida, we continued to monetize our properties with a 200% increase in recurring rental income, while reducing our overhead expenses by more than 27%. “In March and April, we monetized a portion of our REO portfolio by selling four properties for net proceeds of $128,000. We will continue to leverage our REO portfolio for rental income, while remaining opportunistic with property sales.” “Also in April,” Rodgers continued, “we fully resolved the proposed class action by Wilmington. The favorable outcome not only validates our company’s mission to homeowners associations throughout Florida, but will also provide us with monthly litigation expense savings of approximately $45,000. We look forward to moving past this lawsuit and continuing to serve communities and homeowners associations to ensure they can rightfully collect outstanding fees.” Revenues in the first quarter of 2017 were $1.0 million compared to $1.6 million in the first quarter of 2016. The decrease in revenues was due to lower payoff occurrences resulting from changes in the overall Florida real estate market. The decrease was offset by an increase in revenue per unit. Operating expenses in the first quarter of 2017 decreased 27% to $1.5 million compared to $2.1 million in the year-ago quarter. The decrease was driven by the company’s cost reduction initiative implemented during the third quarter of 2016. Interest expense in the first quarter of 2017 decreased to $127,000 compared to $164,000 in the first quarter of 2016. Net loss in the first quarter was $403,000 or $(0.12) per share, compared to a net loss of $436,000 or $(0.13) per share in the year-ago quarter. At March 31, 2017, cash and cash equivalents totaled $1.4 million compared to $2.3 million at December 31, 2016. Management will hold a conference call today at 4:30 p.m. Eastern time to discuss its first quarter 2017 results, followed by a question and answer period. Interested parties can listen to the live presentation by dialing the number below or by clicking the webcast link available in the Investors section of the company's website at www.lmfunding.com. Please dial in 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 949-574-3860. A webcast replay of the call will be available after the call on the same day via the Investors section of the LM Funding website at www.lmfunding.com through July 15, 2017. LM Funding America, Inc., together with its subsidiaries, is a specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado and Illinois. The company offers funding to Associations by purchasing a certain portion of the associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments. It is also involved in the business of purchasing delinquent accounts on various terms tailored to suit each Association’s financial needs, including under its New Neighbor Guaranty™ program. The company was founded in 2008 and is based in Tampa, Florida. The company's common shares and warrants trade on the NASDAQ Capital Market under the symbols "LMFA" and "LMFAW”. This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995.  Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements.  Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties.  Some of these risks and uncertainties are identified in the company’s filings with the SEC.  The occurrence of any of these risks and uncertainties could have a material adverse effect on the company’s business, financial condition, and results of operations.


News Article | May 22, 2017
Site: www.prweb.com

ServiceLink, the premier national provider of transaction services to the mortgage and finance industries and the largest provider of integrated services throughout the default cycle, announced today the launch of its newest offering, ServiceLink Auction. ServiceLink Auction will provide a results-driven, full service auction platform providing foreclosure and REO auction services that are fully integrated with ServiceLink products and technologies. It will be complemented by ServiceLink’s end-to-end default services and managed through ServiceLink’s Default Services division. ServiceLink Auction is powered by the recent acquisition of Hudson and Marshall completed by ServiceLink’s parent company, Fidelity National Financial (FNF), a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. Hudson and Marshall, a full service auction company, is one of the top auction providers in the country and has been in business since 1965. “With ServiceLink Auction, we are providing a service for our customers who have been looking for auction alternatives,” said Chris Azur, CEO of ServiceLink. “This service complements our default offerings and allows us to be the single service provider that the industry can count on to provide timely liquidity and optimal market value in the disposition of assets.” This new platform, and the addition of CWCOT auction services, will also broaden ServiceLink’s HUD Suite of Services, with services tailored for the disposition of HUD delinquent portfolios including CWCOT title, post-sale HUD title, valuations and property preservation. “As the industry leader in quality, compliance and an overarching commitment to customer excellence, ServiceLink is committed to consistently meeting the needs of our changing industry,” Azur said. “In partnership with Hudson and Marshall’s long-history of auction leadership and innovative technology platforms, we are certain that ServiceLink Auction will become the go-to resource for servicers.” “The partnership with ServiceLink provides an even greater reach for Hudson & Marshall’s innovative disposition offerings,” said Trixy Castro, CEO of Hudson & Marshall. “It’s a great match and we are excited about the impact we can make together on the real estate industry.” ServiceLink is the premier national provider of transaction services to the mortgage and finance industries. ServiceLink delivers valuation, title and closing, and flood services to mortgage originators; end-to-end subservicing to mortgage servicers; and default valuation, integrated default title services, vendor invoicing and claims audit services as well as auction services to mortgage servicers. ServiceLink helps clients in the lending industry and beyond achieve their strategic goals, realize greater efficiencies, and better serve their customers by delivering best-in-class technology, services, and insight with a relentless commitment to upholding the highest standards of quality, compliance, and service. For more information about ServiceLink, please visit http://www.svclnk.com. Hudson & Marshall is the nation’s longest standing real estate auction company. For over 50 years, Hudson & Marshall has provided real estate auction services to clients of all sizes, ranging from individuals and financial institutions to multi-national corporations and government agencies. Hudson & Marshall applies its time-tested, full-service approach to generate industry-leading results for sellers and to help buyers and investors find the properties they’ve dreamed about. Hudson & Marshall specializes in the marketing and auctioning of residential and commercial properties. By understanding our clients’ objectives, we deliver customized marketing and advertising plans designed to meet their disposition needs.


News Article | May 15, 2017
Site: globenewswire.com

LM Funding America, Inc. (NASDAQ:LMFA) (NASDAQ:LMFAW), a specialty finance company offering unique funding solutions to community associations, is reporting results for the first quarter ended March 31, 2017. “Our first quarter was highlighted by the acquisition of 147 delinquent accounts from both new and existing clients,” said Bruce Rodgers, founder and CEO of LM Funding. “This is roughly half of the delinquent accounts acquired in all of 2016, reflecting a considerable return on our investment of IPO proceeds in sales and marketing strategies. “Despite another quarter of lower payoff occurrences due to the reduction of distressed real estate transactions in Florida, we continued to monetize our properties with a 200% increase in recurring rental income, while reducing our overhead expenses by more than 27%. “In March and April, we monetized a portion of our REO portfolio by selling four properties for net proceeds of $128,000. We will continue to leverage our REO portfolio for rental income, while remaining opportunistic with property sales.” “Also in April,” Rodgers continued, “we fully resolved the proposed class action by Wilmington. The favorable outcome not only validates our company’s mission to homeowners associations throughout Florida, but will also provide us with monthly litigation expense savings of approximately $45,000. We look forward to moving past this lawsuit and continuing to serve communities and homeowners associations to ensure they can rightfully collect outstanding fees.” Revenues in the first quarter of 2017 were $1.0 million compared to $1.6 million in the first quarter of 2016. The decrease in revenues was due to lower payoff occurrences resulting from changes in the overall Florida real estate market. The decrease was offset by an increase in revenue per unit. Operating expenses in the first quarter of 2017 decreased 27% to $1.5 million compared to $2.1 million in the year-ago quarter. The decrease was driven by the company’s cost reduction initiative implemented during the third quarter of 2016. Interest expense in the first quarter of 2017 decreased to $127,000 compared to $164,000 in the first quarter of 2016. Net loss in the first quarter was $403,000 or $(0.12) per share, compared to a net loss of $436,000 or $(0.13) per share in the year-ago quarter. At March 31, 2017, cash and cash equivalents totaled $1.4 million compared to $2.3 million at December 31, 2016. Management will hold a conference call today at 4:30 p.m. Eastern time to discuss its first quarter 2017 results, followed by a question and answer period. Interested parties can listen to the live presentation by dialing the number below or by clicking the webcast link available in the Investors section of the company's website at www.lmfunding.com. Please dial in 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 949-574-3860. A webcast replay of the call will be available after the call on the same day via the Investors section of the LM Funding website at www.lmfunding.com through July 15, 2017. LM Funding America, Inc., together with its subsidiaries, is a specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado and Illinois. The company offers funding to Associations by purchasing a certain portion of the associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments. It is also involved in the business of purchasing delinquent accounts on various terms tailored to suit each Association’s financial needs, including under its New Neighbor Guaranty™ program. The company was founded in 2008 and is based in Tampa, Florida. The company's common shares and warrants trade on the NASDAQ Capital Market under the symbols "LMFA" and "LMFAW”. This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995.  Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements.  Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties.  Some of these risks and uncertainties are identified in the company’s filings with the SEC.  The occurrence of any of these risks and uncertainties could have a material adverse effect on the company’s business, financial condition, and results of operations.


News Article | April 27, 2017
Site: www.PR.com

Receive press releases from Klinger Group of Nevada Desert Realty: By Email Just Sold Henderson Real Estate Listing in the Champion Village Community Henderson REALTORS® at Nevada Desert Realty just helped their client purchase a real estate owned home in the Champion Village Community. These agents were thrilled to be able to help in the purchase of a repossessed home. Henderson, NV, April 27, 2017 --( As this home was an REO sale, it was sold in as is condition. Though it may require new paint and flooring, this is an amazing home. With 5 bedrooms, 3.5 bathrooms, and a 3 car attached garage, the home is still very spacious. This home has a bedroom and bathroom located downstairs with the other 4 bedrooms located upstairs. Measured at 3,289 square feet, this home has a large lot size of 6,970 square feet. This is a 2 story home with a separate family room and kitchen/dining/living room area. The kitchen features a double oven, large kitchen island, gas cooktop, and a breakfast bar. The backyard features a covered patio and balcony off the master bedroom upstairs. The just sold Henderson real estate listing in the Champion Village Community was an REO, or real estate owned home. A home becomes real estate owned once a homeowner stops making payments and the bank forecloses. The home is then owned by the bank and the previous owners are forced to leave. The bank will then try to sell the home to try to recover their losses. Oftentimes, like in this REO transaction, a home will be auctioned. Though there are still traditional auctions held, the auction for this just sold Henderson real estate listing in the Champion Village Community was an online auction. Many times auctions require all cash purchases, but this transaction allowed the buyer to have financing through a conventional loan. Champion Village features a central, beautiful park with green grass area, a large covered playground for kids, and more. This park is a perfect place for residents of Champion Village to walk to or enjoy as it is located very close to most of the homes in this community. For this just sold Henderson real estate listing in Champion Village, the park is located at the end of the street. Most of the Champion Village homes were built in the late 1990's and early 2000's. Champion Village does feature a condo subdivision, but most of the subdivisions are of single family homes. Single family homes in Champion Village do range in size all the way to 3,500 square feet. This just sold Henderson real estate listing in the Champion Village Community is located in the Henderson zip code region of 89012. Henderson 89012 is a zip code region located in the middle of Henderson. With its borders on the 215 beltway and the 95 freeway, residents of Henderson 89012 have quick access to Las Vegas, Boulder City, and the rest of Henderson. Average home sale prices are increasing in Henderson 89012, and it is a good time for both buyers and sellers in Henderson. Foreclosure and short sale percentages are very low, especially compared to Las Vegas and what they were a few years ago. Interest rates are also still considered low, which is a huge incentive to purchase a home soon. Henderson REALTORS® at Nevada Desert Realty were thrilled to close escrow on this home. These agents, Michael and Anna Klinger, own the brokerage and have been in real estate a combined total of over 25 years. Michael and Anna Klinger love meeting new people and helping them make one of the most meaningful purchases in their life. They are great at negotiating for the best possible situation for their clients in every purchase and many of their clients become lifelong friends. Nevada Desert Realty is located at 40 E Horizon Ridge Parkway #101 in Henderson 89002 and their office phone number is 702-509-1446. Henderson, NV, April 27, 2017 --( PR.com )-- The just sold Henderson real estate listing in the Champion Village Community was listed for $370,000 and Nevada Desert Realty’s client purchased the home for $325,000. The Henderson real estate agents who helped this client get a fantastic deal on this home were thrilled to be able to help negotiate the price down to this extent, especially as Las Vegas is moving toward a seller’s market.As this home was an REO sale, it was sold in as is condition. Though it may require new paint and flooring, this is an amazing home. With 5 bedrooms, 3.5 bathrooms, and a 3 car attached garage, the home is still very spacious. This home has a bedroom and bathroom located downstairs with the other 4 bedrooms located upstairs. Measured at 3,289 square feet, this home has a large lot size of 6,970 square feet. This is a 2 story home with a separate family room and kitchen/dining/living room area. The kitchen features a double oven, large kitchen island, gas cooktop, and a breakfast bar. The backyard features a covered patio and balcony off the master bedroom upstairs.The just sold Henderson real estate listing in the Champion Village Community was an REO, or real estate owned home. A home becomes real estate owned once a homeowner stops making payments and the bank forecloses. The home is then owned by the bank and the previous owners are forced to leave. The bank will then try to sell the home to try to recover their losses. Oftentimes, like in this REO transaction, a home will be auctioned. Though there are still traditional auctions held, the auction for this just sold Henderson real estate listing in the Champion Village Community was an online auction. Many times auctions require all cash purchases, but this transaction allowed the buyer to have financing through a conventional loan.Champion Village features a central, beautiful park with green grass area, a large covered playground for kids, and more. This park is a perfect place for residents of Champion Village to walk to or enjoy as it is located very close to most of the homes in this community. For this just sold Henderson real estate listing in Champion Village, the park is located at the end of the street. Most of the Champion Village homes were built in the late 1990's and early 2000's. Champion Village does feature a condo subdivision, but most of the subdivisions are of single family homes. Single family homes in Champion Village do range in size all the way to 3,500 square feet.This just sold Henderson real estate listing in the Champion Village Community is located in the Henderson zip code region of 89012. Henderson 89012 is a zip code region located in the middle of Henderson. With its borders on the 215 beltway and the 95 freeway, residents of Henderson 89012 have quick access to Las Vegas, Boulder City, and the rest of Henderson. Average home sale prices are increasing in Henderson 89012, and it is a good time for both buyers and sellers in Henderson. Foreclosure and short sale percentages are very low, especially compared to Las Vegas and what they were a few years ago. Interest rates are also still considered low, which is a huge incentive to purchase a home soon.Henderson REALTORS® at Nevada Desert Realty were thrilled to close escrow on this home. These agents, Michael and Anna Klinger, own the brokerage and have been in real estate a combined total of over 25 years. Michael and Anna Klinger love meeting new people and helping them make one of the most meaningful purchases in their life. They are great at negotiating for the best possible situation for their clients in every purchase and many of their clients become lifelong friends. Nevada Desert Realty is located at 40 E Horizon Ridge Parkway #101 in Henderson 89002 and their office phone number is 702-509-1446. Click here to view the list of recent Press Releases from Klinger Group of Nevada Desert Realty


News Article | April 21, 2017
Site: www.prweb.com

Miami’s single-family homes market registered its best March in history while home sales for all properties, median prices and total dollar volume increased, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Best March in History Single-family home sales increased 9.2 percent year-over-year in March, expanding from 1,168 to 1,276. The 1,276 homes are Miami real estate's highest March total, surpassing the previous record of 1,242 single-family homes sold in March 2015. Sales for existing condominiums, which are competing with a multi-billion dollar new construction market, rose 2.3 percent year-over-year in March. “Miami’s spring home buying season is off to a roaring start,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Not only did single-family home sales post a historic total, but existing condominium sales also increased. The local jobs market is solid, average pay is rising and mortgage rates are still at historic lows.” The possibility of higher interest rates pushed some buyers off the sidelines in March, which is traditionally the start of a busy spring and summer season for selling homes. Miami single-family homes in the mid-market ($250K to $600K) continue to be a popular price point. Despite recent increases, mortgage rates remain at historic lows. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage is 4.20 percent. Total Home Sales Rise in March Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — increased 5.6 percent year-over-year from 2,465 to 2,603. A closer look at Miami single-family home sales in March shows a 37.5 percent rise in home sales for properties listed between $250,000 to $600,000. Homes sold in the $250K to $600K range represent 57.5 percent of total Miami single-family home sales. Sales for Miami single-family homes listed from $600,000 to $1 million increased 51.9 percent in March, from 79 to 120. Miami single-family traditional sales, or non-distressed transactions, rose 18.4 percent. This growth in traditional sales, from 942 to 1,115 transactions, shows Miami real estate is healthy and continues to grow. Total sales volume for all properties accounted for $1.17 billion last month, a 17.4 percent increase from the $996.5 million sales volume a year ago. These sales do not include Miami’s multi-billion dollar new construction condo market. Median Prices Rise for All Properties Miami-Dade County single-family home prices jumped 15 percent in March 2017, increasing from $280,000 to $322,000. Miami single-family home prices have now risen for 64 consecutive months, a streak spanning more than five years. Existing condo prices increased 7.4 percent, from $209,500 to $225,000. Condo prices have increased in 68 of the last 70 months. Despite the rise in prices, Miami real estate remains a major bargain. A 120-square meter condominium in Miami-Fort Lauderdale-Miami Beach cost $170,000 in 2016 Q3, according to the National Association of REALTORS® (NAR). The average cost of a 120-square meter apartment in 2016 in the prime inner city areas of London ($4.1 million), Hong Kong ($3.1 million), and New York ($2.2 million) were at least ten times higher, according to Global Property Guide. Miami Distressed Sales Continue to Drop Total Miami distressed sales declined 39.4 percent year-over-year, from 480 to 291 last month. Only 11.2 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 19.5 percent in March 2016. In 2009, distressed sales comprised 70 percent of Miami sales. Short sales and REOs accounted for 2.6 and 8.6 percent, respectively, of total Miami sales in March 2017. Short sale transactions dropped 15 percent year-over-year while REOs fell 44.3 percent. Nationally, distressed sales accounted for 6 percent of March sales, down from 8 percent a year ago. Miami Real Estate Selling Fast and Close to List Price The median number of days between listing and contract dates for Miami single-family home sales was 51 days, a 17.7 percent decrease from 62 days last year. The median number of days between the listing date and closing date for single-family properties decreased 7.9 percent to 105 days. For condos, the median time to contract increased 22.1 percent to 83 days. The median number of days between the listing date and closing date increased 6.0 percent to 124 days. The median percent of original list price received for single-family homes increased 0.2 percent to 95.3 percent. The median percent of original list price received for existing condominiums decreased 0.3 percent to 93.5 percent. Lack of Condo Financing Continues to Impact Sales In addition to competing sales from new construction units, the lack of access to mortgage loans continues to impact existing condominiums. Of the 9,307 condominium buildings in Miami-Dade and Broward Counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to statistics from the Florida Department of Business and Professional Regulation and FHA. National and State Statistics Nationally, total existing-home sales ascended 4.4 percent to a seasonally adjusted annual rate of 5.71 million in March from a downwardly revised 5.47 million in February. March's sales pace is 5.9 percent above a year ago. Statewide closed sales of existing single-family homes totaled 25,921 last month, up 9.3 percent compared to March 2016, according to Florida Realtors. Statewide closed condo sales totaled 11,193 last month, up 11.4 percent compared to March 2016. The national median existing-home price for all housing types in March was $236,400, up 6.8 percent from March 2016 ($221,400). March's price increase marks the 61st consecutive month of year-over-year gains. The statewide median sales price for single-family existing homes last month was $231,900, up 10.4 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in March was $171,000, up 9.4 percent over the year-ago figure. March marked the 64th consecutive month that statewide median prices for both sectors rose year-over-year. Miami’s Cash Buyers Represent Almost Double the National Figure Miami cash transactions comprised 43.8 percent of March total closed sales, compared to 48.6 percent last year. Miami cash transactions are almost double the national figure (23 percent). Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash. Condominiums comprise a large portion of Miami’s cash purchases as 59.6 percent of condo closings were made in cash in March compared to 27.4 percent of single-family home sales. Seller’s Market for Single-Family Homes, Buyer’s Market for Condos Inventory of single-family homes decreased 2.1 percent in March from 6,494 active listings last year to 6,355 last month. Condominium inventory increased 10.5 percent to 15,416 from 13,952 listings during the same period in 2016. Single-family homes have a 5.8-month supply, which indicates a seller’s market. Existing condominiums have a 13.8-month supply, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six and nine months supply of inventory. Total active listings at the end of March increased 6.5 percent year-over-year, from 20,446 to 21,771. Active listings remain about 60 percent below 2008 levels when sales bottomed. New listings of Miami single-family homes decreased 0.4 percent, from 1.942 to 1,934. New listings of condominiums increased 2.6 percent, from 2,683 to 2,752. Nationally, total housing inventory at the end of March increased 5.8 percent to 1.83 million existing homes available for sale, but is still 6.6 percent lower than a year ago (1.96 million) and has fallen year-over-year for 22 straight months. Unsold inventory is at a 3.8-month supply at the current sales pace (unchanged from February). New Construction Market Update Most Miami preconstruction condo developers require a 50-percent cash deposit on new units. The deposit is not only one of the highest in the United States but is significantly higher than the 20 percent required during the last real estate cycle. The large cash deposits show how committed Miami’s preconstruction condo buyers are to the local market. Seventy-seven condo towers with 7,445 units have been completed in Miami-Dade County east of I-95 in the last six years since the start of 2011, according to an April 10 report from preconstruction condo projects website Cranespotters.com and MIAMI. Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system. About the MIAMI Association of REALTORS® The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 97 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents more than 46,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has official partnerships with 161 international organizations worldwide. MIAMI’s official website is http://www.miamire.com


News Article | May 4, 2017
Site: www.businesswire.com

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income of $28.7 million, or $0.40 per common share on a diluted basis, for the first quarter of 2017, on net investment income of $64.5 million. PMT previously announced a cash dividend for the first quarter of 2017 of $0.47 per common share of beneficial interest, which was declared on March 27, 2017, and paid on April 27, 2017. “PMT’s investments delivered mixed results in a challenging market environment during the first quarter,” said President and Chief Executive Officer David Spector. “Our earnings were driven by significant gains in our unique GSE credit risk transfer investments, as well as strong contributions from our correspondent production segment. Results from our distressed loan investments showed modest improvement from the prior quarter, but returns remained below our expectations. Our interest rate sensitive strategies also underperformed, primarily due to volatility in the quarter that increased the expense of our interest rate hedges. We believe that this quarter’s results validate our plan to transition PMT’s balance sheet to correspondent-related investments such as CRT and mortgage servicing rights.” The following table presents the contributions of PMT’s segments, consisting of Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production and Corporate. The Credit Sensitive Strategies segment includes results from distressed mortgage loans, CRT, non-Agency subordinated bonds and multifamily commercial real estate investments. Pretax income for the segment was $19.4 million on revenues of $25.8 million, compared with pretax income of $6.3 million on revenues of $14.2 million in the prior quarter. Net gain on investments was $22.0 million, an increase of 144 percent from $9.0 million in the prior quarter. PMT’s distressed mortgage loan portfolio generated realized and unrealized gains totaling $3.2 million, compared with realized and unrealized losses of $1.0 million in the prior quarter. Fair value gains on the performing loans in the distressed portfolio were $6.0 million while fair value losses on nonperforming loans were $3.2 million. The schedule below details the realized and unrealized gains (losses) on distressed mortgage loans: Overall, the performance of the distressed mortgage loan portfolio improved compared with the prior quarter, primarily driven by performing mortgage loans which benefitted from a strong market for these assets. Valuation gains also received a modest benefit from actual and forecasted home prices that were better than prior forecasts. These positive impacts were partially offset by greater than expected recidivism of previously performing loans. Net gain on CRT investments was $18.6 million compared with a gain of $10.4 million in the prior quarter. These gains resulted from higher income on a larger investment position and market-driven value changes related to credit spread tightening. At quarter end, PMT’s investments in CRT totaled $464 million compared with $450 million at December 31, 2016. Net interest income for the segment totaled $6.0 million, down 44 percent from the prior quarter. Interest income totaled $20.3 million, a 23 percent decline from the prior quarter. Interest income included $9.9 million of capitalized interest from loan modifications, which declined from $22.0 million in the prior quarter, driven by a reduction in modification activity. Capitalized interest increases interest income and reduces loan valuation gains. Interest expense totaled $14.3 million, down 9 percent from the prior quarter. Other investment losses were $2.3 million, compared with a $5.4 million loss in the prior quarter. The quarter-over-quarter decline was primarily due to trailing recoveries on previously sold REO. At quarter end, PMT’s inventory of REO properties totaled $224.8 million, down from $274.0 million at December 31, 2016. Segment expenses were $6.4 million, a 19 percent decrease from $7.9 million in the prior quarter. The decline was driven by lower loan liquidation fees relative to the prior quarter. The Interest Rate Sensitive Strategies segment includes results from investments in MSRs, excess servicing spread (ESS), Agency mortgage-backed securities (MBS), non-Agency senior MBS and interest rate hedges. The segment includes investments that have offsetting exposures to changes in interest rates. Interest Rate Sensitive Strategies generated pretax income of $0.7 million on revenues of $7.6 million, compared with pretax income of $5.4 million on revenues of $11.9 million in the prior quarter. The results in the Interest Rate Sensitive Strategies segment consist of net gain/loss on investments, net interest income and net loan servicing fees, as well as the associated expenses. The net loss on investments was $5.3 million, consisting of $0.3 million of gains on mortgage loans held by a variable interest entity, net of the related asset-backed secured funding; $4.1 million of losses on hedging derivatives; $1.4 million of losses on ESS; and $0.1 million of losses on MBS. Net interest income for the segment was $1.1 million, a 31 percent increase from the prior quarter. Interest income totaled $16.1 million, an 11 percent increase from the prior quarter. Interest expense totaled $15.0 million, a 10 percent increase from the prior quarter. Net mortgage loan servicing fees were $11.7 million, up from $7.8 million in the prior quarter. Net loan servicing fees included $38.5 million in servicing fees, reduced by $17.9 million of amortization and realization of MSR cash flows. Net loan servicing fees also included $1.5 million of impairment reversal for MSRs carried at the lower of amortized cost or fair value, a $2.0 million valuation loss on MSRs carried at fair value and $8.7 million of related hedging losses. Net loan servicing fees also included $0.3 million of MSR recapture income. PMT’s hedging activities are intended to manage its net exposure across all interest rate-sensitive strategies, which include MSRs, ESS and MBS. PMT’s MSR portfolio, which is subserviced by PFSI, grew to $59.6 billion in UPB compared with $56.3 billion at December 31, 2016. Significant volatility during the first quarter drove increased hedge costs, and inconsistent movements of the swaps, Treasury, and mortgage markets led to mismatches between asset and hedge performance. Furthermore, while the fair value of our MSR investments benefitted from lower expected prepayment activity, valuation gains for the portion carried at fair value were offset by the realization of cash flows. The loss on our ESS investments primarily resulted from higher than projected prepayment activity during the quarter, somewhat offset by recapture income totaling $1.6 million payable to PMT for prepayment activity during the quarter. When prepayment of a loan underlying PMT’s ESS results from a refinancing by PennyMac Financial Services, Inc. (NYSE: PFSI), PMT generally benefits from recapture income. Segment expenses were $6.8 million, a 4 percent increase from $6.5 million in the prior quarter, and reflect a larger servicing portfolio. PMT acquires newly originated mortgage loans from third-party correspondent sellers and typically sells or securitizes the loans, resulting in current-period income and ongoing investments in MSRs and GSE credit risk transfers related to a portion of its production. PMT’s Correspondent Production segment generated pretax income of $12.5 million versus $12.9 million in the prior quarter. Through its correspondent production activities, PMT acquired $13.9 billion in UPB of loans and issued IRLCs totaling $14.5 billion in the first quarter, compared with $20.0 billion and $19.2 billion, respectively, in the prior quarter. Of the correspondent acquisitions, conventional conforming acquisitions totaled $4.6 billion, and government-insured or guaranteed acquisitions totaled $9.3 billion, compared with $7.5 billion and $12.5 billion, respectively, in the prior quarter. Segment revenues were $30.8 million, a 28 percent decrease from the prior quarter, driven by a decline in net gain on mortgage loans. Net gain on mortgage loans acquired for sale in the quarter declined 19 percent from the prior quarter, driven by a 25 percent quarter-over-quarter decline in conventional lock volume and lower margins. The quarter-over-quarter performance reflects increased competition in a smaller market due to the significant decline in refinancing activity from higher mortgage rates and to a seasonally slow purchase-money market. Net gain on mortgage loans acquired for sale this quarter also included a $4.6 million benefit from a reduction in the estimate of the liability for representations and warranties. The following schedule details the net gain on mortgage loans acquired for sale: Segment expenses were $18.3 million, down 38 percent from $29.8 million in the prior quarter, driven by lower volume-based fulfillment fee expense. The weighted average fulfillment fee rate in the first quarter was 36 basis points, unchanged from the prior quarter. The Corporate segment includes interest income from certain cash and short-term investments, management fees and corporate expenses. Segment revenues were $326,000, a 62 percent increase from $201,000 in the prior quarter, driven by an increase in interest income due to higher cash balances in the first quarter. Management fees were $5.0 million, down 1 percent compared with $5.1 million in the prior quarter. There were no incentive fees due for the first quarter. Other segment expenses were $5.4 million compared with $5.8 million in the prior quarter. PMT recorded an income tax benefit of $6.1 million compared with a $17.3 million benefit in the prior quarter. The income tax benefit was primarily driven by the underperformance of the distressed loans and REO held in the taxable REIT subsidiary. “We have made significant progress transitioning capital to attractive opportunities in our correspondent production-related investments and away from distressed loan investments, which now represent one-third of PMT’s equity,” concluded Executive Chairman Stanford L. Kurland. “As we anticipated, higher interest rates during the quarter resulted in a mortgage market that is normalizing from the elevated margins and volumes seen in 2016. We have seen improvement in April due to a decline in interest rates and a pickup in home-buying activity that we expect to extend through the spring and summer homebuying season. PMT remains well-positioned to access investment opportunities that result from our correspondent production activities. We believe that these strategies have the potential to produce earnings in line with our dividend level.” Management’s slide presentation will be available in the Investor Relations section of the Company’s website at www.pennymac-REIT.com beginning at 1:30 p.m. (Pacific Daylight Time) on Thursday May 4, 2017. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PennyMac Mortgage Investment Trust trades on the New York Stock Exchange under the symbol “PMT” and is externally managed by PNMAC Capital Management, LLC, an indirect subsidiary of PennyMac Financial Services, Inc. Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com. 1 Return on average common equity is calculated based on annualized quarterly net income attributable to common shareholders as a percentage of monthly average common equity during the period. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in our investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject us to additional risks; volatility in our industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically; events or circumstances which undermine confidence in the financial markets or otherwise have a broad impact on financial markets; changes in general business, economic, market, employment and political conditions, or in consumer confidence and spending habits from those expected; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy our investment objectives; the inherent difficulty in winning bids to acquire distressed loans or correspondent loans, and our success in doing so; the concentration of credit risks to which we are exposed; the degree and nature of our competition; the availability, terms and deployment of short-term and long-term capital; the adequacy of our cash reserves and working capital; our ability to maintain the desired relationship between our financing and the interest rates and maturities of our assets; the timing and amount of cash flows, if any, from our investments; unanticipated increases or volatility in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of our customers and counterparties; changes in the number of investor repurchases or indemnifications and our ability to obtain indemnification or demand repurchase from our correspondent sellers; increased rates of delinquency, default and/or decreased recovery rates on our investments; increased prepayments of the mortgages and other loans underlying our mortgage-backed securities or relating to our mortgage servicing rights, excess servicing spread and other investments; the degree to which our hedging strategies may or may not protect us from interest rate volatility; the effect of the accuracy of or changes in the estimates we make about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon our financial condition and results of operations; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes; and our ability to make distributions to our shareholders in the future. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.


Lee Brewer, Team Leader, The Brewer Team at RE/MAX Alliance Group, has joined The Expert Network©, an invitation-only service for distinguished professionals. Mr. Brewer has been chosen as a Distinguished Real Estate Professional™ based on peer reviews and ratings, dozens of recognitions, and accomplishments achieved throughout his career. Mr. Brewer outshines others in his field due to his numerous awards and recognitions, outstanding customer service, and career longevity. He is a Certified Property Distress Expert (CDPE), Platinum REO & Short Sale Certified, Five Star Institute Short Sale Certified, RES.NET REO Certified, and RES.NET Short Sale Certified. He received the RE/MAX Chairman Award in 2016 and the RE/MAX Platinum Award from 2013 to 2015, is an inductee of the RE/MAX Hall of Fame, and has been named a Sarasota Five Star Home Professional from 2013 to 2017. With nearly 20 years of experience in real estate, Mr. Brewer brings a wealth of knowledge to his industry, and, in particular, to his area of expertise, real estate buying, selling, financing, and investing in properties throughout Sarasota and Manatee Counties. When asked about why he decided to pursue a career in real estate, Mr. Brewer said: "I owned a hair salon for twenty-two years, and I loved it. But then I was inspired by the famous real estate investor Carleton Sheets to switch careers. I started buying and selling houses, and I just kind of got hooked on it. Slowly but surely I drifted away from my salon clientele and more into real estate to the point where it was a sink or swim scenario. I started doing it full-time, and I’ve never looked back. It’s been phenomenal; I love it." In 1992, while running his salon, Mr. Brewer started personally investing in real estate properties and soon discovered a genuine passion and skill for fixing and flipping homes. By 1999, he had transitioned to a full-time career in real estate, combining the client-first philosophy which helped him distinguish his hair salon with his newfound knack for anticipating market fluctuations. In 2002, Lee joined RE/MAX Alliance Group, and in 2006, less than ten years into his career and six months before the housing market began to crash, Lee saw the writing on the wall and encouraged clients to divest and diversify their property investments, saving his clients hundreds of thousands of dollars. Today, Mr. Brewer is known for his invaluable investment advice for people looking to purchase a broad range of properties, from single family homes, rentals, condominiums, and foreclosure properties to beach properties, luxury homes, and new construction properties. As a Sarasota native, Lee’s familiarity with the area also allows him to give his clients an insider's perspective on schools, neighborhoods, and home values, helping them find the perfect properties to meet their particular real estate needs. Lee's industry-leading advice and client-first approach have earned him an enviable client base and a laudable ninety percent repeat referral rate. As a thought-leader in his industry, Mr. Brewer is always looking for changes in the marketplace that may affect clients’ end sales. His keen awareness and good instincts guide him in making the important decisions that clients are always thankful for down the line. Discussing an adjustment in the market which he anticipates to take place within the next two to three years, Mr. Brewer says: "I don’t think it’s going to be a big dip, but interest rates are going to continue to climb, and there is going to be a point where it’ll be very difficult for investors to purchase property and still continue to make flips. What we’ll do is make as much money as we can flipping right now, and then we’ll wait a couple of months, so when it does adjust downward, we’ll be ready to buy and hold. The properties will get picked up for much less money and we'll turn them into rentals. That’s what the next little wave will be, and then as the prices start to go back up, we’ll go back into flipping." The Expert Network© has written this news release with approval and/or contributions from Lee Brewer. The Expert Network© is an invitation-only reputation management service that is dedicated to helping professionals stand out, network, and gain a competitive edge. The Expert Network selects a limited number of professionals based on their individual recognitions and history of personal excellence.


LONDON, UK / ACCESSWIRE / April 17, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Asset Management industry. Companies recently under review include CI Financial, Sprott, Tricon Capital Group, and Noranda Income Fund. Get all of our free research reports by signing up at: http://www.activewallst.com/register/. On Thursday, April 13, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,535.48, 0.72% lower, with a total volume of 317,745,895 shares. Additionally, the Financials index was down by 1.00%, ending the session at 282.86. Active Wall St. has initiated research reports on the following equities: CI Financial Corporation (TSX: CIX), Sprott Inc. (TSX: SII), Tricon Capital Group Inc. (TSX: TCN), and Noranda Income Fund (TSX: NIF-UN). Register with us now for your free membership and research reports at: http://www.activewallst.com/register/. Toronto, Canada-based CI Financial Corp.'s stock edged 0.82% lower, to finish Thursday's session at $26.47 with a total volume of 249,838 shares traded. The Company's shares are trading below its 50-day and 200-day moving averages. CI Financial's 200-day moving average of $26.80 is above its 50-day moving average of $26.72. Shares of the Company are trading, which through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios, at a PE ratio of 14.31. See our research report on CIX.TO at: http://www.activewallst.com/register/. On Thursday, shares in Toronto, Canada-based Sprott Inc. recorded a trading volume of 192,461 shares. The stock ended the day 0.90% higher at $2.24. Sprott's stock is trading below its 50-day and 200-day moving averages. The stock's 200-day moving average of $2.34 is above its 50-day moving average of $2.28. Shares of the Company, which through its subsidiaries, provides asset management, portfolio management, wealth management, fund management, and administrative and consulting services to its clients, are trading at PE ratio of 17.23. The complimentary research report on SII.TO at: http://www.activewallst.com/register/. On Thursday, shares in Toronto, Canada-based Tricon Capital Group Inc. ended the session 0.36% lower at $11.14 with a total volume of 274,314 shares traded. Tricon Capital's shares have gained 4.31% in the last one month and 11.40% in the previous three months. Furthermore, the stock has gained 27.46% in the past one year. The company's shares are trading above its 50-day and 200-day moving averages. Furthermore, the stock's 50-day moving average of $10.81 is greater than its 200-day moving average of $9.82. Shares of Tricon Capital, which specializing in making investments in the residential sector with a focus on for-sale housing and financially distressed investments in primarily entitled land, finished and partially-finished lots, and standing home inventory, largely through the purchase of deeply discounted bank notes, REO, bankruptcy sales and sales from other motivated buyers at significant discounts to peak pricing, are trading at a PE ratio of 24.06. Register for free and access the latest research report on TCN.TO at: http://www.activewallst.com/register/. Noranda Income Fund's stock closed the day 1.24% lower at $1.59. The stock recorded a trading volume of 67,558 shares. Noranda Income Fund's shares have advanced 1.92% in the previous one month. Shares of the Company, which owns an electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $2.10 is greater than its 50-day moving average of $1.60. Get free access to your research report on NIF-UN.TO at: http://www.activewallst.com/register/. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / April 17, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Asset Management industry. Companies recently under review include CI Financial, Sprott, Tricon Capital Group, and Noranda Income Fund. Get all of our free research reports by signing up at: http://www.activewallst.com/register/. On Thursday, April 13, 2017, at the end of trading session, the Toronto Exchange Composite index ended the day at 15,535.48, 0.72% lower, with a total volume of 317,745,895 shares. Additionally, the Financials index was down by 1.00%, ending the session at 282.86. Active Wall St. has initiated research reports on the following equities: CI Financial Corporation (TSX: CIX), Sprott Inc. (TSX: SII), Tricon Capital Group Inc. (TSX: TCN), and Noranda Income Fund (TSX: NIF-UN). Register with us now for your free membership and research reports at: http://www.activewallst.com/register/. Toronto, Canada-based CI Financial Corp.'s stock edged 0.82% lower, to finish Thursday's session at $26.47 with a total volume of 249,838 shares traded. The Company's shares are trading below its 50-day and 200-day moving averages. CI Financial's 200-day moving average of $26.80 is above its 50-day moving average of $26.72. Shares of the Company are trading, which through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios, at a PE ratio of 14.31. See our research report on CIX.TO at: http://www.activewallst.com/register/. On Thursday, shares in Toronto, Canada-based Sprott Inc. recorded a trading volume of 192,461 shares. The stock ended the day 0.90% higher at $2.24. Sprott's stock is trading below its 50-day and 200-day moving averages. The stock's 200-day moving average of $2.34 is above its 50-day moving average of $2.28. Shares of the Company, which through its subsidiaries, provides asset management, portfolio management, wealth management, fund management, and administrative and consulting services to its clients, are trading at PE ratio of 17.23. The complimentary research report on SII.TO at: http://www.activewallst.com/register/. On Thursday, shares in Toronto, Canada-based Tricon Capital Group Inc. ended the session 0.36% lower at $11.14 with a total volume of 274,314 shares traded. Tricon Capital's shares have gained 4.31% in the last one month and 11.40% in the previous three months. Furthermore, the stock has gained 27.46% in the past one year. The company's shares are trading above its 50-day and 200-day moving averages. Furthermore, the stock's 50-day moving average of $10.81 is greater than its 200-day moving average of $9.82. Shares of Tricon Capital, which specializing in making investments in the residential sector with a focus on for-sale housing and financially distressed investments in primarily entitled land, finished and partially-finished lots, and standing home inventory, largely through the purchase of deeply discounted bank notes, REO, bankruptcy sales and sales from other motivated buyers at significant discounts to peak pricing, are trading at a PE ratio of 24.06. Register for free and access the latest research report on TCN.TO at: http://www.activewallst.com/register/. Noranda Income Fund's stock closed the day 1.24% lower at $1.59. The stock recorded a trading volume of 67,558 shares. Noranda Income Fund's shares have advanced 1.92% in the previous one month. Shares of the Company, which owns an electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Quebec, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $2.10 is greater than its 50-day moving average of $1.60. Get free access to your research report on NIF-UN.TO at: http://www.activewallst.com/register/. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


News Article | May 3, 2017
Site: www.prnewswire.com

Las icónicos estrellas del rock progresivo y artistas del crucero, YES, Marillion, Steve Hackett, Mike Portnoy and Derek Sherinian, Carl Palmer's ELP Legacy (honrando la magia de Keith Emerson y Greg Lake) y Marin Barre (de Jethro Tull) realizarán múltiples presentaciones sobre el escenario. Otros reconocidos intérpretes ya confirmados incluyen a Saga, Anathema, Gong, Haken, Glass Hammer, Adrian Belew Power Trio, Lifesigns, Knifeworld, Stick Men con el violinista David Cross como invitado especial, Sound Of Contact, Moon Safari, IO Earth, Bad Dreams, Thank You Scientist y Baraka. Asimismo, el periodista británico y destacado experto en YES, Jon Kirkman, oficiará como presentador del crucero. Para ver el vídeo con la sinopsis de la alineación de artistas del CTTE 2018, haga clic aquí. El Brilliance Of The Seas de Royal Caribbean combina acres de cristal que abarcan un atrio central de nueve pisos, ascensores que miran al mar y ventanales de piso a techo en toda su extensión. Los pasajeros pueden disfrutar de la tranquila piscina con solárium, recargar energías en el VitalitySM Spa, o alcanzar nuevas alturas escalando la pared de roca exclusiva de Royal Caribbean. Al caer el sol se enciende la noche con presentaciones de rock progresivo en escenarios ubicados por toda la nave. Combinado con algunas de las mejores comidas y servicio a bordo, CRUISE TO THE EDGE es un evento imperdible para los entusiastas del rock progresivo de todo el mundo. Acerca de YES: Fundado en 1968, el elegido del Salón de la Fama del Rock and Roll y ganador de un Grammy, YES, ha creado algunos de los temas musicales más importantes e influyentes en la historia del rock, tales como los icónicos "Roundabout", "Close to the Edge", "I've Seen All Good People", "Owner of a Lonely Heart", "Starship Trooper" e innumerables otros. Sus álbumes, incluyendo a Fragile, Close to the Edge, Tales from Topographic Oceans, Relayer, Going For the One y 90125, han sido certificados como multiplatino, doble platino, platino y más, por parte de la Asociación de la Industria Discográfica de Estados Unidos (RIAA, por sus siglas en inglés) y han vendido un total de más de 50 millones de discos a lo largo de una carrera que hasta ahora abarca casi cinco décadas. Ubicada entre las bandas del rock progresivo más influyentes, vanguardistas y respetadas en el ámbito mundial, YES continúa creando temas magistrales que inspiran a los músicos, aficionados y amantes de la música de todo el mundo. Si desea más información, ingrese a YesWorld.com y conéctese a Facebook, Twitter e Instagram. Acerca de ON THE BLUE: ON THE BLUE -promotor del Cruise to the Edge- es un líder en innovación en cruceros chárter que ha transportado a más de 100.000 pasajeros en los últimos 20 años. Los directivos de ON THE BLUE tienen profundas raíces en la industria de la música, habiendo proporcionado gestión de producción de cruceros de clase mundial para celebridades y artistas musicales por más de dos décadas. ON THE BLUE cuenta con docenas de chárteres y programas grupales para organizaciones, corporaciones, celebridades y artistas de toda América del Norte y ha desempeñado papeles importantes en el desarrollo de conceptos de cruceros con temáticas de vanguardia. Los chárteres anteriores han incluido un conjunto de empresas de la lista Fortune 500, además de cruceros temáticos con artistas tales como Dave Matthews, Kenny Chesney, Tim McGraw, Journey, Def Leppard, REO Speedwagon, Styx, Night Ranger, The Moody Blues, UFO, Queensryche, Tesla, Cinderella, Yes, Little River Band, UK, Steve Hackett, Carl Palmer, Greg Lake, O.A.R y muchos otros. Si desea más información, ingrese a otblue.com. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/se-anuncio-el-cruise-to-the-edge-2018-300449863.html


News Article | May 4, 2017
Site: www.businesswire.com

OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Financial LLC (NYSE: EFC) today reported financial results for the quarter ended March 31, 2017. " For the first quarter, Ellington Financial had net income, including the full impact of mark-to-market adjustments, of $15.3 million or $0.47 per share," said Laurence Penn, Chief Executive Officer and President. " We are pleased to report that our dividend of $0.45 was more than covered by our earnings this quarter, as we reap the benefits of the meaningful transition of our Credit portfolio, which has been the focus of our efforts over the past several quarters. We generated a solid annualized economic return for the quarter of 10.4%, and our book value per share increased quarter over quarter, even after payment of our dividend. " The quarter's results were driven by strong performance within our Credit portfolio, in both loans and securities. We are benefiting from the robust pipeline of high-yielding loan assets that we have developed, and in addition we continue to opportunistically take advantage of the value that we see in several sectors of the securities markets, including selected CLO sectors. In the aggregate, the size of our long Credit portfolio grew to $640.3 million, a 17% increase from the fourth quarter. We funded this growth partially by using some of the cash that we had freed up last year, but also by taking advantage of the diverse financing facilities that we have in place. " To help continue to accommodate our loan pipelines, we added a non-mark-to-market term financing facility for our consumer loans during the quarter, and we also added a second financing facility for our non-QM mortgage loans. Our credit-related borrowings increased by approximately 20% quarter over quarter, and we plan to increase our assets and our leverage further as the year progresses. We believe that we are building a powerful and consistent earnings stream for shareholders, and we hope to continue to demonstrate the success of our transformation in the coming quarters." For most of the first quarter, both interest rate volatility and overall market volatility were low, but many measures of volatility increased towards the end of the quarter. The yield curve flattened over the course of the quarter as market participants ratcheted back their post-election expectations of economic growth and inflation in the U.S. economy. The 2-year U.S. Treasury yield rose 6 basis points to end the quarter at 1.25%, whereas the 10-year U.S. Treasury yield fell 5 basis points to 2.39%. Notably, global monetary policy has begun to diverge, as an interest rate hiking cycle is underway in the U.S. while the monetary policies of other major economies, including Europe and Japan, continue to be highly accommodative. Fixed-income credit spreads continued to tighten during the early part of the first quarter, but began widening in early March following intermeeting commentary from several Federal Reserve governors, who expressed support for an imminent increase in the federal funds rate (which did in fact come to pass at the March 15th FOMC meeting), and who suggested that tapering of the reinvestment program could begin later this year. Demand increased for floating-rate fixed income products, including CLOs and leveraged loans, as many market participants positioned themselves for a rising rate environment. Non-Agency RMBS spreads remained flat to slightly tighter in March despite the movements in the broader credit markets. Agency RMBS yield spreads widened over the course of the quarter, primarily in response to the more hawkish indications from the Federal Reserve. Mortgage rates declined over the course of the first quarter, with the Freddie Mac survey 30-year mortgage rate falling 18 basis points to end the quarter at 4.14%. Similar to the fourth quarter, prepayment speeds remained low, with the majority of Agency mortgages no longer economically refinanceable. The Mortgage Bankers Association Refinance Index increased 12.4% in the first quarter, but remained well below the previously elevated levels of mid-2016. Our Credit strategy generated gross income of $18.2 million for the first quarter, or $0.55 per share. The primary components of this strategy include: non-Agency RMBS; CMBS; performing, sub-performing, and non-performing residential and commercial mortgage loans; consumer loans and ABS; investments in mortgage-related entities; and credit hedges (including relative value trades involving credit hedging instruments). We also opportunistically invest in U.S. and European CLOs, distressed and non-distressed corporate debt, and corporate credit relative value trading when attractive opportunities in those markets arise. During the first quarter, we had strong performance from both our securities portfolios and our loan portfolios. As of March 31, 2017, our total long Credit portfolio (excluding corporate relative value trading positions, hedges, and other derivatives) increased to $640.3 million from $547.0 million as of December 31, 2016. Over the course of the first quarter, we increased our holdings of residential and commercial mortgage loans and REO, both U.S. and European CLOs, and corporate debt. We continued to net sell down our U.S. non-Agency RMBS, redeploying the net proceeds received into other Credit strategy assets. As the case has been for some time, the fundamentals underlying non-Agency RMBS continue to be strong, led by a stable housing market. As legacy non-Agency RMBS continue to amortize, the range of expected outcomes on many of these assets has narrowed significantly; this trend, together with the minimal level of new RMBS issuance generally, has caused yield spreads on legacy non-Agency RMBS to compress significantly, leading us to rotate much of our Credit portfolio into higher-yielding assets. Our non-Agency RMBS portfolio, though much smaller now, performed well in the first quarter, benefiting from strong net interest margins, appreciation from our held positions, and net realized gains from positions sold. While our non-Agency RMBS portfolio currently represents a much smaller portion of our total Credit portfolio than it ever has, we intend to continue to opportunistically increase and decrease the size of this portfolio as market conditions vary. As of March 31, 2017, our investments in U.S. non-Agency RMBS totaled $80.9 million, as compared to $102.7 million as of December 31, 2016. Currently, our credit hedges consist primarily of financial instruments tied to high-yield corporate credit, such as credit default swaps, or "CDS," on high-yield corporate bond indices, as well as tranches and options on these indices; short positions in and CDS on corporate bonds; and positions involving exchange traded funds, or "ETFs," of high-yield corporate bonds. Our credit hedges also currently include CDS tied to individual MBS or an index of several MBS, such as CMBX. We also opportunistically overlay our high-yield corporate credit hedges and mortgage-related derivatives with certain relative value long/short positions involving the same or similar instruments. Our combined credit hedges and relative value trading strategies generated a modest net loss for the quarter. In addition to credit hedges, we also use interest rate hedges in our Credit strategy in order to protect our portfolio against the risk of rising interest rates. The interest rate hedges in our Credit strategy, which currently consist primarily of interest rate swaps, did not meaningfully impact our results for the quarter. We also use foreign currency hedges in our Credit strategy, in order to protect our assets denominated in euros and British pounds against the risk of declines in those currencies against the U.S. dollar. We had net losses on our foreign currency hedges for the quarter, but these were more than offset by net gains on foreign currency-related transactions and translation. We believe that our publicly traded partnership structure affords us valuable flexibility, especially with respect to our ability to adjust our exposures nimbly by hedging many forms of risk, such as credit risk, interest rate risk, and foreign currency risk. During the first quarter, yield spreads on CMBS fluctuated. As a result of the implementation of risk retention regulations and higher interest rates, CMBS conduit issuance slowed during the first quarter, continuing recent lower issuance trends. First quarter conduit issuance totaled $8.7 billion, down 24% from the first quarter of 2016. Even though CMBS yield spreads generally tightened over the course of the quarter, growing concerns around the effects of competition from online retailers on retail commercial real estate, particularly weaker regional malls, weighed on certain CMBS deals and sectors. Our CMBS portfolio continues to consist entirely of post-crisis "B-pieces." B-pieces are the most subordinated (and therefore the highest yielding and riskiest) CMBS tranches. By purchasing new issue B-pieces, we believe that we are often able to effectively "manufacture" our risk more efficiently than what is generally available in the market, and to better target the collateral profiles and structures we prefer. We reduced our B-piece holdings during the quarter, generating net realized gains, as lower issuance created a relative scarcity of B-pieces and drove market yields tighter. For the first quarter, positive income on our CMBS assets was partially offset by losses on our hedges. The CMBS risk retention regulations took effect on December 24, 2016, and CMBS issuance since then has included a variety of risk retention approaches, such as "vertical," "horizontal," and combined vertical/horizontal, or "L-shaped," retained interest structures. The most prevalent form has been the vertical interest retention model, whereby sponsors retain 5% of the face amount of every tranche in order to satisfy risk retention. Under this approach, 95% of the B-piece remains tradeable in the same manner as B-pieces prior to the adoption of the CMBS risk retention regulations. We expect to continue buying tradeable B-pieces in this format and continue to evaluate opportunities created from the new risk retention regulations. As of March 31, 2017, our U.S. CMBS bond portfolio decreased to $31.3 million, as compared to $34.6 million as of December 31, 2016. As of March 31, 2017, our portfolio of small balance commercial mortgage loans included thirteen loans and ten real estate owned, or "REO," properties with an aggregate value of $86.7 million; by comparison, as of December 31, 2016, this portfolio included sixteen loans and one REO property with an aggregate value of $62.8 million. During the first quarter, we had strong performance from our portfolio. In addition to the net interest income on our portfolio, we recognized net realized gains as a result of several successful resolutions and REO conversions. Our REIT subsidiary also originated two high-yield "bridge loans" during the quarter. The number and aggregate value of loans held, as well as the income generated by our loans, may fluctuate significantly from period to period, especially as loans are resolved or sold. We expect to continue to emphasize purchasing distressed loans from banks and special servicers through negotiated transactions, as opposed to through widely circulated auctions where there is greater competition and less assurance that reserve prices will be reasonable. We also expect to continue to originate high-yielding bridge loans. We believe that opportunities will accelerate in both distressed loans and bridge loans, as many commercial mortgage loans—including many originated pre-crisis—reach their maturity but are unable to be refinanced. In Europe, while we remain active in the legacy structured product markets such as MBS and CLOs, we have generally been more focused on the non-performing loan market. Our European non-performing loans include non-performing consumer loans, non-performing residential mortgage loans, and non-performing commercial mortgage loans made to small- and medium-sized enterprises. We believe that non-performing loans in certain select markets, such as Spain and Portugal, will continue to present attractive opportunities, and we are actively pursuing additional opportunities in these and other countries. During the first quarter, we had strong performance from both our structured product portfolio and our non-performing loan portfolio. The first quarter is typically less active for European non-performing loans, and as a result we did not purchase any new loan packages during the quarter. In our MBS and CLO portfolios, however, we did actively trade our holdings in the first quarter; we were able to generate net gains and reinvest the proceeds into other attractively priced securities. We expect to continue to take an opportunistic approach with respect to our participation in the European markets. As of March 31, 2017, our investments in European non-dollar denominated assets totaled $81.3 million, as compared to $75.2 million as of December 31, 2016. As of March 31, 2017, our total holdings of European non-dollar denominated assets included $40.6 million in RMBS (mostly backed by non-performing loans), $10.0 million in CMBS, $27.6 million in CLOs, $3.0 million in ABS, and $0.2 million in distressed corporate debt. As of December 31, 2016, our total holdings of European non-dollar denominated assets included $40.9 million in RMBS (mostly backed by non-performing loans), $8.7 million in CMBS, $22.4 million in CLOs, $3.0 million in ABS, and $0.2 million in distressed corporate debt. These holdings include assets denominated in British pounds as well as in euros. We remain active in non-performing and re-performing U.S. residential mortgage loans, or "residential NPLs," and have continued to focus our acquisitions on smaller, less competitively-bid, and more attractively-priced mixed legacy pools sourced from motivated sellers. During the first quarter we closed on a purchase of a mixed residential NPL pool, which contains a combination of re-performing and non-performing assets. While relatively small, our residential NPL portfolio performed well for the quarter. As of March 31, 2017, we held $17.7 million in residential NPLs and related foreclosure property, as compared to $14.3 million as of December 31, 2016. During the first quarter, we continued to acquire consumer loans under three existing flow agreements. Our portfolio primarily consists of unsecured loans, but also includes auto loans, and it performed well in the first quarter. During the quarter, we entered into a secured borrowing facility with a major investment bank to finance a portfolio of unsecured loans that we purchase under one of our flow agreements. This facility features a term revolving period, during which we can vary our borrowings based on the size of the portfolio, followed by an amortization period, which we believe greatly reduces our financing risk as compared to a sudden maturity. Some of our other consumer loans are financed using reverse repurchase agreements, or through the securitization markets. Apart from our existing flow agreements, we are actively evaluating other opportunities in the space. As of March 31, 2017, our investments in U.S. consumer loans and ABS totaled $111.3 million, as compared to $111.4 million as of December 31, 2016. During the first quarter, we continued to purchase non-QM loans at a steady pace, and our outlook for growth in this sector remains positive. As of March 31, 2017, our non-QM mortgage loan portfolio totaled $96.2 million, as compared to $71.6 million as of December 31, 2016. To date, we have purchased approximately $129.4 million under our flow agreement, and loan performance has been excellent. The number of states where our origination partner is producing loans for us has increased according to expectations. We currently finance most of our non-QM loans under repo facilities with large financial institutions, and we continue to actively monitor the securitization market for a potential issuance after we reach critical mass. Over the past few months, we have begun purchasing non-distressed leveraged corporate loans. We are principally focused on senior secured loans that trade near par, with shorter maturities and low loan-to-value ratios. We believe that these assets offer excellent value in comparison to most high-yield corporate bonds, with their generally higher yield spreads and lower issue leverage. We are currently evaluating securing long-term, non-recourse financing for these assets through the CLO securitization market. While we are not currently making new acquisitions of distressed leveraged loans, we continue to hold a small portfolio of these assets. During the first quarter, our portfolio of performing and distressed leveraged loans performed well. As of March 31, 2017, our investments in performing and distressed leverage loans totaled $58.3 million as compared to $19.9 million as of December 31, 2016. We have also recently increased our purchase activity in U.S. CLOs. While our previous CLO trading activity was almost entirely within the legacy CLO space, our more recent activity has been primarily in 2012 and 2013 vintages. During the first quarter our U.S. CLO portfolio performed well, reflecting strong contributions from both net interest income and net realized and unrealized gains. As of March 31, 2017, our investments in U.S. CLOs totaled $42.9 million as compared to $22.5 million as of December 31, 2016. In the first quarter, we increased our investment in a reverse mortgage originator in which we have been invested since September 2014. We increased our invested capital in this originator from $12.5 million as of December 31, 2016 to $17.5 million as of March 31, 2017. Concurrently with our additional investment, another financial institution also increased its investment in the originator from $12.5 million to $17.5 million. With this increased capital base, this originator intends to significantly expand its footprint in the reverse mortgage origination space. For the last few quarters, we have become more active in a corporate credit relative value trading strategy, whereby we seek to identify and capitalize on short-term pricing disparities in the corporate credit markets. As a subset of this strategy, we often engage in "basis trading," where we hold long or short positions in the bonds of a corporate issuer and simultaneously hold offsetting positions in credit default swaps referencing the same corporate issuer. In the overall strategy, we typically use reverse repurchase agreements to finance the long corporate bond positions that we hold. During the first quarter, our corporate credit relative value trading strategy performed well. As of March 31, 2017, in this strategy the aggregate market value of our long corporate bonds was $90.1 million, the aggregate market value of our short corporate bonds was $(77.9) million, and the aggregate notional amount of our credit default swaps where we were long protection and short protection was $105.7 million and $(118.1) million, respectively. As of December 31, 2016, in this strategy the aggregate market value of our long corporate bonds was $49.6 million, the aggregate market value of our short corporate bonds was $(36.9) million, and the aggregate notional amount of our credit default swaps where we were long protection and short protection was $50.1 million and $(62.1) million, respectively. Our Agency strategy generated gross income of $1.9 million, or $0.06 per share, during the first quarter of 2017. Over the course of the quarter, positive net interest income on our portfolio was partially offset by net realized and unrealized losses on our Agency RMBS assets and net realized and unrealized losses on our interest rate hedges. During the first quarter, pay-ups on our specified pools decreased and the yield curve flattened relative to the prior quarter. Consistent with past quarters, as of March 31, 2017, our Agency RMBS consisted mainly of "specified pools." Specified pools are fixed-rate Agency pools consisting of mortgages with special characteristics, such as mortgages with low loan balances, mortgages backed by investor properties, mortgages originated through the government-sponsored "Making Homes Affordable" refinancing programs, and mortgages with various other characteristics. Our Agency strategy also includes RMBS that are backed by ARMs or Hybrid ARMs and reverse mortgages, and CMOs, including IOs, POs, and IIOs. Finally, our Agency strategy also includes interest rate hedges for our Agency RMBS, as well as certain relative value trading positions in interest rate-related and TBA-related instruments. During the first quarter, both realized and implied volatility remained low, but yield spreads for Agency RMBS widened. Agency RMBS investors are becoming increasingly focused on the timing and mechanism of the Federal Reserve's discontinuation of its current policy of reinvesting principal payments from its Agency RMBS holdings. While the Federal Reserve has indicated that it expects to continue its reinvesting policy " until normalization of the level of the federal funds rate is well under way," uncertainty around when that condition would be satisfied weighed on asset valuations during the first quarter. Despite the anticipated reduced support from the Federal Reserve, we do not expect that Agency RMBS yield spreads will widen substantially, as they did during the 2013 "Taper Tantrum," largely because the investor base for Agency RMBS has changed substantially since then. Agency RMBS ownership has largely shifted away from investors such as the GSEs, certain money managers, and mortgage REITs whose activities, including delta-hedging and utilization of high degrees of leverage, tend to amplify price swings during periods of high volatility. During the first quarter, mortgage rates remained relatively elevated from their pre-election levels, and prepayment rates declined, as many borrowers did have not an economic incentive to refinance their mortgages. The lower day count of the first quarter and the impact of winter seasonality were also factors contributing to the overall decline in prepayments. Since the generic pools that underlie TBAs tend to be more prepayment-sensitive than specified pools, the favorable decline in overall prepayment rates helped TBAs outperform specified pools over the course of the first quarter. This dampened our results for the first quarter, given that TBA short positions are a major component of our interest rate hedging portfolio. Pay-ups on our specified pools decreased slightly quarter over quarter. Pay-ups are price premiums for specified pools relative to their TBA counterparts. Average pay-ups on our specified pools decreased to 0.66% as of March 31, 2017, from 0.76% as of December 31, 2016. Notwithstanding the decline of the first quarter, we believe that the evolving landscape, including the Federal Reserve's eventual withdrawal from the TBA market, may provide substantial support to pay-ups. In addition, technological advances in the mortgage origination and servicing industry have tended to have a much greater impact on non-specified pools as compared to specified pools. We believe that this trend will continue, ultimately driving greater investor demand for specified pools relative to TBAs. During the quarter we continued to hedge interest rate risk in our Agency strategy, primarily through the use of interest rate swaps and short positions in TBAs, and to a lesser extent, short positions in U.S. Treasury securities. Within our hedging portfolio, our interest rate swaps generated net gains as swap rates increased across the yield curve, but those gains were offset by losses on our short positions in TBAs and U.S. Treasury securities. During the quarter, TBA roll prices increased and longer maturity U.S. Treasury yields declined, most notably in March, thereby leading to losses. In our hedging portfolio, the relative proportion (based on 10-year equivalents1) of TBA positions increased quarter over quarter relative to interest rate swaps. We believe that it is important to be able to hedge our Agency RMBS portfolio using a variety of instruments, including TBAs. We actively traded our Agency RMBS portfolio during the quarter in order to capitalize on sector rotation opportunities. Our portfolio turnover for the quarter was approximately 10% (as measured by sales and excluding paydowns), and we had net realized losses of $(0.7) million, excluding interest rate hedges. Our portfolio selection continues to be informed by mortgage industry trends—including significant enhancements in technology that are helping streamline the origination process—and we note that refinancing capacity remains high, with employment in the mortgage industry near a post-financial crisis high. As of March 31, 2017, our long Agency RMBS portfolio was $841.3 million, up from $827.4 million as of December 31, 2016. During the first quarter, we continued to focus our Agency RMBS purchasing activity primarily on specified pools, particularly those with higher coupons. As of March 31, 2017, the weighted average coupon on our fixed-rate specified pools was 4.0%. Our Agency RMBS portfolio continues to include a small allocation to Agency IOs, where we purchased additional assets in the first quarter. Some of the IOs that we purchased were backed by seasoned Ginnie Mae pools that have demonstrated some level of "burnout." Burnout often occurs after periods of high prepayments, when the mix of loans remaining in an RMBS pool becomes more concentrated in loans that tend to prepay more slowly; burnout can reflect a variety of factors, including the behavior of individual borrowers and overall trends in the mortgage banking industry. Our Agency IOs not only contribute to our portfolio in the form of their yields, but they also inherently serve as portfolio market value hedges in a rising interest rate environment. Our net Agency premium as a percentage of the fair value of our specified pool holdings is one metric that we use to measure the overall prepayment risk of our specified pool portfolio. Net Agency premium represents the total premium (excess of market value over outstanding principal balance) on our specified pool holdings less the total premium on related net short TBA positions. The lower our net Agency premium, the less we believe that our specified pool portfolio is exposed to market-wide increases in Agency RMBS prepayments. The net short TBA position related to our specified pool holdings had a notional value of $427.0 million and a fair value of $448.4 million as of March 31, 2017, as compared to a notional value of $370.6 million and a fair value of $390.3 million as of December 31, 2016. Our net Agency premium as a percentage of fair value of our specified pool holdings was approximately 2.9% as of March 31, 2017, as compared to 3.2% as of December 31, 2016. Excluding TBA positions used to hedge our specified pool holdings, our Agency premium as a percentage of fair value was approximately 5.5% and 5.7% as of March 31, 2017 and December 31, 2016, respectively. Our Agency premium percentage and net Agency premium percentage may fluctuate from period to period based on a variety of factors, including market factors such as interest rates and mortgage rates, and, in the case of our net Agency premium percentage, based on the degree to which we hedge prepayment risk with short TBA positions. We believe that our focus on purchasing pools with specific prepayment characteristics provides a measure of protection against prepayments. 1"10-year equivalents" for a group of positions represent the amount of 10-year U.S. Treasury securities that would experience a similar change in market value under a standard parallel move in interest rates. We prepare our financial statements in accordance with ASC 946, Financial Services—Investment Companies. As a result, our investments are carried at fair value and all valuation changes are recorded in the Consolidated Statement of Operations. We also measure our performance based on our diluted net-asset-value-based total return, which measures the change in our diluted book value per share and assumes the reinvestment of dividends at diluted book value per share and the conversion of all convertible units into common shares at their issuance dates. Diluted net-asset-value-based total return was 2.51% for the quarter ended March 31, 2017. Based on our diluted net-asset-value-based total return of 163.8% from our inception (August 17, 2007) through March 31, 2017, our annualized inception-to-date diluted net-asset-value-based total return was 10.6% as of March 31, 2017. The following table summarizes our operating results for the quarters ended March 31, 2017 and December 31, 2016: The following tables summarize our portfolio holdings as of March 31, 2017 and December 31, 2016: Non-Agency RMBS and CMBS are generally securitized in senior/subordinated structures, or in excess spread/over-collateralization structures. Disregarding TBAs, Agency RMBS consist primarily of whole-pool pass through certificates. We actively invest in the TBA market. TBAs are forward-settling Agency RMBS where the mortgage pass-through certificates to be delivered are "To-Be-Announced." Given that we use TBAs primarily to hedge the risk of rising interest rates on our long holdings, we generally carry a net short TBA position. The mix and composition of our derivative instruments may vary from period to period. The following table summarizes, as of March 31, 2017, the estimated effects on the value of our portfolio, both overall and by category, of hypothetical, immediate, 50 basis point downward and upward parallel shifts in interest rates. The following table summarizes our aggregate borrowings, including reverse repos and other secured borrowings for the three month period ended March 31, 2017 and December 31, 2016. Throughout the first quarter, borrowing costs increased as LIBOR rose, which impacted our Agency-related as well as Credit-related borrowings. However, the cost of funds for our Credit-related borrowings decreased slightly quarter over quarter, primarily because we had an increase in the amount of reverse repo borrowings in our corporate credit relative value trading strategy; the reverse repo borrowings in this strategy have much lower costs of funds than most of our other Credit-related borrowings. Excluding reverse repo on corporate bonds held in this strategy, our Credit-related average cost of funds increased to 3.47% for the first quarter, as compared to 3.44% for the fourth quarter. Our leverage ratio, excluding U.S. Treasury securities, increased to 1.70:1 as of March 31, 2017, as compared to 1.63:1 as of December 31, 2016. Our leverage ratio may fluctuate period over period based on portfolio management decisions, market conditions, and the timing of security purchase and sale transactions. The majority of our borrowed funds are in the form of reverse repos. The weighted average remaining term on our reverse repos as of March 31, 2017 increased to 59 days from 56 days as of December 31, 2016. In addition to borrowings under reverse repos, we had other secured borrowings related to certain of our loan portfolios in the amount of $61.8 million and $24.1 million as of March 31, 2017 and December 31, 2016, respectively. Our borrowings outstanding under reverse repos were with a total of nineteen counterparties as of March 31, 2017. As of March 31, 2017, we held liquid assets in the form of cash and cash equivalents in the amount of $104.2 million. Our expense ratio, which we define as our annualized base management fee and other operating expenses, but excluding interest expense, other investment related expenses, and incentive fees, as a percentage of average equity, was 2.8% for the quarter ended March 31, 2017 and 3.1% for the quarter ended December 31, 2016. The decrease in our expense ratio was principally due to a quarter-over-quarter decrease in professional fees. We did not incur incentive fee expense for either the first quarter of 2017 or fourth quarter of 2016. On May 1, 2017, our Board of Directors declared a dividend of $0.45 per share for the first quarter of 2017, payable on June 15, 2017 to shareholders of record on June 1, 2017. We expect to continue to recommend quarterly dividends of $0.45 per share until conditions warrant otherwise. The declaration and amount of future dividends remain in the discretion of the Board of Directors. Our dividends are paid on a quarterly basis, in arrears. On March 6, 2017, our Board of Directors approved the adoption of a new share repurchase program under which we are authorized to repurchase up to 1.7 million common shares. The program, which is open-ended in duration, allows us to make repurchases from time to time on the open market or in negotiated transactions. Repurchases are at our discretion, subject to applicable law, share availability, price and our financial performance, among other considerations. This plan supersedes the previous plan that had been approved on August 3, 2015. During the three month period ended March 31, 2017, we repurchased 130,488 shares at an average price per share of $15.73 and a total cost of $2.1 million. Following March 31, 2017 and through May 3, 2017 we repurchased an additional 51,518 shares at an average price per share of $15.81 and a total cost of $0.8 million. In addition to making discretionary repurchases during our open trading windows, we also entered into a 10b5-1 plan to increase the number of trading days available to implement these repurchases. Through May 3, 2017, we have repurchased approximately 128,267 shares under the current share repurchase program, for an aggregate cost of $2.0 million. Ellington Financial LLC is a specialty finance company that primarily acquires and manages mortgage-related and consumer-related assets, including residential mortgage-backed securities, residential and commercial mortgage loans, consumer loans and asset-backed securities backed by consumer loans, commercial mortgage-backed securities, real property, and mortgage-related derivatives. The Company also invests in corporate debt and equity, including distressed debt, collateralized loan obligations, non-mortgage-related derivatives, and other financial assets, including private debt and equity investments in mortgage-related entities. Ellington Financial LLC is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C. We will host a conference call at 11:00 a.m. Eastern Time on Friday, May 5, 2017, to discuss our financial results for the quarter ended March 31, 2017. To participate in the event by telephone, please dial (877) 241-1233 at least 10 minutes prior to the start time and reference the conference passcode 3333998. International callers should dial (810) 740-4657 and reference the same passcode. The conference call will also be webcast live over the Internet and can be accessed via the "For Our Shareholders" section of our web site at www.ellingtonfinancial.com. To listen to the live webcast, please visit www.ellingtonfinancial.com at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, we also posted an investor presentation, that will accompany the conference call, on its website at www.ellingtonfinancial.com under "For Our Shareholders—Presentations." A dial-in replay of the conference call will be available on Friday, May 5, 2017, at approximately 2 p.m. Eastern Time through Friday, May 12, 2017 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 585-8367 and enter the passcode 3333998. International callers should dial (404) 537-3406 and enter the same passcode. A replay of the conference call will also be archived on our web site at www.ellingtonfinancial.com. This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek," or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Examples of forward-looking statements in this press release include without limitation management's beliefs regarding the current economic and investment environment and our ability to implement our investment and hedging strategies, performance of our investment and hedging strategies, our exposure to prepayment risk in our Agency portfolio, statements regarding our net Agency premium, estimated effects on the fair value of our holdings of a hypothetical change in interest rates, statements regarding the drivers of our returns, our expected ongoing annualized expense ratio, and statements regarding our intended dividend policy including the amount to be recommended by management, and our share repurchase program. Our results can fluctuate from month to month and from quarter to quarter depending on a variety of factors, some of which are beyond our control and/or are difficult to predict, including, without limitation, changes in interest rates and the market value of our securities, changes in mortgage default rates and prepayment rates, our ability to borrow to finance our assets, changes in government regulations affecting our business, our ability to maintain our exclusion from registration under the Investment Company Act of 1940 and other changes in market conditions and economic trends. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of the our Annual Report on Form 10-K filed on March 16, 2017 which can be accessed through our website at www.ellingtonfinancial.com or at the SEC's website (www.sec.gov). Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected or implied may be described from time to time in reports we file with the SEC, including reports on Forms 10-Q, 10-K and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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