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America First Mortgage Earnings Beat the Street (MFA)

America First Mortgage Investments (NYSE: MFA) reported second quarter EPS of $0.20 vs. the consensus estimate of $0.19. EPS were up 5% year over year.

According to the press release:

William Gorin, MFA’s CEO, said, “In the second quarter, we continued to identify attractive investment opportunities across the residential mortgage asset universe. We have expanded our investment team and as a result, were positioned to significantly grow our holdings of securities backed by re-performing/non-performing loans to $495.1 million while moving forward with the acquisition of non-securitized re-performing loans, bringing our holdings of credit sensitive residential whole loans to $59.7 million. In addition, we acquired $14.2 million of Non-Agency MBS while opportunistically selling $26.5 million of Non-Agency MBS, realizing a gain of $7.9 million. This is the eighth consecutive quarter we have realized gains through selected sales of Non-Agency MBS based on our projections of future cash flow relative to market pricing. We did not acquire any Agency MBS in this quarter.

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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