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Truist Financial • Ocwen Financial • Redwood Trust • MFA Financial • Arbor Realty Trust • New York Mortgage Trust • ARMOUR Residential REIT • Invesco Mortgage Capital • Two Harbors Investment • Rithm CapitalManagement Discussion
- We are a specialty finance company that invests primarily in mortgage-related assets. Our objective is to provide attractive risk-adjusted returns to our investors over the long-term, primarily through dividends and secondarily through capital appreciation. Our investment focus is on the mortgage-related assets that we create through our correspondent production activities, including mortgage servicing rights (“MSRs”), subordinate mortgage-backed securities (“MBS”), and credit risk transfer (“CRT”) arrangements, which include CRT Agreements and CRT strips that absorb credit losses on certain of the loans that we sold. We also invest in Agency MBS and senior non-Agency MBS. We have also historically invested in excess servicing spread (“ESS”) and distressed mortgage assets (distressed loans and real estate acquired in settlement of loans (“REO”)), which we have substantially liquidated.