DividendsCore earnings were a sub-par $0.28 per share, which did not cover the new $0.39 quarterly dividend.
Macroeconomic ConditionsOngoing interest rate volatility against significant spread tightening gives pause with monetary, credit and labor market conditions potential to revert to the mean.
RisksKey risks include credit and interest rate risk associated with changing macroeconomic conditions, asset/liability mismatch risk, reliance on external funding, risk of dilution associated with additional capital offerings, dividend reduction/suspension, and operational risks associated with origination and servicing.