Agate Bay Mortgage Trust 2015-2 is backed by 400 loans with a total principal balance of $294 million and an average loan balance of $736,131. DBRS issued a presale report for the offering and awarded more than $276 million in AAA ratings to the offering.
Agate Bay Mortgage Trust 2015-1 is backed by 406 loans with a total principal balance of $279,487,083 and an average loan balance of $688,392. Fitch Ratings and DBRS both issued presale reports for the offering and both awarded nearly $260 million in AAA ratings to the offering.
For the year, Two Harbors recorded a net income of $204.1 million, down from $339.63 million in the first three quarters of 2013. But the third quarter of 2014 saw a massive reversal over the second quarter, when the company’s net income as down from $532.35 million in the first two quarters of 2013 to $10.51 million in the same period of 2014, a drop of more than 98%.
DBRS cites the high quality of the underlying loans as a strength of the deal. “This transaction exhibits high-quality credit attributes, such as low loan-to-value ratios, strong borrower credit and full documentation on substantially all loans,” DBRS writes in its presale report.
Two Harbors is set to bring its third Agate Bay securitization to market, in the form of Agate Bay Mortgage Trust 2014-2. The $374.34 million RMBS is backed by 543 loans with an average loan balance of $689,393.
On the other hand, the company’s comprehensive income, which factors in unrealized gains on available-for-sale securities, is up nearly 276% year-over-year, rising from $101.89 million in 2013 to $383.41 million in 2014.
CFO Farrell said that going forward the real estate investment trust will break out MSRs separately on the balance sheet as well as provide additional detail around servicing income and the assets collateral attributes.
Real estate investment trust stocks stayed level after recording a steady decline Monday morning due to reports of negative investor sentiment. The rest of the HW 30 did not fare much better, with a majority of the stocks landing in the red.
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