Aug 08, 2008By Paul Jackson
A slew of troubling earnings reports dominated the mortgage REIT headlines this past week. Leading the pack of ugly ducklings was diversified REIT Resource Capital Corp. [stock RSO][/stock]. Resource Capital posted taxable income of $0.38/share versus the second-quarter $0.41/share dividend; not surprisingly, the company guided future dividends down to $0.37 – $0.39/share for the remaining quarters of the year. From a GAAP perspective, a $15 million general loan loss provision drove the company to a net loss of $0.21/share for the quarter.
