MTGE's current price of $21.54 is over 3% more than its last-published NAV of 20.87. This is quite a change from the below-$17 days in October!
If run under the same playbook as MTGE, ACAS will be in a position to grow the assets behind its 2m share investment in MTGE by issuing new shares above NAV, thereby increasing both its management fees in MTGE and its ability to generate dividends to pay itself as a shareholder.
Hopefully ACAS can keep these shares, unlike its exited stake in AGNC.
And speaking of AGNC, there's a new Jaded Consumer article on AGNC at Seeking Alpha. After more than three years, it was time for a follow-up to the first article there. Upshot? Reduced AGNC dividend (exceeding 16%, not too bad) allows ACAS to reinvest more money per share at AGNC. Fun stuff.