Big special dividend coming...In the third quarter AI added $5.222 million to their loan loss provisions or almost 12 cents a share in loan loss, other wise they would have had earnings of 37 cents a share.
In Q4 they will have earning of 37 cents a share, unless they come up with another loan loss provision, but it think they are pretty well covered.
That should make yearly earning of at least $1.28 a share.
This means we should see a special dividend of approximately 36-37 cents a share issued in December 2023.
That would make the return on a share valued at $10.50 of 12% for 2023 with a provision for mortage loan losses of 17.8 million of about 40 cents a share.
The 17.8 million in loan losses can be brought back into earning at a later date, and really with a small actively managed porfolio they should not have a lot of loan losses. So they have 40 cents a share of future earning sand bagged.
IMHO