Mortgage REIT CYS Investments (NYSE:CYS) announced a reduced common share distribution of 22 cents tonight which is down from the last distribution of 25 cents which had been in place for 7 quarters.
This reduction matches the announced fully diluted core earnings of 22 cents announced last month.
The company noted at the time of the last earnings announcement that the narrowing yield curve continued to hurt earnings. Of course this should not be a surprise to anyone as the flattening yield curve issue relative to mortgage REITs has been a well know problem.
We only have published this as it is our intent once we are up and fully operational on this website we want to touch on all items that affect preferred stock issuers. CYS has 2 preferred stock issues outstanding.