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NEW YORK CITY-Third quarter earnings for America First Mortgage Investments have been reported at $3,297,927, or 37 cents per common share. Its annualized yield on average interest earnings was 6.92% and the cost of financing on the average repurchase balance 6.62%. Last year’s Q3 yield came in at 6.22%, the financing cost at 5.21%.

The REIT closed on the sale of a multifamily property near Baltimore during the quarter and expects to invest the proceeds in a similar complex. The transaction will be treated as a tax-deferred, like-kind exchange.

During the last 15 months, the firm has repurchased more than 204,000 shares of its common stock at an average price of $4.94 as part of its 400,000 share buyback program.

America First has increased its dividend, payable to Oct. 16 shareholders of record on Nov. 17, to $0.155 per share. Commenting on the increase, Stewart Zimmerman, president and chief executive officer, notes that, “This reflects our belief that short-term interest rates are likely to remain stable through the next quarter and hopefully into the next year. We are happy to have weathered a period of rising short-term interest rates.”

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