They have good quarters and not so good quarters.The previous...

  1. christophe
    14,963 Posts.
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    28/05/24
    10:51
    Post #: 74040412
    They have good quarters and not so good quarters.

    The previous quarter they made $4.5m

    This last quarter the hedge book protected them and they broke even

    IO prices have been higher at the start of this quarter

    Only half the book is hedged

    Good IO prices mean they make good money either way.

    Bad Io prices mean the hedge protects them. It is a trade off
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