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Capstead Mortgage Corp (CMO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

CMO Quarterly Reports

Capstead Mortgage Corp

CIK: 766701 Ticker: CMO

Exhibit 99.1

CONTACT:

Lindsey Crabbe

FOR IMMEDIATE RELEASE

 

(214) 874-2339

 

CAPSTEAD MORTGAGE CORPORATION

ANNOUNCES FIRST QUARTER 2020 RESULTS

DALLAS – April 29, 2020 – Capstead Mortgage Corporation (“Capstead” or the “Company”) (NYSE:

CMO) today announced financial results for the quarter ended March 31, 2020.

First Quarter 2020 Summary

Recognized a GAAP net loss of $204.7 million or $(2.21) per diluted common share

Generated core earnings of $19.8 million or $0.16 per diluted common share

Paid common dividend of $0.15 per common share

Reported book value of $6.07 per common share

Reported agency-guaranteed residential adjustable-rate mortgage (ARM) portfolio ended the quarter at $8.50 billion

Reported leverage ended the quarter at 8.51 times long-term investment capital

First Quarter Earnings and Related Discussion

Capstead reported a GAAP net loss of $204.7 million or $(2.21) per diluted common share for the quarter ended March 31, 2020, compared to net income of $32.7 million or $0.29 per diluted common share for the quarter ended December 31, 2019. The Company reported core earnings of $19.8 million or $0.16 per diluted common share for the quarter ended March 31, 2020. This compares to core earnings of $19.1 million or $0.15 per diluted common share for the quarter ended December 31, 2019. See the “Non-GAAP Financial Measures” section of this release for more information on core earnings.

Portfolio yields averaged 2.49% during the first quarter of 2020, a decrease of 18 basis points from 2.67% reported for the fourth quarter of 2019. Yields declined primarily due to lower coupon interest rates on loans underlying the Company’s portfolio of agency-guaranteed residential ARM securities as well as changes in lifetime prepayment estimates. Mortgage prepayments decreased during the quarter to an average annualized constant prepayment rate, or CPR, of 26.71%, compared to 29.39% CPR in the prior quarter. Portfolio balances averaged $11.12 billion during the first quarter before ending the quarter at $8.50 billion. The Company sold securities with a basis of $2.60 billion late in the quarter to maintain portfolio leverage at comfortable levels given disruptions experienced in the financial markets brought on by the COVID-19 pandemic. Portfolio leverage excluding $359 million in cash collateral for secured borrowings stood at 8.51 to one at March 31, 2020 compared to 8.77 to one at December 31, 2019.

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The following information was filed by Capstead Mortgage Corp (CMO) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Capstead Mortgage Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Capstead Mortgage Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Income (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited)
Consolidated Statements Of Stockholders' Equity (Unaudited) (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Policies)
Business
Capital Transactions
Capital Transactions - Additional Information (Details)
Equity Incentive Plan
Equity Incentive Plan (Tables)
Equity Incentive Plan - Additional Information (Details)
Equity Incentive Plan - Schedule Of Performance-Based Restricted Stock Units Activity (Details)
Equity Incentive Plan - Schedule Of Restricted Stock Award Activity (Details)
Fair Value
Fair Value (Tables)
Fair Value - Additional Information (Details)
Fair Value - Fair Value And Related Disclosures For Debt Securities (Details)
Fair Value - Financial Instruments Other Than Debt Securities (Details)
Fair Value - Securities In Unrealized Loss Position (Details)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Tables)
Net Income (Loss) Per Common Share - Additional Information (Details)
Net Income (Loss) Per Common Share - Components Of Computation Of Basic And Diluted Net Income (Loss) Per Common Share (Details)
Residential Mortgage Investments
Residential Mortgage Investments (Tables)
Residential Mortgage Investments - Additional Information (Details)
Residential Mortgage Investments - Schedule Of Residential Mortgage Investments (Details)
Secured Borrowings
Secured Borrowings (Tables)
Secured Borrowings - Additional Information (Details)
Secured Borrowings - Schedule Of Secured Borrowings (Details)
Unsecured Borrowings
Unsecured Borrowings (Tables)
Unsecured Borrowings - Additional Information (Details)
Unsecured Borrowings - Schedule Of Subordinated Note Balances And Related Weighted Average Interest Rates (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income (Loss) By Component - Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component (Tables)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Additional Information (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Components Of Balance Sheet (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Components Of Income Statement And Other Comprehensive Income (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Schedule Of Offsetting Of Derivative Assets (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Schedule Of Offsetting Of Financial Liabilities And Derivative Liabilities (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Schedule Of Offsetting Of Financial Liabilities And Derivative Liabilities (Parenthetical) (Details)
Use Of Derivatives, Offsetting Disclosures And Changes In Other Comprehensive Income By Component - Schedule Of Swap Agreements Expiration Period And Characteristics (Details)

Material Contracts, Statements, Certifications & more

Capstead Mortgage Corp provided additional information to their SEC Filing as exhibits

Ticker: CMO
CIK: 766701
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-021301
Submitted to the SEC: Tue May 05 2020 4:31:18 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Real Estate Investment Trusts

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