0001140361-15-015421.txt : 20150415 0001140361-15-015421.hdr.sgml : 20150415 20150415123018 ACCESSION NUMBER: 0001140361-15-015421 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150415 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150415 DATE AS OF CHANGE: 20150415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPSTEAD MORTGAGE CORP CENTRAL INDEX KEY: 0000766701 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 752027937 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08896 FILM NUMBER: 15771087 BUSINESS ADDRESS: STREET 1: 8401 NORTH CENTRAL EXPRESSWAY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75225 BUSINESS PHONE: 2148742323 MAIL ADDRESS: STREET 1: 8401 NORTH CENTRAL EXPRESSWAY STREET 2: STE 800 CITY: DALLAS STATE: TX ZIP: 75225 FORMER COMPANY: FORMER CONFORMED NAME: LOMAS MORTGAGE CORP DATE OF NAME CHANGE: 19891105 8-K 1 form8k.htm CAPSTEAD MORTGAGE CORP 8-K 4-15-2015
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
 
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report:  April 15, 2015
(Date of Earliest Event Reported)

CAPSTEAD MORTGAGE CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Maryland
  
001-08896
  
75-2027937
(State of Incorporation)
  
(Commission File No.)
  
(I.R.S. Employer
       
Identification No.)

 
8401 North Central Expressway
      
 
Suite 800
      
 
Dallas, Texas
  
75225
  
 
(Address of Principal Executive Offices)
  
(Zip Code)
  
 
Registrant’s Telephone Number, Including Area Code: (214) 874-2323
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
 
☐
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 230.14a-12).
 
☐
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
 
 
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On April 15, 2015, Capstead Mortgage Corporation accepted the resignation of Michael W. Brown, Senior Vice President – Asset and Liability Management and Treasurer, who has chosen to leave Capstead to pursue other opportunities.  Andrew F. Jacobs, President and Chief Executive Officer said, “On behalf of everyone at Capstead and our Board of Directors, I want to thank Mike for all he has done for us and we wish him well in his future endeavors.”  A copy of a related press release is attached as Exhibit 99.1.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

  99.1 Press release issued by Capstead Mortgage Corporation dated April 15, 2015 announcing resignation of Michael W. Brown.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   
CAPSTEAD MORTGAGE CORPORATION
       
April 15, 2015
  
By:
/s/ Phillip A. Reinsch
     
Phillip A. Reinsch
     
Executive Vice President and
     
Chief Financial Officer
 

 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

CONTACT:
Lindsey Crabbe, Investor Relations
FOR IMMEDIATE RELEASE
 
(214) 874-2339
  

CAPSTEAD MORTGAGE CORPORATION
ANNOUNCES RESIGNATION OF MICHAEL W. BROWN

DALLAS – April 15, 2015 – Capstead Mortgage Corporation (NYSE: CMO) (“Capstead” or the “Company”) announced today that it has accepted the resignation of Michael W. Brown, Senior Vice President, Asset & Liability Management and Treasurer, who has chosen to leave Capstead in order to pursue other opportunities.

Andrew F. Jacobs, President and Chief Executive Officer said, “Mike has played a significant role in Capstead’s successes over the past 20 years.  His management of our borrowing relationships has been critical to our growth and his knowledge, judgment and leadership will be missed.

“On behalf of everyone at Capstead and our Board of Directors, I want to thank Mike for all he has done for us and we wish him well in his future endeavors.”

About Capstead
 
Capstead Mortgage Corporation, formed in 1985 and based in Dallas, Texas, is a self-managed real estate investment trust for federal income tax purposes. Capstead invests in a leveraged portfolio of short-duration residential adjustable-rate mortgage (“ARM”) securities issued and guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, referred to as agency-guaranteed mortgage securities. Duration is a common measure of market price sensitivity to interest rate movements.  A shorter duration generally indicates less interest rate risk.

Capstead’s investment strategy is designed to produce attractive risk-adjusted returns over the long term, while reducing, but not eliminating, sensitivity to changes in interest rates. This strategy differentiates us from our peers because the ARM loans underlying our investment portfolio reset to more current interest rates within a relatively short period of time allowing for the potential recovery of financing spreads that typically contract during periods of rising interest rates and smaller fluctuations in portfolio values, and therefore book value, caused by changes in interest rates compared to portfolios that contain a significant amount of longer-duration ARM and fixed-rate mortgage securities. Utilizing this strategy, Capstead is widely recognized as potentially the most defensively-positioned residential mortgage REIT from an interest rate and credit risk perspective.
 
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