 CAPSTEAD
Information as of September 30, 2011
Investor Presentation
Exhibit 99.1 |
 Safe
Harbor Statement - Private Securities Litigation Reform Act of 1995
Cautionary Statement Concerning Forward-looking Statements
This
document
contains
“forward-looking
statements”
within
the
meaning
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
Forward-looking
statements
include,
without
limitation,
any
statement
that
may
predict,
forecast,
indicate
or
imply
future
results,
performance
or
achievements,
and
may
contain
the
words
“believe,”
“anticipate,”
“expect,”
“estimate,”
“intend,”
“project,”
“will
be,”
“will
likely
continue,”
“will
likely
result,”
or
words
or
phrases
of
similar
meaning.
Forward-looking
statements
are
based
largely
on
the
expectations
of
management
and
are
subject
to
a
number
of
risks
and
uncertainties
including,
but
not
limited
to,
the
following:
In
addition
to
the
above
considerations,
actual
results
and
liquidity
are
affected
by
other
risks
and
uncertainties
which
could
cause
actual
results
to
be
significantly
different
from
those
expressed
or
implied
by
any
forward-looking
statements
included
herein.
It
is
not
possible
to
identify
all
of
the
risks,
uncertainties
and
other
factors
that
may
affect
future
results.
In
light
of
these
risks
and
uncertainties,
the
forward-looking
events
and
circumstances
discussed
herein
may
not
occur
and
actual
results
could
differ
materially
from
those
anticipated
or
implied
in
the
forward-looking
statements.
Forward-looking
statements
speak
only
as
of
the
date
the
statement
is
made
and
the
Company
undertakes
no
obligation
to
update
or
revise
any
forward-looking
statements,
whether
as
a
result
of
new
information,
future
events
or
otherwise.
Accordingly,
readers
of
this
document
are
cautioned
not
to
place
undue
reliance
on
any
forward-looking
statements included herein.
–
changes in general economic conditions;
–
fluctuations in interest rates and levels of mortgage
prepayments;
–
the effectiveness of risk management strategies;
–
the impact of differing levels of leverage employed;
–
liquidity of secondary markets and credit markets;
–
the availability of financing at reasonable levels and terms to
support investing on a leveraged basis;
–
the availability of new investment capital;
–
the availability of suitable qualifying investments from both
an investment return and regulatory perspective;
–
changes in legislation or regulation affecting the GSEs and
similar federal government agencies and related guarantees;
–
changes in legislation or regulation affecting exemptions for
mortgage REITs from regulation under the Investment
Company Act of 1940;
–
deterioration in credit quality and ratings of existing or future
issuances of GSE or Ginnie Mae Securities; and
–
increases in costs and other general competitive factors.
2 |
 Company Summary
Proven Strategy
Experienced
Management Team
Aligned with
Stockholders
Overview of Capstead Mortgage Corporation
•
Founded in 1985, Capstead is the oldest publicly-traded Agency mortgage
REIT. •
At September 30, 2011, we had a total investment portfolio of $12.24 billion,
supported by long- term investment capital of $1.35 billion levered 8.21
times.* •
Our five-year compound annual total return of 19.8% exceeds that of most of
our peers.** •
We invest exclusively in residential adjustable-rate mortgage (ARM) securities
issued and guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
Agency-guaranteed mortgage securities are considered to have little, if
any, credit risk. •
Our focus on short-duration ARM securities augmented with interest rate swap
agreements differentiates us from our peers because ARM securities reset
to more current interest rates within
a relatively short period of time. This allows for the recovery
of financing spreads diminished
during periods of rising interest rates and smaller fluctuations
in portfolio values from changes in
interest rates compared to fixed-rate mortgage securities. With this
strategy, Capstead is recognized as the most
defensively-positioned Agency mortgage REIT. •
Our prudently leveraged portfolio provides financial flexibility
to manage changing market
conditions.
•
Our executive officers have over 80 years of combined mortgage finance industry
experience, including 75 years at Capstead.
•
We are self-managed with low operating costs and rely heavily on
performance-based compensation. This structure greatly enhances
the alignment of management interests with those of our stockholders.
3
* Long-term investment capital includes stockholders’
equity and unsecured borrowings, net of investments in related unconsolidated
affiliates. ** Compound annual growth rate is based on cumulative total
returns assuming an investment in Capstead was made September 30, 2006 and dividends were reinvested. |
 Market
Snapshot (dollars in thousands, except per share amounts)
4 |
 Capstead’s Prudent Use of Leverage
5
**
Borrowings under repurchase arrangements divided by long-term investment
capital. During the third quarter of 2011 we increased our portfolio leverage
modestly to approximately 8.21 to one. In our view, borrowing at
current levels represents an appropriate and prudent use of leverage for an agency-
guaranteed ARM securities portfolio in today’s market conditions.
Through the first three quarters of 2011 we raised $195 million in new
common equity capital and $3 million in Series B preferred equity capital
using our at-the-market continuous offering program. ($ in
millions) Portfolio Leverage*
Long-Term Investment Capital
$661
$860
$1,114
$1,127
$1,194
$1,297
$1,351
79%
78%
77%
75%
75%
67%
58%
14%
15%
16%
16%
21%
27%
13%
8%
8%
15%
12%
9%
9%
8%
$
$250
$500
$750
$1,000
$1,250
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
6/30/11
9/30/11
Common Stock
Preferred Stock
Trust Prefered Securities, net
9.84x
7.85x
6.67x
6.91x
7.91x
8.05x
8.21x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
6/30/11
9/30/11
$100
$182
$1,069
Common Stock
Preferred Stock
Trust Preferred Securities, net |
 36%
64%
27%
73%
Capstead’s Proven Short-Duration Investment Strategy
6
As of September 30, 2011
As of September 30, 2011
Low
risk
agency-guaranteed
residential
ARM
securities
financed
primarily
with
30-90
day
“repo”
borrowings,
augmented
with
two-year
interest
rate
swap
agreements
for
hedging
purposes.
Residential ARM Securities Portfolio
Repurchase Arrangements & Similar Borrowings
Total: $11.09 billion
* Based on fair market value as of the indicated balance sheet
date. Total: $12.24 billion*
•
Most of our securities are backed by well-seasoned mortgage
loans with coupon interest rates that reset at least annually or
begin doing so after an initial fixed-rate period of five years or
less.
•
We have long-term relationships with numerous lending
counterparties. As of September 30, 2011, we had borrowings
outstanding with 25 counterparties with exposure to any single
counterparty limited to 4.1% or less of long-term investment
capital. Exposure to the October 31, 2011 bankruptcy of MF
Global is limited to less than $150,000.
•
Third quarter borrowing rates remained at favorable levels.
Average repo borrowing rates ended the quarter at 0.27%
(0.54% including related interest rate swaps).
•
At September 30, 2011 we held $4.0 billion notional amount of
currently-paying
two-year
interest rate swaps requiring fixed rate
payments averaging 0.98% with average maturities of 11
months. An additional $1.3 billion notional amount of two-year
swaps were held at quarter-end that require fixed rate payments
averaging 0.69% for two-year periods that commence on various
dates between October 2011 and April 2012.
•
The duration of our investment portfolio and related ‘repo’
borrowings was approximately 10¼
months and 7¼
months,
respectively, at September 30, 2011. This resulted in a net
duration
gap
of
approximately
3
months.
Duration
is
a
measure
of market price sensitivity to interest rate movements.
Longer-to-Reset
ARMs
$3.30
Billion
Current-Reset
ARMs
$8.94 Billion
Borrowings Hedged with
Currently-Paying
Interest Rate Swaps
$4.00 Billion
Unhedged
Borrowings
$7.09
Billion |
 Capstead’s Stockholder Friendly Structure
7
Quarter
Nine Months
Ended
Ended
Sept. 30, 2011*
Sept. 30, 2011*
Compensation-related expenses:
Fixed:
Salaries and related deferred compensation match,
payroll taxes, insurance and other benefits
_0.25%
_0.29%
Variable:
Incentive Compensation
**
0.42
0.44
72% and 71% of quarter and
Dividend Equivalent Rights
0.08
0.08
year-to-date compensation-related
Performance Stock Awards
0.11
0.12
expenses, respectively, were
Related deferred compensation match and payroll taxes
0.04
0.05
performance-based
0.65
0.69
0.90
0.98
Other platform expenses
0.26
0.31
1.16%
1.29%
*
Expressed as a percentage of average long-term investment capital (LTIC).
**
Incentive compensation is based on a 10% participation in returns on LTIC in excess
of benchmark returns (greater of 10% or the average 10-year Treasury rate
plus 2.0%), capped at 50 basis points of LTIC and subject to Compensation Committee
discretion. •
Self-managed with low operating costs.
•
Our board of directors requires management to hold a significant
amount of CMO stock based on a
multiple of each executive’s base salary. Currently approximately 1.5%
of outstanding shares are held by executive management and the board of
directors. •
Pay structure is variable through compensation elements that focus on “pay for
performance.” •
Management is incented to grow the Company by issuing common equity capital when it
is accretive to book value and earnings, rather than to increase
compensation or external management fees.
•
Bottom line: management prospers when stockholders prosper.
|
 Capstead’s Third Quarter 2011 Highlights
•
Earnings of $41.0 million or $0.43 per diluted common share.
•
Our financing spread on mortgage assets* averaged 1.60%, reflecting lower ARM loan
coupon interest rate resets and marginally higher mortgage prepayments.
•
Our book value increased $0.04 to $12.50 per common share.
•
We raised $54 million in new equity capital using our at-the-market
continuous offering program contributing $0.04 to the increase in book value
per common share. •
Our investment portfolio increased 7% or $816
million to $12.24 billion and our portfolio leverage increased modestly to 8.2
times our long-term investment capital.
•
Operating expense as a percentage of long-term investment capital averaged
1.16%. •
Comments from our October 26, 2011 earnings press release:
“Market conditions remain favorable for investing in agency-guaranteed
residential ARM securities on a leveraged basis, with attractive
risk-adjusted returns achievable in today’s stable financing environment. During the third quarter we increased our portfolio
by 7%, deploying $54
million in new equity capital raised under our continuous offering program.
Portfolio leverage increased by a more modest 2% to 8.21 times our
long-term investment capital. “Mortgage prepayments during the
third quarter remained at favorable levels, albeit somewhat higher than what we experienced
during the previous quarter. This reflects the factors we articulated in our
second quarter earnings release, namely, elevated prepayment rates on newer
originations as a result of declining mortgage interest rates, while prepays on more seasoned securities
will continue to be suppressed by low housing prices and credit problems being
experienced by many of these borrowers. “The fundamental difference
between our investment portfolio and those of our peers is our focus on investing solely in ARM
securities. At quarter-end these securities were backed by mortgages
requiring borrowers to make payments predicated on rates averaging a
relatively low 3.60%. Additionally, 73% of our portfolio was invested in ARM securities backed by mortgage loans that will
reset in rate in less than eighteen months, typically to a lower
interest rate in today’s environment. As a result, most borrowers with
mortgage loans underlying securities in our portfolio lack the ability to
meaningfully lower their mortgage payments even if they can overcome the
other impediments to refinancing mentioned above. For these reasons, we expect prepays to remain largely in check in
the fourth quarter.**
“With the lackluster performance of the economy and global economic
headwinds, we believe the current interest rate environment will likely
persist for some time. If this proves to be the case, we anticipate portfolio yields on our current-reset ARM securities will
continue trending lower as coupon interest rates on the underlying mortgage loans
reset to lower rates. We also expect that borrowing rates will remain
relatively low with declining hedging costs providing some offset to declining portfolio yields.”
8
* See page 16 for discussion of use of financing spread on mortgage assets, a
non-GAAP financial measure. ** Portfolio runoff averaged 19.3% on
an annualized basis during the third quarter (a constant prepayment rate, or CPR of 16.9%). October portfolio runoff declined to
18.7% (a 16.3% CPR), and available November runoff information indicates prepays
have declined further. |
 Recent
Regulatory Initiatives 9
•
Revisions to the Administration’s Home Affordable Refinancing Program (HARP)
may lead to higher, but still modest, participation levels in this program
limited primarily to higher-coupon mortgages. Therefore HARP is
not expected to meaningfully impact our portfolio’s prepayment
performance. •
GSE reform efforts appear stalled until after the 2012 elections
with changes expected to take
years to implement.
•
Recently announced SEC review of exclusions for mortgage REITs from regulation
under the Investment Company Act of 1940 (40 Act):
–
Concept Release; Request for Comments (Release No. IC-29778) solicits views
about the application of the 40 Act to mortgage REITs and similar companies,
including “suggestions on the steps the Commission
should
take
to
provide
greater
clarity,
consistency
or
regulatory
certainty”
with
respect
to
past exclusionary rulemaking under Section 3(c)5(C). The Release represents a
potential precursor to new rulemaking by the SEC that could limit the
ability of mortgage REITs to be excluded from regulation under the 40
Act. –
We believe that the process of codifying the Commission’s rulemaking over the
last 50 years into clear and comprehensive guidelines could potentially
solidify and expand the REIT industry’s critical role in facilitating
capital formation for residential housing. However, should the SEC pursue rulemaking that
would require mortgage REITs to register as investment companies
under the 40 Act, our use of
leverage would be sharply curtailed absent congressional intervention.
|
 Appendix
CAPSTEAD
10
*
*
*
*
* |
 2.1 7%
2.36%
2.60%
4.1 3%
5.22%
5.64%
2.38%
0.57%
3.53%
5.1 2%
1 .73%
0.59%
0.66%
0.55%
1 .60%
0.52%
1 .69%
2.40%
1 .94%
1 .77%
1 .83%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
6/30/11
9/30/11
Yield
Borrowing Rate
Financing Spread
$7.04
$8.07
$8.52
$10.43
$11.42
$12.24
79%
88%
77%
60%
51%
78%
73%
27%
21%
12%
23%
40%
49%
22%
$7.44
$0.00
$3.00
$6.00
$9.00
$12.00
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
6/30/11
9/30/11
Current-Reset ARMs
Longer-to-Reset ARMs
Capstead’s Historical Financial Overview
11
* See page 16 for discussion of use of financing spread on mortgage assets, a
non-GAAP financial measure. ** Defined as annualized net income
available to common stockholders divided by average common equity capital.
($ in billions)
Residential ARM Securities Portfolio
Financing Spread on Mortgage Assets*
Book Value Per Common Share
Annualized Return on Average Common Equity**
$9.25
$9.14
$11.99
$12.02
$12.15
$12.46
$12.50
$0.00
$3.00
$6.00
$9.00
$12.00
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
6/30/11
9/30/11
2.3%
21.0%
14.9%
12.7%
13.7%
15.4%
13.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
6/30/11
9/30/11
Yield
Borrowing Rate
Financing Spread
Current-Reset ARMs
Longer-to-Reset ARMs
Year ended
Quarter ended
Year ended
Quarter ended |
 Comparative Balance Sheets
(dollars in thousands, except per share amounts)
12 |
 Comparative Quarterly Income Statements
(dollars in thousands, except per share amounts) (unaudited)
13
Sept. 2011
June 2011
March 2011
Dec. 2010
Sept. 2010
Interest income:
Mortgage securities and similar investments
62,890
$
63,136
$
53,141
$
50,902
$
40,614
$
Other
59
58
113
140
111
62,949
63,194
53,254
51,042
40,725
Interest expense:
Repurchase arrangements and similar borrowings
(15,744)
(13,706)
(12,322)
(11,892)
(11,096)
Unsecured borrowings
(2,186)
(2,187)
(2,187)
(2,187)
(2,186)
Other
-
(1)
(4)
(2)
-
(17,930)
(15,894)
(14,513)
(14,081)
(13,282)
45,019
47,300
38,741
36,961
27,443
Other revenue (expense):
Miscellaneous other revenue (expense)
(109)
(599)
(218)
(174)
(427)
Incentive compensation
(1,429)
(1,487)
(1,233)
(1,327)
(983)
Salaries and benefits
(1,631)
(1,672)
(1,700)
(1,566)
(1,425)
Other general and administrative expense
(911)
(1,066)
(963)
(932)
(999)
(4,080)
(4,824)
(4,114)
(3,999)
(3,834)
Income before equity in earnings of unconsolidated affiliates
40,939
42,476
34,627
32,962
23,609
Equity in earnings of unconsolidated affiliates
64
65
65
65
64
Net income
41,003
$
42,541
$
34,692
$
33,027
$
23,673
$
Net income per diluted common share
$0.43
$0.48
$0.41
$0.40
$0.27
Average long-term investment capital
1,350,693
$
1,253,747
$
1,158,254
$
1,123,699
$
1,110,084
$
Average balance of mortgage assets
11,609,545
10,601,719
8,993,926
8,110,095
7,313,810
Investment premium amortization
19,672
15,519
12,832
11,098
17,689
Portfolio runoff *
Average financing spread on mortgage assets**
1.56
35.6%
1.60
19.3%
1.83
17.1%
1.77
19.9%
1.89
19.4% * Represents total runoff
(scheduled payments and prepayments). The constant prepayment rate, or CPR, represents only prepayments and will typically be 150 to 250
basis points lower than the total runoff rate during any given period.
** See page 16 for discussion of use of financing spread on mortgage
assets, a non-GAAP financial measure. |
 Yield
/ Cost Analysis (dollars in thousands, unaudited)
14
Basis
Yield/Cost
Runoff
Basis
Yield/Cost
Runoff
Agency-guaranteed securities:
Fannie Mae/Freddie Mac:
Fixed-rate
$ 4,350
6.66%
11.0%
$ 4,549
6.49%
26.5%
ARMs
10,306,710
2.11
20.2
9,479,889
2.36
17.4
Ginnie Mae ARMs
1,285,708
2.57
11.7
1,104,040
2.54
13.4
11,596,768
2.16
19.3
10,588,478
2.38
17.1
Unsecuritized residential mortgage loans:
Fixed-rate
3,328
6.62
7.1
3,375
6.50
5.1
ARMs
6,100
3.52
7.4
6,482
3.98
26.1
9,428
4.61
7.3
9,857
4.84
20.8
3,349
7.54
3.6
3,384
7.88
10.2
11,609,545
2.17*
19.3
10,601,719
2.38*
17.1
Other interest-earning assets
275,854
0.09
196,281
0.12
11,885,399
2.12
10,798,000
2.34
30-day to 90-day interest rates, as adjusted
for hedging results
10,806,280
0.57
9,798,257
0.55
Structured financings
3,349
7.54
3,384
7.88
10,809,629
0.57
9,801,641
0.55
Other interest-paying liabilites
96
0.08
3,482
0.10
Unsecured borrowings
103,095
8.49
103,095
8.49
10,912,820
0.65
9,908,218
0.64
Capital employed/Total financing spread
$ 972,579
1.47
$ 889,782
1.70
Financing spread on mortgage assets**
1.60
1.83
Secured borrowings based on:
Collateral for structured financings
Third Quarter 2011 Average
Second Quarter 2011 Average
* Includes yield adjustments for investment premium amortization of 68
and 59 basis points, respectively. ** See page 16 for discussion of use
of financing spread on mortgage assets, a non-GAAP financial measure. |
 *
Fully
indexed
net
weighted
average
coupon,
or
WAC,
represents
the
coupon
upon
one
or
more
resets
using
interest
rates
indices
as
of
September
30,
2011
and
the
applicable
net margin.
NOTE: Excludes $10
million of fixed-rate investments.
Fully
Indexed
Average
Months
Principal
Cost
Basis Fair Market
Net
Net
Net
to
Balance
Premiums
($)
%
Value
WAC
WAC*
Margins
Roll
Current-reset ARMs:
Fannie Mae Agency Securities
$
5,807,713
$135,358
$
5,943,071
102.33
$
6,082,778
2.52%
2.28%
1.70%
5.2
Freddie Mac Agency Securities
2,144,227
60,794
2,205,021
102.84
2,257,526
3.31
2.44
1.84
7.1
Ginnie Mae Agency Securities
567,017
10,402
577,419
101.83
585,125
2.69
1.66
1.51
6.8
Residential Mortgage Loans
6,001
22
6,023
100.37
6,106
3.48
2.38
2.05
4.6
8,524,958
206,576
8,731,534
102.42
8,931,535
2.73
2.28
1.72
5.8
Longer-to-reset ARMs:
Fannie Mae Agency Securities
1,613,688
57,374
1,671,062
103.56
1,689,522
3.37
2.63
1.77
47.2
Freddie Mac Agency Securities
835,811
31,304
867,115
103.75
874,323
3.54
2.70
1.87
49.9
Ginnie Mae Agency Securities
697,667
24,854
722,521
103.56
733,866
3.47
1.65
1.51
40.0
3,147,166
113,532
3,260,698
103.61
3,297,711
3.44
2.43
1.74
46.3
$11,672,124
$320,108
$11,992,232
102.74
$12,229,246
2.92
2.32
1.73
16.7
Gross WAC (paid by borrower)
3.60
Residential ARM Portfolio Statistics
As of September 30, 2011 (dollars in thousands, unaudited)
15 |
 Financing Spread on
Mortgage Assets,
Total Financing Spread,
a
Non-GAAP
a
GAAP Measure
Financial Measure
(a)
Interest
Income
(Expense)
Yield/Cost
Difference
Interest
Income
(Expense)
Yield/Cost
Corresponding
Second Quarter
2011
Yield/Cost
Interest income:
Mortgage assets
$
62,890
2.17%
$
–
$
62,890
2.17%
2.38%
Other interest-earning assets
(b)
59
0.09
(59)
–
–
–
62,949
2.12
(59)
62,890
2.17
2.38
Interest expense:
Secured borrowings (borrowings under
repurchase arrangements)
(15,744)
0.57
–
(15,744)
0.57
0.55
Unsecured borrowings
(c)
(2,186)
8.49
2,186
–
–
–
Other interest-paying liabilities
(d)
–
0.08
–
–
–
–
(17,930)
0.65
2,186
(15,744)
0.57
0.55
Net interest margin/financing spread
$
45,019
1.47
$
2,127
$
47,146
1.60
1.83
(a)
(b)
Other interest-earning assets consist of overnight investments and cash collateral receivable from
interest rate swap counterparties. (c)
Unsecured borrowings consist of junior subordinated notes with original terms of 30 years issued in
2005 and 2006 by Capstead to statutory trusts formed to issue $3.1 million of the trusts’
common securities to Capstead and to privately place $100.0 million of preferred securities to unrelated third party investors. Capstead reflects its investment in the trusts as
unconsolidated affiliates and considers the unsecured borrowings, net of these affiliates, a component
of its long-term investment capital. (d)
Other interest-paying liabilities consist of cash collateral payable to interest rate swap
counterparties. Use of Financing Spread on Mortgage Assets,
a Non-GAAP Financial Measure
Third Quarter 2011 (dollars in thousands, unaudited)
16
Net
interest
margin
on
mortgage
assets
and
Financing
spread
on
mortgage
assets
are
non-GAAP
financial
measures
(based
solely
on
interest
income
and
yields
on
the
Company’s
portfolio
of
mortgage
securities,
net
of
borrowings
under
repurchase
agreements).
These
measures
are
similar
to
the
all-inclusive
GAAP
measures,
Total
net
interest
margin
and
Total
financing
spread
(based
on
all
interest-earning
assets
and
all
interest-paying
liabilities). |
 Experienced Management Team
17
Over 80 years of combined mortgage finance industry experience, including 75 years
at Capstead. Andrew F. Jacobs –
President and Chief Executive Officer, Director
–
Has served as president and chief executive officer since 2003 and has held various
executive positions at Capstead since 1988 –
Certified Public Accountant (“CPA”), member of the Board of Governors of
the National Association of Real Estate Investment Trusts
(“NAREIT”), chairman of NAREIT’s Council of Mortgage REITs, member
of the executive committee of the Chancellors Council of the University of
Texas System, the Executive Council of the Real Estate Finance and Investment Center at the University of Texas
at Austin, the American Institute of Certified Public Accountants
(“AICPA”), and the Financial Executive International (“FEI”)
Phillip A. Reinsch
–
Executive Vice President and Chief Financial Officer, Secretary
–
Has
held
various
financial
accounting
and
reporting
positions
at
Capstead
since
1993
–
Formerly employed by Ernst & Young LLP as an audit senior manager focusing on
mortgage banking and asset securitization –
CPA, Member AICPA, FEI
Robert A. Spears
–
Executive Vice President, Director of Residential Mortgage Investments
–
Has served in asset and liability management positions at Capstead since 1994
–
Formerly Vice President of secondary marketing with NationsBanc Mortgage
Corporation Michael W. Brown –
Senior Vice President, Asset and Liability Management, Treasurer
–
Has served in asset and liability management positions at Capstead since 1994
–
MBA, Southern Methodist University, Dallas, Texas |
