Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CAPSTEAD MORTGAGE CORP | d8k.htm |
| EX-99.2 - FIRST QUARTER 2011 INVESTOR FACT SHEET - CAPSTEAD MORTGAGE CORP | dex992.htm |
 CAPSTEAD
Information as of March 31, 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
Fannie
Mae
and Freddie Mac (the “GSEs”) and similar federal
government agencies and related guarantees;
–
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
Company Overview
•
We were founded in 1985 and are the oldest publicly-traded agency mortgage
REIT.
•
At
March
31,
2011,
we
had
a
total
investment
portfolio
of
$10.43
billion,
supported
by long-term investment capital of $1.19 billion levered 7.91 times.*
•
Our three-year compound annual growth rate of 15.5% exceeds that of most of
our peers.**
•
We invest in residential adjustable-rate mortgage (ARM) securities issued and
guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
•
Our
prudently
leveraged
portfolio
provides
financial
flexibility
to
manage
changing
market conditions.
•
Our focus on ARM securities differentiates Capstead from our peers and is
recognized as the most defensively-positioned Agency mortgage REIT.
•
We are self-managed with low operating costs and a conservative incentive
compensation structure.
•
We have over 80 years of combined mortgage finance industry experience,
including nearly 75 years at Capstead.
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 December 31, 2007 and dividends were reinvested. |
 Market
Snapshot (dollars in thousands, except per share amounts)
Perpetual Preferred
Trust
Total Long-Term
Common
Series A
Series B
Preferred
Investment Capital
NYSE Stock Ticker
CMO
CMOPRA
CMOPRB
Shares outstanding
(b) 77,358
187
15,819
Cost of preferred capital
11.44%
11.28%
8.49%
10.28%
Price as of May 5, 2011
$13.21
$21.57
$14.46
Book Value per common share
(b)
$12.15
Price as a multiple of March 31, 2011
book value
108.7%
Recorded value
(b)
$
915,165
$2,618
$176,703
$99,978
$1,194,464
Market capitalization as of May 5, 2011
(a)
$1,021,899
$4,034
$228,743
$99,978
$1,354,654
(a)
As of March 31, 2011.
(b)
Includes common shares issued subsequent to quarter-end. Through May 5, 2011 we raised an
additional $30 million in new common equity capital through the issuance of 2.3 million
shares under our at-the-market continuous offering
program. 4 |
 37%
63%
21%
79%
Proven Investment & Financing Strategy
5
As of March 31, 2011
As of March 31, 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: $9.45 billion
* Based on fair market value as of the indicated balance sheet
date. Total:
$10.43
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, including 24 active
counterparties at March 31, 2011.
At March 31, 2011 we held $3.5 billion notional
amount of currently-paying
two-year
interest rate
swaps requiring fixed rate payments averaging
1.03% with average maturities of 13 months. An
additional $600 million notional amount of two-year
swaps were held at quarter-end that require fixed
rate payments averaging 0.99% beginning in May
2011.
The duration of our investment portfolio and related
‘repo’
borrowings was approximately 10 months and
6¾
months, respectively, at March 31, 2011. This
resulted in a net duration gap of approximately 3¼
months. Duration is a measure of market price
sensitivity to interest rate movements.
Longer-to-Reset
ARMs
$2.22 Billion
Current-Reset
ARMs
$8.21 Billion
Borrowings Hedged with
Currently-Paying
Interest Rate Swaps
$3.50
Billion
Unhedged
Borrowings
$5.95
Billion |
 Portfolio Leverage & Long-Term Investment Capital
6
**
Borrowings under repurchase arrangements divided by long-term investment
capital. During the first quarter of 2011 we increased our portfolio leverage
one full multiple which completed the re-leveraging of our investment
capital. 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.
With the re-leveraging of our investment capital during the first quarter, we
began issuing new common equity capital using our at-the-market
continuous offering program. Net proceeds totaled $60 million during the first
quarter and $30 million subsequent to quarter-end through May 5,
2011. ($ in millions)
Portfolio Leverage*
Long-Term Investment Capital
$661
$860
$1,114
$1,127
$1,194
58%
67%
75%
75%
77%
27%
21%
16%
16%
15%
8%
9%
9%
12%
15%
$
$250
$500
$750
$1,000
$1,250
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
Common Stock
Preferred Stock
Trust Prefered Securities, net
9.84x
7.85x
6.67x
6.91x
7.91x
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
$100
$179
$915
Common Stock
Preferred Stock
Trust Preferred Securities, net |
 5.64%
5.22%
4.13%
2.60%
2.36%
0.66%
0.59%
1.73%
5.12%
3.53%
1.77%
1.94%
2.40%
1.69%
0.52%
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
Yield
Borrowing Rate
Financing Spread
$7.04
$8.07
$8.52
$10.43
51%
60%
77%
88%
79%
49%
40%
23%
12%
21%
$7.44
$0.00
$3.00
$6.00
$9.00
$12.00
12/31/07
12/31/08
12/31/09
12/31/10
3/31/11
Current-Reset ARMs
Longer-to-Reset ARMs
Historical Financial Overview
7
* See page 15 for discussion of use of financing spread on mortgage assets, a
non-GAAP financial measure. ** Defined as annualized net income
available to common stockholders divided by average common equity capital.
($ 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
$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
2.3%
21.0%
14.9%
12.7%
13.7%
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
Yield
Borrowing Rate
Financing Spread
Current-Reset ARMs
Longer-to-Reset ARMs
Year ended
Quarter ended
Quarter ended
22%
Year ended
|
 Financing Spreads
0.0%
2.0%
4.0%
6.0%
8.0%
12/00
12/01
12/02
12/03
12/04
12/05
12/06
12/07
12/08
12/09
12/10
Financing spreads have largely recovered from the adverse effects of GSE buyouts of
a backlog
of
seriously
delinquent
loans
in
2010.
Portfolio
yields
fluctuate
with
levels
of
mortgage
prepayments,
portfolio
acquisitions
at
current
market
rates,
and
changes
in
coupon
interest
rates
on
ARM
loans
underlying
the
portfolio
as
they
periodically
reset
to
rates
more
reflective
of
the current interest rate environment.
Our
repo
borrowing
rates
remain
at
favorable
levels
with
average
repo
borrowing
rates
of
0.28% at March 31, 2011 (0.57% including related interest rate swaps).
* See page 15 for discussion of use of financing spread on
mortgage assets, a non-GAAP financial measure. **
Source: Bloomberg.
8
Yields on Mortgage Assets vs. Borrowing Rates
Fed Funds vs. 1-Month LIBOR**
Financing Spread on Mortgage Assets*
Yield
Borrowing Rate
Fed Funds Rate
1-Month LIBOR
0.0%
2.0%
4.0%
6.0%
8.0%
12/00
3/02
6/03
9/04
12/05
3/07
6/08
9/09
12/10
Avg. Spread on mortgage assets:
1.77%* |
 First
Quarter 2011 Highlights Our earnings increased $1.7 million to $34.7 million
or $0.41 per diluted common share. Our total financing spreads decreased 9
basis points to average 1.62%, reflecting continued lower ARM loan coupon
interest rate resets, as well as marginally higher mortgage prepayments partially
offset by further declines in related borrowing rates.
Our book value increased $0.13 to $12.15 per common share.
We raised $60 million in new common equity capital using our at-the-market,
continuous offering program contributing $0.06 to the increase in book value
per common share. Our investment portfolio increased 22% or $1.91 billion to
$10.43 billion and our portfolio leverage increased to 7.9 times our
long-term investment capital. Comments from our May 4, 2011 earnings
press release: “With this quarter’s portfolio growth, we have
completed re-leveraging our investment capital, which should benefit
financial results in future quarters. In our view, borrowing at current levels
represents an appropriate and prudent use of leverage for an agency-guaranteed
mortgage securities portfolio in today’s market conditions,
particularly for a portfolio consisting almost entirely of short-
duration ARM securities. Provided capital can continue to be deployed at
attractive levels and financing
conditions
remain
favorable,
we
anticipate
maintaining
our
portfolio
leverage
near
current
levels in future quarters. We may continue augmenting our existing capital
base through our continuous offering program or by other means if conditions
warrant, focusing on transactions that are accretive to our existing common
stockholders. “We
remain
confident
in
and
focused
on
our
investment
strategy
of
managing
a
conservatively
leveraged portfolio of agency-guaranteed residential ARM securities that can
produce attractive risk- adjusted returns over the long term while
reducing, but not eliminating, sensitivity to changes in interest
rates.” 9 |
 *
*
*
*
*
CAPSTEAD
Appendix
CAPSTEAD
10 |
 Comparative Balance Sheet
(dollars in thousands, except per share amounts)
11
March 31,
December 31,
December 31,
December 31,
December 31,
2011
2010
2009
2008
2007
(unaudited)
Assets
Mortgage securities and similar investments
10,428,003
$
8,515,691
$
8,091,103
$
7,499,530
$
7,108,719
$
Cash collateral receivable from interest rate swap counterparties
27,650
35,289
30,485
53,676
1,800
Interest rate swap agreements at fair value
11,851
9,597
1,758
-
-
Cash and cash equivalents
162,936
359,590
409,623
96,839
6,653
Receivables and other assets
84,670
76,078
92,817
76,200
88,637
Investments in unconsolidated affiliates
3,117
3,117
3,117
3,117
3,117
10,718,227
$
8,999,362
$
8,628,903
$
7,729,362
$
7,208,926
$
Liabilities
Repurchase arrangements and similar borrowings
9,449,490
$
7,792,743
$
7,435,256
$
6,751,500
$
6,500,362
$
Cash collateral payable to interest rate swap counterparties
9,950
9,024
-
-
-
Interest rate swap agreements at fair value
13,212
16,337
9,218
46,679
2,384
Unsecured borrowings
103,095
103,095
103,095
103,095
103,095
Common stock dividend payable
30,798
27,401
37,432
22,728
9,786
Accounts payable and accrued expenses
17,196
23,337
29,961
44,910
32,382
9,623,741
7,971,937
7,614,962
6,968,912
6,648,009
Stockholders' Equity
Perpetual preferred stock
179,321
179,323
179,333
179,460
179,533
Common stock
734,822
674,202
661,724
618,369
344,423
Accumulated other comprehensive income (loss)
180,343
173,900
172,884
(37,379)
36,961
1,094,486
1,027,425
1,013,941
760,450
560,917
10,718,227
$
8,999,362
$
8,628,903
$
7,729,362
$
7,208,926
$
Book value per common share
liquidation preferences for the Series A and B preferred stock)
12.15
$12.02
$11.99
$9.14
$9.25
Long-term investment capital
unsecured borrowings, net of investments in related
unconsolidated affiliates)
$1,194,464
$1,127,403
$1,113,919
$860,428
$660,895
Portfolio leverage
divided by long-term investment capital)
7.91:1
6.91:1
6.67:1
7.85:1
9.84:1
(calculated assuming
(stockholders' equity and
(borrowings under repurchase arrangements |
 Comparative Income Statement
(dollars in thousands, except per share amounts) (unaudited)
12
* 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 total runoff during any given period.
** See page 15 for discussion of use of financing spread on mortgage
assets, a non-GAAP financial measure. March
December
September
June
March
2011
2010
2010
2010
2010
Interest income:
Mortgage securities and similar investments
53,141
$
50,902
$
40,614
$
47,634
$
60,150
$
Other
113
140
111
135
92
53,254
51,042
40,725
47,769
60,242
Interest expense:
Repurchase arrangements and similar borrowings
(12,322)
(11,892)
(11,096)
(11,146)
(13,368)
Unsecured borrowings
(2,187)
(2,187)
(2,186)
(2,187)
(2,187)
Other
(4)
(2)
-
-
-
(14,513)
(14,081)
(13,282)
(13,333)
(15,555)
38,741
36,961
27,443
34,436
44,687
Other revenue (expense):
Miscellaneous other revenue (expense)
(218)
(174)
(427)
(98)
(205)
Incentive compensation expense
(1,233)
(1,327)
(983)
(1,330)
(1,415)
General and administrative expense
(2,663)
(2,498)
(2,424)
(3,314)
(2,695)
(4,114)
(3,999)
(3,834)
(4,742)
(4,315)
Income before equity in earnings of unconsolidated affiliates
34,627
32,962
23,609
29,694
40,372
Equity in earnings of unconsolidated affiliates
65
65
64
65
65
Net income
34,692
$
33,027
$
23,673
$
29,759
$
40,437
$
Net income per diluted common share
$0.41
$0.40
$0.27
$0.35
$0.51
Average balance of mortgage assets
8,993,926
$
8,110,095
$
7,313,810
$
7,460,379
$
7,779,081
$
Investment premium amortization
12,832
11,098
17,689
15,342
13,466
Portfolio runoff *
Average financing spread on mortgage assets**
Quarter Ended
1.77
19.9%
1.89
19.4%
2.35
31.8%
1.56
35.6%
1.91
37.9% |
 Yield
/ Cost Analysis (dollars in thousands, unaudited)
13
Basis
Yield/Cost
Runoff
Basis
Yield/Cost
Runoff
Agency-guaranteed securities:
Fannie Mae/Freddie Mac:
Fixed-rate
$ 4,890
6.68%
8.9%
$ 5,106
6.60%
18.3%
ARMs
8,293,715
2.34
20.5
7,600,085
2.49
19.4
Ginnie Mae ARMs
681,375
2.59
11.8
486,215
2.57
12.7
8,979,980
2.36
19.9
8,091,406
2.50
19.0
Unsecuritized residential mortgage loans:
Fixed-rate
3,433
5.89
6.7
3,491
7.03
6.4
ARMs
7,036
3.36
21.2
7,353
3.79
7.6
10,469
4.19
17.2
10,844
4.83
7.2
Commercial loans
-
-
-
4,339
8.75
100.0
3,477
7.65
3.3
3,506
8.07
3.5
8,993,926
2.36
19.9
8,110,095
2.51
19.4
Other interest-earning assets
235,864
0.19
273,016
0.20
9,229,790
2.31
8,383,111
2.44
30-day to 90-day interest rates, as adjusted
for hedging results
8,304,926
0.59
7,465,108
0.62
Structured financings
3,477
7.65
3,506
8.07
8,308,403
0.59
7,468,614
0.62
Other interest-paying liabilites
10,344
0.16
4,323
0.19
Unsecured borrowings
103,095
8.49
103,095
8.49
8,421,842
0.69
7,576,032
0.73
Capital employed/Total financing spread
$ 807,948
1.62
$ 807,079
1.71
Financing spread on mortgage assets*
1.77
1.89
Secured borrowings based on:
Collateral for structured financings
First Quarter 2011 Average
Fourth Quarter 2010 Average
*
See
page
15
for
discussion
of
use
of
financing
spread
on
mortgage
assets,
a
non-GAAP
financial
measure. |
 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
$
5,576,226
$119,468
$
5,695,694
102.14
$
5,811,784
2.75%
2.28%
1.71%
4.8
Freddie Mac Agency Securities
1,819,842
45,424
1,865,266
102.50
1,907,731
3.47
2.43
1.89
7.0
Ginnie Mae Agency Securities
460,880
5,812
466,692
101.26
475,241
2.62
1.78
1.52
5.6
Residential Mortgage Loans
6,688
23
6,711
100.34
6,611
3.46
2.40
2.05
5.0
7,863,636
170,727
8,034,363
102.17
8,201,367
2.91
2.29
1.74
5.3
Longer-to-reset ARMs:
Fannie Mae Agency Securities
985,459
30,974
1,016,433
103.14
1,022,387
3.70
2.54
1.76
43.7
Freddie Mac Agency Securities
642,284
24,468
666,752
103.81
674,4432
4.82
2.56
1.78
31.9
Ginnie Mae Agency Securities
499,728
17,628
517,356
103.53
517,978
3.65
1.78
1.51
46.9
2,127,471
73,070
2,200,541
103.43
2,214,807
4.02
2.37
1.71
40.9
$
9,991,107
$243,797
$10,234,904
102.44
$10,416,174
3.15
2.30
1.73
12.9
Residential ARM Portfolio Statistics
As of March 31, 2011 (dollars in thousands, unaudited)
14
•
Fully
indexed
net
weighted
average
coupon,
or
WAC,
represents
the
coupon
upon
one
or
more
resets
using
interest
rates
indices
as
of
March
31,
2011
and
the
applicable
net
margin. NOTE: Excludes $11 million of fixed-rate investments.
|
 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
Fourth Quarter
2010
Yield/Cost
Interest income:
Mortgage assets
$
53,141
2.36%
$
–
$
53,141
2.36%
2.51%
Other interest-earning assets
(b)
113
0.19
(113)
–
–
–
53,254
2.31
(113)
53,141
2.36
2.51
Interest expense:
Secured borrowings (borrowings under
repurchase arrangements)
(12,322)
0.59
–
(12,322)
0.59
0.62
Unsecured borrowings
(c)
(2,187)
8.49
2,187
–
–
–
Other interest-paying liabilities
(d)
(4)
0.16
4
–
–
–
(14,513)
0.69
2,191
(12,322)
0.59
0.62
Net interest margin/financing spread
$
38,741
1.62
$
2,078
$
40,819
1.77
1.89
Use of Financing Spread on Mortgage Assets,
a Non-GAAP Financial Measure
First Quarter 2011 (dollars in thousands, unaudited)
15
(a)
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-bearing
liabilities).
(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. |
 Experienced Management Team
16
Over 80 years of combined mortgage finance industry experience, including nearly 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 |