Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Apollo Residential Mortgage, Inc. | d722719d8k.htm |
| EX-99.1 - EX-99.1 - Apollo Residential Mortgage, Inc. | d722719dex991.htm |
 May 7, 2014
Information is as of March 31, 2014 except as otherwise noted.
It should not be assumed that investments made in the future will
be profitable or will equal the performance of investments in this document.
Supplemental Financial Information Presentation
Exhibit 99.2
Q1 2014 |
 2
APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
Apollo Residential Mortgage, Inc.
First Quarter 2014 Earnings Call
May 7, 2014
Michael A. Commaroto
Chief Executive Officer
Teresa D. Covello
Chief Financial Officer
Keith Rosenbloom
Agency Portfolio Manager
Paul Mangione
Non-Agency Portfolio Manager
Hilary Ginsberg
Investor Relations Manager |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
3
Forward Looking Statements
We make forward-looking statements in this presentation and other
filings we make with the Securities and Exchange Commission
(“SEC”) within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements are
intended to be covered by the safe harbor provided by the same.
Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are
generally beyond our control. These forward-looking statements
include information about possible or assumed future results of
our business, financial condition, liquidity, results of operations,
plans and objectives, including information about our ability to
generate attractive returns while attempting to mitigate risk. When
used in this presentation, the words believe, expect, anticipate,
estimate, plan, continue, intend, should, may or similar expressions
are intended to identify forward-looking statements.
Statements regarding the following subjects, among others, may be
forward-looking: the return on equity; the yield on
investments; the ability to borrow to finance assets; and risks
associated with investing in real estate assets, including changes in
business conditions and the general economy.
The forward-looking statements are based on our beliefs,
assumptions and expectations of our future performance, taking into
account all information currently available to us. Forward-looking
statements are not predictions of future events. These beliefs,
assumptions and expectations can change as a result of many possible
events or factors, not all of which are known to us. Some of
these factors are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and other
filings with the SEC. If a change occurs, our business, financial
condition, liquidity and results of operations may vary materially
from those expressed in our forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict those events or how they may affect us.
Except as required by law, we are not obligated to, and do not intend
to, update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
This presentation may contain statistics and other data that in some
cases has been obtained from or compiled from information made
available by third-party service providers. |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
4
First Quarter 2014 Summary Highlights
Reported Operating Earnings of $17.1 million, or $0.53 per common share
for the first quarter of 2014 (1)
RMBS portfolio at March 31, 2014 consisted of Agency RMBS with an
estimated fair value of $2.1 billion and non-Agency RMBS
with an estimated fair value of $1.3 billion RMBS and securitized
mortgage loan portfolio had a 2.8% effective net interest spread and a 15.1%
effective levered asset yield at March 31, 2014
(2)
Quarter-end leverage multiple of 3.8x at March 31, 2014
Estimated taxable income of $0.44 per common share
Declared a $0.40 per common share quarterly dividend for stockholders
of record as of March 31, 2014 Book value per common share of
$18.64 at March 31, 2014, a 2.1% increase over December 31, 2013 book
value per common share of $18.26
Entered
into
an
agreement
to
provide
funding
to
a
third
party
to
facilitate
the
purchase
of
residential
properties with a view towards reselling the properties to homeowners
and providing seller financing in the form of mortgage loans
and/or bond-for-title contracts (1) Operating Earnings and
Operating Earnings per common share are non-GAAP financial measures. Operating Earnings and Operating Earnings per common share presented exclude, as applicable: (i) certain realized and unrealized gains and losses recognized
through earnings; (ii) non-cash equity compensation; (iii) one time
events pursuant to changes in GAAP; and (iv) certain other non-cash charges. Please see page 17 for a reconciliation of Operating Earnings and Operating Earnings per common share to GAAP net
income allocable to common stockholders and GAAP net income allocable to
common stockholders per common share. Operating Earnings represents the earnings, as adjusted, allocable to common stock.
(2) Effective net interest spread and effective levered asset yield are
non-GAAP financial measures, which include the cost of the Company’s Swaps as a component of its interest expense. Please see page 8.
|
 5
APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
Financial Summary
(1)
Operating Earnings and Operating Earnings per common share are
non-GAAP financial measures. Operating Earnings and Operating Earnings per common share presented exclude, as applicable: (i) certain realized and unrealized gains and losses
recognized through earnings; (ii) non-cash equity compensation;
(iii) one time events pursuant to changes in GAAP; and (iv) certain other non-cash charges. Please see page 17 for a reconciliation of Operating Earnings and Operating Earnings per common
share to GAAP net income allocable to common stockholders and GAAP net
income allocable to common stockholders per share. Operating Earnings represents the earnings, as adjusted, allocable to common stock.
(2)
Annualized Return on Average Assets is calculated as annualized
Operating Earning plus preferred dividend requirement for the period, as a percentage of average interest earning assets, excluding cash.
(3)
Annualized Return on Average Equity is calculated as annualized
Operating Earnings plus preferred dividend requirement for the period, as a percentage of average equity.
($ amounts in thousands except per share data)
March 31,
2014
December 31,
2013
March 31,
2013
Interest Income
$38,180
$40,721
$38,247
Interest Expense
(7,268)
(7,359)
(6,217)
Net Interest Income
$30,912
$33,362
$32,030
Operating Earnings
(1)
$17,116
$19,540
$19,091
Weighted
Average
Common
Shares
Outstanding
-
Basic
32,015
32,007
25,686
Operating Earnings per Common Share
(1)
$0.53
$0.61
$0.74
Leverage Multiple (Debt / Equity)
3.8x
4.1x
5.1x
Annualized Return on Average Assets
(2)
2.3%
2.6%
2.1%
Annualized Return on Average Equity
(3)
10.6%
11.9%
12.0%
Three Months Ended |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
6
Financial Summary
Operating
Earnings
per
Common
Share
(1)
Book Value per Common Share
Dividends per Common Share
(1)
Operating Earnings and Operating Earnings per common share are
non-GAAP financial measures. Operating Earnings and Operating Earnings per common share presented exclude, as applicable: (i) certain realized and unrealized gains and losses
recognized through earnings; (ii) non-cash equity compensation;
(iii) one time events pursuant to changes in GAAP; and (iv) certain other non-cash charges. Please see page 17 for a reconciliation of Operating Earnings and Operating Earnings per
common share to GAAP net income allocable to common stockholders
and GAAP net income allocable to common stockholders per common
share. Operating Earnings represents the earnings, as adjusted,
allocable to common stock.
$0.70
$0.70
$0.40
$0.40
$0.40
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
$21.72
$18.63
$18.50
$18.26
$18.64
$0.00
$4.00
$8.00
$12.00
$16.00
$20.00
$24.00
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
$0.74
$0.59
$0.36
$0.61
$0.53
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014 |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
7
Book Value Roll-Forward
Book Value - December 31, 2013
18.26
$
Common stock dividend declared
(0.40)
Operating Earnings, net of preferred dividend
0.53
Non-Operating Items Impacting Net Income:
Unrealized gain on Agency RMBS, net
1.38
Unrealized gain on non-Agency RMBS, net
0.20
Unrealized gain on securitized mortgage loans, net
0.03
Unrealized loss on derivatives, net
(0.58)
Realized loss on sales of Agency RMBS, net
(0.44)
Realized gain on sales of non-Agency RMBS, net
0.07
Realized loss on terminations of Swaptions and TBA Shorts
(0.42)
Other, net
0.01
Book Value - March 31, 2014 (unaudited)
18.64
$ |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
8
Portfolio Summary and Net Interest Spread
Securitized
Mortgage Loans
6%
Agency RMBS
39%
Cash and Other,
net
9%
Non-
Agency
RMBS and
Other Credit
Investments
46%
Securitized
Mortgage Loans
6%
Agency RMBS
44%
Cash and Other,
net
9%
Non-
Agency
RMBS
41%
Agency
RMBS
Non-Agency
RMBS and
Other
Credit
Investments
Securitized
Mortgage
Loans
Weighted
Average
Including
Cash
Asset Yield
3.1%
6.9%
7.9%
4.5%
Interest Expense
0.4%
2.1%
3.2%
1.0%
Cost of Swaps
1.1%
-
1.9%
0.7%
Effective Net Interest Spread
1.6%
4.8%
2.8%
2.8%
Debt / Equity
(3)
6.2x
2.7x
1.6x
3.8x
Effective Levered Asset Yield
(2)
13.1%
19.9%
12.4%
15.1%
Agency
RMBS
Non-Agency
RMBS
Securitized
Mortgage
Loans
Weighted
Average
Including
Cash
Asset Yield
2.9%
6.7%
7.9%
4.3%
Interest Expense
0.4%
2.0%
3.3%
1.0%
Cost of Swaps
0.8%
-
2.0%
0.6%
Effective Net Interest Spread
1.7%
4.7%
2.6%
2.7%
Debt / Equity
(3)
6.2x
2.9x
1.6x
4.1x
Effective Levered Asset Yield
(2)
13.6%
20.6%
12.2%
15.4%
Allocation
of
Portfolio
Equity
at
March
31,
2014
(1)
Allocation
of
Portfolio
Equity
at
December
31,
2013
(1)
Effective Net Interest Spread at March 31, 2014
(2)
Effective Net Interest Spread at December 31, 2013
(2)
(1)
Percentages reflect amount of equity allocated to Agency RMBS,
non-Agency RMBS and other credit investments and securitized mortgage loans, net of associated assets and liabilities, including the fair value of interest rate derivatives. Cash and other net,
represents cash and other assets and liabilities not specifically
allocable to Agency RMBS, non-Agency RMBS and other credit investments or securitized mortgage loans.
(2)
Effective net interest spread and effective levered asset yield are
non-GAAP financial measures, which include the cost of the Company’s Swaps as a component of its interest expense, as presented.
(3)
Debt/Equity multiples for each asset class are adjusted to reflect cash
held to meet margin calls and certain other assets and liabilities specifically allocable to Agency RMBS, non-Agency RMBS and other credit investments or securitized mortgage loans. |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
9
Agency RMBS Portfolio at March 31, 2014
Agency Portfolio Overview
Constant Prepayment Rates
(1)
Other includes New Production 30-year Pass-Throughs, Interest
Only and Inverse Interest Only Securities. Loan Balance 15
Year Pass-Throughs
2%
Loan Balance 30
Year Pass-Throughs
64%
Low Credit 30 Year
Pass-Throughs
7%
Other(1)
4%
HARP / MHA /
High LTV 30 Year
Pass-Throughs
23%
3.7%
5.2%
5.8%
7.0%
7.1%
6.7%
4.9%
4.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Total Agency Portfolio average one month CPR
6.0%
($ in thousands)
Estimated Fair Value
Q1 2014 CPR
Agency Pass-Throughs
2,032,001
$
4.8
%
Agency IOs and Agency IIOs
62,670
6.7
Total
2,094,671
$
4.9
% |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
10
Agency RMBS Portfolio at March 31, 2014
Agency RMBS Portfolio Composition Summary
(1)
Amortized cost is reduced by unrealized losses that are classified as
other-than-temporary impairments. (2)
Weighted average yield at the date presented incorporates prepayment
assumptions on Agency RMBS. (3)
Agency IOs and Agency IIOs have no principal balance and bear interest
on a notional balance. The notional balance is used solely to determine interest distributions on interest-only class of securities. At March 31, 2014, Agency IOs had a notional
balance of $434,342 and Agency Inverse IOs had a notional balance of
$69,421. ($ in thousands)
Principal Balance
Unamortized
Premium
Amortized Cost
(1)
Estimated Fair
Value
Weighted
Average
Coupon
Weighted
Average
Yield
(2)
30-Year Mortgages
Fixed rate coupons:
3.5%
182,911
11,694
194,605
184,027
3.50
%
2.54
%
4.0%
1,406,999
103,328
1,510,327
1,461,460
4.00
%
2.89
%
4.5%
311,011
23,455
334,466
333,498
4.50
%
3.19
%
1,900,921
138,477
2,039,398
1,978,985
4.03
%
2.91
%
15-Year Mortgages
3.0% Coupons
51,592
1,382
52,974
53,016
3.00
%
2.49
%
Agency IOs
(3)
-
-
44,014
47,959
3.95
%
5.69
%
Agency IIOs
(3)
-
-
15,200
14,711
5.99
%
15.73
%
Total Agency RMBS
1,952,513
$
139,859
$
2,151,586
$
2,094,671
$
4.05
%
3.05
% |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
11
Non-Agency RMBS Portfolio Overview
Non-Agency RMBS Portfolio at March 31, 2014
Non-Agency RMBS Portfolio Vintage
Non-Agency RMBS Cash-Flow Profile
Subprime
81%
Pay-option
ARM
8%
Alt-A
11%
1999-2002
5%
2003
7%
2004
32%
2005
29%
2006
17%
2007
9%
2014
1%
Current-Pay
50%
Locked
-Out
50% |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
12
Non-Agency RMBS Portfolio at March 31, 2014
March
31,
2014
Portfolio Characteristics
Estimated Fair Value ($ in thousands)
$1,298,541
Amortized Cost to Par Value
80.5%
Net Weighted Average Security Coupon
1.3%
Collateral Attributes
Weighted Average Loan Age (months)
110
Weighted Average Original Loan-to-Value
80.0%
Weighted Average Original FICO Credit Score
636
Current Performance
60+ Day Delinquencies
31.1%
Average Credit Enhancement
(1)
33.9%
3 Month CRR
(2)
3.5%
(1) Credit enhancement is expressed as a percentage of all
outstanding mortgage loan collateral. The Company's non-Agency RMBS may incur losses if credit enhancement is reduced to zero.
(2) CRR stands for conditional repayment rate.
Information is based on loans for individual groups owned by the Company. Amounts presented reflect the weighted average monthly performance
for the three months ended March 31,
2014. |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
13
Financing and Derivative Instruments Overview
(1)
Includes $28,234 of repurchase borrowings collateralized by
non-Agency RMBS of $47,614 that are eliminated from the Company’s consolidated balance sheet in consolidation with the variable interest entity associated with our securitization transaction.
(2)
Securitized debt, which represents non-recourse senior securities
sold to third parties in connection with a securitization transaction, has a final contractual maturity of May 2047. Weighted average remaining maturity represents the underwritten final maturity
of the security based on the underwritten final repayment of
principal. The actual maturity of the securitized debt may differ significantly given that actual interest collections, mortgage prepayments and/or losses on liquidation of mortgages may differ
significantly from those underwritten.
Borrowings at March 31, 2014
Derivative Instruments at March 31, 2014
Swaps Overview at March 31, 2014
Swaptions Overview at March 31, 2014
($ in thousands)
Weighted Average
Months Until
Fixed Pay Rate for
Option
Notional
Swap Terms
Underlying Swap
Fair Value
Expiration
Amount
(Years)
3.00 - 3.25%
252
$
3
100,000
$
10
3.26 - 3.50%
133
2
275,000
10
3.51 - 3.75%
171
3
300,000
10
3.76 - 4.00%
2,915
9
500,000
10
4.01 - 4.41%
23
5
100,000
10
3,494
$
5
1,275,000
$
10
Option
Underlying Swap
($ in thousands)
Balance
Weighted
Average
Borrowing Rate
Weighted
Average
Remaining
Maturity
Repurchase agreement borrowings:
Agency RMBS
1,861,066
$
0.37%
27 days
Non-Agency RMBS
(1)
987,675
2.08%
162 days
Other investment securities
10,603
1.83%
115 days
Total repurchase agreements
2,859,344
$
0.97%
74 days
Securitized debt
40,281
$
4.00%
57 months
(2)
Total Borrowings
2,899,625
$
1.01%
($ in
thousands)
Notional Amount
Estimated Fair
Value
Swaps - assets
957,000
$
29,585
$
Swaptions - assets
1,275,000
3,494
Swaps
- (liabilities) 730,000
(4,984)
Total Derivative
Instruments 2,962,000
$
28,095
$
($ in thousands)
Term to Maturity
Notional Amount
Average Fixed
Pay Rate
Average
Maturity
(Years)
Greater than 1 year up to 3 years
160,000
$
1.39%
2.7
Greater than 3 years up to 5 years
949,000
1.00%
3.4
Greater than 5 years
578,000
2.13%
8.7
Total
1,687,000
$
1.43%
5.2 |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
14
Financials |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
15
Balance Sheet
(in thousands—except per share data)
March 31, 2014
December 31, 2013
Assets:
(unaudited)
Cash
110,671
$
127,959
$
Restricted cash
38,038
67,458
RMBS, at fair value (of which $3,118,497 and $3,317,060 were pledged
as collateral, respectively) 3,393,212
3,503,326
Securitized mortgage loans (transferred to a consolidated VIE), at
fair value 110,307
110,984
12,290
11,515
Investment related receivable (of which $108,064 and $21,959 were
pledged as collateral, respectively) 108,165
24,887
Interest receivable
9,576
10,396
Deferred financing costs, net
920
882
Derivative instruments, at fair value
33,079
53,315
Other assets
3,964
854
Total Assets
3,820,222
$
3,911,576
$
Liabilities and Stockholders' Equity
Liabilities:
Borrowings under repurchase agreements
2,859,344
$
3,034,058
$
Non-recourse securitized debt, at fair value
41,226
43,354
Investment related payable
95,288
-
Obligation to return cash held as collateral
20,667
38,654
Accrued interest payable
6,935
8,708
Derivative instruments, at fair value
4,984
4,610
Payable to related party
4,501
5,444
Dividends payable
16,266
16,812
Accounts payable and accrued expenses
1,405
2,335
Total Liabilities
3,050,616
$
3,153,975
$
Stockholders' Equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized,
6,900,000 shares issued and outstanding ($172,500 aggregate
liquidation preference) 69
$
69
$
Common stock, $0.01 par value, 450,000,000 shares authorized,
32,040,533 and 32,038,970 shares issued and outstanding,
respectively 320
320
Additional paid-in-capital
792,469
792,010
Accumulated deficit
(23,252)
(34,798)
Total Stockholders' Equity
769,606
$
757,601
$
Total Liabilities and Stockholders'
Equity 3,820,222
$
3,911,576
$
Other investment securities, at fair value (of which
$12,290 and $11,515 were pledged as collateral, respectively) |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
16
Income Statement
(in thousands—except per share data)
2014
2013
Interest Income:
RMBS
35,825
$
36,914
$
Securitized mortgage loans
2,246
1,333
Other investment securities
109
-
Total Interest Income
38,180
38,247
Interest Expense:
Repurchase agreements
(6,826)
(5,907)
Securitized debt
(442)
(310)
Total Interest Expense
(7,268)
(6,217)
Net Interest Income
30,912
$
32,030
$
Other Income/(Loss):
Realized gain/(loss) on sale of RMBS, net
(11,810)
$
15,795
$
Unrealized gain/(loss) on RMBS, net
50,647
(33,048)
Unrealized gain on securitized mortgage loans, net
1,054
2,848
Unrealized gain/(loss) on securitized debt
10
(872)
Unrealized gain on other investment securities
122
-
Loss on derivative instruments, net (includes ($18,718) and $1,659
of unrealized (losses)/gains, respectively)
(37,190)
(5,798)
Other, net
18
25
Other Income/(Loss), net
2,851
$
(21,050)
$
Operating Expenses:
General and administrative (includes ($459) and ($399) of
non- cash stock based compensation, respectively)
(3,095)
$
(2,851)
$
Management fees -
related party
(2,786)
(2,789)
Total Operating Expenses
(5,881)
$
(5,640)
$
Net Income
27,882
$
5,340
$
Preferred Stock Dividends Declared
(3,450)
(3,450)
Net Income Allocable to Common Stock and
Participating Securities
24,432
$
1,890
$
0.76
$
0.07
$
Dividends Declared per Share of Common Stock
0.40
$
0.70
$
Three Months Ended
March 31,
(Unaudited)
Earnings per Share of Common Stock - Basic and Diluted |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
17
Reconciliation of Operating Earnings
(1)
and Effective Cost of Funds
(2)
(1)
Operating Earnings and Operating Earnings per common share are
non-GAAP financial measures. Operating Earnings and Operating Earnings per common share presented exclude, as applicable: (i) certain realized and unrealized gains and losses recognized
through earnings; (ii) non-cash equity compensation; (iii) one time
events pursuant to changes in GAAP; and (iv) certain other non-cash charges. Operating Earnings represents the earnings, as adjusted, allocable to common stock.
(2)
Effective cost of funds reflects interest expense adjusted to include
the net interest component related to Swaps. (3)
Reflects per share amount for each component presented.
(4)
A TBA Short Contract refers to a
“to-be-announced” contract to sell certain
Agency RMBS on a forward basis. ($ in thousands)
Reconciliation
Cost of Funds/Effective
Borrowing Costs
Interest expense
7,268
$
0.99%
Adjustment:
Net-interest paid for Swaps
4,789
0.66%
Effective interest expense/effective cost of funds
12,057
$
1.65%
Weighted average balance of borrowings
2,928,895
$
March 31, 2014
Three Months Ended
Effective Cost of Funds
(in thousands—except share and per share data)
March 31, 2014
Per Share
Amount
(3)
March 31, 2013
Per Share
Amount
(3)
Operating Earnings:
Net income allocable to common stockholders
$
24,279
$
0.76
$
1,756
$
0.07
Adjustments:
Non-cash stock-based compensation expense
459
0.01
399
0.01
Unrealized (gain)/loss on RMBS, net
(50,647)
(1.58)
33,048
1.29
Unrealized loss on derivatives, net
18,718
0.58
1,659
0.06
Unrealized (gain) on securitized mortgage loans, net
(1,054)
(0.03)
(2,848)
(0.11)
Unrealized (gain)/loss on securitized debt
(10)
-
872
0.03
Unrealized (gain) on other investment securities
(122)
-
-
-
Realized (gain)/loss on sale of RMBS, net
11,810
0.37
(15,795)
(0.61)
Realized loss on Swaption terminations
6,527
0.20
-
-
Realized loss on TBA Short Contracts
(4)
7,156
0.22
-
-
Total adjustments to arrive at operating earnings:
(7,163)
(0.23)
17,335
0.67
Operating Earnings
$
17,116
0.53
$
$
19,091
0.74
$
Weighted average common shares outstanding -
Basic
32,015,397
25,686,304
Weighted average common shares outstanding -
Diluted
32,067,157
25,686,304
Three Months Ended
Three Months Ended |
 APOLLO RESIDENTIAL MORTGAGE, INC. (“AMTG”)
18
Contact Information
Hilary Ginsberg
Investor Relations Manager
212-822-0767 |