Capstead Mortgage (CMO) Financial Report Summaries

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From filing 10-Q 2021 Q2

Financial report summary

Management Discussion

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
Capstead operates as a self-managed REIT earning income from investing in a leveraged portfolio of residential mortgage pass-through securities primarily consisting of relatively short-duration ARM Agency Securities, which reset to more current interest rates within a relatively short period of time and are considered to have limited, if any, credit risk. By investing in ARM Agency Securities, the Company is positioned to benefit from future recoveries in financing spreads that typically contract during periods of rising interest rates and to experience smaller fluctuations in portfolio values compared to leveraged portfolios containing a significant amount of fixed-rate mortgage securities.
Capstead reported for GAAP purposes net income of $16 million and $34 million representing $0.11 and $0.26 per diluted common share for the quarter and six months ended June 30, 2021, respectively. The Company reported core earnings of $14 million and $31 million or $0.09 and $0.22 per diluted common share for the quarter and six months ended June 30, 2021, respectively. See “Reconciliation of GAAP and non-GAAP Financial Measures” for more information on core earnings.