Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ | |||
ORCHID ISLAND CAPITAL, INC. | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
($ in thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
ASSETS: | ||||||||
Mortgage-backed securities, at fair value | ||||||||
Pledged to counterparties | $ | 2,937,749 | $ | 3,584,354 | ||||
Unpledged | 11,048 | 6,567 | ||||||
Total mortgage-backed securities | 2,948,797 | 3,590,921 | ||||||
Cash and cash equivalents | 162,725 | 193,770 | ||||||
Restricted cash | 38,725 | 84,885 | ||||||
Accrued interest receivable | 10,054 | 12,404 | ||||||
Derivative assets, at fair value | 1,336 | - | ||||||
Other assets | 755 | 100 | ||||||
Total Assets | $ | 3,162,392 | $ | 3,882,080 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
LIABILITIES: | ||||||||
Repurchase agreements | $ | 2,810,250 | $ | 3,448,106 | ||||
Payable for unsettled securities purchased | 3,450 | - | ||||||
Dividends payable | 5,299 | 5,045 | ||||||
Derivative liabilities, at fair value | 30,097 | 20,658 | ||||||
Accrued interest payable | 3,814 | 11,101 | ||||||
Due to affiliates | 520 | 622 | ||||||
Other liabilities | 818 | 1,041 | ||||||
Total Liabilities | 2,854,248 | 3,486,573 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY: | ||||||||
Preferred stock, $0.01 par value; 100,000,000 shares authorized; no shares issued | ||||||||
and outstanding as of March 31, 2020 and December 31, 2019 | - | - | ||||||
Common Stock, $0.01 par value; 500,000,000 shares authorized, 66,236,639 | ||||||||
shares issued and outstanding as of March 31, 2020 and 63,061,781 shares issued | ||||||||
and outstanding as of December 31, 2019 | 662 | 631 | ||||||
Additional paid-in capital | 418,803 | 414,998 | ||||||
Accumulated deficit | (111,321 | ) | (20,122 | ) | ||||
Total Stockholders' Equity | 308,144 | 395,507 | ||||||
Total Liabilities and Stockholders' Equity | $ | 3,162,392 | $ | 3,882,080 | ||||
See Notes to Financial Statements |
ORCHID ISLAND CAPITAL, INC. | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended March 31, 2020 and 2019 | ||||||||
($ in thousands, except per share data) | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Interest income | $ | 35,671 | $ | 32,433 | ||||
Interest expense | (16,523 | ) | (18,892 | ) | ||||
Net interest income | 19,148 | 13,541 | ||||||
Realized (losses) gains on mortgage-backed securities | (28,380 | ) | 243 | |||||
Unrealized gains on mortgage-backed securities | 3,032 | 18,041 | ||||||
Losses on derivative instruments | (82,858 | ) | (19,032 | ) | ||||
Net portfolio (loss) income | (89,058 | ) | 12,793 | |||||
Expenses: | ||||||||
Management fees | 1,377 | 1,285 | ||||||
Allocated overhead | 347 | 323 | ||||||
Accrued incentive compensation | (436 | ) | (408 | ) | ||||
Directors' fees and liability insurance | 260 | 253 | ||||||
Audit, legal and other professional fees | 255 | 301 | ||||||
Direct REIT operating expenses | 206 | 375 | ||||||
Other administrative | 132 | 67 | ||||||
Total expenses | 2,141 | 2,196 | ||||||
Net (loss) income | $ | (91,199 | ) | $ | 10,597 | |||
Basic and diluted net (loss) income per share | $ | (1.41 | ) | $ | 0.22 | |||
Weighted Average Shares Outstanding | 64,590,205 | 48,904,587 | ||||||
Dividends declared per common share | $ | 0.24 | $ | 0.24 | ||||
See Notes to Financial Statements |
ORCHID ISLAND CAPITAL, INC. | ||||||||||||||||||||
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
For the Three Months Ended March 31, 2020 and 2019 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Additional | Retained | |||||||||||||||||||
Common Stock | Paid-in | Earnings | ||||||||||||||||||
Shares | Par Value | Capital | (Deficit) | Total | ||||||||||||||||
Balances, January 1, 2019 | 49,132 | $ | 491 | $ | 379,975 | $ | (44,387 | ) | $ | 336,079 | ||||||||||
Net income | - | - | - | 10,597 | 10,597 | |||||||||||||||
Cash dividends declared | - | - | (11,822 | ) | - | (11,822 | ) | |||||||||||||
Issuance of common stock pursuant to public offerings, net | 1,268 | 13 | 8,490 | - | 8,503 | |||||||||||||||
Issuance of common stock pursuant to stock based | ||||||||||||||||||||
compensation plan | 7 | - | (6 | ) | - | (6 | ) | |||||||||||||
Amortization of stock based compensation | - | - | 87 | - | 87 | |||||||||||||||
Shares repurchased and retired | (469 | ) | (5 | ) | (3,019 | ) | - | (3,024 | ) | |||||||||||
Balances, March 31, 2019 | 49,938 | $ | 499 | $ | 373,705 | $ | (33,790 | ) | $ | 340,414 | ||||||||||
Balances, January 1, 2020 | 63,062 | $ | 631 | $ | 414,998 | $ | (20,122 | ) | $ | 395,507 | ||||||||||
Net loss | - | - | - | (91,199 | ) | (91,199 | ) | |||||||||||||
Cash dividends declared | - | - | (15,670 | ) | - | (15,670 | ) | |||||||||||||
Issuance of common stock pursuant to public offerings, net | 3,171 | 31 | 19,416 | - | 19,447 | |||||||||||||||
Issuance of common stock pursuant to stock based | ||||||||||||||||||||
compensation plan | 4 | - | - | - | - | |||||||||||||||
Amortization of stock based compensation | - | - | 59 | - | 59 | |||||||||||||||
Balances, March 31, 2020 | 66,237 | $ | 662 | $ | 418,803 | $ | (111,321 | ) | $ | 308,144 | ||||||||||
See Notes to Financial Statements |
ORCHID ISLAND CAPITAL, INC. | ||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
For the Three Months Ended March 31, 2020 and 2019 | ||||||||
($ in thousands) | ||||||||
2020 | 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net (loss) income | $ | (91,199 | ) | $ | 10,597 | |||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||
Stock based compensation | 59 | 87 | ||||||
Realized and unrealized losses (gains) on mortgage-backed securities | 25,348 | (18,284 | ) | |||||
Realized and unrealized losses on interest rate swaptions | 2,589 | 378 | ||||||
Realized and unrealized losses on interest rate swaps | 54,934 | 2,522 | ||||||
Realized losses on forward settling to-be-announced securities | 7,090 | 4,641 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accrued interest receivable | 2,350 | 696 | ||||||
Other assets | (655 | ) | (339 | ) | ||||
Accrued interest payable | (7,287 | ) | (1,299 | ) | ||||
Other liabilities | (223 | ) | (477 | ) | ||||
Due from affiliates | (102 | ) | (113 | ) | ||||
NET CASH USED IN OPERATING ACTIVITIES | (7,096 | ) | (1,591 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
From mortgage-backed securities investments: | ||||||||
Purchases | (1,334,350 | ) | (547,417 | ) | ||||
Sales | 1,808,867 | 655,359 | ||||||
Principal repayments | 142,259 | 94,785 | ||||||
Payments on net settlement of to-be-announced securities | (7,602 | ) | (11,146 | ) | ||||
Purchase of derivative financial instruments, net of margin cash received | (45,458 | ) | (8,723 | ) | ||||
NET CASH PROVIDED BY INVESTING ACTIVITIES | 563,716 | 182,858 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from repurchase agreements | 13,602,710 | 11,573,937 | ||||||
Principal payments on repurchase agreements | (14,240,566 | ) | (11,732,251 | ) | ||||
Cash dividends | (15,416 | ) | (11,758 | ) | ||||
Proceeds from issuance of common stock, net of issuance costs | 19,447 | 8,503 | ||||||
Common stock repurchases | - | (3,030 | ) | |||||
NET CASH USED IN FINANCING ACTIVITIES | (633,825 | ) | (164,599 | ) | ||||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (77,205 | ) | 16,668 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of the period | 278,655 | 126,263 | ||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of the period | $ | 201,450 | $ | 142,931 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Cash paid during the period for: | ||||||||
Interest | $ | 23,809 | $ | 20,190 | ||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES: | ||||||||
Securities acquired settled in later period | $ | 3,450 | $ | 35,026 | ||||
See Notes to Financial Statements |
(in thousands) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Cash and cash equivalents | $ | 162,725 | $ | 193,770 | ||||
Restricted cash | 38,725 | 84,885 | ||||||
Total cash, cash equivalents and restricted cash | $ | 201,450 | $ | 278,655 |
(in thousands) | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
Pass-Through RMBS Certificates: | ||||||||
Adjustable-rate Mortgages | $ | 984 | $ | 1,014 | ||||
Fixed-rate Mortgages | 2,734,310 | 3,206,013 | ||||||
Fixed-rate CMOs | 173,409 | 299,205 | ||||||
Total Pass-Through Certificates | 2,908,703 | 3,506,232 | ||||||
Structured RMBS Certificates: | ||||||||
Interest-Only Securities | 40,094 | 60,986 | ||||||
Inverse Interest-Only Securities | - | 23,703 | ||||||
Total Structured RMBS Certificates | 40,094 | 84,689 | ||||||
Total | $ | 2,948,797 | $ | 3,590,921 |
($ in thousands) | ||||||||||||||||||||
OVERNIGHT | BETWEEN 2 | BETWEEN 31 | GREATER | |||||||||||||||||
(1 DAY OR | AND | AND | THAN | |||||||||||||||||
LESS) | 30 DAYS | 90 DAYS | 90 DAYS | TOTAL | ||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Fair market value of securities pledged, including | ||||||||||||||||||||
accrued interest receivable | $ | - | $ | 1,856,721 | $ | 1,090,882 | $ | - | $ | 2,947,603 | ||||||||||
Repurchase agreement liabilities associated with | ||||||||||||||||||||
these securities | $ | - | $ | 1,768,968 | $ | 1,041,282 | $ | - | $ | 2,810,250 | ||||||||||
Net weighted average borrowing rate | - | 1.11 | % | 1.76 | % | - | 1.35 | % | ||||||||||||
December 31, 2019 | ||||||||||||||||||||
Fair market value of securities pledged, including | ||||||||||||||||||||
accrued interest receivable | $ | - | $ | 2,470,263 | $ | 1,005,517 | $ | 120,941 | $ | 3,596,721 | ||||||||||
Repurchase agreement liabilities associated with | ||||||||||||||||||||
these securities | $ | - | $ | 2,361,378 | $ | 964,368 | $ | 122,360 | $ | 3,448,106 | ||||||||||
Net weighted average borrowing rate | - | 2.04 | % | 1.94 | % | 2.60 | % | 2.03 | % |
(in thousands) | |||||||||
Derivative Instruments and Related Accounts | Balance Sheet Location | March 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||||
Payer swaptions | Derivative assets, at fair value | $ | 1,336 | $ | - | ||||
Total derivative assets, at fair value | $ | 1,336 | $ | - | |||||
Liabilities | |||||||||
Interest rate swaps | Derivative liabilities, at fair value | $ | 30,097 | $ | 20,146 | ||||
TBA securities | Derivative liabilities, at fair value | - | 512 | ||||||
Total derivative liabilities, at fair value | $ | 30,097 | $ | 20,658 | |||||
Margin Balances Posted to (from) Counterparties | |||||||||
Futures contracts | Restricted cash | $ | 898 | $ | 1,338 | ||||
TBA securities | Restricted cash | - | 246 | ||||||
Interest rate swap contracts | Restricted cash | 15,588 | 17,450 | ||||||
Total margin balances on derivative contracts | $ | 16,486 | $ | 19,034 |
($ in thousands) | ||||||||||||||||
March 31, 2020 | ||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||
Contract | Average | Average | ||||||||||||||
Notional | Entry | Effective | Open | |||||||||||||
Expiration Year | Amount | Rate | Rate | Equity(1) | ||||||||||||
Eurodollar Futures Contracts (Short Positions) | ||||||||||||||||
2020 | $ | 50,000 | 3.24 | % | 0.41 | % | $ | (1,064 | ) | |||||||
2021 | 50,000 | 1.03 | % | 0.30 | % | (362 | ) | |||||||||
Total / Weighted Average | $ | 50,000 | 1.98 | % | 0.35 | % | $ | (1,426 | ) | |||||||
Treasury Note Futures Contracts (Short Position)(2) | ||||||||||||||||
June 2020 5-year T-Note futures | ||||||||||||||||
(Jun 2020 - Jun 2025 Hedge Period) | $ | 69,000 | 1.57 | % | 0.81 | % | $ | (3,175 | ) |
($ in thousands) | ||||||||||||||||
December 31, 2019 | ||||||||||||||||
Average | Weighted | Weighted | ||||||||||||||
Contract | Average | Average | ||||||||||||||
Notional | Entry | Effective | Open | |||||||||||||
Expiration Year | Amount | Rate | Rate | Equity(1) | ||||||||||||
Eurodollar Futures Contracts (Short Positions) | ||||||||||||||||
2020 | $ | 500,000 | 2.97 | % | 1.67 | % | $ | (6,505 | ) | |||||||
Total / Weighted Average | $ | 500,000 | 2.97 | % | 1.67 | % | $ | (6,505 | ) | |||||||
Treasury Note Futures Contracts (Short Position)(2) | ||||||||||||||||
March 2020 5 year T-Note futures | ||||||||||||||||
(Mar 2020 - Mar 2025 Hedge Period) | $ | 69,000 | 1.96 | % | 2.06 | % | $ | 302 |
($ in thousands) | ||||||||||||||||||||
Average | Net | |||||||||||||||||||
Fixed | Average | Estimated | Average | |||||||||||||||||
Notional | Pay | Receive | Fair | Maturity | ||||||||||||||||
Amount | Rate | Rate | Value | (Years) | ||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Expiration > 3 to ≤ 5 years | $ | 625,000 | 1.65 | % | 1.74 | % | $ | (30,097 | ) | 4.2 | ||||||||||
$ | 625,000 | 1.65 | % | 1.74 | % | $ | (30,097 | ) | 4.2 | |||||||||||
December 31, 2019 | ||||||||||||||||||||
Expiration > 1 to ≤ 3 years | $ | 360,000 | 2.05 | % | 1.90 | % | $ | (3,680 | ) | 2.3 | ||||||||||
Expiration > 3 to ≤ 5 years | 910,000 | 2.03 | % | 1.93 | % | (16,466 | ) | 4.4 | ||||||||||||
$ | 1,270,000 | 2.03 | % | 1.92 | % | $ | (20,146 | ) | 3.8 |
($ in thousands) | ||||||||
Option | Underlying Swap | |||||||
Weighted | Average | Weighted | ||||||
Average | Average | Adjustable | Average | |||||
Fair | Months to | Notional | Fixed | Rate | Term | |||
Expiration | Cost | Value | Expiration | Amount | Rate | (LIBOR) | (Years) | |
March 31, 2020 | ||||||||
≤ 1 year | ||||||||
Payer Swaptions | $3,925 | $1,336 | 8.0 | $750,000 | 1.22% | 3 Month | 4.3 |
($ in thousands) | |||||||||||||||||||
Notional | Net | ||||||||||||||||||
Amount | Cost | Market | Carrying | ||||||||||||||||
Long (Short)(1) | Basis(2) | Value(3) | Value(4) | ||||||||||||||||
December 31, 2019 | |||||||||||||||||||
30-Year TBA securities: | |||||||||||||||||||
4.5 | % | $ | (300,000 | ) | $ | (315,426 | ) | $ | (315,938 | ) | $ | (512 | ) | ||||||
Total | $ | (300,000 | ) | $ | (315,426 | ) | $ | (315,938 | ) | $ | (512 | ) |
(in thousands) | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Eurodollar futures contracts (short positions) | $ | (8,217 | ) | $ | (10,041 | ) | ||
T-Note futures contracts (short position) | (4,339 | ) | (1,677 | ) | ||||
Interest rate swaps | (60,623 | ) | (2,295 | ) | ||||
Payer swaptions | (2,589 | ) | (378 | ) | ||||
Net TBA securities | (7,090 | ) | (4,641 | ) | ||||
Total | $ | (82,858 | ) | $ | (19,032 | ) |
(in thousands) | ||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
Repurchase | Derivative | Repurchase | Derivative | |||||||||||||||||||||
Assets Pledged to Counterparties | Agreements | Agreements | Total | Agreements | Agreements | Total | ||||||||||||||||||
PT RMBS - fair value | $ | 2,900,536 | $ | - | $ | 2,900,536 | $ | 3,500,394 | $ | - | $ | 3,500,394 | ||||||||||||
Structured RMBS - fair value | 37,213 | - | 37,213 | 83,960 | - | 83,960 | ||||||||||||||||||
Accrued interest on pledged securities | 9,853 | - | 9,853 | 12,367 | - | 12,367 | ||||||||||||||||||
Restricted cash | 22,239 | 16,486 | 38,725 | 65,851 | 19,034 | 84,885 | ||||||||||||||||||
Total | $ | 2,969,841 | $ | 16,486 | $ | 2,986,327 | $ | 3,662,572 | $ | 19,034 | $ | 3,681,606 |
(in thousands) | ||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||
Repurchase | Derivative | Repurchase | Derivative | |||||||||||||||||||||
Assets Pledged to Orchid | Agreements | Agreements | Total | Agreements | Agreements | Total | ||||||||||||||||||
Cash | $ | 427 | $ | - | $ | 427 | $ | 1,418 | $ | - | $ | 1,418 | ||||||||||||
Total | $ | 427 | $ | - | $ | 427 | $ | 1,418 | $ | - | $ | 1,418 |
(in thousands) | ||||||||||||
Offsetting of Assets | ||||||||||||
Gross Amount Not | ||||||||||||
Net Amount | Offset in the Balance Sheet | |||||||||||
of Assets | Financial | |||||||||||
Gross Amount | Gross Amount | Presented | Instruments | Cash | ||||||||
of Recognized | Offset in the | in the | Received as | Received as | Net | |||||||
Assets | Balance Sheet | Balance Sheet | Collateral | Collateral | Amount | |||||||
March 31, 2020 | ||||||||||||
Interest rate swaptions | $1,336 | $- | $1,336 | $- | $- | $1,336 | ||||||
$1,336 | $- | $1,336 | $- | $- | $1,336 |
(in thousands) | ||||||||||||||||||||||||
Offsetting of Liabilities | ||||||||||||||||||||||||
Gross Amount Not | ||||||||||||||||||||||||
Net Amount | Offset in the Balance Sheet | |||||||||||||||||||||||
of Liabilities | Financial | |||||||||||||||||||||||
Gross Amount | Gross Amount | Presented | Instruments | |||||||||||||||||||||
of Recognized | Offset in the | in the | Posted as | Cash Posted | Net | |||||||||||||||||||
Liabilities | Balance Sheet | Balance Sheet | Collateral | as Collateral | Amount | |||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||
Repurchase Agreements | $ | 2,810,250 | $ | - | $ | 2,810,250 | $ | (2,788,011 | ) | $ | (22,239 | ) | $ | - | ||||||||||
Interest rate swaps | 30,097 | - | 30,097 | - | (15,588 | ) | 14,509 | |||||||||||||||||
$ | 2,840,347 | $ | - | $ | 2,840,347 | $ | (2,788,011 | ) | $ | (37,827 | ) | $ | 14,509 | |||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Repurchase Agreements | $ | 3,448,106 | $ | - | $ | 3,448,106 | $ | (3,382,255 | ) | $ | (65,851 | ) | $ | - | ||||||||||
Interest rate swaps | 20,146 | - | 20,146 | - | (17,450 | ) | 2,696 | |||||||||||||||||
TBA securities | 512 | - | 512 | - | (246 | ) | 266 | |||||||||||||||||
$ | 3,468,764 | $ | - | $ | 3,468,764 | $ | (3,382,255 | ) | $ | (83,547 | ) | $ | 2,962 |
($ in thousands, except per share amounts) | |||||||||||||
Weighted | |||||||||||||
Average | |||||||||||||
Price | |||||||||||||
Received | Net | ||||||||||||
Type of Offering | Period | Per Share(1) | Shares | Proceeds(2) | |||||||||
2020 | |||||||||||||
At the Market Offering Program(3) | First Quarter | $ | 6.23 | 3,170,727 | $ | 19,447 | |||||||
Total | 3,170,727 | $ | 19,447 | ||||||||||
2019 | |||||||||||||
At the Market Offering Program(3) | First Quarter | $ | 6.84 | 1,267,894 | $ | 8,503 | |||||||
At the Market Offering Program(3) | Second Quarter | 6.70 | 4,337,931 | 28,495 | |||||||||
At the Market Offering Program(3) | Third Quarter | 6.37 | 1,771,301 | 11,098 | |||||||||
Follow-on Offering | Third Quarter | 6.35 | 7,000,000 | 44,218 | |||||||||
14,377,126 | $ | 92,314 |
(in thousands, except per share amounts) | ||||||||
Year | Per Share Amount | Total | ||||||
2013 | $ | 1.395 | $ | 4,662 | ||||
2014 | 2.160 | 22,643 | ||||||
2015 | 1.920 | 38,748 | ||||||
2016 | 1.680 | 41,388 | ||||||
2017 | 1.680 | 70,717 | ||||||
2018 | 1.070 | 55,814 | ||||||
2019 | 0.960 | 54,421 | ||||||
2020 - YTD(1) | 0.295 | 19,322 | ||||||
Totals | $ | 11.160 | $ | 307,715 |
($ in thousands, except per share data) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Grant Date | Grant Date | |||||||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||||||
Unvested, beginning of period | 19,021 | $ | 7.78 | 43,672 | $ | 8.34 | ||||||||||
Vested and issued | (4,153 | ) | 8.20 | (8,173 | ) | 9.08 | ||||||||||
Unvested, end of period | 14,868 | $ | 7.66 | 35,499 | $ | 8.17 | ||||||||||
Compensation expense during period | $ | 14 | $ | 42 | ||||||||||||
Unrecognized compensation expense, end of period | $ | 27 | $ | 115 | ||||||||||||
Intrinsic value, end of period | $ | 44 | $ | 234 | ||||||||||||
Weighted-average remaining vesting term (in years) | 0.7 | 1.0 |
($ in thousands, except per share data) | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Grant Date | Grant Date | |||||||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||||||
Outstanding, beginning of period | 43,570 | $ | 6.56 | 12,434 | $ | 7.37 | ||||||||||
Granted and vested | 9,008 | 5.69 | 7,350 | 6.41 | ||||||||||||
Issued | - | - | - | - | ||||||||||||
Outstanding, end of period | 52,578 | $ | 6.41 | 19,784 | $ | 7.01 | ||||||||||
Compensation expense during period | $ | 45 | $ | 45 | ||||||||||||
Intrinsic value, end of period | $ | 155 | $ | 130 |
(in thousands, except per share information) | ||||||||
Three Months Ended March 31, | ||||||||
2020 | 2019 | |||||||
Basic and diluted EPS per common share: | ||||||||
Numerator for basic and diluted EPS per share of common stock: | ||||||||
Net (loss) income - Basic and diluted | $ | (91,199 | ) | $ | 10,597 | |||
Weighted average shares of common stock: | ||||||||
Shares of common stock outstanding at the balance sheet date | 66,237 | 49,938 | ||||||
Unvested dividend eligible share based compensation | ||||||||
outstanding at the balance sheet date | - | 55 | ||||||
Effect of weighting | (1,647 | ) | (1,088 | ) | ||||
Weighted average shares-basic and diluted | 64,590 | 48,905 | ||||||
Net (loss) income per common share: | ||||||||
Basic and diluted | $ | (1.41 | ) | $ | 0.22 | |||
Anti-dilutive incentive shares not included in calculation. | 67 | - |
(in thousands) | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Fair Value | Assets | Inputs | Inputs | |||||||||||||
Measurements | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
March 31, 2020 | ||||||||||||||||
Mortgage-backed securities | $ | 2,948,797 | $ | - | $ | 2,948,797 | $ | - | ||||||||
Interest rate swaps | (30,097 | ) | - | (30,097 | ) | - | ||||||||||
Interest rate swaptions | 1,336 | - | 1,336 | - | ||||||||||||
December 31, 2019 | ||||||||||||||||
Mortgage-backed securities | $ | 3,590,921 | $ | - | $ | 3,590,921 | $ | - | ||||||||
Interest rate swaps | (20,146 | ) | - | (20,146 | ) | - | ||||||||||
TBA securities | (512 | ) | - | (512 | ) | - |
(in thousands) | ||||||||||||
2020 | 2019 | Change | ||||||||||
Interest income | $ | 35,671 | $ | 32,433 | $ | 3,238 | ||||||
Interest expense | (16,523 | ) | (18,892 | ) | 2,369 | |||||||
Net interest income | 19,148 | 13,541 | 5,607 | |||||||||
Losses on RMBS and derivative contracts | (108,206 | ) | (748 | ) | (107,458 | ) | ||||||
Net portfolio (deficiency) income | (89,058 | ) | 12,793 | (101,851 | ) | |||||||
Expenses | (2,141 | ) | (2,196 | ) | 55 | |||||||
Net (loss) income | $ | (91,199 | ) | $ | 10,597 | $ | (101,796 | ) |
Net Earnings Excluding Realized and Unrealized Gains and Losses | ||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||
Per Share | ||||||||||||||||||||||||
Net Earnings | Net Earnings | |||||||||||||||||||||||
Excluding | Excluding | |||||||||||||||||||||||
Realized and | Realized and | Realized and | Realized and | |||||||||||||||||||||
Net | Unrealized | Unrealized | Net | Unrealized | Unrealized | |||||||||||||||||||
Income | Gains and | Gains and | Income | Gains and | Gains and | |||||||||||||||||||
(GAAP) | Losses(1) | Losses | (GAAP) | Losses | Losses | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2020 | $ | (91,199 | ) | $ | (108,206 | ) | $ | 17,007 | $ | (1.41 | ) | $ | (1.68 | ) | $ | 0.27 | ||||||||
December 31, 2019 | 18,614 | 3,841 | 14,773 | 0.29 | 0.06 | 0.23 | ||||||||||||||||||
September 30, 2019 | (8,477 | ) | (19,429 | ) | 10,952 | (0.14 | ) | (0.32 | ) | 0.18 | ||||||||||||||
June 30, 2019 | 3,530 | (7,672 | ) | 11,202 | 0.07 | (0.15 | ) | 0.22 | ||||||||||||||||
March 31, 2019 | 10,597 | (748 | ) | 11,345 | 0.22 | (0.02 | ) | 0.24 |
Gains (Losses) on Derivative Instruments | ||||||||||||||||
(in thousands) | ||||||||||||||||
Funding Hedges | ||||||||||||||||
Recognized in | Attributed to | Attributed to | ||||||||||||||
Income | TBA | Current | Future | |||||||||||||
Statement | Securities | Period | Periods | |||||||||||||
(GAAP) | Income (Loss) | (Non-GAAP) | (Non-GAAP) | |||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2020 | $ | (82,858 | ) | $ | (7,090 | ) | $ | (4,900 | ) | $ | (70,868 | ) | ||||
December 31, 2019 | 10,792 | (512 | ) | 3,823 | $ | 7,481 | ||||||||||
September 30, 2019 | (8,648 | ) | 2,479 | 1,244 | $ | (12,371 | ) | |||||||||
June 30, 2019 | (34,288 | ) | (1,684 | ) | 1,464 | $ | (34,068 | ) | ||||||||
March 31, 2019 | (19,032 | ) | (4,641 | ) | 2,427 | $ | (16,818 | ) |
Economic Interest Expense and Economic Net Interest Income | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Interest Expense on Borrowings | ||||||||||||||||||||||||
Gains | ||||||||||||||||||||||||
(Losses) on | ||||||||||||||||||||||||
Derivative | ||||||||||||||||||||||||
Instruments | Net Interest Income | |||||||||||||||||||||||
GAAP | Attributed | Economic | GAAP | Economic | ||||||||||||||||||||
Interest | Interest | to Current | Interest | Net Interest | Net Interest | |||||||||||||||||||
Income | Expense | Period(1) | Expense(2) | Income | Income(3) | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2020 | $ | 35,671 | $ | 16,523 | $ | (4,900 | ) | $ | 21,423 | $ | 19,148 | $ | 14,248 | |||||||||||
December 31, 2019 | 37,529 | 20,022 | 3,823 | 16,199 | 17,507 | 21,330 | ||||||||||||||||||
September 30, 2019 | 35,907 | 22,321 | 1,244 | 21,077 | 13,586 | 14,830 | ||||||||||||||||||
June 30, 2019 | 36,455 | 22,431 | 1,464 | 20,967 | 14,024 | 15,488 | ||||||||||||||||||
March 31, 2019 | 32,433 | 18,892 | 2,427 | 16,465 | 13,541 | 15,968 |
($ in thousands) | ||||||||||||||||||||||||||||||||
Average | Yield on | Interest Expense | Average Cost of Funds | |||||||||||||||||||||||||||||
RMBS | Interest | Average | Average | GAAP | Economic | GAAP | Economic | |||||||||||||||||||||||||
Held(1) | Income | RMBS | Borrowings(1) | Basis | Basis(2) | Basis | Basis(3) | |||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, 2020 | $ | 3,269,859 | $ | 35,671 | 4.36 | % | $ | 3,129,178 | $ | 16,523 | $ | 21,423 | 2.11 | % | 2.74 | % | ||||||||||||||||
December 31, 2019 | 3,705,920 | 37,529 | 4.05 | % | 3,631,042 | 20,022 | 16,199 | 2.21 | % | 1.78 | % | |||||||||||||||||||||
September 30, 2019 | 3,674,087 | 35,907 | 3.91 | % | 3,571,752 | 22,321 | 21,077 | 2.50 | % | 2.36 | % | |||||||||||||||||||||
June 30, 2019 | 3,307,885 | 36,455 | 4.41 | % | 3,098,133 | 22,431 | 20,967 | 2.90 | % | 2.71 | % | |||||||||||||||||||||
March 31, 2019 | 3,051,509 | 32,433 | 4.25 | % | 2,945,895 | 18,892 | 16,465 | 2.57 | % | 2.24 | % |
($ in thousands) | ||||||||||||||||
Net Interest Income | Net Interest Spread | �� | ||||||||||||||
GAAP | Economic | GAAP | Economic | |||||||||||||
Basis | Basis(2) | Basis | Basis(4) | |||||||||||||
Three Months Ended | ||||||||||||||||
March 31, 2020 | $ | 19,148 | $ | 14,248 | 2.25 | % | 1.62 | % | ||||||||
December 31, 2019 | 17,507 | 21,330 | 1.84 | % | 2.27 | % | ||||||||||
September 30, 2019 | 13,586 | 14,830 | 1.41 | % | 1.55 | % | ||||||||||
June 30, 2019 | 14,024 | 15,488 | 1.51 | % | 1.70 | % | ||||||||||
March 31, 2019 | 13,541 | 15,968 | 1.68 | % | 2.01 | % |
($ in thousands) | ||||||||||||||||||||||||||||||||||||
Average RMBS Held | Interest Income | Realized Yield on Average RMBS | ||||||||||||||||||||||||||||||||||
PT | Structured | PT | Structured | PT | Structured | |||||||||||||||||||||||||||||||
Three Months Ended | RMBS | RMBS | Total | RMBS | RMBS | Total | RMBS | RMBS | Total | |||||||||||||||||||||||||||
March 31, 2020 | $ | 3,207,467 | $ | 62,392 | $ | 3,269,859 | $ | 35,286 | $ | 385 | $ | 35,671 | 4.40 | % | 2.47 | % | 4.36 | % | ||||||||||||||||||
December 31, 2019 | 3,611,461 | 94,459 | 3,705,920 | 36,600 | 929 | 37,529 | 4.05 | % | 3.93 | % | 4.05 | % | ||||||||||||||||||||||||
September 30, 2019 | 3,558,075 | 116,012 | 3,674,087 | 36,332 | (425 | ) | 35,907 | 4.08 | % | (1.47 | )% | 3.91 | % | |||||||||||||||||||||||
June 30, 2019 | 3,181,976 | 125,909 | 3,307,885 | 34,992 | 1,463 | 36,455 | 4.40 | % | 4.65 | % | 4.41 | % | ||||||||||||||||||||||||
March 31, 2019 | 2,919,415 | 132,094 | 3,051,509 | 30,328 | 2,105 | 32,433 | 4.16 | % | 6.37 | % | 4.25 | % |
($ in thousands) | ||||||||||||||||||||
Average | Interest Expense | Average Cost of Funds | ||||||||||||||||||
Balance of | GAAP | Economic | GAAP | Economic | ||||||||||||||||
Three Months Ended | Borrowings | Basis | Basis | Basis | Basis | |||||||||||||||
March 31, 2020 | $ | 3,129,178 | $ | 16,523 | $ | 21,423 | 2.11 | % | 2.74 | % | ||||||||||
December 31, 2019 | 3,631,042 | 20,022 | 16,199 | 2.21 | % | 1.78 | % | |||||||||||||
September 30, 2019 | 3,571,752 | 22,321 | 21,077 | 2.50 | % | 2.36 | % | |||||||||||||
June 30, 2019 | 3,098,133 | 22,431 | 20,967 | 2.90 | % | 2.71 | % | |||||||||||||
March 31, 2019 | 2,945,895 | 18,892 | 16,465 | 2.57 | % | 2.24 | % |
Average GAAP Cost of Funds | Average Economic Cost of Funds | |||||||||||||||||||||||
Relative to Average | Relative to Average | |||||||||||||||||||||||
Average LIBOR | One-Month | Six-Month | One-Month | Six-Month | ||||||||||||||||||||
One-Month | Six-Month | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
March 31, 2020 | 1.34 | % | 1.43 | % | 0.77 | % | 0.68 | % | 1.40 | % | 1.31 | % | ||||||||||||
December 31, 2019 | 1.90 | % | 1.98 | % | 0.31 | % | 0.23 | % | (0.12 | )% | (0.20 | )% | ||||||||||||
September 30, 2019 | 2.22 | % | 2.18 | % | 0.28 | % | 0.32 | % | 0.14 | % | 0.18 | % | ||||||||||||
June 30, 2019 | 2.45 | % | 2.49 | % | 0.45 | % | 0.41 | % | 0.26 | % | 0.22 | % | ||||||||||||
March 31, 2019 | 2.51 | % | 2.77 | % | 0.06 | % | (0.20 | )% | (0.27 | )% | (0.53 | )% |
(in thousands) | ||||||||||||
2020 | 2019 | Change | ||||||||||
Realized (losses) gains on sales of RMBS | $ | (28,380 | ) | $ | 243 | $ | (28,623 | ) | ||||
Unrealized gains on RMBS | 3,032 | 18,041 | (15,009 | ) | ||||||||
Total (losses) gains on RMBS | (25,348 | ) | 18,284 | (43,632 | ) | |||||||
Losses on interest rate futures | (12,556 | ) | (11,718 | ) | (838 | ) | ||||||
Losses on interest rate swaps | (60,623 | ) | (2,295 | ) | (58,328 | ) | ||||||
Losses on payer swaptions | (2,589 | ) | (378 | ) | (2,211 | ) | ||||||
Losses on TBA securities | (7,090 | ) | (4,641 | ) | (2,449 | ) | ||||||
Total | $ | (108,206 | ) | $ | (748 | ) | $ | (107,458 | ) |
5 Year | 10 Year | 15 Year | 30 Year | Three | ||||||||||||||||
U.S. Treasury | U.S. Treasury | Fixed-Rate | Fixed-Rate | Month | ||||||||||||||||
Rate(1) | Rate(1) | Mortgage Rate(2) | Mortgage Rate(2) | LIBOR(3) | ||||||||||||||||
March 31, 2020 | 0.38 | % | 0.70 | % | 2.89 | % | 3.45 | % | 1.10 | % | ||||||||||
December 31, 2019 | 1.69 | % | 1.92 | % | 3.18 | % | 3.72 | % | 1.91 | % | ||||||||||
September 30, 2019 | 1.55 | % | 1.68 | % | 3.12 | % | 3.61 | % | 2.13 | % | ||||||||||
June 30, 2019 | 1.76 | % | 2.00 | % | 3.24 | % | 3.80 | % | 2.40 | % | ||||||||||
March 31, 2019 | 2.24 | % | 2.41 | % | 3.72 | % | 4.27 | % | 2.61 | % |
(in thousands) | ||||||||||||
2020 | 2019 | Change | ||||||||||
Management fees | $ | 1,377 | $ | 1,285 | $ | 92 | ||||||
Overhead allocation | 347 | 323 | 24 | |||||||||
Accrued incentive compensation | (436 | ) | (408 | ) | (28 | ) | ||||||
Directors fees and liability insurance | 260 | 253 | 7 | |||||||||
Audit, legal and other professional fees | 255 | 301 | (46 | ) | ||||||||
Other direct REIT operating expenses | 206 | 375 | (169 | ) | ||||||||
Other expenses | 132 | 67 | 65 | |||||||||
Total expenses | $ | 2,141 | $ | 2,196 | $ | (55 | ) |
($ in thousands) | ||||||||||||||||||||
Average | Average | Advisory Services | ||||||||||||||||||
Orchid | Orchid | Management | Overhead | |||||||||||||||||
Three Months Ended | MBS | Equity | Fee | Allocation | Total | |||||||||||||||
March 31, 2020 | $ | 3,269,859 | $ | 356,685 | $ | 1,377 | $ | 347 | $ | 1,724 | ||||||||||
December 31, 2019 | 3,705,920 | 414,018 | 1,477 | 379 | 1,856 | |||||||||||||||
September 30, 2019 | 3,674,087 | 394,788 | 1,440 | 351 | 1,791 | |||||||||||||||
June 30, 2019 | 3,307,885 | 363,961 | 1,326 | 327 | 1,653 | |||||||||||||||
March 31, 2019 | 3,051,509 | 363,204 | 1,285 | 323 | 1,608 |
Structured | ||||||||||||
PT RMBS | RMBS | Total | ||||||||||
Three Months Ended | Portfolio (%) | Portfolio (%) | Portfolio (%) | |||||||||
March 31, 2020 | 9.8 | 22.9 | 11.9 | |||||||||
December 31, 2019 | 14.3 | 23.4 | 16.0 | |||||||||
September 30, 2019 | 15.5 | 19.3 | 16.4 | |||||||||
June 30, 2019 | 10.9 | 12.7 | 11.4 | |||||||||
March 31, 2019 | 9.5 | 8.4 | 9.2 |
($ in thousands) | ||||||
Weighted | ||||||
Percentage | Average | |||||
of | Weighted | Maturity | ||||
Fair | Entire | Average | in | Longest | ||
Asset Category | Value | Portfolio | Coupon | Months | Maturity | |
March 31, 2020 | ||||||
Adjustable Rate RMBS | $ | 984 | 0.0% | 4.51% | 173 | 1-Sep-35 |
Fixed Rate RMBS | 2,734,310 | 92.7% | 3.88% | 338 | 1-Mar-50 | |
Fixed Rate CMOs | 173,409 | 5.9% | 4.00% | 323 | 15-Dec-42 | |
Total Mortgage-backed Pass-through | 2,908,703 | 98.6% | 3.89% | 337 | 1-Mar-50 | |
Interest-Only Securities | 40,094 | 1.4% | 4.00% | 278 | 25-Jul-48 | |
Total Structured RMBS | 40,094 | 1.4% | 4.00% | 278 | 25-Jul-48 | |
Total Mortgage Assets | $ | 2,948,797 | 100.0% | 3.90% | 330 | 1-Mar-50 |
December 31, 2019 | ||||||
Adjustable Rate RMBS | $ | 1,014 | 0.0% | 4.51% | 176 | 1-Sep-35 |
Fixed Rate RMBS | 3,206,013 | 89.3% | 3.90% | 342 | 1-Dec-49 | |
Fixed Rate CMOs | 299,205 | 8.3% | 4.20% | 331 | 15-Oct-44 | |
Total Mortgage-backed Pass-through | 3,506,232 | 97.6% | 3.92% | 341 | 1-Dec-49 | |
Interest-Only Securities | 60,986 | 1.7% | 3.99% | 280 | 25-Jul-48 | |
Inverse Interest-Only Securities | 23,703 | 0.7% | 3.34% | 285 | 15-Jul-47 | |
Total Structured RMBS | 84,689 | 2.4% | 3.79% | 281 | 25-Jul-48 | |
Total Mortgage Assets | $ | 3,590,921 | 100.0% | 3.90% | 331 | 1-Dec-49 |
($ in thousands) | ||||||||||||||||
March 31, 2020 | December 31, 2019 | |||||||||||||||
Percentage of | Percentage of | |||||||||||||||
Agency | Fair Value | Entire Portfolio | Fair Value | Entire Portfolio | ||||||||||||
Fannie Mae | $ | 2,194,582 | 74.4 | % | $ | 2,170,668 | 60.4 | % | ||||||||
Freddie Mac | 754,215 | 25.6 | % | 1,420,253 | 39.6 | % | ||||||||||
Total Portfolio | $ | 2,948,797 | 100.0 | % | $ | 3,590,921 | 100.0 | % |
March 31, 2020 | December 31, 2019 | |||||||
Weighted Average Pass-through Purchase Price | $ | 106.54 | $ | 105.16 | ||||
Weighted Average Structured Purchase Price | $ | 20.14 | $ | 18.15 | ||||
Weighted Average Pass-through Current Price | $ | 108.38 | $ | 106.26 | ||||
Weighted Average Structured Current Price | $ | 10.39 | $ | 13.85 | ||||
Effective Duration (1) | 2.200 | 2.780 |
($ in thousands) | ||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||
Total Cost | Average Price | Weighted Average Yield | Total Cost | Average Price | Weighted Average Yield | |||||||||||||||||||
Pass-through RMBS | $ | 1,334,350 | $ | 107.18 | 2.28 | % | $ | 582,403 | $ | 105.37 | 3.51 | % |
($ in thousands) | ||||||||||||||||||||
Difference Between Ending | ||||||||||||||||||||
Ending | Maximum | Average | Borrowings and | |||||||||||||||||
Balance of | Balance of | Balance of | Average Borrowings | |||||||||||||||||
Three Months Ended | Borrowings | Borrowings | Borrowings | Amount | Percent | |||||||||||||||
March 31, 2020 | $ | 2,810,250 | $ | 4,297,621 | $ | 3,129,178 | $ | (318,928 | ) | (10.19 | )%(1) | |||||||||
December 31, 2019 | 3,448,106 | 3,986,919 | 3,631,042 | (182,936 | ) | (5.04 | )% | |||||||||||||
September 30, 2019 | 3,813,977 | 3,847,417 | 3,571,752 | 242,225 | 6.78 | % | ||||||||||||||
June 30, 2019 | 3,329,527 | 3,730,460 | 3,098,133 | 231,394 | 7.47 | % | ||||||||||||||
March 31, 2019 | 2,866,738 | 3,022,771 | 2,945,895 | (79,157 | ) | (2.69 | )% |
(in thousands) | ||||||||||||||||||||
Obligations Maturing | ||||||||||||||||||||
Within One Year | One to Three Years | Three to Five Years | More than Five Years | Total | ||||||||||||||||
Repurchase agreements | $ | 2,810,250 | $ | - | $ | - | $ | - | $ | 2,810,250 | ||||||||||
Interest expense on repurchase agreements(1) | 6,625 | - | - | - | 6,625 | |||||||||||||||
Totals | $ | 2,816,875 | $ | - | $ | - | $ | - | $ | 2,816,875 |
(in thousands, except per share amounts) | ||||||||
Year | Per Share Amount | Total | ||||||
2013 | $ | 1.395 | $ | 4,662 | ||||
2014 | 2.160 | 22,643 | ||||||
2015 | 1.920 | 38,748 | ||||||
2016 | 1.680 | 41,388 | ||||||
2017 | 1.680 | 70,717 | ||||||
2018 | 1.070 | 55,814 | ||||||
2019 | 0.960 | 54,421 | ||||||
2020 - YTD(1) | 0.295 | 19,322 | ||||||
Totals | $ | 11.160 | $ | 307,715 |
Interest Rate Sensitivity(1) | ||||||||
Portfolio | ||||||||
Market | Book | |||||||
Change in Interest Rate | Value(2)(3) | Value(2)(4) | ||||||
As of March 31, 2020 | ||||||||
-200 Basis Points | 1.22 | % | 11.63 | % | ||||
-100 Basis Points | 0.70 | % | 6.66 | % | ||||
-50 Basis Points | 0.42 | % | 4.04 | % | ||||
+50 Basis Points | (0.54 | )% | (5.18 | )% | ||||
+100 Basis Points | (1.32 | )% | (12.63 | )% | ||||
+200 Basis Points | (3.92 | )% | (37.47 | )% | ||||
As of December 31, 2019 | ||||||||
-200 Basis Points | (0.07 | )% | (0.63 | )% | ||||
-100 Basis Points | 0.27 | % | 2.43 | % | ||||
-50 Basis Points | 0.27 | % | 2.49 | % | ||||
+50 Basis Points | (0.74 | )% | (6.73 | )% | ||||
+100 Basis Points | (1.88 | )% | (17.09 | )% | ||||
+200 Basis Points | (5.14 | )% | (46.66 | )% |
(1) |
Shares Purchased | Maximum Number | |||||||||||||||
Total Number | Weighted-Average | as Part of Publicly | of Shares That May Yet | |||||||||||||
of Shares | Price Paid | Announced | Be Repurchased Under | |||||||||||||
Repurchased(1) | Per Share | Programs(2) | the Authorization(2) | |||||||||||||
January 1, 2020 - January 31, 2020 | - | $ | - | - | 1,327,177 | |||||||||||
February 1, 2020 - February 29, 2020 | - | - | - | 1,327,177 | ||||||||||||
March 1, 2020 - March 31, 2020 | 20 | 2.95 | - | 1,327,177 | ||||||||||||
Totals / Weighted Average | 20 | $ | 2.95 | - | 1,327,177 |