Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CAPSTEAD MORTGAGE CORP | d350665d8k.htm |
| EX-99.2 - FIRST QUARTER 2012 INVESTOR FACT SHEET - CAPSTEAD MORTGAGE CORP | d350665dex992.htm |
 CAPSTEAD
Information as of March 31, 2012
Investor Presentation
****************************************************************
****************************************************************
****************************************************************
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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,”
“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 (together, 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;
–
changes in legislation or regulation affecting exemptions for
mortgage REITs from regulation under the Investment
Company Act of 1940; 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
March
31,
2012,
we
had
a
total
investment
portfolio
of
$13.01
billion,
supported
by
long-term
investment capital of $1.50 billion levered 8.05 times.*
•
Our five-year compound annual total return of 20.9% exceeded the Russell 2000
Index and the NAREIT Mortgage Index.**
•
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 2-year 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 from an interest rate risk
perspective.
•
Our
prudently
leveraged
portfolio
provides
financial
flexibility
to
manage
changing
market
conditions.
•
Our
top
four
executive
officers
have
nearly
85
years
of
combined
mortgage
finance
industry experience, including nearly 80 years at Capstead.
•
We are self-managed with low operating costs and a focus on
performance-based compensation
for
our
executive
officers.
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 March 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
92,951
186
16,415
Cost of preferred capital
11.44%
11.16%
8.49%
10.24%
Price as of May 9, 2012
$13.80
$22.90
$14.64
Book Value per common share
$13.04
Price as a multiple of March 31, 2012
book value
105.8%
Recorded value
$1,213,768
$2,604
$185,259
$99,978
$1,501,609
Market capitalization as of May 9, 2012
$1,282,724
$4,259
$240,316
$99,978
$1,627,277
(a)
As of March 31, 2012.
(b)
Includes $9 million in new equity capital raised subsequent to quarter-end (through May 9, 2012).
4
(a)
(a)
(a)
(a)
(b) |
 Capstead’s Prudent Use of Leverage
5
**
Borrowings
under
repurchase
arrangements
divided
by
long-term
investment
capital.
Portfolio leverage ended the first quarter of 2012 at 8.05 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.
During the first quarter of 2012 we raised $60 million in new common equity capital
and $3 million in Series B preferred equity capital using our
at-the-market continuous offering program. Subsequent to quarter-end through May 9, 2012 we
raised an additional $9 million in new equity capital under the program.
($ in millions)
Portfolio Leverage*
Long-Term Investment Capital
$860
$1,114
$1,127
$1,393
$1,502
81%
80%
75%
75%
67%
12%
13%
16%
16%
21%
12%
9%
9%
7%
7%
$
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
12/31/08
12/31/09
12/31/10
12/31/11
3/31/12
Common Stock
Preferred Stock
Trust Prefered Securities, net
7.85x
6.67x
6.91x
8.15x
8.05x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
12/31/08
12/31/09
12/31/10
12/31/11
3/31/12
$100
$188
$1,214
Common Stock
Preferred Stock
Trust Preferred Securities, net |
27% 73%
33%
67%
Capstead’s Proven Short-Duration Investment Strategy
6
As of March 31, 2012
As of March 31, 2012
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: $12.08 billion
* Based on fair market value as of the indicated balance sheet
date. Total: $13.00 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 March 31, 2012, we had borrowings
outstanding
with
25
counterparties.
•
First quarter borrowing rates remained at favorable levels.
Average repo borrowing rates ended the quarter at 0.33%
(0.49% after considering currently-paying interest rate swaps).
•
At March 31, 2012 we held $3.3 billion notional amount of
currently-paying
two-year
interest
rate
swaps
requiring
fixed
rate payments averaging 0.83% with average maturities of 14
months. An additional $1.1 billion notional amount of two-year
forward-starting swaps were held at quarter-end that will begin
requiring fixed rate payments averaging 0.54% for two-year
periods on various dates between April 2012 and October 2012.
•
The duration of our investment portfolio and related ‘repo’
borrowings
was
approximately
10
months
and
6½
months,
respectively, at March 31, 2012. This resulted in a net duration
gap
of
approximately
3½
months.
Duration
is
a
measure
of
market price sensitivity to interest rate movements.
Longer-to-Reset
ARMs
$4.23 Billion
Current-Reset
ARMs
$8.77 Billion
Borrowings Hedged with
Currently-Paying
Interest Rate Swaps
$3.30 Billion
(excludes forward-
starting swaps)
Unhedged
Borrowings
$8.78 Billion |
 Capstead’s Stockholder Friendly Structure
7
Quarter Ended
March 31, 2012
*
Compensation-related expenses:
Fixed:
Salaries and related deferred compensation match,
payroll taxes, insurance and other benefits
0.25%
Variable:
Incentive Compensation
**
0.43
Dividend Equivalent Rights
0.07
73% of compensation-related
Performance Stock Awards
0.13
expenses were performance-based
Related deferred compensation match and payroll taxes
0.05
0.68
0.93
Other platform expenses
0.26
1.19%
*
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. Our most recent proxy
statement discloses that as of February 22, 2012 our directors and
executive officers beneficially owned 1.9% of our common shares. •
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: our management prospers when our stockholders prosper.
|
 Capstead’s Asset Yields and Borrowing Costs
(dollars in thousands, unaudited)
8
Basis
Yield/Cost
Runoff
Basis
Yield/Cost
Runoff
Agency-guaranteed securities:
Fannie Mae/Freddie Mac:
Fixed-rate
$ 3,862
6.49%
21.3%
$ 4,213
6.55%
19.7%
ARMs
10,924,284
2.11
17.3
10,769,813
2.08
18.3
Ginnie Mae ARMs
1,339,688
2.32
14.5
1,324,496
2.31
15.7
12,267,834
2.14
17.0
12,098,522
2.11
18.0
Unsecuritized residential mortgage loans:
Fixed-rate
3,214
6.79
6.6
3,268
6.58
6.7
ARMs
5,849
3.59
9.1
5,985
3.66
7.4
9,063
4.72
8.3
9,253
4.69
7.1
3,168
7.39
19.2
3,316
7.60
4.1
12,280,065
2.14*
17.0
12,111,091
2.11*
18.0
Other interest-earning assets
387,316
0.15
257,201
0.11
12,667,381
2.08
12,368,292
2.07
30-day to 90-day interest rates, as adjusted
for hedging transactions
11,551,607
0.49
11,275,359
0.54
Structured financings
3,168
7.39
3,316
7.60
11,554,775
0.49
11,278,675
0.54
Unsecured borrowings
103,095
8.49
103,095
8.49
11,657,870
0.56
11,381,770
0.61
Capital employed/Total financing spread
$ 1,009,511
1.52
$ 986,522
1.46
Financing spread on mortgage assets**
1.65
1.57
Secured borrowings based on:
Collateral for structured financings
First Quarter 2012 Average
Fourth Quarter 2011 Average
* Includes yield adjustments for investment premium amortization of 60
and 66 basis points, respectively. ** See pages 15 and 16 for
discussion of use of financing spread on mortgage assets, a non-GAAP financial measure. |
 *
Net WAC, or weighted average coupon, is the weighted average interest rate of the
mortgage loans underlying the indicated investments, net of servicing and other fees, as of March 31,
2012. Net WAC is expressed as a percentage calculated on an annualized basis
on the unpaid principal balance of the mortgage loans underlying these investments. Fully indexed
WAC represents the weighted average coupon upon one or more resets using interest
rate indexes and net margins as of March 31,2012. Gross WAC is the weighted average interest
rate
of
the
mortgage
loans
underlying
the
indicated
investments,
including
servicing
and
other
fees
paid
by
borrowers,
as
of
March
31,
2012.
NOTE: Excludes $10 million of fixed-rate investments.
Fully
Average
Months
Principal
Investment
Amortized Cost Basis
Fair Market
Net
Indexed
Net
to
Balance
Premiums
($)
%
Value
WAC*
WAC*
Margins
Roll
Current-reset ARMs:
Fannie Mae Agency Securities
$
5,668,422
$135,357
$
5,803,779
102.39
$5,965,037
2.50%
2.40%
1.70%
4.8
Freddie Mac Agency Securities
2,059,335
58,239
2,117,574
102.83
2,177,098
3.16
2.58
1.84
5.7
Ginnie Mae Agency Securities
606,849
11,687
618,536
101.93
627,179
2.40
1.71
1.51
7.0
Residential Mortgage Loans
5,747
21
5,768
100.37
5,845
3.47
2.50
2.05
4.6
8,340,353
205,304
8,545,657
102.46
8,775,159
2.65
2.39
1.72
5.2
Longer-to-reset ARMs:
Fannie Mae Agency Securities
2,277,519
84,351
2,361,870
103.70
2,385,366
3.15
2.83
1.78
46.9
Freddie Mac Agency Securities
1,077,122
40,347
1,117,469
103.75
1,128,007
3.24
2.90
1.87
49.4
Ginnie Mae Agency Securities
677,608
24,476
702,084
103.61
713,929
3.42
1.71
1.51
36.0
4,032,249
149,174
4,181,423
103.70
4,227,302
3.22
2.66
1.76
45.7 $12,372,602
$354,478
$12,727,080
102.87
$13,002,461
2.84
2.48
1.73
18.4
Gross WAC (rate paid by borrowers)*
3.49
Key Elements of Capstead’s ARM Portfolio
As of March 31, 2012 (dollars in thousands, unaudited)
9 |
 Appendix
CAPSTEAD
10
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|
 Capstead’s First Quarter 2012 Highlights
•
Earnings of $45.2 million or $0.44 per diluted common share.
•
Our
average
financing
spread
on
mortgage
assets*
increased
eight
basis
points
to
1.65%.
•
Our book value increased $0.52 to $13.04 per common share.
•
We raised $63
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. •
Portfolio leverage ended the quarter at 8.05 times long-term investment capital.
•
Operating expense as a percentage of long-term investment capital averaged
1.19%. •
Comments from our April 25, 2012 earnings press release:
“Market
conditions
remain
favorable
for
investing
in
agency-guaranteed
residential
ARM
securities
on
a
leveraged
basis,
with
attractive
financing
spreads
achievable
in
what
has
turned
out
to
be
a
relatively
stable
financing
environment.
During
the
first
quarter
we
grew
our
portfolio
by
$748
million to $13.01
billion while deploying $63
million in new common and preferred equity capital raised under our continuous
offering program. Portfolio leverage remained fairly stable at 8.05
times our long-term investment capital, which in our view, 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
predominantly of current-reset ARM securities.
“Mortgage prepayments continue to be a positive differentiating factor for
Capstead relative to our mortgage REIT peers, declining to an annualized CPR
of 14.5% during the first quarter from 15.6% experienced during the previous quarter. This reflects several critical factors, namely,
prepayments
on
more
seasoned
securities
continue
to
be
suppressed
by
low
housing
prices
and
credit
problems
being
experienced
by
many
of
these borrowers, while prepayments on newer originations remain somewhat elevated
as a result of relatively low prevailing mortgage interest rates. “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 3.49%.
Additionally, 67% of our portfolio was invested in ARM securities backed by mortgage loans that will reset 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. This also holds
true for borrowers eligible to refinance their mortgages under the government’s Home Affordable Refinance Program. For these reasons,
we expect prepays to remain largely in check in 2012.
“With the weighted average coupons of an increasing number of mortgage loans
underlying our current-reset ARM securities approaching fully-
indexed levels, we anticipate the impact to portfolio yields from coupon resets to
be relatively modest in the coming quarters, absent significant
changes
in
six-
and
twelve-month
indices.
Borrowing
rates,
which
benefited
from
the
expiration
of
$800
million
in
higher
cost
swap
agreements
during
the
first
quarter,
should
remain
relatively
low
given
the
Federal
Open
Market
Committee’s
stated
expectation
of
maintaining
an
accommodative monetary policy well into 2014.
“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.”
11
*
See
pages
15
and
16
for
discussion
of
use
of
financing
spread
on
mortgage
assets,
a
non-GAAP
financial
measure. |
 Capstead’s Quarterly Income Statements
(dollars in thousands, except per share amounts) (unaudited)
12
March
December
September
June
March
2012
2011
2011
2011
2011
Interest income:
Residential mortgage investments
65,733
$
63,910
$
62,890
$
63,136
$
53,141
$
Other
150
71
59
58
113
65,883
63,981
62,949
63,194
53,254
Interest expense:
Repurchase arrangements and similar borrowings
(14,103)
(15,556)
(15,744)
(13,706)
(12,322)
Unsecured borrowings
(2,187)
(2,187)
(2,186)
(2,187)
(2,187)
Other
-
-
-
(1)
(4)
(16,290)
(17,743)
(17,930)
(15,894)
(14,513)
49,593
46,238
45,019
47,300
38,741
Other revenue (expense):
Miscellaneous other revenue (expense)
(169)
(97)
(109)
(599)
(218)
Incentive compensation
(1,538)
(1,548)
(1,429)
(1,487)
(1,233)
Salaries and benefits
(1,827)
(1,698)
(1,631)
(1,672)
(1,700)
Other general and administrative expense
(954)
(992)
(911)
(1,066)
(963)
(4,488)
(4,335)
(4,080)
(4,824)
(4,114)
Income before equity in earnings of unconsolidated affiliates
45,105
41,903
40,939
42,476
34,627
Equity in earnings of unconsolidated affiliates
65
65
64
65
65
Net income
45,170
$
41,968
$
41,003
$
42,541
$
34,692
$
Net income per diluted common share
$0.44
$0.43
$0.43
$0.48
$0.41
Average long-term investment capital
1,454,495
$
1,370,471
$
1,350,693
$
1,253,747
$
1,158,254
$
Average balance of mortgage assets
12,280,065
12,111,091
11,609,545
10,601,719
8,993,926
Investment premium amortization
18,496
20,054
19,672
15,519
12,832
Portfolio runoff *
Average financing spread on mortgage assets**
19.9%
1.60
19.3%
1.83 Quarter Ended
1.65
17.0%
1.57
18.0%
17.1%
1.77 * 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 pages 15 and 16 for discussion of use of financing spread on
mortgage assets, a non-GAAP financial measure. |
 Capstead’s Annual Income Statements –
Five Years Ended 2011
(dollars in thousands, except per share amounts) (unaudited)
13
December
December
December
December
December
2011
2010
2009
2008
2007
Interest income:
Mortgage securities and similar investments
243,077
$
199,300
$
314,100
$
398,285
$
310,698
$
Other
301
478
495
2,204
945
243,378
199,778
314,595
400,489
311,643
Interest expense:
Repurchase arrangements and similar borrowings
(57,328)
(47,502)
(120,083)
(249,706)
(266,901)
Unsecured borrowings
(8,747)
(8,747)
(8,747)
(8,747)
(8,747)
Other
(5)
(2)
-
-
-
(66,080)
(56,251)
(128,830)
(258,453)
(275,648)
177,298
143,527
185,765
142,036
35,995
Other revenue (expense):
Miscellaneous other revenue (expense)
(1,023)
(904)
(40,641)
(1,593)
(6,394)
Incentive compensation
(5,697)
(5,055)
(4,769)
(6,000)
-
Salaries
and benefits (6,701)
(6,097)
(5,655)
(4,978)
(3,423)
Other general and administrative expense
(3,932)
(4,834)
(5,696)
(3,801)
(3,248)
(17,353)
(16,890)
(56,761)
(16,372)
(13,065)
Income before equity in earnings of unconsolidated affiliates
159,945
126,637
129,004
125,664
22,930
Equity in earnings of unconsolidated affiliates
259
259
259
259
1,783
Net income
160,204
$
126,896
$
129,263
$
125,923
$
24,713
$
Net income per diluted common share
$1.75
$1.52
$1.66
$1.93
$0.19
Average long-term investment capital
1,284,057
$
1,120,647
$
1,032,853
$
813,428
$
483,703
$
Average balance of mortgage assets
10,839,749
7,665,796
7,604,530
7,630,958
5,510,503
Investment premium amortization
68,077
57,634
29,426
29,336
24,091
Portfolio runoff *
Average financing spread on mortgage assets**
18.6%
1.94
31.2% Year Ended
18.4%
0.52
28.1%
2.40
18.3%
1.69
1.68 * 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 pages 15 and 16 for discussion of use of financing spread on
mortgage assets, a non-GAAP financial measure. |
 Capstead’s Comparative Balance Sheets
(dollars in thousands, except per share amounts)
14 |
 Capstead’s Use of Financing Spread on Mortgage
Assets, a Non-GAAP Financial Measure
First Quarter 2012 (dollars in thousands, unaudited)
15 |
 Capstead’s Use of Financing Spread on Mortgage
Assets, a Non-GAAP Financial Measure
Year Ended 2011 (dollars in thousands, unaudited)
16 |
 Experienced Management Team
17
Nearly
85
years
of
combined
mortgage
finance
industry
experience,
including
nearly
80
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 |