Attached files
| file | filename |
|---|---|
| EX-32.2 - EX-32.2 - ANWORTH MORTGAGE ASSET CORP | anh-ex322_7.htm |
| EX-32.1 - EX-32.1 - ANWORTH MORTGAGE ASSET CORP | anh-ex321_6.htm |
| EX-31.2 - EX-31.2 - ANWORTH MORTGAGE ASSET CORP | anh-ex312_9.htm |
| EX-31.1 - EX-31.1 - ANWORTH MORTGAGE ASSET CORP | anh-ex311_8.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED June 30, 2016
OR
|
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-13709
ANWORTH MORTGAGE ASSET CORPORATION
(Exact name of registrant as specified in its charter)
|
MARYLAND |
52-2059785 |
|
(State or other jurisdiction of |
(I.R.S. Employer |
|
1299 Ocean Avenue, Second Floor, |
90401 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (310) 255-4493
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
|
Large Accelerated Filer |
¨ |
Accelerated Filer |
x |
|
|
|
|
|
|
Non-Accelerated Filer |
¨ (Do not check if a smaller reporting company) |
Smaller Reporting Company |
¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
At August 2, 2016, the registrant had 95,999,418 shares of common stock issued and 95,939,202 shares outstanding.
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX
|
|
|
|
Page |
|
Part I. |
|
1 |
|
|
|
Item 1. |
1 |
|
|
|
|
Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015 |
1 |
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
6 |
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
32 |
|
|
Item 3. |
50 |
|
|
|
Item 4. |
54 |
|
|
Part II. |
|
55 |
|
|
|
Item 1. |
55 |
|
|
|
Item 1A. |
55 |
|
|
|
Item 2. |
55 |
|
|
|
Item 3. |
55 |
|
|
|
Item 4. |
55 |
|
|
|
Item 5. |
55 |
|
|
|
Item 6. |
56 |
|
|
|
|
59 |
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
(in thousands, except per share amounts)
|
|
|
June 30, |
|
|
December 31, |
|
||
|
|
|
2016 |
|
|
2015 |
|
||
|
|
|
|
|
|
|
(audited) |
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Agency MBS: |
|
|
|
|
|
|
|
|
|
Agency MBS pledged to counterparties at fair value |
|
$ |
3,906,844 |
|
|
$ |
4,694,731 |
|
|
Agency MBS at fair value |
|
|
181,505 |
|
|
|
173,344 |
|
|
Paydowns receivable |
|
|
25,056 |
|
|
|
24,707 |
|
|
|
|
$ |
4,113,405 |
|
|
$ |
4,892,782 |
|
|
Non-Agency MBS at fair value (including $536,308 and $596,831 pledged to counterparties at June 30, 2016 and December 31, 2015, respectively) |
|
|
645,353 |
|
|
|
682,061 |
|
|
Residential mortgage loans held-for-investment(1) |
|
|
855,746 |
|
|
|
969,172 |
|
|
Residential real estate |
|
|
14,311 |
|
|
|
14,363 |
|
|
Cash and cash equivalents |
|
|
21,047 |
|
|
|
5,754 |
|
|
Restricted cash |
|
|
28,220 |
|
|
|
39,230 |
|
|
Interest and dividends receivable |
|
|
17,082 |
|
|
|
17,525 |
|
|
Derivative instruments at fair value |
|
|
5,566 |
|
|
|
12,470 |
|
|
Prepaid expenses and other |
|
|
3,089 |
|
|
|
2,983 |
|
|
Total Assets: |
|
$ |
5,703,819 |
|
|
$ |
6,636,340 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
Accrued interest payable |
|
$ |
13,276 |
|
|
$ |
13,443 |
|
|
Repurchase agreements |
|
|
4,075,445 |
|
|
|
4,915,528 |
|
|
Asset-backed securities issued by securitization trusts(1) |
|
|
828,937 |
|
|
|
915,486 |
|
|
Junior subordinated notes |
|
|
37,380 |
|
|
|
37,380 |
|
|
Derivative instruments at fair value |
|
|
60,931 |
|
|
|
34,547 |
|
|
Dividends payable on Series A Preferred Stock |
|
|
1,035 |
|
|
|
1,035 |
|
|
Dividends payable on Series B Preferred Stock |
|
|
394 |
|
|
|
394 |
|
|
Dividends payable on Series C Preferred Stock |
|
|
207 |
|
|
|
207 |
|
|
Dividends payable on common stock |
|
|
14,403 |
|
|
|
14,861 |
|
|
Accrued expenses and other |
|
|
6,009 |
|
|
|
1,308 |
|
|
Total Liabilities: |
|
$ |
5,038,017 |
|
|
$ |
5,934,189 |
|
|
Series B Cumulative Convertible Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($25,241 and $25,241, respectively); 1,010 and 1,010 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively |
|
$ |
23,924 |
|
|
$ |
23,924 |
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
Series A Cumulative Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($47,984 and $47,984, respectively); 1,919 and 1,919 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively |
|
$ |
46,537 |
|
|
$ |
46,537 |
|
|
Series C Cumulative Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($10,848 and $10,848, respectively); 434 and 434 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively |
|
|
10,039 |
|
|
|
10,039 |
|
|
Common Stock: par value $0.01 per share; authorized 200,000 shares, 96,021 shares issued and outstanding at June 30, 2016 and 99,078 shares issued and 98,944 shares outstanding at December 31, 2015, respectively |
|
|
960 |
|
|
|
991 |
|
|
Additional paid-in capital |
|
|
967,981 |
|
|
|
981,034 |
|
|
Accumulated other comprehensive income consisting of unrealized gains and losses |
|
|
31,514 |
|
|
|
949 |
|
|
Accumulated deficit |
|
|
(415,153 |
) |
|
|
(361,323 |
) |
|
Total Stockholders' Equity: |
|
$ |
641,878 |
|
|
$ |
678,227 |
|
|
Total Liabilities and Stockholders' Equity: |
|
$ |
5,703,819 |
|
|
$ |
6,636,340 |
|
|
|
|
(1) |
The consolidated balance sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIEs for which creditors do not have recourse to the Company. At June 30, 2016 and December 31, 2015, total assets of the consolidated VIEs were $859 million and $972 million, respectively, and total liabilities were $832 million and $918 million, respectively. Please refer to Note 4, “Variable Interest Entities,” for further discussion. |
See accompanying notes to unaudited consolidated financial statements.
1
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
Interest and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Agency MBS |
|
$ |
10,690 |
|
|
$ |
27,464 |
|
|
$ |
31,455 |
|
|
$ |
58,052 |
|
|
Interest-Non-Agency MBS |
|
|
9,137 |
|
|
|
6,385 |
|
|
|
18,418 |
|
|
|
10,032 |
|
|
Interest-residential mortgage loans |
|
|
9,111 |
|
|
|
1,188 |
|
|
|
18,424 |
|
|
|
1,188 |
|
|
Income-rental properties |
|
|
428 |
|
|
|
409 |
|
|
|
838 |
|
|
|
779 |
|
|
Other interest income |
|
|
12 |
|
|
|
10 |
|
|
|
24 |
|
|
|
20 |
|
|
|
|
|
29,378 |
|
|
|
35,456 |
|
|
|
69,159 |
|
|
|
70,071 |
|
|
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on repurchase agreements |
|
|
8,960 |
|
|
|
7,400 |
|
|
|
18,358 |
|
|
|
14,089 |
|
|
Interest expense on asset-backed securities |
|
|
8,414 |
|
|
|
1,075 |
|
|
|
17,013 |
|
|
|
1,075 |
|
|
Interest expense on junior subordinated notes |
|
|
354 |
|
|
|
319 |
|
|
|
700 |
|
|
|
634 |
|
|
|
|
|
17,728 |
|
|
|
8,794 |
|
|
|
36,071 |
|
|
|
15,798 |
|
|
Net operating income |
|
|
11,650 |
|
|
|
26,662 |
|
|
|
33,088 |
|
|
|
54,273 |
|
|
Provision for loan losses |
|
|
- |
|
|
|
70 |
|
|
|
- |
|
|
|
70 |
|
|
Net operating income after provision for loan losses |
|
|
11,650 |
|
|
|
26,592 |
|
|
|
33,088 |
|
|
|
54,203 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fee to related party |
|
|
(1,970 |
) |
|
|
(2,181 |
) |
|
|
(4,014 |
) |
|
|
(4,517 |
) |
|
General and administrative expenses |
|
|
(1,690 |
) |
|
|
(1,234 |
) |
|
|
(3,259 |
) |
|
|
(2,513 |
) |
|
Total operating expenses |
|
|
(3,660 |
) |
|
|
(3,415 |
) |
|
|
(7,273 |
) |
|
|
(7,030 |
) |
|
Other (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) on sales of Agency MBS |
|
|
- |
|
|
|
- |
|
|
|
(3,239 |
) |
|
|
- |
|
|
(Loss) on sales of Non-Agency MBS |
|
|
- |
|
|
|
(73 |
) |
|
|
- |
|
|
|
(76 |
) |
|
Gain on sales of residential mortgage loans held-for-investment |
|
|
33 |
|
|
|
- |
|
|
|
33 |
|
|
|
- |
|
|
(Loss) gain on interest rate swaps, net |
|
|
(16,089 |
) |
|
|
5,075 |
|
|
|
(66,308 |
) |
|
|
(41,413 |
) |
|
Gain (loss) on derivatives-TBA Agency MBS, net |
|
|
8,061 |
|
|
|
(6,573 |
) |
|
|
23,415 |
|
|
|
1,952 |
|
|
(Loss) on derivatives-Eurodollar Futures Contracts |
|
|
(1,357 |
) |
|
|
(1,732 |
) |
|
|
(1,335 |
) |
|
|
(4,070 |
) |
|
Recovery on Non-Agency MBS |
|
|
1 |
|
|
|
4 |
|
|
|
2 |
|
|
|
5 |
|
|
Total other (loss) |
|
|
(9,351 |
) |
|
|
(3,299 |
) |
|
|
(47,432 |
) |
|
|
(43,602 |
) |
|
Net (loss) income |
|
$ |
(1,361 |
) |
|
$ |
19,878 |
|
|
$ |
(21,617 |
) |
|
$ |
3,571 |
|
|
Dividend on Series A Cumulative Preferred Stock |
|
|
(1,035 |
) |
|
|
(1,035 |
) |
|
|
(2,070 |
) |
|
|
(2,070 |
) |
|
Dividend on Series B Cumulative Convertible Preferred Stock |
|
|
(394 |
) |
|
|
(394 |
) |
|
|
(788 |
) |
|
|
(788 |
) |
|
Dividend on Series C Cumulative Redeemable Preferred Stock |
|
|
(207 |
) |
|
|
(200 |
) |
|
|
(414 |
) |
|
|
(311 |
) |
|
Net (loss) income to common stockholders |
|
$ |
(2,997 |
) |
|
$ |
18,249 |
|
|
$ |
(24,889 |
) |
|
$ |
402 |
|
|
Basic (loss) earnings per common share |
|
$ |
(0.03 |
) |
|
$ |
0.18 |
|
|
$ |
(0.26 |
) |
|
$ |
- |
|
|
Diluted (loss) earnings per common share |
|
$ |
(0.03 |
) |
|
$ |
0.17 |
|
|
$ |
(0.26 |
) |
|
$ |
- |
|
|
Basic weighted average number of shares outstanding |
|
|
96,355 |
|
|
|
104,225 |
|
|
|
97,030 |
|
|
|
105,719 |
|
|
Diluted weighted average number of shares outstanding |
|
|
96,355 |
|
|
|
108,530 |
|
|
|
97,030 |
|
|
|
109,993 |
|
See accompanying notes to unaudited consolidated financial statements.
2
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,361 |
) |
|
$ |
19,878 |
|
|
$ |
(21,617 |
) |
|
$ |
3,571 |
|
|
Available-for-sale Agency MBS, fair value adjustment |
|
|
13,080 |
|
|
|
(17,779 |
) |
|
|
37,465 |
|
|
|
6,024 |
|
|
Reclassification adjustment for loss on sales of Agency MBS included in net (loss) income |
|
|
- |
|
|
|
- |
|
|
|
3,239 |
|
|
|
- |
|
|
Available-for-sale Non-Agency MBS, fair value adjustment |
|
|
6,952 |
|
|
|
2,724 |
|
|
|
(15,381 |
) |
|
|
4,881 |
|
|
Reclassification adjustment for loss on sales of Non-Agency MBS included in net (loss) income |
|
|
- |
|
|
|
73 |
|
|
|
- |
|
|
|
76 |
|
|
Unrealized gains on derivatives |
|
|
1,565 |
|
|
|
5,281 |
|
|
|
4,934 |
|
|
|
11,389 |
|
|
Reclassification adjustment for interest expense on swap agreements included in net (loss) income |
|
|
106 |
|
|
|
530 |
|
|
|
308 |
|
|
|
1,054 |
|
|
Other comprehensive income (loss) |
|
|
21,703 |
|
|
|
(9,171 |
) |
|
|
30,565 |
|
|
|
23,424 |
|
|
Comprehensive income |
|
$ |
20,342 |
|
|
$ |
10,707 |
|
|
$ |
8,948 |
|
|
$ |
26,995 |
|
See accompanying notes to unaudited consolidated financial statements.
3
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except per share amounts)
(unaudited)
|
|
|
Series A Preferred Stock Shares Outstanding |
|
|
Series C Preferred Stock Shares Outstanding |
|
|
Common Stock Shares Outstanding |
|
|
Series A Preferred Stock Par Value |
|
|
Series C Preferred Stock Par Value |
|
|
Common Stock Par Value |
|
|
Additional Paid-In Capital |
|
|
Accum. Other Comp. Income Gain Agency MBS |
|
|
Accum. Other Comp. Income (Loss) Non-Agency MBS |
|
|
Accum. Other Comp. Gain (Loss) Derivatives |
|
|
Accum. (Deficit) |
|
|
Total |
|
||||||||||||
|
Balance, December 31, 2015 |
|
|
1,919 |
|
|
|
434 |
|
|
|
98,944 |
|
|
$ |
46,537 |
|
|
$ |
10,039 |
|
|
$ |
991 |
|
|
$ |
981,034 |
|
|
$ |
23,143 |
|
|
|
2,363 |
|
|
$ |
(24,557 |
) |
|
$ |
(361,323 |
) |
|
$ |
678,227 |
|
|
Issuance of common stock |
|
|
|
|
|
|
|
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254 |
|
|
Redemption of common stock |
|
|
|
|
|
|
|
|
|
|
(2,074 |
) |
|
|
|
|
|
|
|
|
|
|
(23 |
) |
|
|
(8,991 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,014 |
) |
|
Other comprehensive income (loss), fair value adjustments and reclassifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,624 |
|
|
|
(22,333 |
) |
|
|
3,571 |
|
|
|
|
|
|
|
8,862 |
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,255 |
) |
|
|
(20,255 |
) |
|
Shares repurchased pending retirement |
|
|
|
|
|
|
|
|
|
|
(93 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(438 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(438 |
) |
|
Amortization of restricted stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79 |
|
|
Dividend declared - $0.539063 per Series A preferred share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,035 |
) |
|
|
(1,035 |
) |
|
Dividend declared - $0.396025 per Series B preferred share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(394 |
) |
|
|
(394 |
) |
|
Dividend declared - $0.4765625 per Series C preferred share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(207 |
) |
|
|
(207 |
) |
|
Dividend declared - $0.15 per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,539 |
) |
|
|
(14,539 |
) |
|
Balance, March 31, 2016 |
|
|
1,919 |
|
|
|
434 |
|
|
|
96,836 |
|
|
$ |
46,537 |
|
|
$ |
10,039 |
|
|
$ |
969 |
|
|
$ |
971,937 |
|
|
$ |
50,767 |
|
|
|
(19,970 |
) |
|
$ |
(20,986 |
) |
|
$ |
(397,753 |
) |
|
$ |
641,540 |
|
|
Issuance of common stock |
|
|
|
|
|
|
|
|
|
|
58 |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
274 |
|
|
Redemption of common stock |
|
|
|
|
|
|
|
|
|
|
(873 |
) |
|
|
|
|
|
|
|
|
|
|
(10 |
) |
|
|
(4,308 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,318 |
) |
|
Other comprehensive income, fair value adjustments and reclassifications |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,080 |
|
|
|
6,952 |
|
|
|
1,671 |
|
|
|
|
|
|
|
21,703 |
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,361 |
) |
|
|
(1,361 |
) |
|
Amortization of restricted stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79 |
|
|
Dividend declared - $0.539063 per Series A preferred share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,035 |
) |
|
|
(1,035 |
) |
|
Dividend declared - $0.390625 per Series B preferred share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(394 |
) |
|
|
(394 |
) |
|
Dividend declared - $0.4765625 per Series C preferred share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(207 |
) |
|
|
(207 |
) |
|
Dividend declared - $0.15 per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,403 |
) |
|
|
(14,403 |
) |
|
Balance, June 30, 2016 |
|
|
1,919 |
|
|
|
434 |
|
|
|
96,021 |
|
|
$ |
46,537 |
|
|
$ |
10,039 |
|
|
$ |
960 |
|
|
$ |
967,981 |
|
|
$ |
63,847 |
|
|
|
(13,018 |
) |
|
$ |
(19,315 |
) |
|
$ |
(415,153 |
) |
|
$ |
641,878 |
|
See accompanying notes to unaudited consolidated financial statements.
4
ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
||||
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,361 |
) |
|
$ |
||||||||||