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EX-32 - EX-32 - CAPSTEAD MORTGAGE CORPcmo-ex32_8.htm
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EX-12 - EX-12 - CAPSTEAD MORTGAGE CORPcmo-ex12_6.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

  

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended:  June 30, 2017

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:  001-08896

CAPSTEAD MORTGAGE CORPORATION

(Exact name of Registrant as specified in its Charter)

 

Maryland

 

75-2027937

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

8401 North Central Expressway, Suite 800, Dallas, TX

 

75225-4404

(Address of principal executive offices)

 

(Zip Code)

(214) 874-2323

(Registrant’s telephone number, including area code)

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      NO          

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, 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          NO           

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer    Accelerated filer        Non-accelerated filer        Smaller reporting company        

Emerging growth company    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES              NO       

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Common Stock ($0.01 par value)

 

96,104,662 as of August 4, 2017

 

 

 

 


 

CAPSTEAD MORTGAGE CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2017

 

 

INDEX

 

 

PART I. FINANCIAL INFORMATION

 

 

 

Page

ITEM 1.

Financial Statements (unaudited)

 

 

 

 

Consolidated Balance Sheets June 30, 2017 and December 31, 2016

3

 

 

 

Consolidated Statements of Income Quarter and Six Months Ended June 30, 2017 and 2016

4

 

 

 

Consolidated Statements of Comprehensive Income (Loss) Quarter and Six Months Ended  June 30, 2017 and 2016

5

 

 

 

Consolidated Statements of Cash Flows Six Months Ended June 30, 2017 and 2016

6

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosure of Market Risk

47

 

 

 

ITEM 4.

Controls and Procedures

47

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

ITEM 6.

Exhibits

48

 

 

SIGNATURES

50

 

 

 

-2-


 

ITEM 1.    FINANCIAL STATEMENTS

PART I. FINANCIAL INFORMATION

CAPSTEAD MORTGAGE CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except pledged and per share amounts)

 

 

 

June 30, 2017

 

December 31, 2016

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Residential mortgage investments ($13.10 and $12.81 billion

   pledged at June 30, 2017 and December 31, 2016, respectively)

 

$

13,598,890

 

 

$

13,316,282

 

Cash collateral receivable from interest rate swap counterparties

 

 

47,518

 

 

 

29,660

 

Interest rate swap agreements at fair value

 

 

2,470

 

 

 

24,709

 

Cash and cash equivalents

 

 

59,226

 

 

 

56,732

 

Receivables and other assets

 

 

154,869

 

 

 

149,493

 

 

 

$

13,862,973

 

 

$

13,576,876

 

Liabilities

 

 

 

 

 

 

 

 

Secured borrowings

 

$

12,454,183

 

 

$

12,145,346

 

Interest rate swap agreements at fair value

 

 

24,787

 

 

 

24,417

 

Unsecured borrowings

 

 

98,140

 

 

 

98,090

 

Common stock dividend payable

 

 

20,611

 

 

 

22,634

 

Accounts payable and accrued expenses

 

 

19,669

 

 

 

38,702

 

 

 

 

12,617,390

 

 

 

12,329,189

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock - $0.10 par value; 100,000 shares authorized:

 

 

 

 

 

 

 

 

   7.50% Cumulative Redeemable Preferred Stock, Series E, 8,631

   and 8,234 shares issued and outstanding ($215,787 and $205,849

   aggregate liquidation preferences) at June 30, 2017 and

   December 31, 2016, respectively

 

 

208,870

 

 

 

199,059

 

Common stock - $0.01 par value; 250,000 shares authorized:

 

 

 

 

 

 

 

 

  96,063 and 95,989 shares issued and outstanding at June 30,

   2017 and December 31, 2016, respectively

 

 

961

 

 

 

960

 

Paid-in capital

 

 

1,281,239

 

 

 

1,288,346

 

Accumulated deficit

 

 

(346,464

)

 

 

(346,464

)

Accumulated other comprehensive income

 

 

100,977

 

 

 

105,786

 

 

 

 

1,245,583

 

 

 

1,247,687

 

 

 

$

13,862,973

 

 

$

13,576,876

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

-3-


 

CAPSTEAD MORTGAGE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30

 

 

June 30

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage investments

 

$

56,103

 

 

$

53,309

 

 

$

110,944

 

 

$

112,809

 

Other

 

 

238

 

 

 

128

 

 

 

391

 

 

 

320

 

 

 

 

56,341

 

 

 

53,437

 

 

 

111,335

 

 

 

113,129

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Secured borrowings

 

 

(33,850

)

 

 

(27,014

)

 

 

(62,090

)

 

 

(53,596

)

Unsecured borrowings

 

 

(1,900

)

 

 

(1,976

)

 

 

(3,791

)

 

 

(3,953

)

 

 

 

(35,750

)

 

 

(28,990

)

 

 

(65,881

)

 

 

(57,549

)

 

 

 

20,591

 

 

 

24,447

 

 

 

45,454

 

 

 

55,580

 

Other revenue (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation-related expense

 

 

(1,833

)

 

 

(2,042

)

 

 

(2,948

)

 

 

(5,266

)

Other general and administrative expense

 

 

(1,276

)

 

 

(1,157

)

 

 

(2,338

)

 

 

(2,326

)

Miscellaneous other revenue

 

 

67

 

 

 

382

 

 

 

82

 

 

 

995

 

 

 

 

(3,042

)

 

 

(2,817

)

 

 

(5,204

)

 

 

(6,597

)

Net income

 

$

17,549

 

 

$

21,630

 

 

$

40,250

 

 

$

48,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,549

 

 

$

21,630

 

 

$

40,250

 

 

$

48,983

 

Less preferred stock dividends

 

 

(4,018

)

 

 

(3,843

)

 

 

(7,882

)

 

 

(7,669

)

 

 

$

13,531

 

 

$

17,787

 

 

$

32,368

 

 

$

41,314

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.14

 

 

$

0.19

 

 

$

0.34

 

 

$

0.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

95,756

 

 

 

95,648

 

 

 

95,755

 

 

 

95,631

 

Diluted

 

 

95,916

 

 

 

95,786

 

 

 

95,895

 

 

 

95,766

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

$

0.21

 

 

$

0.23

 

 

$

0.42

 

 

$

0.49

 

Series E preferred

 

 

0.47

 

 

 

0.47

 

 

 

0.94

 

 

 

0.94

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

-4-


 

CAPSTEAD MORTGAGE CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands, unaudited)

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30

 

 

June 30

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income

 

$

17,549

 

 

$

21,630

 

 

$

40,250

 

 

$

48,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts related to available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gains

 

 

(11,420

)

 

 

16,917

 

 

 

(7,424

)

 

 

29,400

 

Amounts related to cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gains (losses)

 

 

(6,487

)

 

 

(22,145

)

 

 

1,609

 

 

 

(54,272

)

Reclassification adjustment for amounts

   included in net income

 

 

(655

)

 

 

5,826

 

 

 

1,006

 

 

 

11,180

 

 

 

 

(18,562

)

 

 

598

 

 

 

(4,809

)

 

 

(13,692

)

Comprehensive income (loss)

 

$

(1,013

)

 

$

22,228

 

 

$

35,441

 

 

$

35,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

-5-


 

CAPSTEAD MORTGAGE CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

Six Months Ended June 30

 

 

 

2017

 

 

2016

 

Operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

40,250

 

 

$

48,983

 

Noncash items:

 

 

 

 

 

 

 

 

Amortization of investment premiums

 

 

64,046

 

 

 

59,063

 

Amortization of equity-based awards

 

 

1,274

 

 

 

1,189

 

Other depreciation and amortization

 

 

59

 

 

 

66

 

Change in measureable hedge ineffectiveness related to interest

   rate swap agreements designated as cash flow hedges

 

 

899

 

 

 

546

 

Net change in receivables, other assets, accounts payable and

   accrued expenses

 

 

1,716

 

 

 

(781

)

Net cash provided by operating activities

 

 

108,244

 

 

 

109,066

 

Investing activities:

 

 

 

 

 

 

 

 

Purchases of residential mortgage investments

 

 

(2,275,907

)

 

 

(1,512,737

)

Interest receivable acquired with the purchase of residential

   mortgage investments

 

 

(3,613

)

 

 

(1,977

)

Principal collections on residential mortgage investments,

   including changes in mortgage securities principal remittance

   receivable

 

 

1,913,662

 

 

 

1,706,266

 

Redemptions of lending counterparty investments

 

 

 

 

30,000

 

Net cash (used in) provided by investing activities

 

 

(365,858

)

 

 

221,552

 

Financing activities:

 

 

 

 

 

 

 

 

Proceeds from repurchase arrangements and similar

   borrowings

 

 

75,996,185

 

 

 

60,553,581

 

Principal payments on repurchase arrangements and similar

   borrowings

 

 

(75,687,347

)

 

 

(58,584,344

)

Proceeds from other secured borrowings

 

 

 

 

1,175,000

 

Principal payments on other secured borrowings

 

 

 

 

(3,300,000

)

Increase in cash collateral receivable from interest rate swap

   counterparties

 

 

(17,858

)

 

 

(42,977

)

Net proceeds from interest rate swap settlements

 

 

9,775

 

 

 

Proceeds from issuance of preferred shares

 

 

9,845

 

 

 

1,167

 

Other capital stock transactions

 

 

(261

)

 

 

(57

)

Dividends paid

 

 

(50,231

)

 

 

(58,002

)

Net cash provided by (used in) financing activities

 

 

260,108

 

 

 

(255,632

)

Net change in cash and cash equivalents

 

 

2,494

 

 

 

74,986

 

Cash and cash equivalents at beginning of period

 

 

56,732

 

 

 

54,185

 

Cash and cash equivalents at end of period

 

$

59,226

 

 

$

129,171

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

-6-


 

CAPSTEAD MORTGAGE CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2017

(unaudited)

 

NOTE 1 BUSINESS

Capstead Mortgage Corporation operates as a self-managed real estate investment trust for federal income tax purposes (a “REIT”) and is based in Dallas, Texas.  Unless the context otherwise indicates, Capstead Mortgage Corporation, together with its subsidiaries, is referred to as “Capstead” or the “Company.”  Capstead earns income from investing in a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage (“ARM”) securities issued and guaranteed by government-sponsored enterprises, either Fannie Mae, Freddie Mac, or by an agency of the federal government, Ginnie Mae.  Residential mortgage pass-through securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae are referred to as “Agency Securities” and are considered to have limited, if any, credit risk.

NOTE 2 BASIS OF PRESENTATION

Interim Financial Reporting

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the quarter and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the calendar year ending December 31, 2017.  For further information refer to the audited consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2016.

Recent Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) as part of its simplification initiative, which involves several aspects of accounting for share-based payment transactions, including related income tax effects, statutory withholding requirements, forfeitures and classification on the statement of cash flows.  ASU 2016-09 is effective for public companies for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years.  The Company adopted ASU 2016-09 on January 1, 2017, which had no effect on its results of operations, financial condition or cash flows.

 

NOTE 3 NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income, after deducting dividends paid or accrued on preferred stock and allocating earnings to equity awards deemed to be participating securities pursuant to the two-class method, by the average number of shares of common stock outstanding, calculated excluding unvested stock awards.  Participating securities include unvested equity awards that contain non-forfeitable rights to dividends prior to vesting.

 


-7-


 

Diluted net income per common share is computed by dividing the numerator used to compute basic net income per common share by the denominator used to compute basic net income per common share, further adjusted for the dilutive effect, if any, of equity awards and shares of preferred stock when and if convertible into shares of common stock.  Shares of the Company’s 7.50% Series E Cumulative Redeemable Preferred Stock are contingently convertible into shares of common stock only upon the occurrence of a change in control and therefore are not considered dilutive securities absent such an occurrence.  Any unvested equity awards that are deemed participating securities are included in the calculation of diluted net income per common share, if dilutive, under either the two-class method or the treasury stock method, depending upon which method produces the more dilutive result.  Components of the computation of basic and diluted net income per common share were as follows for the indicated periods (dollars in thousands, except per share amounts):

 

 

 

Quarter Ended

 

 

Six Months Ended

 

 

 

June 30

 

 

June 30

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Basic net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic net income per common

   share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,549

 

 

$

21,630

 

 

$

40,250

 

 

$

48,983

 

Preferred stock dividends

 

 

(4,018

)

 

 

(3,843

)

 

 

(7,882

)

 

 

(7,669

)

Earnings participation of unvested equity awards

 

 

(40

)

 

 

(39

)

 

 

(80

)

 

 

(83

)

 

 

$

13,491

 

 

$

17,748

 

 

$

32,288

 

 

$

41,231

 

Denominator for basic net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average number of shares of common stock outstanding

 

 

96,063

 

 

 

95,947

 

 

 

96,062

 

 

 

95,930

 

Average unvested stock awards outstanding

 

 

(307

)

 

 

(299

)

 

 

(307

)

 

 

(299

)

 

 

 

95,756

 

 

 

95,648

 

 

 

95,755

 

 

 

95,631

 

 

 

$

0.14

 

 

$

0.19

 

 

$

0.34

 

 

$

0.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for diluted net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for basic net income per common share

 

$

13,491

 

 

$

17,748

 

 

$

32,288

 

 

$

41,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for diluted net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic net income per common share

 

 

95,756

 

 

 

95,648

 

 

 

95,755

 

 

 

95,631

 

Net effect of dilutive equity awards

 

 

160

 

 

 

138

 

 

 

140

 

 

 

135

 

 

 

 

95,916

 

 

 

95,786

 

 

 

95,895

 

 

 

95,766

 

 

 

$

0.14

 

 

$

0.19

 

 

$

0.34

 

 

$

0.43

 

 

 

-8-


 

NOTE 4 RESIDENTIAL mortgage investments

Residential mortgage investments classified by collateral type and interest rate characteristics as of the indicated dates were as follows (dollars in thousands):

 

 

 

Unpaid

Principal

Balance

 

 

Investment Premiums

 

 

Amortized Cost Basis

 

 

Carrying

Amount (a)

 

 

Net

WAC (b)

 

 

Average

Yield (b)

 

June 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae/Freddie Mac:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate

 

$

323

 

 

$

 

 

$

323

 

 

$

323

 

 

 

6.55

%

 

 

6.31

%

ARMs

 

 

10,467,784

 

 

 

329,286

 

 

 

10,797,070

 

 

 

10,895,295

 

 

 

2.87

 

 

 

1.72

 

Ginnie Mae ARMs

 

 

2,615,428

 

 

 

83,935

 

 

 

2,699,363

 

 

 

2,699,349

 

 

 

2.59

 

 

 

1.41

 

 

 

 

13,083,535

 

 

 

413,221

 

 

 

13,496,756

 

 

 

13,594,967

 

 

 

2.82

 

 

 

1.66

 

Residential mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate

 

 

689

 

 

 

1

 

 

 

690

 

 

 

690

 

 

 

6.72

 

 

 

4.14

 

ARMs

 

 

1,649

 

 

 

8

 

 

 

1,657

 

 

 

1,657

 

 

 

3.81

 

 

 

3.13

 

 

 

 

2,338

 

 

 

9

 

 

 

2,347

 

 

 

2,347

 

 

 

4.67

 

 

 

3.42

 

Collateral for structured

   financings

 

 

1,550

 

 

 

26

 

 

 

1,576

 

 

 

1,576

 

 

 

8.01

 

 

 

7.81

 

 

 

$

13,087,423

 

 

$

413,256

 

 

$

13,500,679

 

 

$

13,598,890

 

 

 

2.82

 

 

 

1.66

 

December 31, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fannie Mae/Freddie Mac:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate

 

$

385

 

 

$

1

 

 

$

386

 

 

$

386

 

 

 

6.65

%

 

 

6.44

%

ARMs

 

 

10,057,761

 

 

 

314,799

 

 

 

10,372,560

 

 

 

10,483,367

 

 

 

2.74

 

 

 

1.60

 

Ginnie Mae ARMs

 

 

2,743,160

 

 

 

90,300

 

 

 

2,833,460

 

 

 

2,828,288

 

 

 

2.51

 

 

 

1.14

 

 

 

 

12,801,306

 

 

 

405,100

 

 

 

13,206,406

 

 

 

13,312,041

 

 

 

2.69

 

 

 

1.50

 

Residential mortgage loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate

 

 

735

 

 

 

1

 

 

 

736

 

 

 

736

 

 

 

6.72

 

 

 

4.01

 

ARMs

 

 

1,839

 

 

 

9

 

 

 

1,848

 

 

 

1,848

 

 

 

3.80

 

 

 

2.96

 

 

 

 

2,574

 

 

 

10

 

 

 

2,584

 

 

 

2,584

 

 

 

4.63

 

 

 

3.26