Capstead Mortgage Corporation Provides Financial Update in Light of Market Conditions
Capstead Mortgage Corporation (CMO)
Last capstead mortgage corporation earnings: 4/29 04:31 pm
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capstead.com
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Source: Business Wire
DALLAS--(BUSINESS WIRE)--Capstead Mortgage Corporation (NYSE: CMO) (“Capstead” or the “Company”) today provided estimates of certain key financial metrics in light of the high levels of market volatility experienced in recent weeks.The Company’s unaudited book value per common share has decreased an estimated 10% to 12% since year-end, in large part due to increased market volatility that has contributed to lower interest rates, negatively affecting mortgage security pricing relative to interest rate swap valuations. This spike in volatility is largely attributable to market reactions to the spread of the COVID-19 virus and how efforts to contain it are expected to impact the economy.The Federal Reserve has taken a number of actions recently to support the financial system, including reducing the Fed Funds rate by 150 basis points to a current range of 0% to 0.25%. These actions are broadly supportive to the funding markets and to lower future funding costs. The Company expects it
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