Anworth Mortgage Asset Corporation (NYSE: ANH) (the “Company”)
today reported its financial results for the first quarter ended
March 31, 2017.
Earnings
The following table summarizes the Company’s Core Earnings, GAAP
net income to common stockholders and comprehensive income for the
three months ended March 31, 2017 (dollar amounts in
thousands):
Three Months Ended
March 31, 2017
(unaudited)
Earnings
Earnings Per
Weighted
Share
Core Earnings $ 13,892 $ 0.15 GAAP net income to common
stockholders $ 13,646 $ 0.14 Comprehensive income $ 27,932 $ 0.29
Core Earnings is a non-GAAP financial measure which is explained
and reconciled to GAAP net income to common stockholders in the
section entitled “Non-GAAP Financial Measures” near the end of this
earnings release. Comprehensive income is shown on the consolidated
statements of comprehensive income included in this earnings
release.
Portfolio
At March 31, 2017, the composition of the Company’s portfolio at
fair value was as follows (dollar amounts in thousands):
March 31, 2017
Dollar Amount Percentage Agency MBS: ARMS and
hybrid ARMs $ 2,707,771 47.0 % Fixed-rate Agency MBS 963,009 16.7 %
TBA Agency MBS 615,631 10.7 % Total Agency MBS $ 4,286,411
74.4 % Non-Agency MBS 739,510 12.8 % Residential mortgage loans(1)
723,777 12.6 % Residential real estate 14,243 0.2 % Total
Portfolio $ 5,763,941 100.0 % Total Assets(2) $ 5,865,725
_____________
(1) Residential mortgage loans owned by 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. (2) Includes TBA Agency MBS.
Agency MBS
At March 31, 2017, the allocation of the Company’s agency
mortgage-backed securities, or Agency MBS, was approximately 64%
adjustable-rate and hybrid adjustable-rate Agency MBS, 22%
fixed-rate Agency MBS and 14% fixed-rate TBA Agency MBS as detailed
below (dollar amounts in thousands):
March 31,
2017
Fair value of Agency MBS and TBA Agency MBS $ 4,286,411
Adjustable-rate Agency MBS coupon reset (less than 1 year)
38 % Hybrid adjustable-rate Agency MBS coupon reset (1-2 years) 2 %
Hybrid adjustable-rate Agency MBS coupon reset (2-3 years) 8 %
Hybrid adjustable-rate Agency MBS coupon reset (3-4 years) 6 %
Hybrid adjustable-rate Agency MBS coupon reset (4-5 years) 0 %
Hybrid adjustable-rate Agency MBS coupon reset (5-7 years)
10 % Total adjustable-rate Agency MBS 64 % 15-year
fixed-rate TBA Agency MBS 14 % 15-year fixed-rate Agency MBS 19 %
20-year and 30-year fixed-rate Agency MBS 3 % Total MBS
100 %
At March 31, 2017, the key metrics of the Company’s Agency MBS
portfolio were as follows (dollar amounts in thousands):
March 31,
2017
Weighted Average Agency MBS Coupon: Adjustable-rate Agency MBS 3.11
% Hybrid adjustable-rate Agency MBS 2.44 15-year fixed-rate Agency
MBS 2.61 15-year fixed-rate TBA Agency MBS 2.84 20-year and 30-year
fixed-rate Agency MBS 4.27 Total Agency MBS: 2.84 % Average
Amortized Cost: Adjustable-rate Agency MBS 103.08 % Hybrid
adjustable-rate Agency MBS 102.80 15-year fixed-rate Agency MBS
102.90 15-year fixed-rate TBA Agency MBS 101.10 20-year and 30-year
fixed-rate Agency MBS 103.31 Total Agency MBS: 102.69 % Average
asset yield (weighted average coupon divided by average amortized
cost) 2.77 % Unamortized premium $104.6 million Unamortized premium
as a percentage of par value 2.69 % Premium amortization expense on
Agency MBS for the first quarter 2017 $8.4 million
March
31,
2017
Constant prepayment rate (CPR) of Agency MBS 19 % Constant
prepayment rate (CPR) of adjustable-rate and hybrid adjustable-rate
Agency MBS 22 % Weighted average term to next interest rate reset
on Agency MBS 23 months
Non-Agency MBS
Our Non-Agency MBS were either issued before 2008 or were
recently issued and collateralized by currently non-performing
residential mortgage loans that were originated before 2008. The
following table summarizes the Company’s Non-Agency MBS at March
31, 2017 (dollar amounts in thousands):
Weighted Average
Mortgage Loan Type
Fair
Value
Current
Principal
Amortized
Cost
Coupon Yield Prime $ 47,802 $
57,328 81.38 % 4.73 % 5.63 % Alt-A 503,079 635,823 77.74 % 5.47 %
5.55 % Subprime 31,681 32,871 92.82 % 4.15 % 5.30 % Non-performing
148,643 150,257 99.04 % 4.72 % 5.62 % Agency Risk Transfer
8,305 11,000 72.37 % 3.75 % 6.36 % Total Non-Agency MBS $
739,510 $ 887,279 82.07 % 5.23 % 5.57 %
Residential Mortgage Loans
The following table summarizes the Company’s residential
mortgage loans held-for-investment at March 31, 2017 (in
thousands):
Residential mortgage loans held-for-investment $ 723,777
Asset-backed securities issued by securitization trusts $ 714,409
Retained interest in loans held in securitization trust $ 9,368
Residential Real Estate
At March 31, 2017, Anworth Properties, Inc. owned 88
single-family residential rental properties located in Southeastern
Florida that are carried at a total cost, net of accumulated
depreciation, of $14.2 million.
MBS Portfolio Financing and Leverage
March 31, 2017 Agency
MBS
Non-Agency
MBS
Total
MBS
(dollar amounts in thousands) Repurchase Agreements:
Outstanding repurchase agreement balance $ 3,295,000 $ 470,317 $
3,765,317 Average interest rate 0.94 % 2.45 % 1.13 % Average
maturity 40 days 17 days 37 days Average interest rate after
adjusting for interest rate swaps 1.34 % Average maturity after
adjusting for interest rate swaps 465 days
At March 31, 2017, the Company’s leverage multiple was 5.3x. The
leverage multiple is calculated by dividing the Company’s
repurchase agreements outstanding by the aggregate of common
stockholders’ equity plus preferred stock and junior subordinated
notes. The Company’s effective leverage, which includes the effect
of TBA dollar roll financing, was 6.2x at March 31, 2017.
Interest Rate Swaps and Eurodollar Futures Contracts
At March 31, 2017, the Company’s interest rate swap agreements
(“Swaps”) had the following notional amounts (in thousands),
weighted average fixed rates and remaining terms:
March 31, 2017 Maturity Notional
Amount
Weighted
Average
Fixed
Rate
Remaining
Term in
Months
Remaining
Term in
Years
Less than 12 months $ 575,000 0.87 % 6 0.5 1 year to 2 years
235,000 0.98 15 1.3 2 years to 3 years 150,000 1.29 31 2.6 3 years
to 4 years 166,000 1.45 43 3.6 4 years to 5 years 125,000 2.44 54
4.5 5 years to 7 years 420,000 2.73 72 6.0 $ 1,671,000 1.56
% 34 2.8
At March 31, 2017, the Company’s short position in Eurodollar
Futures Contracts had the following notional amount (in thousands)
and weighted average purchase price:
March 31, 2017 Eurodollars Futures Contracts -
Expiration Notional
Amount
Weighted
Average
Purchase
Price
Less than 12 months $ 550,000 $ 99.00
Effective Net Interest Rate Spread
March 31,
2017
Average asset yield, including TBA dollar roll income 3.03 %
Effective cost of funds 1.68 Effective net interest rate spread
1.35 %
Certain components of the effective net interest rate spread are
non-GAAP financial measures and are explained and reconciled to the
nearest comparable GAAP financial measures in the section entitled
“Non-GAAP Financial Measures” at the end of this earnings
release.
Dividend
On March 15, 2017, the Company declared a quarterly common stock
dividend of $0.15 per share for the first quarter ended March 31,
2017. Based upon the closing price of $5.55 on March 31, 2017, the
annualized dividend yield on the Company’s common stock at March
31, 2017 was 10.8%.
Book Value Per Common Share
At March 31, 2017, the Company’s book value was $6.09 per share
of common stock, which was an increase of $0.14 from $5.95 in the
prior quarter.
The $0.15 quarterly dividend and the $0.14 increase in book
value per share resulted in a return on equity to common
stockholders of 4.9% for the quarter ended March 31, 2017.
Stock Transactions
During the quarter ended March 31, 2017, the Company issued an
aggregate of 197,519 shares of its Series C Preferred Stock under
its At Market Issuance Sales Agreements, which provided net
proceeds to the Company of approximately $4.85 million.
Subsequent Events
From April 3, 2017 through May 1, 2017, the Company issued an
aggregate of 142,083 shares of Series C Preferred Stock at a
weighted average price of $24.74 per share, resulting in net
proceeds to us of approximately $3.5 million.
Conference Call
The Company will host a conference call on Wednesday, May 3,
2017 at 1:00 PM Eastern Time, 10:00 AM Pacific Time, to discuss its
first quarter 2017 results. The dial-in number for the conference
call is 877-504-2731 for U.S. callers (international callers should
dial 412-902-6640 and Canadian callers should dial 855-669-9657).
When dialing in, participants should ask to be connected to the
Anworth Mortgage earnings call. Replays of the call will be
available for a 7-day period commencing at 3:00 PM Eastern Time on
May 3, 2017. The dial-in number for the replay is 877-344-7529 for
U.S. callers (Canadian callers should dial 855-669-9658 and
international callers should dial 412-317-0088) and the conference
number is 10106070. The conference call will also be webcast live
over the Internet, which can be accessed on the Company’s website
at http://www.anworth.com through the corresponding link located at
the top of the home page.
Investors interested in participating in the Company’s Dividend
Reinvestment and Stock Purchase Plan (the “DRP Plan”) or receiving
a copy of the DRP Plan’s prospectus may do so by contacting the
Plan Administrator, American Stock Transfer & Trust Company, at
877-248-6410. For more information about the Plan, interested
investors may also visit the Plan Administrator’s website at
http://www.amstock.com/investpower/new_dp.asp or the Company’s
website at http://www.anworth.com.
About Anworth Mortgage Asset Corporation
Anworth is an externally-managed mortgage real estate investment
trust. We invest primarily in mortgage-backed securities that are
either rated “investment grade” or are guaranteed by federally
sponsored enterprises, such as Fannie Mae or Freddie Mac. We seek
to generate income for distribution to our shareholders primarily
based on the difference between the yield on our mortgage assets
and the cost of our borrowings. We are managed by Anworth
Management LLC, or the Manager, pursuant a management agreement.
The Manager is subject to the supervision and direction of our
Board of Directors and is responsible for (i) the selection,
purchase and sale of our investment portfolio; (ii) our financing
and hedging activities; and (iii) providing us with management
services and other services and activities relating to our assets
and operations as may be appropriate. Our common stock is traded on
the New York Stock Exchange under the symbol “ANH.” Anworth is a
component of the Russell 2000® Index.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news release may contain forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based upon our current expectations and speak only
as of the date hereof. Forward-looking statements, which are based
on various assumptions (some of which are beyond our control) may
be identified by reference to a future period or periods or by the
use of forward-looking terminology, such as “may, ” “will, ”
“believe, ” “expect, ” “anticipate, ” “assume,” “estimate,”
“intend,” “continue, ” or other similar terms or variations on
those terms or the negative of those terms. Our actual results may
differ materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including but not limited to, changes in interest
rates; changes in the market value of our mortgage-backed
securities; changes in the yield curve; the availability of
mortgage-backed securities for purchase; increases in the
prepayment rates on the mortgage loans securing our mortgage-backed
securities; our ability to use borrowings to finance our assets
and, if available, the terms of any financing; risks associated
with investing in mortgage-related assets; changes in business
conditions and the general economy, including the consequences of
actions by the U.S. government and other foreign governments to
address the global financial crisis; implementation of or changes
in government regulations affecting our business; our ability to
maintain our qualification as a real estate investment trust for
federal income tax purposes; our ability to maintain an exemption
from the Investment Company Act of 1940, as amended; risks
associated with our home rental business; and the Manager’s ability
to manage our growth. Our Annual Report on Form 10-K and other SEC
filings discuss the most significant risk factors that may affect
our business, results of operations and financial condition. We
undertake no obligation to revise or update publicly any
forward-looking statements for any reason.
ANWORTH MORTGAGE ASSET CORPORATION AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share
amounts)
March 31, December 31, 2017
2016 (audited) ASSETS
Agency MBS at fair value (including $3,508,865 and $3,707,062
pledged to counterparties
at March 31, 2017 and December 31, 2016,
respectively)
$ 3,670,780 $ 3,925,193 Non-Agency MBS at fair value (including
$613,001 and $525,169 pledged to counterparties
at March 31, 2017 and December 31, 2016,
respectively)
739,510 641,246 Residential mortgage loans held-for-investment(1)
723,777 744,462 Residential real estate 14,243 14,262 Cash and cash
equivalents 52,040 31,031 Restricted cash 9,211 12,390 Interest and
dividends receivable 16,125 16,203 Derivative instruments at fair
value 13,075 8,192 Receivables for MBS sold 8,213
-
Prepaid expenses and other 3,120 2,797
Total Assets $ 5,250,094 $ 5,395,776
LIABILITIES
AND STOCKHOLDERS' EQUITY Liabilities: Accrued interest payable
$ 10,120 $ 11,850 Repurchase agreements 3,765,317 3,911,015
Asset-backed securities issued by securitization trusts(1) 714,409
728,683 Junior subordinated notes 37,380 37,380 Derivative
instruments at fair value 18,793 34,302 Dividends payable on
preferred stock 1,681 1,660 Dividends payable on common stock
14,337 14,358 Payables for MBS purchased 14,632
-
Accrued expenses and other 1,295 1,506
Total Liabilities $ 4,577,964 $ 4,740,754 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 March 31,
2017 and December 31, 2016, 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 March 31,
2017 and December 31, 2016, respectively
$ 46,537 $ 46,537 Series C Cumulative Preferred Stock: par value
$0.01 per share; liquidating preference
$25.00 per share ($17,084 and $12,146,
respectively); 683 and 486 shares issued
and outstanding at March 31, 2017 and
December 31, 2016, respectively
16,175 11,321 Common Stock: par value $0.01 per share; authorized
200,000 shares, 95,582 shares
issued and outstanding at March 31, 2017
and 95,718 shares issued and
outstanding at December 31, 2016,
respectively
956 957 Additional paid-in capital 967,056 966,714 Accumulated
other comprehensive income consisting of unrealized gains and
losses 21,179 8,648 Accumulated deficit (403,697 )
(403,079 ) Total Stockholders' Equity $ 648,206 $ 631,098
Total Liabilities and Stockholders' Equity $ 5,250,094
$ 5,395,776
_____________
(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 March 31, 2017
and December 31, 2016, total assets of the consolidated VIEs were
$726 million and $747 million, respectively (including accrued
interest receivable of $2.4 million and $2.5 million,
respectively), and total liabilities were $717 million and $731
million, respectively (including accrued interest payable of $2.3
million and $2.4 million, respectively).
ANWORTH MORTGAGE ASSET CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except for per share
amounts)
(unaudited)
Three Months Ended March 31,
2017 2016 Interest and
other income: Interest-Agency MBS $ 17,103 $ 20,765
Interest-Non-Agency MBS 9,568 9,281 Interest-residential mortgage
loans 7,351 9,313 Other interest income 26 12
34,048 39,371 Interest Expense:
Interest expense on repurchase agreements 10,411 9,398 Interest
expense on asset-backed securities 7,075 8,599 Interest expense on
junior subordinated notes 384 346
17,870 18,343 Net interest income
16,178 21,028 Operating Expenses:
Management fee to related party (1,821 ) (2,044 ) General and
administrative expenses (1,484 ) (1,568 ) Total
operating expenses (3,305 ) (3,612 ) Other income
(loss): Income-rental properties 449 410 Loss on sales of MBS (68 )
(3,239 ) Impairment charge on Non-Agency MBS (732 ) - Unrealized
gain on Agency MBS held as trading investments 122 - Gain on sales
of residential mortgage loans held-for-investment 378 - Gain (loss)
on derivatives, net 2,378 (34,843 ) Recovery on Non-Agency MBS
1 1 Total other income (loss)
2,528 (37,671 ) Net income (loss) $ 15,401 $
(20,255 ) Dividends on preferred stock (1,755 )
(1,636 ) Net income (loss) to common stockholders $ 13,646 $
(21,891 ) Basic earnings (loss) per common share $ 0.14 $ (0.22 )
Diluted earnings (loss) per common share $ 0.14 $ (0.22 ) Basic
weighted average number of shares outstanding 95,705 97,704 Diluted
weighted average number of shares outstanding 100,544 97,704
ANWORTH MORTGAGE ASSET CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(in thousands, except for per share
amounts)
(unaudited)
Three Months Ended March 31,
2017 2016 Net income (loss) $
15,401 $ (20,255 ) Available-for-sale Agency MBS, fair value
adjustment 2,335 24,385 Reclassification adjustment for loss on
sales of Agency MBS
included in net income (loss)
68 3,239 Available-for-sale Non-Agency MBS, fair value adjustment
9,514 (22,333 ) Unrealized gains on swap agreements 540 3,369
Reclassification adjustment for interest expense on swap agreements
included in net income (loss)
74 202 Other comprehensive income
12,531 8,862 Comprehensive income (loss) $ 27,932 $
(11,393 )
Non-GAAP Financial Measures
In addition to the Company’s operating results presented in
accordance with GAAP, the following tables include the following
non-GAAP financial measures: Core Earnings (including per common
share), total interest income and average asset yield, including
TBA dollar roll income, paydown expense on Agency MBS and effective
total interest expense and effective cost of funds. The first table
below reconciles the Company’s “net income to common stockholders”
for the quarter ended March 31, 2017 to “Core Earnings” for the
same period. Core Earnings represents “net income to common
stockholders” (which is the nearest comparable GAAP measure),
adjusted for the items shown in the table below. The second table
below reconciles the Company’s total interest and other income for
the quarter ended March 31, 2017 (which is the nearest comparable
GAAP measure) to the total interest income and average asset yield,
including TBA dollar roll income, and shows the annualized amounts
as a percentage of the Company’s average earning assets and also
reconciles the Company’s total interest expense (which is the
nearest comparable GAAP measure) to the effective total interest
expense and effective cost of funds and shows the annualized
amounts as a percentage of the Company’s average borrowings.
The Company’s management believes that these non-GAAP financial
measures are useful because they provide investors with greater
transparency to the information that the Company uses in its
financial and operational decision-making process. Management
believes the inclusion of paydown expense on Agency MBS is more
indicative of the current earnings potential of the Company’s
investment portfolio, as it reflects the actual principal paydowns
which occurred during the period. Paydown expense on Agency MBS is
not dependent on future assumptions on prepayments or the
cumulative effect from prior periods of any current changes to
those assumptions, as is the case with the GAAP measure, “Premium
amortization on Agency MBS.” Management also believes that the
adjustment for an impairment charge on Non-Agency MBS is more
reflective of current Core Earnings, as this charge represents
future loss expectations. Management also believes the presentation
of these measures, when analyzed in conjunction with the Company’s
GAAP operating results, allows investors to more effectively
evaluate and compare the Company’s performance to that of its
peers, particularly those that have discontinued hedge accounting
and those that have used similar portfolio and derivative
strategies. These non-GAAP financial measures should not be used as
a substitute for the Company’s operating results for the quarter
ended March 31, 2017. An analysis of any non-GAAP financial measure
should be used in conjunction with results presented in accordance
with GAAP.
Core Earnings
Three Months Ended
March 31, 2017
Amount Per Share (in thousands) Net
income to common stockholders $ 13,646 $ 0.14 Adjustments to derive
core earnings: Loss on sales of Agency MBS 68 - Impairment charge
on Non-Agency MBS(1) 732 0.01 Unrealized gain on Agency MBS held as
trading investments (122 ) - Gain on sales of residential mortgage
loans held-for-investment (378 ) - (Gain) on interest rate swaps,
net (473 ) - Gain on derivatives-TBA Agency MBS, net (1,629 ) (0.02
) Gain on derivatives-Eurodollar Futures Contracts (276 ) -
Recovery on Non-Agency MBS (1 ) - Amortization of other
comprehensive income on de-designated swaps(2) 74 - Periodic net
settlement on interest rate Swaps after de-designation(3) (2,420 )
(0.03 ) Gain from expiration of Eurodollar Futures Contracts 396 -
Dollar roll income on TBA Agency MBS(4) 2,751 0.03 Premium
amortization on Agency MBS 8,368 0.09 Paydown expense(5)
(6,844 ) (0.07 ) Core earnings $ 13,892 $ 0.15
Basic weighted average number of shares outstanding 95,705
_____________
(1) Impairment charge on Non-Agency MBS represents the
amount charged against current GAAP earnings when future loss
expectations exceed previously existing loss expectations. When
future loss expectations become less than previously existing loss
expectations, the difference would be amortized into earnings over
the life of the security. (2) This amount represents the
amortization of the balance remaining in “accumulated other
comprehensive income” as a result of the Company’s discontinuation
of hedge accounting in August 2014 and is recorded in its
statements of operations as a portion of interest expense in
accordance with GAAP. (3) Periodic net settlements on interest rate
swaps after de-designation include all subsequent net payments made
on interest rate swaps which were de-designated as hedges in August
2014 and are recorded in “Gain on interest rate swaps, net.” (4)
Dollar roll income on TBA Agency MBS is the income resulting from
the price discount typically obtained by extending the settlement
of TBA Agency MBS to a later date. This is a component of the “Gain
(loss) on derivatives, net” that is shown on the Company’s
statements of operations. (5) Paydown expense on Agency MBS
represents the proportional expense of Agency MBS purchase premiums
relative to the Agency MBS principal payments and prepayments which
occurred during the quarter.
Effective Net Interest Rate Spread
Three Months Ended March 31, 2017
Amount
Annualized
Percentage
(in thousands) Average Asset Yield, Including TBA Dollar
Roll Income: Total interest income $ 34,048 2.66 % Income-rental
properties 449 0.04 % Dollar roll income on TBA Agency MBS(1) 2,751
0.21 % Premium amortization on Agency MBS 8,368 0.65 % Paydown
expense on Agency MBS(2) (6,844 ) -0.53 % Total interest and
other income and average asset yield, including TBA dollar roll
income $ 38,772 3.03 % Effective Cost of Funds: Total
interest expense $ 17,870 1.50 % Periodic net settlement on
interest rate Swaps after de-designation(3) 2,420 0.20 %
Amortization of other comprehensive income on de-designated
Swaps(4) 74 0.01 % Gain on expiration of Eurodollar Futures
Contracts (396 ) -0.03 % Effective total interest expense
and effective cost of funds $ 19,968 1.68 % Effective net
interest rate spread 1.35 % Average earning assets $ 5,125,786
Average borrowings $ 4,767,026
_____________
(1) Dollar roll income on TBA Agency MBS is the income
resulting from the price discount typically obtained by extending
the settlement of TBA Agency MBS to a later date. This is a
component of the “Gain (loss) on derivatives, net” that is shown on
the Company’s statements of operations. (2) Paydown expense on
Agency MBS represents the proportional expense of Agency MBS
purchase premiums relative to the Agency MBS principal payments and
prepayments which occurred during the quarter. (3) Periodic net
settlements on interest rate swaps after de-designation include all
subsequent net payments made on interest rate swaps which were
de-designated as hedges in August 2014 and are recorded in “Gain on
interest rate swaps, net.” (4) This amount represents the
amortization of the balance remaining in “accumulated other
comprehensive income” as a result of the Company’s discontinuation
of hedge accounting in August 2014 and is recorded in its
statements of operations as a portion of interest expense in
accordance with GAAP.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170502006556/en/
Anworth Mortgage Asset CorporationJohn T. Hillman1299 Ocean
Avenue, Second FloorSanta Monica, CA 90401(310) 255-4438 or (310)
255-4493jhillman@anworth.comhttp://www.anworth.com
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