Press Release| Cypress Sharpridge Investments, Inc. Announces Third Quarter 2009 Financial Results | NEW YORK--(BUSINESS WIRE)--Oct. 21, 2009--
Cypress Sharpridge Investments, Inc. (NYSE: CYS) (“CYS” or the
“Company”) today announced financial results for the quarter ended
September 30, 2009.
Third Quarter 2009 Highlights
-
Net asset value of $13.58 per share after declaring a $0.35 dividend
per share on September 25, 2009. This represents an increase of $0.92
per share compared to $12.66 per share on June 30, 2009.
-
GAAP net income of $23.2 million or $1.28 per diluted share, compared
to $20.6 million or $2.22 per diluted share in the second quarter of
2009.
-
Core Earnings of $5.6 million or $0.31 per diluted share, compared to
$6.8 million or $0.74 per diluted share in the second quarter of 2009,
before the effects of forward settling purchases.
-
Interest rate spread net of hedge of 2.67%, compared to 3.88% in the
second quarter of 2009, before the effects of forward settling
purchases.
-
Weighted–average amortized cost of Agency RMBS of $101.3, consistent
with the second quarter of 2009.
-
Non-investment expenses as a percentage of net assets of 3.31%,
compared to 4.38% in the second quarter of 2009.
Forward Settling Purchases
During the second and third quarters of 2009, the Company utilized
forward settling purchases to deploy a portion of the proceeds from its
initial public offering. The benefit of purchasing assets in forward
settling transactions is that the Company can obtain an asset at a
discount to its current market value because it doesn’t receive any
interest income on the asset until it settles. Obtaining the asset at a
discount to market value reduces the impact of prepayments and is
accretive to net asset value.
For example, at June 30, 2009 the Company had a forward settling
purchase contract for a $150 million Agency RMBS pool backed by 15-year,
4.5% fixed-rate mortgages settling on September 17, 2009 with a market
price of $101.36. A settled 15-year 4.5% fixed-rate pool as of June 30,
2009 had a market price of $102.09. The difference in price between the
settled and forward settling contract of $0.73 is known as the drop.
This $0.73 will flow through our net asset value by increasing the
market value of the security rather than through interest income. In
addition, the lower purchase price of $100.29 for the security on June
18, 2009 reduces the impact of prepayments.
Below is a summary of our forward settling purchases as of September 30,
2009 and June 30, 2009.
|
Forward Settling Purchases
|
|
|
|
|
|
As-of September 30, 2009
|
|
Settle
Date
|
|
Par
|
|
FHLMC - 15 Year 4.5% Fixed
|
|
10/19/2009
|
|
$
|
68,520,299
|
|
FNMA - 15 Year 4.5% Fixed
|
|
10/19/2009
|
|
|
75,000,000
|
|
|
|
|
|
$
|
143,520,299
|
|
|
|
|
|
|
|
As-of June 30, 2009
|
|
Settle
Date
|
|
Par
|
|
FNMA - 15 Year 4.5% Fixed
|
|
7/16/2009
|
|
$
|
52,429,867
|
|
FNMA - 15 Year 4.5% Fixed
|
|
8/18/2009
|
|
|
60,000,000
|
|
FNMA - 15 Year 4.5% Fixed
|
|
9/17/2009
|
|
|
150,000,000
|
|
FNMA - 5X1 4.084% Hybrid ARM
|
|
7/22/2009
|
|
|
25,055,082
|
|
FNMA - 5X1 3.9% Hybrid ARM
|
|
9/23/2009
|
|
|
150,000,000
|
|
FNMA - 5X1 4.03% Hybrid ARM
|
|
9/23/2009
|
|
|
50,000,000
|
|
FNMA - 5X1 4.1% Hybrid ARM
|
|
9/23/2009
|
|
|
100,000,000
|
|
FNMA - 5X1 4.05% Hybrid ARM
|
|
9/24/2009
|
|
|
50,000,000
|
|
|
|
|
|
$
|
637,484,949
|
Third Quarter 2009 Results
The Company had net income of $23.2 million during the third quarter of
2009, or $1.28 per diluted share, compared to$20.6 million or $2.22 per
diluted share in the second quarter of 2009. During the third quarter of
2009, the Company had Core Earnings of $5.6 million, or $0.31 per
diluted share, compared to $6.8 million, or $0.74 per diluted share in
the second quarter of 2009. Core Earnings represents a non-GAAP
financial measure and is defined as net income (loss) excluding (i) net
realized gain (loss) on investments and termination of swap contracts
and (ii) net unrealized appreciation (depreciation) on investments and
swap contracts. The quarter-over-quarter decrease in Core Earnings was
generally the result of utilizing forward settling purchases which
benefited our net asset value, but not our Core Earnings for the third
quarter. In addition, while our second quarter forward settling
purchases were largely set to settle in September 2009, we entered into
interest rate swaps on both June 24 and June 30, 2009, each with a
notional value of $200 million.
The Company’s average Agency RMBS increased to $958.1 million in the
third quarter of 2009 from $789.5 million in the second quarter of 2009,
and the interest rate spread net of hedge decreased to 2.67% for the
third quarter of 2009 from 3.88% in the second quarter of 2009. The
second quarter spread of 3.88% was higher than our original expectations
due to elevated levels of 3-month LIBOR at the end of the first quarter
of 2009. Additionally, the third quarter of 2009 spread of 2.67% was
lower due to the costs of hedging the forward settling purchases prior
to their settling and much lower levels for 3-month LIBOR. The Company
incurred $2.0 million of non-investment expenses in the third quarter of
2009, compared to $1.4 million during the second quarter of 2009. This
increase was due to a larger asset base and therefore an increase in
asset based expenses such as management fees. However, the
non-investment expenses as a percentage of net assets decreased to 3.31%
in the third quarter of 2009 compared to 4.38% in the second quarter of
2009.
The Company’s net asset value per share on September 30, 2009 was $13.58
after declaring a $0.35 dividend per share on September 25, 2009,
compared with $12.66 at June 30, 2009, an increase of $0.92 per share.
|
Key Portfolio Statistics*
|
|
Three Months Ended
|
|
|
|
September 30, 2009
|
|
June 30, 2009
|
|
Average Agency RMBS (1)
|
|
$ 958,108,753
|
|
$ 789,520,805
|
|
Average securities sold under agreement to repurchase
|
|
771,241,276
|
|
693,518,835
|
|
Average net assets
|
|
239,130,371
|
|
129,484,724
|
|
Average yield on Agency RMBS (2)
|
|
4.28%
|
|
4.75%
|
|
Average cost of funds & hedge (3)
|
|
1.61%
|
|
0.87%
|
|
Interest rate spread net of hedge (4)
|
|
2.67%
|
|
3.88%
|
|
Leverage ratio (at period end) (5)
|
|
5.7:1
|
|
5.9:1
|
|
|
|
|
|
|
|
(1) The Company's average Agency RMBS for the period was
calculated by averaging the cost basis of the Company's settled
Agency RMBS during the period.
|
|
(2) The Company's average yield on Agency RMBS for the period was
calculated by dividing the Company's interest income from Agency
RMBS by the Company's average Agency RMBS.
|
|
(3) The Company's average cost of funds and hedge for the period
was calculated by dividing our total interest expense, including
the Company's net swap interest income (expense), by the Company's
average securities sold under agreement to repurchase.
|
|
(4) The Company's interest rate spread net of hedge for the period
was calculated by subtracting the Company's average cost of funds
& hedge from our average yield on Agency RMBS.
|
|
(5) The Company's leverage ratio was calculated by dividing total
liabilities by net assets.
|
|
* All percentages are annualized.
|
|
|
|
|
Portfolio
At September 30, 2009, the Company’s $1.6 billion portfolio of Agency
RMBS was backed by: hybrid adjustable-rate mortgages (“ARMs”) with 24 or
fewer months to reset (“Short Reset ARMs”) (10.9%), hybrid ARMs with 25
to 60 months to reset (44.3%), fixed-rate mortgages (35.5%) and monthly
reset ARMs (“MTA”) (9.3%). Additional information about our Agency RMBS
portfolio at September 30, 2009 is summarized below:
|
|
|
Par Value
|
|
Weighted Average
|
|
Asset Type
|
|
(in thousands)
|
|
Cost
|
|
Price
|
|
MTR1
|
|
Coupon
|
|
CPR2
|
|
MTA
|
|
$
|
145,436
|
|
$
|
103.65
|
|
$
|
102.60
|
|
1
|
|
3.4
|
%
|
|
13.5
|
%
|
|
Short Reset ARMs
|
|
|
170,593
|
|
|
101.57
|
|
|
103.06
|
|
6.1
|
|
4.2
|
%
|
|
22.1
|
%
|
|
Hybrid ARMs
|
|
|
693,218
|
|
|
101.02
|
|
|
104.65
|
|
47.7
|
|
4.7
|
%
|
|
21.5
|
%
|
|
Fixed Rate
|
|
|
557,055
|
|
|
100.90
|
|
|
103.91
|
|
NA
|
|
4.7
|
%
|
|
12.8
|
%
|
|
Total/Weighted-Average
|
|
$
|
1,566,302
|
|
$
|
101.28
|
|
$
|
104.02
|
|
33.9
|
|
4.6
|
%
|
|
18.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) “Months to Reset” is the number of months remaining
before the fixed rate on a hybrid ARM becomes a variable rate. At
the end of the fixed period, the variable rate will be determined
by the margin and the pre-specified caps of the ARM.
|
|
(2) “Constant Prepayment Rate” is a method of
expressing the prepayment rate for a mortgage pool that assumes
that a constant fraction of the remaining principal is prepaid
each month or year. Specifically, the constant prepayment rate is
an annualized version of the prior three month prepayment rate.
Securities with no prepayment history are excluded from this
calculation.
|
Financing, Leverage & Liquidity
At September 30, 2009, the Company had financed its portfolio with
approximately $1.2 billion of borrowings with securities sold under
agreement to repurchase (“repurchase agreements”) with a
weighted-average interest rate of 0.37%. These repurchase agreements had
a weighted-average maturity of approximately 27.6 days. In addition, the
Company had payable for securities purchased of $145.8 million. The
Company’s leverage ratio at September 30, 2009 was 5.7 to 1. At
September 30, 2009, the Company’s liquidity position was approximately
$150.5 million, consisting of unpledged Agency RMBS, cash and cash
equivalents. Below is a list of outstanding repurchase agreements at
September 30, 2009.
|
Counterparty
|
|
Total Outstanding
Borrowings
|
% of Total
|
|
Weighted Average
Maturity in Days
|
|
Bank of America Corp.
|
|
$ 94,304,000
|
|
7.6
|
%
|
14
|
|
Barclays Capital, Inc.
|
|
114,195,472
|
|
9.2
|
|
26
|
|
Cantor Fitzgerald & Co
|
|
48,460,000
|
|
3.9
|
|
26
|
|
Daiwa Securities America Inc.
|
|
51,187,000
|
|
4.1
|
|
19
|
|
Deutsche Bank Securities, Inc.
|
|
131,665,000
|
|
10.7
|
|
13
|
|
Goldman Sachs Group, Inc.
|
|
138,895,000
|
|
11.2
|
|
37
|
|
Greenwich Capital Markets, Inc.
|
|
135,614,505
|
|
11.0
|
|
23
|
|
ING Financial Markets LLC
|
|
49,186,000
|
|
4.0
|
|
26
|
|
Jefferies & Company, Inc.
|
|
60,879,000
|
|
4.9
|
|
22
|
|
LBBW Securities LLC
|
|
58,700,000
|
|
4.8
|
|
22
|
|
MF Global, Ltd
|
|
127,541,143
|
|
10.3
|
|
61
|
|
Mizuho Securities USA, Inc.
|
|
49,049,000
|
|
4.0
|
|
19
|
|
Morgan Keegan & Co
|
|
44,775,000
|
|
3.6
|
|
15
|
|
Pershing, LLC
|
|
40,743,000
|
|
3.3
|
|
19
|
|
South Street Securities LLC
|
|
91,863,736
|
|
7.4
|
|
38
|
|
Total
|
|
$ 1,237,057,856
|
|
100.0
|
%
|
|
Hedging
The Company utilizes interest rate swap contracts to hedge the interest
rate risk associated with the financed portion of its Agency RMBS
portfolio. At September 30, 2009, the Company had entered into three
interest rate swap contracts with an aggregate notional amount of $640.0
million and a weighted average fixed rate of 2.006%. These interest rate
swaps are described below:
|
Interest Rate Swap Contracts at September 30, 2009
|
|
Counterparty
|
|
Expiration Date
|
|
Pay Rate
|
|
Receive Rate
|
|
Notional Amount
|
|
Fair Value
|
|
|
Deutsche Bank Group
|
|
April 2012
|
|
1.691%
|
|
3-Month LIBOR
|
|
$ 240,000,000
|
|
$ (514,090)
|
|
|
Deutsche Bank Group
|
|
June 2012
|
|
2.266%
|
|
3-Month LIBOR
|
|
200,000,000
|
|
(2,852,238)
|
|
|
The Royal Bank of Scotland plc
|
|
July 2012
|
|
2.125%
|
|
3-Month LIBOR
|
|
200,000,000
|
|
(2,096,854)
|
|
|
Total
|
|
|
|
|
|
|
|
$ 640,000,000
|
|
$ (5,463,182)
|
|
Conference Call
The Company will host a conference call at 9:00 AM EDT on Thursday,
October 22, 2009, to discuss its financial results for the quarter ended
September 30, 2009. To participate in the event by telephone, please
dial 866.510.0707 at least 10 minutes prior to the start time and
reference the conference passcode 30156740. International callers should
dial 617.597.5376 and reference the same passcode. The conference call
will also be webcast live over the Internet and can be accessed at the
Company’s Web site at www.cysinv.com.
To listen to the live webcast, please visit www.cysinv.com
at least 15 minutes prior to the start of the call to register,
download, and install necessary audio software. A dial-in replay will be
available on Thursday, October 22, 2009 at approximately 3:00 PM EDT
through Thursday, October 29 at 11:00 AM EDT. To access this replay,
please dial 888.286.8010 and enter the conference ID number 28580733.
International callers should dial 617.801.6888 and enter the same
conference ID number. A replay of the conference call will also be
archived on the Company’s website at www.cysinv.com.
About Cypress Sharpridge Investments, Inc.
Cypress Sharpridge Investments, Inc. is a specialty finance company that
invests on a leveraged basis in whole-pool residential mortgage
pass-through certificates for which the principal and interest payments
are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. The Company
refers to these securities as Agency RMBS. Cypress Sharpridge
Investments, Inc. has elected to be taxed as a real estate investment
trust for federal income tax purposes.
|
CYPRESS SHARPRIDGE INVESTMENTS, INC.
|
|
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
|
|
|
|
|
|
|
|
|
|
September 30, 2009
|
|
December 31,
|
|
|
|
(Unaudited)
|
|
2008*
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at fair value (cost, $1,626,780,975 and
$723,814,995, respectively)
|
|
$
|
1,635,893,519
|
|
|
$
|
690,509,973
|
|
|
Cash and cash equivalents
|
|
|
741,907
|
|
|
|
7,156,140
|
|
|
Receivable for securities sold
|
|
|
3,140,500
|
|
|
|
885,009
|
|
|
Interest receivable
|
|
|
6,456,355
|
|
|
|
3,828,586
|
|
|
Prepaid insurance
|
|
|
358,608
|
|
|
|
65,851
|
|
|
Prepaid and deferred offering costs
|
|
|
638
|
|
|
|
-
|
|
|
Total assets
|
|
|
1,646,591,527
|
|
|
|
702,445,559
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
|
|
|
|
Securities sold under agreement to repurchase
|
|
|
1,237,057,856
|
|
|
|
587,485,241
|
|
|
Interest rate swap contracts, at fair value
|
|
|
5,463,182
|
|
|
|
12,503,520
|
|
|
Payable for securities purchased
|
|
|
145,750,436
|
|
|
|
-
|
|
|
Distribution payable
|
|
|
6,374,456
|
|
|
|
-
|
|
|
Accrued interest payable (including accrued interest on securities
sold under
|
|
|
|
|
|
agreement to repurchase of $193,958 and $1,598,881, respectively)
|
|
|
3,789,225
|
|
|
|
2,327,208
|
|
|
Related party management fee payable
|
|
|
373,020
|
|
|
|
220,045
|
|
|
Accrued offering costs
|
|
|
-
|
|
|
|
510,569
|
|
|
Accrued expenses and other liabilities
|
|
|
396,522
|
|
|
|
598,127
|
|
|
Total liabilities
|
|
|
1,399,204,697
|
|
|
|
603,644,710
|
|
|
NET ASSETS
|
|
$
|
247,386,830
|
|
|
$
|
98,800,849
|
|
|
|
|
|
|
|
|
Net Assets consist of:
|
|
|
|
|
|
Common Stock, $0.01 par value, 500,000,000 shares authorized
(18,212,732
and 7,662,706 shares issued and outstanding, respectively)
|
|
$
|
182,127
|
|
|
$
|
76,627
|
|
|
Additional paid in capital
|
|
|
309,189,688
|
|
|
|
201,941,407
|
|
|
Accumulated net realized gain (loss) on investments
|
|
|
(82,922,877
|
)
|
|
|
(68,887,694
|
)
|
|
Net unrealized appreciation (depreciation) on investments
|
|
|
3,649,363
|
|
|
|
(45,808,542
|
)
|
|
Undistributed net investment income
|
|
|
17,288,529
|
|
|
|
11,479,051
|
|
|
NET ASSETS
|
|
$
|
247,386,830
|
|
|
$
|
98,800,849
|
|
|
NET ASSET VALUE PER SHARE
|
|
$
|
13.58
|
|
|
$
|
12.89
|
|
|
________
|
|
|
|
|
|
* Derived from audited financial statements.
|
|
CYPRESS SHARPRIDGE INVESTMENTS, INC.
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2009
|
|
2008
|
|
|
2009
|
|
2008
|
|
INVESTMENT INCOME - Interest income
|
|
$ 10,709,920
|
|
$ 12,631,559
|
|
|
$ 29,758,640
|
|
$ 44,977,310
|
|
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
898,891
|
|
4,758,157
|
|
|
3,399,458
|
|
19,578,363
|
|
Management fees
|
|
1,049,462
|
|
717,807
|
|
|
2,548,230
|
|
1,901,498
|
|
Related party management compensation
|
|
267,515
|
|
293,115
|
|
|
800,733
|
|
887,067
|
|
General, administrative and other
|
|
679,449
|
|
359,608
|
|
|
1,624,039
|
|
1,081,235
|
|
Total expenses
|
|
2,895,317
|
|
6,128,687
|
|
|
8,372,460
|
|
23,448,163
|
|
Net investment income
|
|
7,814,603
|
|
6,502,872
|
|
|
21,386,180
|
|
21,529,147
|
|
GAINS AND (LOSSES) FROM INVESTMENTS:
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments
|
|
-
|
|
1,699,099
|
|
|
1,415,931
|
|
(2,518,056)
|
|
Net unrealized appreciation (depreciation) on
investments
|
|
24,410,936
|
|
(14,410,024)
|
|
|
42,417,567
|
|
(29,076,275)
|
|
Net gain (loss) from investments
|
|
24,410,936
|
|
(12,710,925)
|
|
|
43,833,498
|
|
(31,594,331)
|
|
GAINS AND (LOSSES) FROM SWAP CONTRACTS:
|
|
|
|
|
|
|
|
|
|
|
Net swap interest income (expense)
|
|
(2,225,747)
|
|
(2,040,760)
|
|
|
(4,646,991)
|
|
(5,363,263)
|
|
Net gain (loss) on termination of swap contracts
|
|
-
|
|
-
|
|
|
(10,804,123)
|
|
(29,927,526)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation (depreciation) on swap
contracts
|
|
(6,781,362)
|
|
(736,737)
|
|
|
7,040,338
|
|
14,829,535
|
|
Net gain (loss) from swap contracts
|
|
(9,007,109)
|
|
(2,777,497)
|
|
|
(8,410,776)
|
|
(20,461,254)
|
|
NET INCOME (LOSS)
|
|
$ 23,218,430
|
|
$ (8,985,550)
|
|
|
$ 56,808,902
|
|
$ (30,526,438)
|
|
NET INCOME (LOSS) PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ 1.28
|
|
$ (1.19)
|
|
|
$ 4.86
|
|
$ (4.35)
|
|
Diluted
|
|
$ 1.28
|
|
$ (1.19)
|
|
|
$ 4.84
|
|
$ (4.35)
|
|
WEIGHTED AVERAGE COMMON SHARES:
|
|
|
|
|
|
|
|
|
|
|
OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
18,110,134
|
|
7,530,300
|
|
|
11,683,639
|
|
7,020,598
|
|
Diluted
|
|
18,180,134
|
|
7,530,300
|
|
|
11,726,050
|
|
7,020,598
|
Core Earnings:
Core Earnings represents a non-GAAP financial measure and is defined as
net income (loss) excluding net realized gain (loss) on investments, net
unrealized appreciation (depreciation) on investments, net realized gain
(loss) on termination of swap contracts and unrealized appreciation
(depreciation) on swap contracts. In order to evaluate the effective
yield of the portfolio, management uses Core Earnings to reflect the net
investment income of our portfolio as adjusted to reflect the net swap
interest income (expense). Core Earnings allows management to isolate
the interest income (expense) associated with our swaps in order to
monitor and project our borrowing costs and interest rate spread. In
addition, management utilizes Core Earnings as a key metric in
conjunction with other portfolio and market factors to determine the
appropriate leverage and hedging ratios, as well as the overall
structure of the portfolio.
The Company adopted Accounting Standards Codification (“ASC”) 946, Clarification
of the Scope of Audit and Accounting Guide Investment Companies (“ASC
946”), prior to its deferral in February 2008, while most, if not
all, other public companies that invest only in Agency RMBS have not
adopted ASC 946. Under ASC 946, the Company uses financial reporting
specified for investment companies, and accordingly, its investments are
carried at fair value with changes in fair value included in earnings.
Most other public companies that invest only in Agency RMBS include most
changes in the fair value of their investments within shareholders’
equity, not in earnings. As a result, investors are not able to readily
compare the Company’s results of operations to those of most of its
competitors. The Company believes that the presentation of its Core
Earnings is useful to investors because it provides a means of comparing
its Core Earnings to those of its competitors. In addition, because Core
Earnings isolates the net swap interest income (expense) it provides
investors with an additional metric to identify trends in the Company’s
portfolio as they relate to the interest rate environment.
The primary limitation associated with Core Earnings as a measure of the
Company’s financial performance over any period is that it excludes the
effects of net realized gain (loss) from investments. In addition, the
Company’s presentation of Core Earnings may not be comparable to
similarly-titled measures of other companies, who may use different
calculations. As a result, Core Earnings should not be considered as a
substitute for the Company’s GAAP net income (loss) as a measure of our
financial performance or any measure of our liquidity under GAAP.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
Non-GAAP Reconciliation:
|
|
|
2009
|
|
|
|
2008
|
|
|
|
2009
|
|
|
|
2008
|
|
|
NET INCOME
|
|
$
|
23,218,430
|
|
|
$
|
(8,985,550
|
)
|
|
$
|
56,808,902
|
|
|
$
|
(30,526,438
|
)
|
|
Net gain (loss) from investments
|
|
|
(24,410,936
|
)
|
|
|
12,710,925
|
|
|
|
(43,833,498
|
)
|
|
|
31,594,331
|
|
|
Net (gain) loss on termination of swap contracts
|
|
|
-
|
|
|
|
-
|
|
|
|
10,804,123
|
|
|
|
29,927,526
|
|
|
Net unrealized appreciation (depreciation) on swap contracts
|
|
|
6,781,362
|
|
|
|
736,737
|
|
|
|
(7,040,338
|
)
|
|
|
(14,829,535
|
)
|
|
Core Earnings
|
|
$
|
5,588,856
|
|
|
$
|
4,462,112
|
|
|
$
|
16,739,189
|
|
|
$
|
16,165,884
|
|
Source: Cypress Sharpridge Investments
Cypress Sharpridge Investments, Inc.
Richard E. Cleary, 212-705-0160
Chief
Operating Officer
|
|
