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Section 1: 10-Q (10-Q)

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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 SEPTEMBER 30, 2019

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

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

1299 Ocean Avenue, 2nd Floor

Santa Monica, California

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  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 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 Act).   Yes  ☐    No  ☒

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 Par Value

 

ANH

 

New York Stock Exchange

Series A Cumulative Preferred Stock, $0.01 Par Value

 

ANHPRA

 

New York Stock Exchange

Series B Cumulative Convertible Preferred Stock, $0.01 Par Value

 

ANHPRB

 

New York Stock Exchange

Series C Cumulative Redeemable Preferred Stock, $0.01 Par Value

 

ANHPRC

 

New York Stock Exchange

 

As of November 5, 2019, the registrant had 98,846,353 shares of common stock issued and outstanding.

 

 

 

 

Table of Contents

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

FORM 10‑Q

INDEX

 

 

 

 

 

 

 

 

Page

 

Part I. 

 

FINANCIAL INFORMATION

3

 

 

Item 1.

Consolidated Financial Statements

3

 

 

 

Consolidated Balance Sheets as of September 30, 2019 (unaudited) and December 31, 2018

3

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)

4

 

 

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (unaudited)

5

 

 

 

Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2019, June 30, 2019 and September 30, 2019 (unaudited)

6

 

 

 

Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2018, June 30, 2018 and September 30, 2018 (unaudited)

7

 

 

 

Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2019 and 2018 (unaudited)

8

 

 

 

Notes to Unaudited Consolidated Financial Statements

9

 

 

Item 2.

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

40

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

 

 

Item 4.

Controls and Procedures

66

 

Part II. 

 

OTHER INFORMATION

67

 

 

Item 1.

Legal Proceedings

67

 

 

Item 1A.

Risk Factors

67

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

 

 

Item 3.

Defaults Upon Senior Securities

67

 

 

Item 4.

Mine Safety Disclosures

67

 

 

Item 5.

Other Information

67

 

 

Item 6.

Exhibits

68

 

 

 

Signatures

71

 

 

 

 

2

Table of Contents

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

Part I. FINANCIAL INFORMATION

Item 1.     Consolidated Financial Statements

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2019

    

2018

 

 

 

 

(audited)

ASSETS

 

 

  

 

 

 

Agency MBS at fair value (including $2,992,673 and $3,433,252 pledged to counterparties at September 30, 2019 and December 31, 2018, respectively)

 

$

3,105,638

 

$

3,548,719

Non-Agency MBS at fair value (including $593,748 and $726,428 pledged to counterparties at  September 30, 2019 and December 31, 2018, respectively)

 

 

686,029

 

 

795,203

Residential mortgage loans held-for-securitization

 

 

129,014

 

 

11,660

Residential mortgage loans held-for-investment through consolidated securitization trusts(1)

 

 

483,648

 

 

549,016

Residential real estate

 

 

13,618

 

 

13,782

Cash and cash equivalents

 

 

13,867

 

 

3,165

Reverse repurchase agreements

 

 

 —

 

 

20,000

Restricted cash

 

 

119,070

 

 

30,296

Interest receivable

 

 

16,386

 

 

16,872

Loan principal receivables

 

 

3,854

 

 

 —

Derivative instruments at fair value

 

 

2,459

 

 

46,207

Right to use asset-operating lease

 

 

1,391

 

 

1,794

Receivable for sold securities

 

 

3,650

 

 

 —

Prepaid expenses and other assets

 

 

3,137

 

 

2,986

Total Assets

 

$

4,581,761

 

$

5,039,700

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

  

 

 

  

Liabilities:

 

 

  

 

 

  

Accrued interest payable

 

$

14,722

 

$

24,828

Repurchase agreements

 

 

3,255,102

 

 

3,811,627

Warehouse line of credit

 

 

112,252

 

 

 —

Asset-backed securities issued by securitization trusts(1)

 

 

474,285

 

 

539,651

Junior subordinated notes

 

 

37,380

 

 

37,380

Derivative instruments at fair value

 

 

71,821

 

 

15,901

Dividends payable on preferred stock

 

 

2,297

 

 

2,297

Dividends payable on common stock

 

 

9,877

 

 

12,803

Payable for purchased loans

 

 

 —

 

 

11,660

Payable for purchased securities

 

 

43,290

 

 

 —

Warehouse line of credit payables

 

 

3,854

 

 

 —

Accrued expenses and other liabilities

 

 

1,398

 

 

654

Long-term lease obligation

 

 

1,391

 

 

1,794

Total Liabilities

 

$

4,027,669

 

$

4,458,595

Series B Cumulative Convertible Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($19,494 and $19,494, respectively); 780 and 780 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)

 

$

19,455

 

$

19,455

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 September 30, 2019 and December 31, 2018, respectively)

 

$

46,537

 

$

46,537

Series C Cumulative Preferred Stock: par value $0.01 per share; liquidating preference $25.00 per share ($50,257 and $50,257, respectively); 2,010 and 2,010 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)

 

 

48,626

 

 

48,944

Common Stock: par value $0.01 per share; authorized 200,000 shares, 98,768 and 98,483 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)

 

 

988

 

 

985

Additional paid-in capital

 

 

983,124

 

 

981,964

Accumulated other comprehensive income (loss) consisting of unrealized gains and losses

 

 

66,950

 

 

(30,792)

Accumulated deficit

 

 

(611,588)

 

 

(485,988)

Total Stockholders’ Equity

 

$

534,637

 

$

561,650

Total Liabilities and Stockholders’ Equity

 

$

4,581,761

 

$

5,039,700


(1)

The consolidated balance sheets include assets of consolidated variable interest entities, or 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 September 30, 2019 and December 31, 2018, total assets of the consolidated VIEs were $485 million and $551 million (including accrued interest receivable of $1.6 million and $1.8 million), respectively (which is recorded above in the line item entitled “Interest receivable”), and total liabilities were $476 million and $541 million (including accrued interest payable of $1.6 million and $1.7 million), respectively (which is recorded in the line item above entitled “Accrued interest payable”). Please refer to Note 5, “Variable Interest Entities,” for further discussion.

See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

    

2019

    

2018

    

2019

    

2018

    

Interest and other income:

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest-Agency MBS

 

$

20,335

 

$

23,578

 

$

70,183

 

$

72,449

 

Interest-Non-Agency MBS

 

 

9,299

 

 

10,377

 

 

29,423

 

 

30,287

 

Interest-residential securitized mortgage loans

 

 

5,049

 

 

5,750

 

 

15,676

 

 

17,944

 

Interest-residential mortgage loans held-for-securitization

 

 

1,574

 

 

 —

 

 

2,695

 

 

 —

 

Other interest income

 

 

679

 

 

20

 

 

1,343

 

 

92

 

 

 

 

36,936

 

 

39,725

 

 

119,320

 

 

120,772

 

Interest expense:

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest expense on repurchase agreements

 

 

21,132

 

 

24,027

 

 

74,248

 

 

65,149

 

Interest expense on asset-backed securities

 

 

4,880

 

 

5,581

 

 

15,172

 

 

17,449

 

Interest expense on warehouse line of credit

 

 

1,381

 

 

 —

 

 

2,671

 

 

 —

 

Interest expense on junior subordinated notes

 

 

520

 

 

519

 

 

1,608

 

 

1,470

 

 

 

 

27,913

 

 

30,127

 

 

93,699

 

 

84,068

 

Net interest income

 

 

9,023

 

 

9,598

 

 

25,621

 

 

36,704

 

Operating expenses:

 

 

 

 

 

  

 

 

  

 

 

  

 

Management fee to related party

 

 

(1,647)

 

 

(1,636)

 

 

(5,085)

 

 

(5,039)

 

Rental properties depreciation and expenses

 

 

(423)

 

 

(366)

 

 

(1,146)

 

 

(1,158)

 

General and administrative expenses

 

 

(1,188)

 

 

(1,197)

 

 

(3,813)

 

 

(3,631)

 

Total operating expenses

 

 

(3,258)

 

 

(3,199)

 

 

(10,044)

 

 

(9,828)

 

Other income (loss):

 

 

  

 

 

  

 

 

  

 

 

  

 

Income-rental properties

 

 

469

 

 

436

 

 

1,359

 

 

1,333

 

Realized net gain (loss) on sales of available-for-sale MBS

 

 

214

 

 

799

 

 

(5,488)

 

 

(11,188)

 

Realized (loss) on sales of Agency MBS held as trading investments

 

 

 —

 

 

(231)

 

 

(7,128)

 

 

(7,558)

 

Impairment charge on Non-Agency MBS

 

 

(1,145)

 

 

(141)

 

 

(1,751)

 

 

(1,898)

 

Unrealized gain (loss) on Agency MBS held as trading investments

 

 

1,939

 

 

(3,017)

 

 

17,834

 

 

(14,584)

 

Gain on sale of residential properties

 

 

 —

 

 

30

 

 

 —

 

 

30

 

(Loss) gain on derivatives, net

 

 

(24,734)

 

 

13,090

 

 

(105,565)

 

 

36,433

 

Recovery on Non-Agency MBS

 

 

 —

 

 

 —

 

 

 —

 

 

 1

 

Total other (loss) income

 

 

(23,257)

 

 

10,966

 

 

(100,739)

 

 

2,569

 

Net (loss) income

 

$

(17,492)

 

$

17,365

 

$

(85,162)

 

$

29,445

 

Dividends on preferred stock

 

 

(2,297)

 

 

(2,297)

 

 

(6,892)

 

 

(6,892)

 

Net (loss) income to common stockholders

 

$

(19,789)

 

$

15,068

 

$

(92,054)

 

$

22,553

 

Basic (loss) income per common share

 

$

(0.20)

 

$

0.15

 

$

(0.93)

 

$

0.23

 

Diluted (loss) income per common share

 

$

(0.20)

 

$

0.15

 

$

(0.93)

 

$

0.23

 

Basic weighted average number of shares outstanding

 

 

98,739

 

 

98,353

 

 

98,638

 

 

98,270

 

Diluted weighted average number of shares outstanding

 

 

98,739

 

 

102,331

 

 

98,638

 

 

102,199

 

 

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

 

September 30, 

 

September 30, 

 

 

 

    

2019

    

2018

    

2019

    

2018

    

 

Net (loss) income

 

$

(17,492)

 

$

17,365

 

$

(85,162)

 

$

29,445

 

 

Available-for-sale Agency MBS, fair value adjustment

 

 

11,242

 

 

(16,091)

 

 

65,195

 

 

(65,419)

 

 

Reclassification adjustment for (gain) loss on sales of Agency MBS included in net (loss) income

 

 

(445)

 

 

(583)

 

 

5,258

 

 

11,362

 

 

Available-for-sale Non-Agency MBS, fair value adjustment

 

 

6,337

 

 

(5,788)

 

 

24,095

 

 

(6,679)

 

 

Reclassification adjustment for loss (gain) on sales of Non-Agency MBS included in net (loss) income

 

 

231

 

 

(217)

 

 

209

 

 

(175)

 

 

Amortization of unrealized gains on interest rate swaps remaining in other comprehensive income

 

 

971

 

 

1,043

 

 

2,985

 

 

3,006

 

 

Reclassification adjustment for interest (income) on interest rate swaps included in net (loss) income

 

 

 —

 

 

 —

 

 

 —

 

 

(212)

 

 

Other comprehensive income (loss)

 

 

18,336

 

 

(21,636)

 

 

97,742

 

 

(58,117)

 

 

Comprehensive income (loss)

 

$

844

 

$

(4,271)

 

$

12,580

 

$

(28,672)

 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

 

5

Table of Contents

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (CONTINUED)

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Accum.

    

 

    

 

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comp.

 

 

 

 

 

 

 

 

 

 

Series A

 

Series C

 

 

 

Series A

 

Series C

 

Common

 

 

 

 

Accum. Other

 

Income

 

Accum. Other

 

 

 

 

 

 

For the Three Months Ended

 

Preferred

 

Preferred

 

Common

 

Preferred

 

Preferred

 

Stock

 

Additional

 

Comp. Income

 

Gain (Loss)

 

Comp. Income

 

 

 

 

 

 

March 31, 2019, June 30, 2019 and

 

Stock Shares

 

Stock Shares

 

Stock Shares

 

Stock

 

Stock

 

Par

 

Paid-In

 

Gain (Loss)

 

Non-Agency

 

Gain (Loss)

 

Accum.

 

 

 

September 30, 2019

 

Outstanding

 

Outstanding

 

Outstanding

 

Par Value

 

Par Value

 

Value

 

Capital

 

Agency MBS

 

MBS

 

Derivatives

 

(Deficit)

 

Total

Balance, December 31, 2018

 

1,919

 

2,010

 

98,483

 

$

46,537

 

$

48,944

 

$

985

 

$

981,964

 

$

(28,824)

 

$

9,563

 

$

(11,531)

 

$

(485,988)

 

$

561,650

Issuance of common stock

 

 

 

 

 

82

 

 

  

 

 

 

 

 

 1

 

 

355

 

 

 

 

 

  

 

 

  

 

 

  

 

 

356

Other comprehensive income, fair value adjustments and reclassifications

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

31,278

 

 

8,165

 

 

1,003

 

 

  

 

 

40,446

Net (loss)

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

 

 

 

  

 

 

  

 

 

  

 

 

(19,970)

 

 

(19,970)

Amortization of restricted stock

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

25

 

 

  

 

 

  

 

 

  

 

 

  

 

 

25

Dividend declared - $0.539063 per Series A preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(1,035)

 

 

(1,035)

Dividend declared - $0.390625 per Series B preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(304)

 

 

(304)

Dividend declared - $0.476525 per Series C preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(958)

 

 

(958)

Dividend declared - $0.13 per common share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(12,815)

 

 

(12,815)

Balance, March 31, 2019

 

1,919

 

2,010

 

98,565

 

$

46,537

 

$

48,944

 

$

986

 

$

982,344

 

$

2,454

 

$

17,728

 

$

(10,528)

 

$

(521,070)

 

$

567,395

Issuance of common stock

 

  

 

 

 

118

 

 

  

 

 

 

 

 

 1

 

 

401

 

 

  

 

 

  

 

 

  

 

 

  

 

 

402

Other comprehensive income, fair value adjustments and reclassifications

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

28,378

 

 

9,571

 

 

1,011

 

 

  

 

 

38,960

Net (loss)

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(47,700)

 

 

(47,700)

Amortization of restricted stock

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

25

 

 

  

 

 

  

 

 

  

 

 

  

 

 

25

Amortization of shelf offering expenses

 

 

 

 

 

 

 

 

 

 

 

(318)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(318)

Dividend declared - $0.539063 per Series A preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(1,035)

 

 

(1,035)

Dividend declared - $0.390625 per Series B preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(304)

 

 

(304)

Dividend declared - $0.476525 per Series C preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(958)

 

 

(958)

Dividend declared - $0.11 per common share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(10,855)

 

 

(10,855)

Balance, June 30, 2019

 

1,919

 

2,010

 

98,683

 

$

46,537

 

$

48,626

 

$

987

 

$

982,770

 

$

30,832

 

 

27,299

 

$

(9,517)

 

$

(581,922)

 

$

545,612

Issuance of common stock

 

  

 

 

 

85

 

 

  

 

 

 

 

 

 1

 

 

329

 

 

  

 

 

  

 

 

  

 

 

  

 

 

330

Other comprehensive income, fair value adjustments and reclassifications

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

10,797

 

 

6,568

 

 

971

 

 

  

 

 

18,336

Net (loss)

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(17,492)

 

 

(17,492)

Amortization of restricted stock

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

25

 

 

  

 

 

  

 

 

  

 

 

  

 

 

25

Dividend declared - $0.539063 per Series A preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(1,035)

 

 

(1,035)

Dividend declared - $0.390625 per Series B preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(304)

 

 

(304)

Dividend declared - $0.476525 per Series C preferred share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(958)

 

 

(958)

Dividend declared - $0.10 per common share

 

  

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

(9,877)

 

 

(9,877)

Balance, September 30, 2019

 

1,919

 

2,010

 

98,768

 

$

46,537

 

$

48,626

 

$

988

 

$

983,124

 

$

41,629

 

 

33,867

 

$

(8,546)

 

$

(611,588)

 

$

534,637

 

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

ANWORTH MORTGAGE ASSET CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Accum.