ABCDE Investor Presentation Third Quarter 2018 Safe Harbor - - PowerPoint PPT Presentation

ABCDE

Investor Presentation Third Quarter 2018

ABCDE

Safe Harbor Statement -

Private Securities Litigation Reform Act of 1995 Statement Concerning Forward-looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “intend,” “will be,” “will likely continue,” “will likely result,”

• r words or phrases of similar meaning.

Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, without limitation, fluctuations in interest rates, the availability of suitable qualifying investments, changes in mortgage prepayments, the availability and terms of financing, changes in market conditions as a result of federal corporate and individual tax reform, changes in legislation or regulation affecting the mortgage and banking industries or Fannie Mae, Freddie Mac or Ginnie Mae securities, the availability of new investment capital, the liquidity of secondary markets and credit markets, and other changes in general economic conditions. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement is made and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers of this document are cautioned not to place undue reliance on any forward-looking statements included herein.

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ABCDE

Company Summary Proven Strategy, Efficiently Executed

Overview of Capstead Mortgage Corporation

• Founded in 1985, Capstead is the oldest publicly-traded residential mortgage REIT.
• We manage a leveraged portfolio of short-duration agency-guaranteed residential ARM securities that is

appropriately hedged and can earn attractive risk-adjusted returns over the long term, with little, if any, credit risk.

• At September 30, 2018, our agency-guaranteed ARM securities portfolio stood at $12.68 billion, supported

by $1.22 billion in long-term investment capital levered 9.53 times.

• Our short-duration strategy differentiates us from our peers because the adjustable-rate mortgages

underlying our portfolio reset to more current interest rates within a relatively short period of time:

• allowing us to benefit from future recoveries in financing spreads that typically contract during

periods of rising interest rates, and

• resulting in smaller fluctuations in portfolio values from changes in interest rates compared to

portfolios containing a significant amount of longer-duration ARM or fixed-rate mortgage securities.

• Our sole focus on agency-guaranteed ARM securities along with our internally-managed structure, we

are arguably the most efficient mortgage REIT in the industry.

• Our top four executive officers have over 75 years of mortgage finance industry experience.
• We are internally managed with low operating costs and a strong focus on performance-based

compensation which greatly enhances the alignment of management interests with those of our stockholders.

• Our singular investment strategy, together with our use of cash flow hedge accounting, allows for easily

understood, transparent financial reporting, with limited use of non-GAAP financial measures.

• Because we are internally managed, our compensation-related decisions and costs are fully disclosed and

subject to annual say-on-pay approvals.

• We make every effort to provide additional analysis in our earnings report, SEC filings and investor

presentations that tell our story in a complete and straightforward fashion.

Transparent Reporting

• Duration is a measure of market price sensitivity to interest rate movements. A shorter duration generally indicates less interest rate risk.

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Experienced Management Aligned with Stockholders

ABCDE

Market Snapshot & Stock Repurchases

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(dollars in thousands, except per share amounts)

"CMO" 7.50% Series E Preferred "CMOPRE" Long-Term Unsecured Borrowings Total Long-Term Investment Capital Shares outstanding (September 30, 2018) 91,068 10,329 Cost of preferred capital 7.72% 7.74% 7.73% Price as of November 9, 2018 $7.34 $24.86 Book Value per common share (September 30, 2018) $9.48 Price as a multiple of September 30, 2018 book value 77.4% Recorded Value (September 30, 2018) $870,147 $250,946 $98,266 $1,219,359 Market Capitalization as of November 9, 2018 668,439 256,779 98,266 1,023,484

• Beginning of quarter book value used to illustrate discount and calculate accretion.

Settlement Period Shares Repurchased Capital Deployed Net price, after expenses Discount to Trailing Book Value Book Value Accretion Q4 2017 397,352 $3,460,000 $8.71 82.4% $0.008 Q1 2018 3,379,168 29,062,000 8.60 83.9% 0.060 Q2 2018 47,889 410,000 8.57 84.9% 0.001 Q3 2018 1,434,925 11,841,000 8.25 83.8% 0.025 Q4 2018 (November 9th) 1,630,540 11,777,000 7.22 76.2% 0.041 6,889,874 $56,550,000

As of November 9th, we have $44 million remaining under our current repurchase authorization.

ABCDE

Historical Leverage & Long-Term Investment Capital

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Borrowing at current levels represents an appropriate use of leverage for a short-duration, agency- guaranteed ARM securities portfolio in today’s market conditions

Portfolio and Portfolio Leverage Long-term Investment Capital

ABCDE

• CMO economic returns exclude $(0.28) per share associated with 2013 preferred capital redemption and issuance transactions and $(0.03) per share in separation of

service charges incurred in 2016. Including the effects of these items, our economic returns would have been lower by 206 basis points in 2013 and by 9 and 46 basis points for the 3- and 5-year averages, respectively.

• Agency Peers: AGNC, AI, ANH, ARR, CYS, EARN, HTS, NLY, ORC (HTS through 2016).
• All Peers: Agency peers plus AMTG, CIM, DX, HCFT, IVR, JMI, MFA, MITT, MTGE, NYMT, RWT, TWO, WMC (HTS, AMTG and JMI through 2016). HCFT had not

reported as of November 13th, analyst estimates used.

Economic Returns

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Economic return (change in book value plus dividends) is a key performance metric for mortgage

• REITs. Our agency-only, short-duration ARM strategy typically leads to outperformance during periods
• f rising interest rates and/or worsening credit conditions relative to other residential mortgage REITs.

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Proven Short-Duration Investment Strategy

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Our strategy is designed to insulate our investment capital from credit and, to a large degree, interest rate risk by investing in relatively short-duration agency-guaranteed ARM securities augmented with low-cost two- to three-year interest rate swap agreements.

49% 51% As of September 30, 2018

Residential ARM Securities Portfolio Secured Borrowings & Swap Notional Amounts (by quarter of borrowing maturities / contract expirations) Total: $12.72 Billion (cost basis)

Longer-to-Reset ARMs $6.18 Billion (cost basis) Current-Reset ARMs $6.55 Billion (cost basis)

• Our portfolio of agency-guaranteed ARM securities has little, if

any, credit risk.

• Our Current-Reset ARMs (less than 18 months to reset) reset in

rate on average in approximately 6 months and our Longer-to- Reset ARMs on average reset in approximately 42 months.

• With an asset duration of approximately 12¼ months at

quarter-end, the value of our portfolio is naturally less exposed to changes in interest rates than portfolios containing longer duration ARM or fixed-rate securities. This relative stability affords us more flexibility in managing through periods of market stress.

• We have long-term relationships with a variety of domestic

and foreign lending counterparties. At quarter-end we had borrowings outstanding with 23 counterparties.

• We routinely borrow for 30 to 90 days and extend the duration
• f our borrowings primarily using relatively low-cost two year

term, pay-fixed, receive three-month LIBOR, interest rate swap agreements. When available at attractive levels, we may also enter into longer-dated secured borrowings.

• Together

with

• ur

portfolio-related swap agreements,

• ur

secured borrowings had a duration of approximately 6½ months at quarter-end, resulting in a net duration gap

• f

approximately 5¾ months.

ABCDE

2016 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Total financing spreads: Yields on all interest-earning assets 1.49% 1.67% 1.65% 1.68% 1.90% 2.07% 2.00% 2.08% Borrowing rates on all interest-paying liabilities 0.94 0.99 1.13 1.22 1.34 1.52 1.67 1.87 Total financing spreads 0.55 0.68 0.52 0.46 0.56 0.55 0.33 0.21 Financing spreads on residential mortgage investments, a non-GAAP financial measure: Cash yields on residential mortgage investments 2.55% 2.60% 2.66% 2.72% 2.79% 2.85% 2.93% 3.07% Investment premium amortization (1.05) (0.93) (1.00) (1.03) (0.88) (0.77) (0.93) (0.99) Yields on residential mortgage investments 1.50 1.67 1.66 1.69 1.91 2.08 2.00 2.08 Unhedged secured borrowing rates 0.79 0.89 1.09 1.33 1.39 1.64 1.97 2.21 Hedged secured borrowing rates 0.95 0.96 1.08 1.10 1.23 1.35 1.36 1.52 Secured borrowing rates 0.89 0.93 1.08 1.17 1.29 1.47 1.62 1.82 Financing spreads on residential mortgage investments 0.61 0.74 0.58 0.52 0.62 0.61 0.38 0.26 Average constant prepayment rate ("CPR") 25.59 22.93 24.69 25.77 22.50 19.64 23.82 25.71

2017 2018

Financing Spreads

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Cash yields continue to benefit from higher coupon interest rates as mortgage loans underlying our current-reset ARM securities reset to higher rates. Investment premium amortization is driven by mortgage prepayment levels (“CPR”) which are influenced by housing market conditions, including prevailing mortgage interest rates, as well as seasonal factors, in particular the summer home selling season. Borrowing and hedging costs have increased as the markets absorbed the effects of seven 25 basis point Federal Funds Rate increases since December 2016 and expectations for future rate increases.

• Cash yields are based on the cash component of interest income.

Investment premium amortization is determined using the interest method which incorporates actual and anticipated future mortgage prepayments. Both are expressed as a percentage calculated on average amortized cost basis for the indicated periods.

• Unhedged borrowing rates represent average rates on secured borrowings, before consideration of related interest rate swap agreements. Hedged borrowing rates represent the

average fixed-rate payments made on interest rate swap agreements adjusted for differences between LIBOR-based variable-rate payments received and unhedged borrowing rates.

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Historical Interest Rates Affecting Earnings

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• Blue highlighting indicates the summer selling season.

One-month LIBOR, a proxy for our borrowing costs, and the primary indices affecting the cash yields

• f our ARM securities portfolio, have increased largely due to the effects of seven 25 basis point

Federal Funds Rate increases since December 2016 and expectations of future rate increases. Ten-year U.S. Treasury rates, a proxy for mortgage interest rates, have not kept pace with these increases in recent quarters, presenting homeowners whose loans are resetting higher in rate with potential opportunities to refinance.

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Agency Mortgage Prepayment Speeds

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ARMs tend to prepay faster than fixed-rate MBS and are priced accordingly. ARM and fixed-rate speeds have diverged in recent years in a rising mortgage rate environment, reducing refinancing

• pportunities for fixed-rate mortgagers. 2nd and 3rd qtr. 2018 prepayments reflect seasonal factors as

well as refinancing activity primarily centered on homeowners whose mortgages are resetting higher.

• Blue highlighting indicates the summer selling season.

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ARM Portfolio Characteristics

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The 86 basis point spread at September 30, 2018 between the Net WAC and Fully-Indexed WAC on

• ur current-reset ARMs is indicative of the opportunity to earn higher cash yields over the course of

2018. With an average of 42 months to roll, prepayment rates on our longer-to-reset ARMs can be expected to be benign given a lack of rate incentive for these homeowners to refinance.

As of September 30, 2018 (dollars in thousands, unaudited) Principal Balance Investment Premiums Fair Market Value Net WAC Fully- Indexed WAC Average Net Margins Months to Roll Current-reset ARMs: Fannie Mae Agency Securities $ 3,557,666 $ 116,915 $ 3,674,581 103.29 $ 3,719,415 3.68% 4.45% 1.68% 6.1 Freddie Mac Agency Securities 1,511,597 53,902 1,565,499 103.57 1,581,506 3.63 4.64 1.78 7.2 Ginnie Mae Agency Securities 1,263,412 41,614 1,305,026 103.29 1,309,598 3.12 4.10 1.51 5.6 Residential Mortgage Loans 1,045 6 1,051 100.57 1,063 4.04 4.70 2.11 5.3 (51% of total) 6,333,720 212,437 6,546,157 103.35 6,611,582 3.56 +0.86 4.42 1.67 6.2

Year-end 2017

3.05 +0.57 3.62 Longer-to-reset ARMs: Fannie Mae Agency Securities 2,840,426 70,266 2,910,692 102.47 2,857,642 2.85 4.51 1.59 40.0 Freddie Mac Agency Securities 1,396,013 36,320 1,432,333 102.60 1,403,150 2.79 4.56 1.64 37.7 Ginnie Mae Agency Securities 1,795,158 37,774 1,832,932 102.10 1,807,660 3.20 4.09 1.50 48.9 (49% of total) 6,031,597 144,360 6,175,957 102.39 6,068,452 2.94 +1.46 4.40 1.58 42.1

Year-end 2017

2.81 +0.81 3.62 12,365,317 $ 356,797 $ 12,722,114 $ 102.89 12,680,034 $ 3.26 +1.15 4.41 1.62 23.7

Year-end 2017

2.93 +0.69 3.62 Gross WAC (rate paid by borrowers) 3.85 Amortized Cost Basis

• Net WAC, or weighted average coupon, is the weighted average interest rate of the mortgage loans underlying the indicated investments, net of servicing and other fees, as
• f September 30, 2018. Net WAC is expressed as a percentage calculated on an annualized basis on the unpaid principal balances of the mortgage loans underlying these
• investments. As such, it is similar to the cash yield on the portfolio which is calculated using amortized cost basis. Fully-Indexed WAC represents the weighted average

coupon upon one or more resets using interest rate indexes and net margins in effect as of September 30, 2018.

• Excludes $2 million in legacy portfolio of fixed-rate investments.

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Stockholder Friendly Structure

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Operating expenses Year Ended

• Dec. 31, 2017

Quarter Ended September 30, 2018 Nine Months Ended September 30, 2018 Compensation-related expenses: Fixed: Salaries and related costs 0.25% 0.30% 0.29% Variable: Short-term incentive compensation 0.04 0.13 0.14 Long-term incentive compensation, primarily performance-based equity awards 0.07 0.16 0.12 Related savings plan matching and payroll taxes 0.01 0.02 0.02 0.12 0.31 0.28 0.37 0.61 0.57 Other platform expenses 0.34 0.37 0.35 Operating expenses as a % of avg LTIC 0.71% 0.98% 0.92% Operating expenses as a % of avg total assets 0.07% 0.09% 0.09%

Capstead is internally-managed with low operating costs and stands out as a leader among our mortgage REIT peers (as well as other investment vehicles) in terms of operating cost efficiency. We are incented to grow the Company by raising capital only when it is accretive to book value and earnings rather than for the purpose of increasing compensation or external management fees. Additionally, we are not conflicted regarding repurchasing shares when appropriate.

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Appendix

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ABCDE

Quarterly Income Statements

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(dollars in thousands, except per share amounts, unaudited) September June March December September 2018 2018 2018 2017 2017 Interest income: Residential mortgage investments 67,649 $ 65,202 $ 69,138 $ 64,418 $ 57,073 $ Other 350 305 408 207 366 67,999 65,507 69,546 64,625 57,439 Interest expense: Secured borrowings (54,393) (48,241) (45,021) (40,012) (36,655) Unsecured borrowings (1,910) (1,900) (1,891) (1,909) (1,910) (56,303) (50,141) (46,912) (41,921) (38,565) 11,696 15,366 22,634 22,704 18,874 Other revenue (expense): Compensation-related expense (1,913) (1,560) (2,048) (894) (1,073) Other general and administrative expense (1,184) (899) (1,237) (1,254) (1,097) Miscellaneous other revenue 81 81 71 2,031 48 (3,016) (2,378) (3,214) (117) (2,122) Net income 8,680 $ 12,988 $ 19,420 $ 22,587 $ 16,752 $ Net income available to common stockholders: Net income 8,680 $ 12,988 $ 19,420 $ 22,587 $ 16,752 $ Less preferred stock dividends (4,842) (4,842) (4,842) (4,842) (4,718) 3,838 $ 8,146 $ 14,578 $ 17,745 $ 12,034 $ Net income per diluted common share $0.04 $0.09 $0.16 $0.19 $0.13 Average long-term investment capital ("LTIC") 1,258,367 $ 1,280,231 $ 1,314,537 $ 1,362,700 $ 1,353,859 $ Average balance of mortgage assets 13,026,636 13,025,353 13,303,044 13,502,798 13,513,833 Investment premium amortization 32,354 30,319 25,620 29,773 34,950 CPR 19.64% 22.50% 25.77% Average total financing spreads 0.55 0.56 0.46 Average financing spreads on residential mortgage investments 0.61 0.62 0.52 Operating costs as a percentage of average LTIC 1.01 0.62 0.64 Return on average common equity capital 6.12 6.95 4.61 Quarter Ended 0.26 25.71% 0.21 0.33 23.82% 0.98 0.77 1.69 3.51 0.38

• See page 17 for further information regarding this non-GAAP financial measure.

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Annual Income Statements – Five Years Ended 2017

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(dollars in thousands, except per share amounts, unaudited) December December December December December 2017 2016 2015 2014 2013 Interest income: Residential mortgage investments 232,435 $ 212,694 $ 215,989 $ 226,749 $ 215,137 $ Other 964 637 341 315 322 233,399 213,331 216,330 227,064 215,459 Interest expense: Secured borrowings (138,757) (107,653) (85,521) (65,155) (66,368) Unsecured borrowings (7,610) (7,833) (8,454) (8,488) (8,736) (146,367) (115,486) (93,975) (73,643) (75,104) 87,032 97,845 122,355 153,421 140,355 Other revenue (expense): Compensation-related expense (4,915) (11,749) (10,200) (8,302) (9,341) Other general and administrative expense (4,689) (4,682) (4,798) (4,157) (4,476) Miscellaneous other revenue (expense) 2,161 1,459 968 (142) (300) (7,443) (14,972) (14,030) (12,601) (14,117) Income before equity in earnings of unconsolidated affiliates 79,589 82,873 108,325 140,820 126,238 Equity in earnings of unconsolidated affiliates

• 249

Net income 79,589 $ 82,873 $ 108,325 $ 140,820 $ 126,487 $ Net income per diluted common share $0.65 $0.70 $0.97 $1.33 $0.93 Core earnings per diluted common share $1.16 Average long-term investment capital ("LTIC") 1,359,067 $ 1,384,074 $ 1,476,953 $ 1,498,252 $ 1,545,350 $ Average balance of mortgage assets 13,406,614 13,658,034 13,922,698 13,424,149 13,550,511 Investment premium amortization 128,769 130,084 121,190 101,872 125,872 CPR 20.37% 17.28% 21.45% Average total financing spreads 0.81 1.06 0.96 Average financing spreads on residential mortgage investments 0.89 1.17 1.07 Operating costs as a percentage of average LTIC 1.02 0.83 0.89 Return on average common equity capital 7.86 10.37 7.08 23.20% Year Ended 0.61 23.97% 0.71 0.97 5.96 6.20 0.72 0.55 0.64

• See page 17 for further information regarding these non-GAAP financial measures.
• Excludes the effects of first quarter 2017 adjustments to annual incentive compensation accruals of $938,000. Year ended December 31, 2016 excludes the effects of

separation of service charges totaling $(3.0 million) and an adjustment to the prior year annual incentive compensation accrual of $(655,000).

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Comparative Balance Sheets

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(dollars in thousands, except per share amounts, unaudited) September 30, December 31, December 31, December 31, December 31, 2018 2017 2016 2015 2014 Assets Residential mortgage investments 12,681,791 $ 13,454,098 $ 13,316,282 $ 14,154,737 $ 13,908,104 $ Cash collateral receivable from interest rate swap counterparties 26,293 42,506 29,660 50,193 53,139 Interest rate swap agreements at fair value

• 24,709

7,720 1,657 Cash and cash equivalents 31,725 103,907 56,732 54,185 307,526 Receivables and other assets 152,216 132,938 149,493 179,531 116,525 12,892,025 $ 13,733,449 $ 13,576,876 $ 14,446,366 $ 14,386,951 $ Liabilities Secured borrowings 11,619,966 $ 12,331,060 $ 12,145,346 $ 12,958,394 $ 12,806,843 $ Interest rate swap agreements at fair value 13,012 23,772 24,417 26,061 27,034 Unsecured borrowings 98,266 98,191 98,090 97,986 97,882 Common stock dividend payable 10,365 18,487 22,634 25,979 34,054 Accounts payable and accrued expenses 29,323 23,063 38,702 39,622 30,367 11,770,932 12,494,573 12,329,189 13,148,042 12,996,180 Stockholders' Equity Preferred stock 250,946 250,946 199,059 197,172 183,936 Common stock 874,756 925,812 942,842 965,057 979,413 Accumulated other comprehensive income (4,609) 62,118 105,786 136,095 227,422 1,121,093 1,238,876 1,247,687 1,298,324 1,390,771 12,892,025 $ 13,733,449 $ 13,576,876 $ 14,446,366 $ 14,386,951 $ Book value per common share (based on outstanding shares of common stock and calculated assuming liquidation preferences for preferred stock) (unaudited) $9.48 $10.25 $10.85 $11.42 $12.52 Long-term investment capital (stockholders' equity and unsecured borrowings) (unaudited) $1,219,359 $1,337,067 $1,345,777 $1,396,310 $1,488,653 Portfolio leverage (secured borrowings divided by long-term investment capital) (unaudited) 9.53:1 9.22:1 9.02:1 9.28:1 8.60:1

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Non-GAAP Financial Measures

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Financing spreads on residential mortgage investments, a non-GAAP financial measure, differs from total financing spreads, an all-inclusive GAAP measure, that is based on all interest-earning assets and all interest-paying liabilities. We believe presenting financing spreads on residential mortgage investments provides useful information for evaluating the performance of the Company’s portfolio. Core earnings per diluted common share is a non-GAAP financial measure that differs from the related GAAP measure of net income per diluted common share by excluding certain one-time effects of second quarter 2013 transactions to redeem then-outstanding high-cost convertible preferred capital and issue our 7.50% Series E preferred shares. We believe presenting this metric on a core earnings basis provides useful, comparative information for evaluating the Company’s performance. (unaudited) 2018 2017 2016 Quarter Ended: Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Total financing spreads 0.21% 0.33% 0.55% 0.56% 0.46% 0.52% 0.68% 0.55% Impact of yields on other interest-earning assets – – 0.01 0.01 0.01 0.01 – 0.01 Impact of borrowing rates on other interest-paying liabilities 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.05 Financing spreads on residential mortgage investments 0.26 0.38 0.61 0.62 0.52 0.58 0.74 0.61

Year Ended: 2017 2016 2015 2014 2013 Total financing spreads 0.55% 0.64% 0.81% 1.06% 0.96% Impact of yields on other interest-earning assets 0.01 0.02 0.03 0.05 0.04 Impact of borrowing rates on other interest-paying liabilities 0.05 0.06 0.05 0.06 0.07 Financing spreads on residential mortgage investments 0.61 0.72 0.89 1.17 1.07 Core earnings available to common stockholders Quarter Ended Year Ended and core earnings per diluted common share: June 30, 2013 December 31, 2013 Net income available to common stockholders $ 4,103 $0.04 $ 89,027 $0.93 Redemption preference premiums paid 19,924 0.21 19,924 0.21 Convertible preferred dividends accruing from the Series E preferred stock issue date to the convertible preferred redemption date 1,741 0.02 1,741 0.02 Core earnings available to common stockholders $ 25,768 $0.27 $110,692 $1.16

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Experienced Management Team

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Our top four executive officers have over 75 years of mortgage finance industry experience.

Phillip A. Reinsch – President and Chief Executive Officer

• Appointed President, CEO and Director in July 2016 after serving as Chief Financial Officer since 2003
• Served in other executive positions at Capstead since 1993

Robert R. Spears – Executive Vice President, Chief Investment Officer

• Served in asset and liability management positions at Capstead since 1994
• Formerly Vice President of secondary marketing with NationsBanc Mortgage Corporation

Roy S. Kim – Senior Vice President, Asset and Liability Management and Treasurer

• Joined Capstead in April 2015 augmenting our asset and liability management capabilities with primary responsibility for liability

management

• Has over 20 years experience in the mortgage finance industry, primarily in trading capacities with JP Morgan and Bank of

America

Lance J. Phillips – Senior Vice President, Chief Financial Officer and Secretary

• Joined Capstead in October 2017
• Has 20 years experience in the accounting and finance industry, most recently as Vice President and Principal Accounting Officer

for InfraREIT, Inc.