Capstead Mortgage Corporation Announces the Appointment of Pat Augustine as Independent Member of Its Board of Directors
August 18 2020 - 2:00PM
Business Wire
Capstead Mortgage Corporation (NYSE: CMO) (“Capstead” or the
“Company”) announced today that they have appointed Pat Augustine
to serve as an independent member of the Board of Directors of
Capstead (“Board”). With the appointment of Mr. Augustine, the
Board will consist of eight members, seven of whom will be
independent. Mr. Augustine will join the Board effective
immediately.
Mr. Augustine spent most of his career in structured finance
beginning in 1985 at Salomon Brothers during the developmental
phase of the mortgage-backed securities market. From 1996 until
2007, Mr. Augustine built the securities business at NationsBank,
now Bank of America, where he ran sales, trading and research for
structured products. Between 2009 and 2011, Mr. Augustine served as
Head of Structured Product and Credit Portfolio Management at Swiss
RE Insurance Asset Management where he was primarily responsible
for oversight of residential and commercial mortgage-related
products. Most recently, he served as founder of Meridian
Enterprises where he built, owned and operated Planet Fitness
franchises before selling to a private equity firm in 2019. Mr.
Augustine holds a BA in Economics from Duquesne University and an
MBA from Emory University.
Remarked Chris Mahowald, Chairman of the Board, “I am pleased
that Pat has accepted our invitation to join Capstead’s Board. He
brings deep knowledge of the mortgage-backed securities market that
will complement the current Board as well as diverse leadership
skills that will serve our Company well over the long term. The
appointment of Pat furthers our succession planning initiative at
the Board level. In welcoming Pat, we also acknowledge and extend
our appreciation to our recently retired Board member, Jack
Bernard, for his service to Capstead over the last eight
years.”
About Capstead
Capstead is a self-managed real estate investment trust, or
REIT, for federal income tax purposes. The Company earns income
from investing in a leveraged portfolio of residential
adjustable-rate mortgage pass-through securities, referred to as
ARM securities, issued and guaranteed by government-sponsored
enterprises, either Fannie Mae, Freddie Mac, or by an agency of the
federal government, Ginnie Mae. Capstead’s investment strategy
attempts to mitigate risks to book value by focusing on investments
in agency-guaranteed residential mortgage pass-through securities,
which are considered to have little, if any, credit risk and are
collateralized by ARM loans with interest rates that reset
periodically to more current levels.
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Lindsey Crabbe (214) 874-2339
Capstead Mortgage (NYSE:CMO)
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