Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Cypress Sharpridge Investments, Inc. (NYSE:CYS)

Q1 2010 Earnings Call

April 23, 2010 9:00 am ET

Executives

Kevin Grant - Chairman and CEO

Frances Spark - CFO

Rick Cleary - COO

Bill Shean - MD of Investments

Analysts

Steven Delaney - JMP Securities

Henry Coffey - Sterne Agee

Mike Widner - Stifel Nicolaus

Lee Yee - Private Investor

Steve Covington - Stieven Capital

Dean Choksi - Barclays Capital

Operator

Welcome to the Cypress Sharpridge Investments, Inc. first quarter 2010 earnings conference call. During management’s presentation your line will be in a listen-only model. At the conclusion of management remarks there will be a question-and-answer session. (Operations instructions)

For opening remarks and introductions I am turning the conference over to Rick Cleary CYSs Chief Operating Officer.

Rick Cleary

Good morning and welcome to CYSs 2010 first quarter earnings conference call. Today’s call is being recorded and access to the recording of today’s call will be available on the company’s website commencing at 3:00 PM this afternoon.

With me today are Kevin Grant, the company’s Chairman and CEO, Frances Spark, the company’s CFO and Bill Shean, Managing Director of Investments.

As always, I'm obliged to note that certain information presented and certain statements made during management's presentation with respect to future financial or business performance, strategies or expectations may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements indicate or are based on management's beliefs, assumptions and expectations of our future performance taking into account information currently in our possession.

Of course, beliefs assumptions and expectations are subject to change, risk and uncertainty as a result of possible, events or factors not all of which are known to us or within our control.

If our underlying beliefs, assumptions and expectations prove incorrect or change than the company's performance, in our business, financial condition, liquidity and result of operations may vary materially from those expressed anticipated or contemplated in any of our forward-looking statements. In any events actual results may differ.

I am requesting you refer to the forward-looking statements disclaimer contained in the company's annual report on Form 10-K filed with the SEC, which provides the descriptions of some of the factors that could have material impact on the company's performance and could cause actual results to differ from those that maybe expressed in forward-looking statements.

Also kindly note that content of this conference call does contain time-sensitive information that is accurate only as of today, Friday, April 23, 2010. The company does not intend to and undertake no duty to update the information to reflect future events or circumstances.

Finally, to better understand the results it maybe helpful to have the press release that we issued yesterday. As usual, the earnings release includes information regarding non-GAAP financial measures, including reconciliation of those measures to GAAP measures, which will be discussed on today's call. The earnings release is available at the investor relations section of our website.

I'm now pleased to turn the call over to Kevin.

Kevin Grant

Thanks, Rick, and good morning everybody on the call to CYS's first quarter earnings conference call. We are pleased to report a strong first quarter to start 2010. We continue to benefit from the interest rate environment and spread environment currently in our market.

The average market price in our portfolio at March 31 was $103.62 and we of course provide the breakdown by asset type in the earnings release. I think you'll note still reasonable prices for the fixed rate 15-year paper, which in our case is almost $15 year paper.

The highest prices in the market generally continue to be in the Hybrid ARMs state. We have actually seen bonds in this market trade well above 105, which is frankly just shocking and that suggests to us that some of our hybrids still have some upside. However, hybrid prices seems pretty high to us already, so we are looking elsewhere to reinvest our capital.

ARMs generally also suffer from the highest delinquencies and therefore are much more vulnerable to the Fannie Mae and Freddie Mac buyout activities. 15-year mortgages rather are exhibiting the lowest delinquencies by far and their prices continue to be quite reasonably, especially in the forward market.

The 30 year market is changing somewhat as the distortions created by the Fed have dissipated. The Fed buying, which was focused on the 30-year current coupon market and that market has cheapened reasonably.

Hedging along cash flows of the 30 year current coupon mortgage is still very expensive to us, so we still don’t see the value for CYS in the 30-year market. We continue to see the 15-year market is offering the best opportunities.

In our financing markets, borrowing availability remains stable in Q1, Repo rates were stable throughout the quarter. Term Repo is still not widely readily available, but we continue to seek them under term financing.

We continue to feel the agency market is the place to be as a non-agency securitization market is trying to find its footing but really is still not functioning properly, with only one rating agency, willing to step up and put AAA on anything.

The Fed's distortive behavior has ended and now the markets have to find their own level. The agencies buyout activities will shrink the market by an amount equal to about three or four months of the Fed buy program activity which has ended. So we don’t expect a significant cheapening in the agency market anytime soon.

The pace of bank closing has accelerated in 2010, though they have tended to be much smaller bank. We look at every bid list in the market every week, but so far the market seems happy to absorb the bid at current prices.

Our addressable market of target assets continues to be very big, but it is best to take a very opportunistic approach to this market.

Now I will turn it over to Frances to walk through some of the first quarter financial highlights.

Frances Spark

Thank you, Kevin. As usual, I will review some of the highlights of our business and operations during Q1 of 2010 and take a brief look at some of the top-line numbers as of March 31.

I am pleased to report that our first quarter 2010 was highlighted by the following. We declared a dividend of $0.55 per share on March 30. Our NAV per share was $13.03 at March 31.

We had core earnings of $10.4 million or $0.56 per diluted share, compared to $9.7 million or $0.52 per share in Q4. In addition, during the quarter, we received distribution from our CLOs of approximately $0.02 per share which is not included in core earnings.

We had GAAP net income of $10.1 million or $0.54 per diluted share, compared to $7 million or $0.37 per diluted share in the Q4.

We realized an interest rate spread net of hedge is 2.72%, compared to 2.80% in Q4, and our weighted-average amortized cost of Agency RMBS is $101.4.

Non-investment expenses as a percentage of net assets was 3.63%, compared to 3.21% in the Q4 of 2009. This change was primarily the result of the increase in related party management compensation resulting from the December 17 restricted stock grant. As of March 31, 2010 the company had net assets of approximately $244 million.

As you know we finance our Agency RMBS investment and as of March 31, 2010, our Agency portfolio was approximately $1.8 billion with the leverage ratio of approximately 6.5 to 1 and our liquidity position was approximately $122 million of unpledged Agency RMBS, cash and cash equivalents.

This concludes the summary of our results and I would like to turn the call over to Bill to discuss the Portfolio.

Bill Shean

Thank you, Frances and good morning everyone. Our portfolio was summarized for you in the earnings release. It continues to be well diversified between Short Reset ARMs Hybrid and 15 year fixed.

Generally, the Agency mortgage market performed in line over the first quarter and there continues to be good demand for all Agency bonds, notably from banks seeking to improve their risk based capital ratios.

We remain committed to our purchase price discipline and our weighted average purchase price of 101.4 is on the portfolio. Our purchase price discipline will help mitigate the impact of prepayments on the portfolio, but right now prepayment fees in our portfolio continue to be generally well behaved. The 15 year strategy is working very well right now. Despite the Agency's buyout activities our portfolios CPR for April was 17.5%, which was down from 22.5% in quarter one.

At March 31, 2010, the company had financed its portfolio with approximately $1.5 billion of borrowings under repurchase agreements with a weighted-average interest rate of 26 basis points. Our borrowings at quarter end with an aggregate of 17 counterparties. We continue to spread our borrowing amongst our Repo counterparties, so that we do not have a substantial portion of our borrowings with any one counterparty.

Our Repo borrowing had a weighted-average maturity of approximately 36 days. That’s [upward] generally 5% in the first quarter. Financing was stable throughout the quarter. As the government liquidity programs have begun to wind down, the financing market seem to be solid on their own and this is a good time.

We were consistently able to face 30-day Repo around the 24 basis point level, which was down from 28 basis points in the fourth quarter of 2009. In light of the current market conditions and our counterparty status, we continue to feel strongly that our Repo capacity is sufficient for our business.

Briefly, with respect to our legacy non-agency assets, the market for credit continued to improve during the first quarter of 2010. Our CLOs have continued to build back their over-collateralization and the market value of this portfolio improved from $9 million at the end of the fourth quarter to about $13.8 million as of March 31. We expect the majority of these CLOs to resume distributions in 2010.

The RESIX are a different story. Our portfolio of five RESIX had a market value of just 241,000 at December 31, 2009 with the cost basis of approximately $11.2 million.

If you've been following these securities on Bloomberg during quarter one, you would have seen the two of the securities were extinguished due to credit condition, and this represents the vast majority of the realized loss for the quarter.

We expect the others to also be extinguished at some point in the near-future at which time the remaining cost basis, which has already been recognized in unrealized losses will be realized.

In conclusion, we are pleased to continue to experience a healthy operating environment for our business.

With that, I'd like to turn the call back to Kevin.

Kevin Grant

Thanks, Bill. Now we really just want to open up to your questions. We are pleased to discuss and answer any questions you got in your mind for the first quarter and any thing in the earnings release we do expect to get the 10Q out some time later today.

So now I’ll turn it over to the operator to open the lines of the question. It will take a minute to just accumulate everybody in the queue.

Question-and-Answer Session

Operator

(Operator Instructions) As our first question comes from the line of Steve Delaney with JMP Securities.

Steven Delaney - JMP Securities

Good morning everyone. Nice start on 2010 with a solid first quarter. I guess you guys really like, it seems you really like this 15-year trade. I’m just wondering if you could comment sort of on what coupons you are currently focused at? Given you like to cut or buy around 101 or little over what kind of net effect of yield are you able to book, the marginal 15 year trade add and along with your hedge strategy, what kind of net spread would, a new dollar of equity put in to 15 years result in?

Kevin Grant

So the 15 year market, the bulk of our purchases so far have been 4.5. That’s the (vast) booked. There is a nice deep liquid forward market, so right now you could actually be buying those in July and you probably be putting them on at a yield since the yield in and up itself is around 3.75. That in today’s market. I’m not saying we would pull the trigger on the trade right now but that’s in today's market.

Now here is the thing you want. I think it's very important to know, in Fannie Mae's press release giving the breakdown of the delinquency information. If you look at a [K36] bond, so that’s an ARM, and if you look at 2005, 2006 production, there's a 120 day delinquency bucket for that production, I am sure you are taking the worst bucket. The 120 day delinquency number for that bucket is 38%, which is a really grim statement of where residential credit is right now. The bulk of our 15 years, our 2009 production and the 120 day bucket for 2009 production, 15 year to own house is 4 basis points.

So we think in this environment, this 15 year idea is extremely powerful. Its 38% versus 4 basis points. So we think that, and one of the reasons we gave you, the April CPR number, we think, for us, of course, there is no guarantees here. We think, for us, the worst month for our unpaid, the 120 day delinquency prepayment effect, we think the worst month is April and we think it's going to get better for us going forward.

That’s a too long winded answer to this Steve, but the other thing about 15 year market is, the thing about a 15 year mortgage is it’s a fully amortizing mortgage and over the period of four or five years, half of that bond is paid off, because the cash flows are getting a

Steven Delaney - JMP Securities

Lot of principal in each month.

Kevin Grant

Exactly and that’s built into the yield themselves.

Steven Delaney - JMP Securities

Well, would you say that against that 3.75, that a blend between repo and swaps, might be in the 1.25 cost of fund? Can you get close to 250 basis points spread on that trade?

Kevin Grant

I think 2.50 to 2.75, it all depends on how much hedge you pay.

Steven Delaney - JMP Securities

Also when you want to hedge it. Yes. Okay, thanks very much, Kevin.

Operator

Our next question comes from the line of Henry Coffey with Sterne Agee.

Henry Coffey - Sterne Agee

Good morning and again let me add my congratulations. I was going through your release pretty clear what the benefits of your strategy are. Is the 15 year market a big enough market for you to comfortably continue to leverage your balance sheet? Obviously I think you have done a great job kind of outlining what the opportunity looks like. Is that where we are going to see “all your growth” and if so can you give us a sense of what you want to do with your balance sheet? How much leverage you are going to comfortable with, wait for June to pass? What’s going to be the strategy going forward?

Kevin Grant

We think the best value right now is the 15-year market; obviously that’s why we have [pointed] the portfolio in that direction. There might be a little bit more growth for us in the 15 year market with the existing balance sheet. We would have to hybrid, but we would be buying hybrids really in about four months right now in order to get a decent dollar price and production is well beyond that delinquency bucket problem with the agencies representing.

In terms of leverage we are around 6.5. The leverage that you are comfortable with is driven by liquidity environment and that is all driven by the prepay environment. So we are comfortable taking leverage up a little bit, but we want to be opportunistic about that. So, I’m just not going to sort of willy-nilly take the leverage up because I feel like it, but if there is a cheapening in the market we are in a position to very opportunistic and add to the portfolio.

Henry Coffey - Sterne, Agee

New cash flows or new money that you get with the spend coming in until and it goes in to the 15, unless something else shows up as a comparable opportunity or…?

Bill Shean

It's hard to say. It's all the function of when the cash comes in. The thing is for us right now, Henry is that our prepayments are pretty light. Our reinvestment need is pretty light right now. I know some of the folks in the space, they got a big reinvestment challenge, but for us, we got a portfolio that's going to produce some nice ROE as it is for a while.

Henry Coffey - Sterne, Agee

If you look cash your own universe, obviously you get to see pretty active deal flow. Where are marks on, we’ll call it zone assets or who we want to describe them. Where are the marks on the sort of 5.5% plus, all those assets going relative to what you've seen, say today versus 45 days ago.

Kevin Grant

Well, the marks are up and the reason the marks are up is that if you did a trade today, you'd be settling in May, so you would not be the record holder for the prepayments, so the marks are up, but the affect of the prepayment hits whoever the record holder is at month end, and of course, if the mark is 106, we'll that's great, but the 106 mark only applied to the principle that survives month end.

Henry Coffey - Sterne, Agee

Can you give us a sense of how that may have increased in the last 45 days?

Bill Shean

I'd say it's up somewhat between half a point and three-quarters roughly, a lot of those bonds?

Operator

(Operator Instructions) Our next question comes from the line of Mike Widner with Stifel Nicolaus.

Mike Widner - Stifel Nicolaus

Let me add my congratulations as well on a solid quarter and a good kick-off to the agency REIT earning season. I just want to follow-up a little bit, see if you could either confirm some of the maps that I’m looking at or maybe provide a little bit more guidance on what we could expect for the buyouts in 2Q. You talked about it little bit already, but as I look through the detail you guys provide in your 10-K and you guys provide great detail on your portfolio by the way. It looks to me like is somewhere around 40% of the so-called high delinquency subject to buyout risk securities were in Freddie Securities as opposed to Fannie where most of the sectors concentrated.

I guess from my quick math, it looks like the magnitude is probably going to be a little higher in second quarter, but lot of the buyout already happened and is behind us, but is that generally consistent with what you guys are seeing in the portfolio? I’m wondering how that matches up with the sharp drop that we saw in prepays that you reported in April?

Bill Shean

I think we would be thinking that there wouldn’t be as much impact quite going forward maybe as you are thinking Mike. I think we feel like we have taken as you said the Freddie Mac is in the rearview mirror now and the Fannie Mae doesn’t look a lot different to us than the Freddie Mac in terms of our exposure overall. That’s why we mentioned the April number is down to 17.5 and we are not expecting a great deal of difference going forward from there.

Mike Widner - Stifel Nicolaus

When you guys reported 2.2 million in amortization expense, based on what you are saying should we expect that to be about flatter, go down even slightly if the buyouts come in sort of inline with your expectations?

Bill Shean

We are expecting the prepayments to be around flat from here.

Mike Widner - Stifel Nicolaus

When you say around flat from here around, flat from the 17.5 that you are…?

Bill Shean

Yes.

Mike Widner - Stifel Nicolaus

Really.

Bill Shean

Yes.

Mike Widner - Stifel Nicolaus

That would suggest a lower amortization expense potentially than we saw in 1Q?

Kevin Grant

Yeah, I think so.

Bill Shean

Yes.

Mike Widner - Stifel Nicolaus

Good, that’s good to know, and a little against my expectations but good to hear.

Operator

Our next question comes from the line of [Lee Yee] private investor.

Lee Yee - Private Investor

It’s a [neophyte] question, and I am referring to on the 10-K page 9, where you talk about the US Federal Reserve Program terminating on March 31, 2010. That had been a huge program where they had purchased $1.2 trillion worth of Agency RMBSs. My question is, I as a [neophyte] investor, don’t know how to evaluate that, whether it's bullish or bearish? It would seem to be, it would widen your spread from 275 basis points in that as you say, the market price will be reduced with the government out of the way competing. What are the things that you will be looking for in terms of how this is going to impact your business? You may have answered this, I came in late, but basically we would like to know what this environment feels like now with the absence of the government purchase program?

Kevin Grant

Just going back several months now, this is probably the most anticipated end of a government involvement in a private market in the history of market and this has been talked about for many-months. By and large the market really anticipated the end of the government buying.

We actually saw a little bit of cheapening of the mortgage market in January, but then coming in to the February we heard from Fannie Mae and Freddie Mac that they were going to potential buyout any loan that was more than 120 days delinquent. So, the upshot of all this is even through the Fed has stopped their buying program, the market is now shrinking by probably $250 billion, which is the equivalent of Fed purchases of probably around four months over the past couple of months.

The latest speculation on this now is that there are folks in the Feds that I think are pushing to start to liquidate that portfolio, but the normal shrinkage of that portfolio just through time is probably about $200 billion a year just from normal prepays. As long as you are in Edgar after loss of lots of stuff, I would say we see virtually no effect on the market, all of them are extremely well anticipated. We would love for the Fed to start selling its push spread massively wider or so our reinvestment environment would be much greater and we got the balance sheet moving to just jump all over it, but we don’t think that’s going to happen.

We think the market has found its equilibrium and what you see is, what we are going to have for a while until this economy recovers and 10 million people go back to work when this real remand for mortgages. I hope that helps, but with such a massive program it’s probably the most widely followed thing going on in the mortgage market than I can remember. I hope that helps Lee.

Operator

Next question comes from the line of Steve Covington with Stieven Capital.

Steve Covington - Stieven Capital

Just a quick question, trying to understand what's going on with the RESIX, just to make sure I understand what's left on, so you had a $11 million in face amount at the end of the year?

Kevin Grant

At the face, yes.

Steve Covington - Stieven Capital

So the vast majority of that $7 million loss that you had from net realized loss in investments, is that reflected from that, was that related?

Kevin Grant

Yeah. Well, essentially what happened and you'll see it in the Q, is the two of the bonds were extinguished, and you can pull these up on Bloomberg's fund activity and you could it figure out, but they were extinguished. So at year end the whole thing was marked at $240,000.

Steve Covington - Stieven Capital

Right I thought it was like in bookings.

Kevin Grant

It's already in booking, but what you'll see when you look at unrealized versus realized is as a bond and we think the rest of them are going to go away too. As those bonds get extinguished, that unrealized loss will travel over to realized. What we said about these bonds all along is that they were very binary. If residential could find it's footing and recovery, we get [part] back, but residential has not found its way, and the collateral on if you think these are prime mortgages and it sure looks to us like there's a second wave of portfolios going on. So we anticipate they are going to go away.

It's quite a contrast to the, which were all corporate, which are just on the complete opposite trajectory.

Steve Covington - Stieven Capital

That was what I was going to ask you next, so you have $33 million in face of the CLOs and I guess is it still possible that that is recaptured in the book based on what you are seeing in with those bonds?

Kevin Grant

Well, we do think that, I think we have most of them turning back distribution this year. we feel – we are thinking just looking at credit conditions that they all are resume distribution some time this year obviously if that’s the case we got to revisit the accounting treatment, but that’s a couple of quarters out. Then they've got a long life left in them so they could be checking off cash flow for a long, long time and obviously that should be reflected in the prices over the next couple of quarters but we just going to have to wait and see.

Steve Covington - Stieven Capital

Yeah, I guess it sounds like based on your comments that that you are not viewing the non-agency market as that attractive in here and I guess I want to hear your thoughts about in other recent Redwood deal and pricing there and general thoughts about that market?

Kevin Grant

I’ll give you my true sense and few thoughts, obviously, we follow all this markets and follow them very closely we congratulate Redwood for getting that done because it's great execution on the AAA. So, there is one rating agency and that’s Moody's willing to step out and say they know how to model residential right now and gets you in subordination level for AAA and that’s Moody's. S&P and Fitch have thrown up their hands and they say they can’t model this market. That will keep the lenders from accepting those AAA as collateral on any kind of secured lending. I think you probably can't get some borrowing on it. So the only real buyers for that AAA will be people who rightly I think they are pretty brave who are willing to, I would say, bet against the W kind of economics scenario because with 6.5% subordination that AAA is really vulnerable to a W kind of economic scenario. So from what we've heard in the market that AAA is going to be oversubscribed, I think there is trying to tighten price talk and this is just me and that’s what I have heard, and they are trying to price it next week. I think that’s all accurate, but that’s what we have been told.

Bill Shean

I think for a full on reopening of the securitization market, we got to get the rating agencies fixed, and there has been zero progress on that.

Operator

Our next question comes from the line of Dean Choksi with the Barclays Capital.

Dean Choksi - Barclays Capital

Kevin, you mentioned in the Q&A that you have better visibility on the prepayments; you would be comfortable taking up leverage. Can you just talk about where you think leverage could go given that, at least in April the prepays declined, what are the factors that you would like to see before you taking up leverage? Where do you think it could go either for yourself or for the industry?

Kevin Grant

There are a bunch of factors that go into how much volatility we are willing to accept in the mark-to-market. The volatility in the mark-to-market is driven by how much leverage you apply to the portfolio. On the liquidity standpoint, with our prepayments situation, just because of 15 years, we have plenty of excess liquidity. So from that perspective alone, I would be perfectly fine taking the leverage up to eight or nine time.

From an opportunity perspective, I think over the next three, four quarters, there will be an opportunity, cheapening in the mortgage market, but it will be very selective and very short-lived, and I want to make sure that the balance sheet is in a mode where if we see an opportunity, we can jump on it and have plenty of excess liquidity.

We are in the portfolio as it sits right now is very good. So I don’t feel any pressure in because for us anyway we are in a very low repayment environment. We really don’t feel any pressure to get out of our [needs] ease if you will because our reinvestment need is pretty light. The short answer to all that is that it’s really opportunity-driven and if there is a cheapening in particular market, if it’s a hybrid market, if it’s a 15 year market whatever. There is a cheapening in the market that’s one we’re willing to jump on them. That’s really way we are approaching it.

Dean Choksi - Barclays Capital

On the CLO income, those kinds of turn on and you got higher cash flow from that, how should we think about the dividends and the contribution from the CLO income.

Kevin Grant

It's such a tenuous thing. I would approach it on kind of fee basis, that’s the way we are approaching it, but from, what we can tell so far from the distribution that are coming on stream, we seem to be experiencing positive surprises, one is turned on last month. We didn’t expect it to turn on for another quarter. I think the couple of cents per quarter is probably something that we should all expect for the next year, but this is probably a little bit of upside to that.

Operator

We have no further questions. I will now turn the call over to Mr. Cleary for any closing remarks.

Rick Cleary

Thanks for taking the time to participate this morning and your continued interest and support of our company. Have good rest of the day.

Operator

Thank you for your participation on today’s conference. This concludes the presentation. Everyone have a great day.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Cypress Sharpridge Investments, Inc Q1 2010 Earnings Call Transcript
This Transcript
All Transcripts