Capstead is a clear leader among our mortgage REIT peers in terms of operating efficiency.
We are internally-managed with lower operating costs than our mortgage REIT peers.
Our executives’ pay structure is variable through compensation elements that focus on “pay for performance” as opposed to fees paid to an external manager that are based solely on capital under management. Additionally, our board of directors and our senior executives are required to hold a significant amount of Capstead stock.
As a result, 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. Conversely, we are also not conflicted regarding whether or not to repurchase shares when appropriate.