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Capstead's core strategy is managing a leveraged portfolio of residential mortgage pass-through securities consisting almost exclusively of adjustable-rate mortgage securities issued and guaranteed by government-sponsored entities, either Fannie Mae or Freddie Mac, or by an agency of the federal government, Ginnie Mae.
2 billion of Fannie Mae- and Freddie Mac-backed 3-1, 5-1 and 7-1 hybrid, adjustable-rate mortgage securities and now considers the IPO proceeds to be fully invested.
These investments primarily consist of, but are not limited to, residential adjustable-rate mortgage securities issued and guaranteed by government-sponsored entities, either Fannie Mae or Freddie Mac, or by an agency of the federal government, Ginnie Mae.