NEW YORK, May 10, 2016 /PRNewswire/ — Five Oaks Investment Corp. (NYSE: OAKS) ("we", "Five Oaks" or "the Company") today announced its financial results for the first quarter ended March 31, 2016. For the first quarter, the Company reported a GAAP net loss of $17.8 million, or $1.22 per basic and diluted share, a comprehensive loss of $18.9 million, or $1.30 per basic and diluted share, and core earnings(1) of $3.5 million, or $0.24 per basic and diluted share. The Company also reported a net book value of $8.12 per share on a basic and diluted basis at March 31, 2016. 

First Quarter and Subsequent Events Summary

  • Realized a negative economic return on our common stock of 13.4% after accounting for dividends of $0.18, primarily resulting from realized and unrealized losses on credit sensitive assets, as well as hedge losses (principally unrealized) exceeding unrealized gains on our Agency RMBS.(2)
     
  • Reflecting our continued concern with market volatility in general and credit market conditions in particular, we reduced our Non-Agency RMBS exposure from $121.5 million at December 31, 2015 to $84.4 million at March 31, 2016. Realized losses on these sales contributed to our negative results for the quarter.
     
  • On February 12, 2016, the Federal Housing Finance Authority (FHFA) adopted a final rule revising its regulations governing Federal Home Loan Bank (FHLB) membership. The rule required that our wholly owned captive insurance subsidiary wind down its transactions and terminate its membership with FHLB-Indianapolis on or before February 19, 2017. We have repaid all of the $49.7 million of advances that were outstanding at December 31, 2015, via the use of regular repurchase agreements, and have redeemed $2,391,000 of the $2,403,000 of our FHLB stock outstanding at December 31, 2015.
     
  • On April 25, 2016, effected a re-securitization of certain first loss Multi-Family MBS securities backed by Freddie Mac K Certificates with a certificate principal balance of approximately $32.1 million, permitting the repayment of all related repurchase agreement financing. Additionally, on April 21, 2016, sold first loss securities from another Freddie Mac K Series transaction with a certificate principal balance of approximately $79.7 million, plus related interest only securities, permitting the repayment of all related repurchase agreement financing

(1)  Core Earnings is a non-GAAP measure that we define as GAAP net income, excluding impairment losses, realized and unrealized gains or losses on the aggregate portfolio and certain non-recurring upfront costs related to securitization transactions. As defined, Core Earnings includes interest income or expense and premium income or loss on derivative instruments.

(2)  Economic return is a non-GAAP measure that we define as the sum of the change in net book value per common share and dividends declared on our common stock during the period over the beginning net book value per common share.

Management Observations

David Carroll, Five Oaks' Chairman and CEO commented: "Wider credit spreads on our investments combined with higher hedging costs in a period of volatile interest rates were the primary drivers of our disappointing negative economic return on book value for the quarter. The volatility that affected markets in the second half of 2015 spiked noticeably in the first quarter of this year, as rising global economic and commodity price concerns accentuated pressures on risk assets, including credit sensitive mortgage assets. Through mid-February, a wide range of fixed income markets experienced a particularly marked decline, exacerbated by what we view as a systemic reduction in market liquidity resulting from new capital and liquidity regulations that are being applied to banks and large bank dealer counterparties. Conditions began to improve towards the end of the quarter although we believe volatility in both interest rates and credit spreads are in a period of secular elevation. 

We maintained a more defensive investment approach, further reducing our Non-Agency RMBS positions to $84.4 million at quarter end, down over 70% since the end of 2014. Consistent with our increased emphasis on liquidity, after quarter end we also completed two re-securitizations of Multi-Family MBS first-loss positions, which allowed us to reduce our short term tri-party repo funding by effectively "terming-out" senior liabilities, while retaining upside potential on the underlying assets, and increasing our cash position. These transactions also reduced by approximately 50% our exposure to cash margin calls on our Multi-Family MBS portfolio.

The decrease in traditional repo financing along with new risk retention requirements has the positive effect of creating more investment opportunities with structural or term leverage for investors such as Five Oaks that have permanent capital;. Having termed out a meaningful amount of our credit funding, we will selectively seek to take advantage of such opportunities. We believe this new investment and financing paradigm will lead to less volatility and disruption than the old tri-party based repo model has experienced over the recent past."

Investment Portfolio and Capital Allocation

The following table summarizes certain characteristics of our investment portfolio and the related allocation of our equity capital on a non-GAAP combined basis as of March 31, 2016:

 

For the Period Ended 
March 31, 2016

Agency MBS

Multi-Family
MBS (1)(2)

Non-Agency
RMBS (1)(2)

Residential 
Loans (3)

Unrestricted
Cash (4)

Total

Amortized Cost

319,079,762

168,713,317

99,333,448

17,416,488

16,011,105

620,554,120

Market Value

324,846,334

173,844,914

84,406,691

17,985,849

16,011,105

617,094,893

Repurchase Agreements

(307,072,000)

(95,356,000)

(57,845,000)

(9,353,356)

(469,626,356)

Hedges

(3,094,406)

(2,809,644)

(5,904,050)

Other (5)

3,774,267

146,561

382,809

57,488

(1,498,312)

2,862,813

Restricted Cash

6,267,676

4,036,377

937,279

11,241,332

Equity Allocated

24,721,871

79,862,208

27,881,779

8,689,981

14,512,793

155,668,632

             

Debt/Net Equity (6)

12.42

1.19

2.07

1.08

3.02

             

For the Period Ended
March 31, 2016

Agency MBS

Multi-Family
MBS

Non-Agency
RMBS

Residential 
Loans (7)

Unrestricted
Cash

Total

Yield on Earning Assets (8)

2.45%

7.63%

4.81%

16.35%

4.51%

Less Cost of Funds

0.64%

1.34%

1.28%

2.62%

0.92%

Net Interest Margin (9)

1.81%

6.29%

3.53%

13.73%

3.59%

             
             

(1) Information with respect to Non-Agency RMBS and Multi-Family MBS, and the resulting total is presented on a non-GAAP basis. On a GAAP basis, which excludes the impact of consolidation of the FREMF 2011-K13, FREMF 2012-KF01, JPMMT 2014-OAK4 and CSMC 2014-OAK1 Trusts, the fair value of our investments in Non-Agency RMBS is $57,357,819, and the fair value of our investments in Multi-Family MBS is $86,278,049.

(2) Includes the fair value of our net investments in the FREMF 2011-K13, FREMF 2012-KF01, JPMMT 2014-OAK4, and CSMC 2014-OAK1 Trusts.

(3) Information with respect to Residential Loans and the resulting total is presented on a non-GAAP basis and includes the fair value of our mortgage servicing rights, $5,179,542.  On a GAAP basis, which excludes the impact of consolidation of the JPMMT 2014-OAK4 and CSMC 2014-OAK1 Trusts, the fair value of our investments in mortgage servicing rights is $3,368,385.

(4) Includes cash and cash equivalents.

(5) Includes interest receivable, prepaid and other assets, interest payable, dividend payable and accrued expenses and other liabilities.

(6) Ratio is a reflection of the average haircuts for each asset categories. It does not reflect or include the unrestricted cash that the Company set aside for these asset categories.

(7) Includes income on mortgage servicing rights.

(8) Information is presented on a non-GAAP basis. On a GAAP basis, the total yield on average interest earning assets is 4.41%.

(9) Net Interest Margin is the difference between our Yield on Earning Assets and our Cost of Funds.

 

Comparative Expenses

The following table provides a detailed breakdown of the composition of our expenses on a non-GAAP basis for the quarter ended March 31, 2016 and December 31, 2015:

 

Expenses

For the quarter ended
March 31, 2016

 

For the quarter ended
December 31, 2015

 
         

Management Fees

$                623,223

 

$                 654,861

 

G&A Expenses (1)

$                762,357

 

$                 845,923

 

Operating Expenses Reimbursable to Manager

$             1,204,811

 

$              1,535,434

 

Other Operating Expenses

$                882,206

 

$              1,263,275

 

Compensation Expense

$                  69,639

 

$                   69,406

 

Total Expenses

$             3,542,236

 

$              4,368,899

 
         

Period-End Capital

$         155,668,632

 

$          177,494,528

 
         

Management Fees

$                623,223

 

$                 654,861

 

G&A, Other Operating Expenses and Reimbursable

$             2,442,010

 

$              3,245,194

 

Compensation Expenses

$                  69,639

 

$                   69,406

 

Expenses related to Prime Jumbo Loans

$                407,364

 

$                 399,438

 
         

Management Fees as % of Capital

1.60%

 

1.48%

 

G&A, Other, Reimbursable and Compensation as % of Capital

6.45%

 

7.47%

 

Expenses related to Prime Jumbo Loans as % of Capital

1.05%

 

0.90%

 
         
 

(1)

Excludes $870,154 and $994,506 in expense attributable to the consolidated trusts for the quarters ended March 31, 2016 and December 31, 2015, respectively.

 

The decrease in G&A, Other Operating, Reimbursable and Compensation Expenses as a percentage of Capital compared to the prior quarter is primarily a function of lower legal expenses relative to the fourth quarter. In addition, reimbursable expenses declined from the prior quarter due in part to certain expenses that were back-end weighted in 2015 now being expensed more evenly throughout the year. 

Operating Performance

The following table summarizes the Company's GAAP and non-GAAP earnings measurements for the years ended March 31, 2016 and December 31, 2015:

               

   

Quarter Ended March 31, 2016

 

Quarter Ended December 31, 2015

 
                 
                 

Earnings

Earnings

Per diluted
weighted share

Annualized
return on
average
equity

Earnings

Per diluted
weighted share

Annualized
return
on average
equity

Core Earnings *

$      3,512,283

$                 0.24

7.44%

$   4,106,621

$            0.28

8.61%

GAAP Net Income (Loss)

$      (17,828,123)

$                 (1.22)

(37.78)%

$ 4,125,301

$         0.28

8.65%

Comprehensive Income (Loss)

$   (18,929,449)

$              (1.30)

(40.11)%

$   (7,276,496)

$            (0.49)

(15.25)%

             
             
             
 

Weighted Ave Shares Outstanding 

 

14,605,515

 

14,719,362

   
 

Weighted Average Equity

 

$ 189,091,189

 

$189,280,815

   
             

                                                                                                                                      

Stockholders' Equity and Book Value Per Share

As of March 31, 2016, our stockholders' equity was $155.7 million and our book value per common share was $8.12 on a basic and fully diluted basis.

Dividends

The Company declared a dividend of $0.06 per share of common stock for the months of April, May and June 2016. Based on the closing price of $5.60 at March 31, 2016, this equates to an annualized dividend yield of 12.9%.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the U.S. securities laws that are subject to risks and uncertainties.  These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. You can identify forward-looking statements by use of words  such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions or other comparable terms, or by discussions of strategy, plans or intentions.  Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy.  Forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company.  Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events.  Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control.  Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission, which are available on the Securities and Exchange Commission's website at www.sec.gov    

All subsequent written and oral forward-looking statements that the Company makes, or that are attributable to the Company, are expressly qualified in their entirety by this cautionary notice.  Any forward-looking statement speaks only as of the date on which it is made.  Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

For financial statement reporting purposes, GAAP requires us to consolidate the assets and liabilities of the FREMF 2011-K13 Trust; FREMF 2012-KF01; JPMMT 2014-OAK4 and CSMC 2014-OAK1. However, our maximum exposure to loss from consolidation of the consolidated trusts is limited to the fair value of our net investment therein. We therefore have also presented certain information as of March 31, 2016 and December 31, 2015 that includes our net investments in the consolidated trusts. This information as well as core earnings, economic return and comparative expenses constitute non-GAAP financial measures within the meaning of Item 10(e) of Regulation S-K, as promulgated by the SEC.  While we believe the non-GAAP information included in this press release provides supplemental information to assist investors in analyzing that portion of our portfolio composed of Non-Agency RMBS and Multi-Family MBS, and to assist investors in comparing our results with other peer issuers, these measures are not in accordance with GAAP, and they should not be considered a substitute for, or superior to, our financial information calculated in accordance with GAAP. Our GAAP financial results and the reconciliations from these results should be carefully evaluated.

Reconciliation of GAAP to Core Earnings

 

GAAP to Core Earnings Reconciliation

Three Months Ended

   
 

March 31, 2016

 

Reconciliation of GAAP to non-GAAP Information

     

Net Income (loss) attributable to common shareholders

$

(17,828,123)

 

Adjustments for non-core earnings

     

Realized (Gain) Loss on sale of investments, net

$

6,383,153

 

Unrealized (Gain) Loss on fair value securities

$

371,095

 

Realized (Gain) Loss on derivative contracts, net

$

1,585,541

 

Unrealized (Gain) Loss on derivative contracts, net

$

8,462,400

 

Realized (Gain) Loss on mortgage loans held-for-sale

$

986

 

Unrealized (Gain) Loss on mortgage loans held-for-sale

$

(197,902)

 

Unrealized (Gain) Loss on mortgage servicing rights

$

900,288

 

Unrealized (Gain) Loss on multi-family loans held in securitization trusts

$

(1,536,317)

 

Unrealized (Gain) Loss on residential loans held in securitization trusts

$

2,554,077

 

Other income

$

(24,982)

 

Subtotal

$

18,498,339

 
       

Other-than-temporary impairments:

     

Increase (decrease) in credit reserves

$

20,994

 

Additional other-than-temporary credit impairment losses

$

 

Net other-than-temporary impairments

$

20,994

 

Other Adjustments

     

Recognized compensation expense related to restricted  common stock

$

17,139

 

Adjustment for consolidated securities/securitization costs

$

2,261,745

 

Adjustment for one-time charges

$

542,189

 

Core Earnings

$

3,512,283

 
       

Weighted average shares outstanding – Basic and Diluted

 

14,605,515

 
       

Core Earnings per weighted share outstanding – Basic and Diluted

$

0.24

 
         

 

Additional Information

As of March 31, 2016, we continued to determine that we were the primary beneficiary of two Multi-Family MBS securitization trusts, the FREMF 2011-K13 Trust, and the FREMF 2012-KF01 Trust. As a result, we are required to consolidate the trusts' underlying multi-family loans together with their liabilities, income and expenses in our consolidated financial statements. We have elected the fair value option on the assets and liabilities held within the trusts, which requires that changes in valuation in the assets and liabilities of these trusts be reflected in our consolidated statements of operations.

A reconciliation of our net capital investment in multi-family investments to our financial statements as of March 31, 2016 is set forth below:

 

Multi-Family Loans held in Securitization Trusts, at fair value

 

$

1,438,864,444

Multi-Family Securitized Debt Obligations (non-recourse)

 

$

(1,351,297,578)

Net Carrying Value

 

$

87,566,866

Multi-Family MBS (1)

 

$

19,536,463

Multi-Family MBS PO

 

$

66,741,585

Cash and Other

 

$

1,373,294

Repurchase Agreements

 

$

(95,356,000)

Net Capital in Multi-Family

 

$

79,862,208

   
   

(1) Excludes $24,905,738 in Multi-Family MBS that is consolidated

 

 

As of March 31, 2016, we continued to determine that we were the primary beneficiary of two prime jumbo residential mortgage securitization trusts, JPMMT 2014-OAK4 and CSMC 2014-OAK1. As a result, we are required to consolidate the trusts' underlying prime jumbo residential loans together with their liabilities, income and expenses in our consolidated financial statements. We have elected the fair value option on the assets and liabilities held within the trusts, which requires that changes in valuation in the assets and liabilities of the trusts be reflected in our consolidated statements of operations.

A reconciliation of our net capital investment in Non-Agency RMBS to our financial statements as of March 31, 2016 is set forth below:

 

Residential Loans held in Securitization Trusts, at fair value (1)

 

$

396,091,879

Residential Securitized Debt Obligations (non-recourse)

 

$

(369,043,007)

Net Carrying Value

 

$

27,048,872

Non-Agency RMBS

 

$

57,357,819

Cash and Other

 

$

1,320,088

Repurchase Agreements

 

$

(57,845,000)

Net Capital in Non-Agency

 

$

27,881,779

 
 

(1) Excludes $1,811,157 in Mortgage Servicing Rights           

 

Five Oaks Investment Corp.
Five Oaks Investment Corp. is a real estate investment trust ("REIT") focused with its subsidiaries on investing on a leveraged basis in mortgage and other real estate-related assets, particularly residential mortgage loans, mortgage servicing rights, and mortgage-backed securities ("MBS"), including residential mortgage-backed securities ("RMBS") and multi-family mortgage-backed securities ("Multi-Family MBS"). Since its IPO, the Company has focused on implementing a strategy of transitioning to an operating company focused on credit while maintaining a relative value investment approach across the whole residential mortgage market. The Company's objective remains to deliver attractive cash flow returns over time to its investors, and to generate income through its mortgage loan acquisition and securitization business.

Five Oaks Investment Corp. is externally managed and advised by Oak Circle Capital Partners LLC.

Additional Information and Where to Find It

Investors, security holders and other interested persons may find additional information regarding the Company at the SEC's  Internet site at http://www.sec.gov/  or the Company website www.fiveoaksinvestment.com or by directing requests to: Five Oaks Investment Corp., 540 Madison Avenue, 19th Floor, New York, NY 10022, Attention: Investor Relations.

 

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

       

Condensed Consolidated Statements of Operations

       
                   
                   
                   
                   
             

Three Months Ended

 

Three Months Ended

             

March 31, 2016

 

March 31, 2015

             

 (unaudited) 

 

 (unaudited) 

                   

Revenues:

         
 

Interest income:

       
   

Available-for-sale securities

$

4,899,038

$

6,805,958

   

Mortgage loans held-for-sale

 

122,237

 

705,461

   

Multi-family loans held in securitization trusts

 

15,437,804

 

17,635,476

   

Residential loans held in securitization trusts

 

4,152,406

 

5,891,779

   

Cash and cash equivalents

 

5,710

 

4,341

 

Interest expense:

       
   

Repurchase agreements – available-for-sale securities

 

(1,489,413)

 

(1,712,768)

   

Repurchase agreements – mortgage loans held-for-sale

 

(76,200)

 

(436,593)

   

Multi-family securitized debt obligations

 

(14,112,709)

 

(16,135,459)

   

Residential securitized debt obligations

 

(3,178,442)

 

(3,655,469)

                   
       

Net interest income

 

5,760,431

 

9,102,726

                   

Other-than-temporary impairments

       
 

Increase in credit reserves

 

(20,994)

 

(1,977,489)

 

Additional other-than-temporary credit impairment losses

 

 

(2,890,939)

                   
       

Total impairment losses recognized in earnings

 

(20,994)

 

(4,868,428)

                   

Other income:

       
 

Realized gain (loss) on sale of investments, net

 

(6,383,153)

 

(154,313)

 

Change in unrealized gain (loss) on fair value option securities

 

(371,095)

 

 

Realized gain (loss) on derivative contracts, net

 

(1,585,541)

 

(2,830,486)

 

Change in unrealized gain (loss) on derivative contracts, net

 

(8,462,400)

 

(1,751,038)

 

Realized gain (loss) on mortgage loans held-for-sale

 

(986)

 

272,232

 

Change in unrealized gain (loss) on mortgage loans held-for-sale

 

197,902

 

551,383

 

Change in unrealized gain (loss) on mortgage service rights

 

(900,288)

 

 

Change in unrealized gain (loss) on multi-family loans held in securitization trusts

 

1,536,317

 

2,037,112

 

Change in unrealized gain (loss) on residential loans held in securitization trusts

 

(2,554,077)

 

(3,356,407)

 

Servicing income

 

223,678

 

 

Other income

 

24,982

 

                   
       

Total other income (loss)

 

(18,274,661)

 

(5,231,517)

                   

Expenses:

         
 

Management fee

 

623,223

 

717,775

 

General and administrative expenses

 

1,632,511

 

1,683,876

 

Operating expenses reimbursable to Manager

 

1,204,811

 

1,051,567

 

Other operating expenses

 

882,206

 

619,243

 

Compensation expense

 

69,639

 

60,647

                   
       

Total expenses

 

4,412,390

 

4,133,108

                   
       

Net income (loss) before provision for income taxes

 

(16,947,614)

 

(5,130,327)

       

(Provision for) benefit from income taxes

 

 

       

Net income (loss)

 

(16,947,614)

 

(5,130,327)

                   
       

Dividends to preferred stockholders

 

(880,509)

 

(880,509)

                   
       

Net income (loss) attributable to common stockholders

$

(17,828,123)

$

(6,010,836)

                   
 

Earnings (loss) per share:

       
   

Net income (loss) attributable to common stockholders (basic and diluted)

$

(17,828,123)

$

(6,010,836)

     

Weighted average number of shares of common stock outstanding

 

14,605,515

 

14,718,750

     

Basic and diluted income per share

$

(1.22)

$

(0.41)

   

Dividends declared per share of common stock

$

0.18

$

0.38

 

 

FIVE OAKS INVESTMENT CORP. AND SUBSIDIARIES

       

Condensed Consolidated Balance Sheets

       
                   
                   
             

March 31, 2016

 

December 31, 2015

             

 (unaudited) 

   

ASSETS

       

Available-for-sale securities, at fair value (includes pledged securities of $583,097,938 and $571,086,035 for

       

     March 31, 2016 and December 31, 2015, respectively)

$

468,482,202

$

571,466,581

Mortgage loans held-for-sale, at fair value (includes pledged loans of $10,866,503 and $10,900,402 for

       

     March 31, 2016 and December 31, 2015, respectively)

 

12,806,307

 

10,900,402

Multi-family loans held in securitization trusts, at fair value

 

1,433,612,858

 

1,449,774,383

Residential loans held in securitization trusts, at fair value

 

396,542,860

 

411,881,097

Mortgage servicing rights, at fair value

 

3,368,385

 

4,268,673

Cash and cash equivalents

 

16,011,105

 

26,140,718

Restricted cash

     

11,241,333

 

8,174,638

Accrued interest receivable

 

8,314,960

 

8,650,986

Dividends receivable

   

25,262

 

26,022

Investment related receivable

 

1,871,692

 

1,591,343

Derivative assets, at fair value

 

 

2,558,350

FHLB stock

       

1,030,500

 

2,403,000

Other assets

       

525,558

 

530,468

                   
       

Total assets

$

2,353,833,022

$

2,498,366,661

                   

LIABILITIES:

             

Repurchase agreements:

       
 

Available-for-sale securities

$

460,273,000

$

509,231,000

 

Mortgage loans held-for-sale

 

9,353,356

 

9,504,457

FHLB Advances

       

 

49,697,000

Multi-family securitized debt obligations

 

1,346,254,828

 

1,364,077,012

Residential securitized debt obligations

 

367,958,982

 

380,638,423

Derivative liabilities, at fair value

 

5,904,050

 

Accrued interest payable

 

6,399,776

 

6,574,699

Dividends payable

     

39,132

 

39,132

Fees and expenses payable to Manager

 

937,427

 

842,903

Other accounts payable and accrued expenses

 

1,043,839

 

267,507

                   
       

Total liabilities

 

2,198,164,390

 

2,320,872,133

                   

STOCKHOLDERS' EQUITY:

       

Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative

       

     redeemable, $25 liquidation preference, 1,610,000 and 
     1,610,000 issued and outstanding at March 31,

       

     2016 and December 31, 2015, respectively

 

37,156,972

 

37,156,972

Common Stock: par value $0.01 per share; 450,000,000
     shares authorized, 14,597,894 and 14,656,394

       

     shares issued and outstanding, at March 31, 2016 and
     December 31, 2015, respectively

 

145,684

 

146,269

Additional paid-in capital

 

188,772,001

 

189,037,842

Accumulated other comprehensive income (loss)

 

(1,497,097)

 

(395,771)

Cumulative distributions to stockholders

 

(59,313,770)

 

(55,803,240)

Accumulated earnings

   

(9,595,158)

 

7,352,456

                   
       

Total stockholders' equity

 

155,668,632

 

177,494,528

                   
       

Total liabilities and stockholders' equity

$

2,353,833,022

$

2,498,366,661

                   
                   

(1)  Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIE's) as the Company is the primary beneficiary of these VIEs.  As of March 31, 2016 and December 31, 2015, assets of consolidated VIEs totaled $1,836,767,480 and $1,868,482,556, respectively, and the liabilities of consolidated VIEs totaled $1,720,340,585 and $1,750,916,265, respectively

 

 

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SOURCE Five Oaks Investment Corp.

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