AHM AmeriHome Inc

American Home Mortgage Reports Results for the First Quarter 2005 Announces adjusted diluted earnings per share of $1.24 excluding gain from fourth quarter 2004 securitization MELVILLE, N.Y., April 18 /PRNewswire-FirstCall/ -- American Home Mortgage Investment Corp. (NYSE:AHM) announced today results for the first quarter ended March 31, 2005. Adjusted Financial Measures Throughout this news release the terms adjusted revenues, adjusted net earnings, adjusted earnings per diluted share, adjusted book value per share, 2005 adjusted earnings guidance and other similar terms are used to identify financial measures that are not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). These adjusted financial measures reflect the reallocation of revenue and earnings of approximately $71.4 million or $1.75 per diluted share from the Company's first quarter 2005 GAAP financial results to the Company's fourth quarter 2004 GAAP financial results. The reason for the use of adjusted financial measures is to show the Company's first quarter results excluding substantial revenue associated with prior period loan production that is not expected to be recurring, and which resulted from the Company's fourth quarter securitization ("Q4-04 Gains") not qualifying for sale treatment in accordance with SFAS 140 until the first quarter of 2005. The Company has been, and expects to continue to be managed on the basis of the adjusted financial measures. The adjusted financial measures should be read in conjunction with the Company's GAAP results. FINANCIAL HIGHLIGHTS Comparison of the Three Months Ended March 31, 2005 and 2004 * Adjusted revenue, excluding the effects of the Q4-04 Gains, for the first quarter of 2005 was $164.0 million compared to revenue of $84.1 million for the first quarter of 2004, an increase of 94.9%. Revenue for the first quarter of 2005 in accordance with GAAP and including the effects of the Q4-04 Gains was $235.3 million. * Adjusted net earnings, excluding the effects of the Q4-04 Gains, for the first quarter of 2005 were $54.0 million compared to net earnings of $21.2 million for the first quarter of 2004, an increase of 154.6%. Net earnings for the first quarter in accordance with GAAP and including the effects of the Q4-04 Gains were $125.4 million. * Adjusted earnings per diluted share, excluding the effects of the Q4-04 Gains, for the first quarter were $1.24 compared to earnings per diluted share of $0.70 for the first quarter of 2004, an increase of 77.1%. Earnings per diluted share for the first quarter in accordance with GAAP and including the effects of the Q4-04 Gains were $2.99. * Dividends per common share for the first quarter of 2005 were $0.71, compared to $0.55 for the first quarter of 2004, an increase of 29.1%. * Book value per common share was $19.41 at March 31, 2005, compared to $18.59 per share at March 31, 2004, an increase of 4.4%. Comparison of the Three Months Ended March 31, 2005 and December 31, 2004 * Adjusted revenue, excluding the effects of the Q4-04 Gains, for the first quarter of 2005 was $164.0 million compared to adjusted revenue, including the effects of the Q4-04 Gains, of $152.0 million for the fourth quarter of 2004, an increase of 7.9%. * Adjusted net earnings, excluding the effects of the Q4-04 Gains, for the first quarter of 2005 were $54.0 million compared to adjusted net earnings, including the effects of the Q4-04 Gains, of $48.6 million for the fourth quarter of 2004, an increase of 11.1% * Adjusted earnings per diluted share, excluding the effects of the Q4-04 Gains, for the first quarter of 2005 were $1.24 compared to adjusted earnings per diluted share, including the effects of the Q4-04 Gains, of $1.14 for the fourth quarter of 2004, an increase of 8.8%. * Dividends per common share for the first quarter of 2005 were $0.71, compared to $0.66 for the fourth quarter of 2004, an increase of 7.6%. * Book value per common share was $19.41 at March 31, 2005, compared to adjusted book value per share, including the effects of the Q4-04 Gains, of $18.95 at December 31, 2004, an increase of 2.4%. * GAAP Revenue, including the effects of the Q4-04 Gains, for the first quarter of 2005 increased 191.8% over the fourth quarter of 2004 to $235.3 million from $80.6 million, * GAAP Net earnings, including the effects of the Q4-04 Gains, for the first quarter of 2005 increased $148.1 million to $125.4 million from a loss of $22.7 million in the fourth quarter of 2004 and * GAAP Earnings per diluted share, including the effects of the Q4-04 Gains, for the first quarter of 2005 were $2.99 compared to a loss of $0.62 in the fourth quarter of 2004. * Book value per common share was $19.41 at March 31, 2005, compared to $17.18 per share at December 31, 2004. Michael Strauss, Chairman and Chief Executive Officer, commented, "Our company was highly successful at implementing our business plan during the first quarter as our adjusted net interest income, origination activity and adjusted servicing revenue all reached new highs. Adjusted net interest income during the quarter reached $48.6 million excluding the benefit of the Q4-04 Gains. As in previous quarters, our portfolio's adjusted net interest income was benefited by the excess yield created from our mortgage origination capabilities. In addition, during the quarter our portfolio's adjusted net interest income and net asset value were protected by our duration neutral strategy. Loan originations during the quarter reached $7.3 billion, and were benefited by the continued growth of both our retail and wholesale lending channels. Our overall market share experienced a significant jump to 1.16% of the national market, an increase of approximately 16% compared to the fourth quarter of 2004. Our prospects for future market share growth should be enhanced by the continued growth of our sales force, which exceeded 2,100 loan officers and account executives at quarter's end, and by our recent acquisition of loan production branches from Irwin Mortgage. During the quarter, our servicing segment became profitable, as higher interest rates slowed amortization and resulted in an impairment recovery. Based on our first quarter results and our projected earnings for the remainder of 2005, I am very pleased to announce that the Board of Directors has again raised the Company's dividend policy with respect to its common stock to $0.76 per quarter, or $3.04 annualized. This is the ninth time the Company has raised its dividend policy since its initial dividend in April 2001. I am also pleased to report that based on our internal projections we are raising our earnings guidance for 2005." Adjusted First Quarter Results Excluding the Effects of the Q4-04 Gains: During the first quarter, the Company's adjusted mortgage-backed securities ("MBS") portfolio averaged $7.4 billion, earned an adjusted net interest margin of 1.70%, and earned adjusted net interest income of $31.5 million. Also, during the first quarter, the Company's adjusted inventory of loans pending sale or securitization averaged $2.8 billion, earned an adjusted net interest margin of 2.70% and earned adjusted net interest income of $18.9 million. Finally, during the quarter the Company had interest expense on servicing financing and other obligations of $1.8 million. At March 31, 2005, the composition of the Company's MBS portfolio by type of loan was 73.0% 5/1 adjustable-rate mortgages (ARMs), 15.9% short reset ARMs, and 11.1% 3/1 ARMs. The composition of the MBS portfolio by credit quality based on Standard & Poor's ratings was 94.3% Agency and AAA, 1.5% AA and A, and 4.2% BBB or unrated. On March 31, 2005, the MBS portfolio's duration, net of liabilities and hedges, was estimated to be 0.09 years, its projected average life was 2.6 years, and its average cost was 100.4% of par. During the quarter, the Company securitized an adjusted $3.8 billion of newly originated loans through collateralized debt obligation transactions. The collateralized debt obligation was structured to enhance the yield of securities retained by the Company. Of the securities created, an adjusted $1.3 billion were retained in the Company's portfolio while an adjusted $2.5 billion were sold for an adjusted gain of $44.7 million. The adjusted $1.3 billion of retained securities had a projected yield of 5.26%, an estimated duration of 2.1 years, an expected average life of 2.8 years, were valued at an average market value of 100.8% of par, and created an adjusted unrealized gain of $23.5 million. In addition, the Company realized gains of $9.5 million on terminated free standing interest rate swap derivatives in connection with the securitization. Changes to prepayment speeds and other factors may prevent the projected yield, estimated duration or expected average life from being realized. The Company expects that it will continue to create higher yielding securities from its originations using collateralized debt issuances, and that it will hold a portion of these securities in substitution of lower yielding, primarily market-purchased securities. During the quarter, an adjusted $1.2 billion of securities were sold at an adjusted realized loss of $4.7 million, largely to make room for the higher- yielding, retained securities. During the quarter, the Company experienced an adjusted mark-to-market unrealized loss, net of associated hedges, of $3.3 million on its portfolio of trading securities. The net impact of these portfolio changes was a decrease in adjusted earnings of $8.0 million, or $0.20 per common share. During the first quarter, loan production was $7.3 billion. Of the $7.3 billion, 52% of loans were to homebuyers while 48% were for refinancing. During the quarter, the Company estimates its national market share reached 1.16% based on Freddie Mac's forecast of national market size, compared to 1.00% in the fourth quarter of 2004 and 0.69% during the first quarter of 2004. During the quarter, the Company sold $3.1 billion of non-securitized, primarily fixed-rate loans to third parties for a gain of $37.8 million and recognized valuation provisions on loan inventory of $2.5 million. The net gain on sale was $35.3 million. At March 31, 2005, the Company employed approximately 2,143 loan officers and account executives, including call center representatives, but excluding sales assistants, compared to approximately 1,867 on December 31, 2004. The number of loans serviced on March 31, 2005, including warehouse loans, reached 118,661 loans with a principal balance of $19.9 billion compared to 104,841 loans with a principal balance of $16.8 billion on December 31, 2004. During the quarter, adjusted servicing revenues were $12.8 million, direct servicing expenses were $4.6 million, adjusted amortization was $10.7 million and the adjusted recovery of impairment reserves was $5.5 million. During the quarter, servicing experienced an adjusted gain of $3.8 million due primarily to slower amortization and the recovery of previously recognized impairment reserves. The carrying value, net of impairment reserves, of the servicing portfolio on March 31 was $228.4 million, or 1.25% of the unpaid principal balance, or 3.6 times the weighted average servicing fee, compared to $189.2 million, or 1.22% of the unpaid principal balance, or 3.5 times the weighted average servicing fee at December 31, 2004. The market value of the servicing portfolio was $233.6 million on March 31 and $189.9 million on December 31. On March 31, the impairment reserve had decreased to $8.5 million, the weighted average servicing fee was 0.344%, the weighted average age of the portfolio was 1.4 years, and the weighted average coupon was 5.21%. The market value of the Company's servicing assets exceeded their carrying value because the Company carries its servicing assets at the lower of cost or market. The Company's total adjusted revenues for the quarter were $164.0 million. Of these revenues, an adjusted $48.6 million was from net interest income, $35.3 million was from gains on sales of loans to third parties and from net mortgage origination fees, an adjusted $44.7 million was from gains on securitization of loans, an adjusted $23.5 million of revenue was from unrealized gains on newly created mortgage securities that were retained, $9.5 million was from realized gains on terminated interest rate swap derivatives, an adjusted $14.2 million was from mortgage servicing fees and ancillary revenues, and $1.5 million was from other sources. Adjusted revenues were decreased by an adjusted $4.7 million loss from sales of MBS portfolio securities, by $5.2 million for servicing amortization, net of recovery, and by an adjusted $3.3 million of unrealized loss on mortgage-backed securities held in trading and their associated hedges. During the quarter, the Company's expenses were $109.9 million, and the Company's pre-tax profit was an adjusted $54.0 million. Net income for the quarter was an adjusted $54.0 million, preferred dividends were $3.3 million and net income available to common stockholders was an adjusted $50.7 million, resulting in earnings per fully diluted common share of $1.24. Book value attributable to common stockholders on March 31, 2005 was $782.9 million, or $19.41 per common share. First Quarter Results in Accordance with GAAP Including the Effects of the Q4-04 Gains: During the first quarter, the Company's mortgage-backed securities ("MBS") portfolio averaged $5.9 billion, earned a net interest margin of 1.33%, and earned net interest income of $19.3 million. Also, during the first quarter, the Company's inventory of loans pending sale or securitization averaged $6.2 billion, earned a net interest margin of 2.64% and earned net interest income of $41.3 million. Finally, during the quarter the Company had interest expense on servicing financing and other obligations of $1.8 million. At March 31, 2005, the composition of the Company's MBS portfolio by type of loan was 73.0% 5/1 adjustable-rate mortgages (ARMs), 15.9% short reset ARMs, and 11.1% 3/1 ARMs. The composition of the MBS portfolio by credit quality based on Standard & Poor's ratings was 94.3% Agency and AAA, 1.5% AA and A, and 4.2% BBB or unrated. On March 31, 2005, the MBS portfolio's duration, net of liabilities and hedges, was estimated to be 0.09 years, its projected average life was 2.6 years, and its average cost was 100.4% of par. During the quarter, the Company securitized $7.3 billion of self-originated loans through collateralized debt obligation transactions. The collateralized debt obligations were structured to enhance the yield of securities retained by the Company. Of the total $7.3 billion of securities created, $2.8 billion were retained in the Company's portfolio while $4.5 billion were sold for a gain of $69.9 million. The $2.8 billion of retained securities had a projected yield of 5.32%, an estimated duration of 2.0 years, an expected average life of 2.7 years, were valued at an average price of 99.74 % of par, and created an unrealized gain of $41.7 million. In addition, the Company realized gains of $9.5 million on terminated free standing interest rate swap derivatives in connection with the securitization. Changes to prepayment speeds and other factors may prevent the projected yield, estimated duration or expected average life from being realized. The Company expects that it will continue to create higher yielding securities from its originations using collateralized debt issuances, and that it will hold a portion of these securities in substitution of lower yielding, primarily market-purchased securities. During the quarter, $1.1 billion of securities were sold at a realized loss of $3.3 million, largely to make room for the higher-yielding, retained securities. During the quarter, the Company experienced a mark-to-market unrealized gain, net of associated hedges, of $15.8 million on its portfolio of trading securities. The net impact of these portfolio changes was an increase in earnings of $12.5 million, or $0.31 per common share. During the first quarter, loan production was $7.3 billion. Of the $7.3 billion, 52% of loans were to homebuyers while 48% were for refinancing. During the quarter, the Company estimates its national market share reached 1.16% based on Freddie Mac's forecast of national market size, compared to 1.00% in the fourth quarter of 2004 and 0.69% during the first quarter of 2004. During the quarter, the Company sold $3.1 billion of non-securitized, primarily fixed-rate loans to third parties for a gain of $37.8 million and recognized valuation provisions on loan inventory of $2.5 million. The net gain on sale was $35.3 million. At March 31, 2005, the Company employed approximately 2,143 loan officers and account executives, including call center representatives, but excluding sales assistants, compared to approximately 1,867 on December 31, 2004. The number of loans serviced on March 31, 2005, including warehouse loans, reached 118,661 loans with a principal balance of $19.9 billion compared to 104,841 loans with a principal balance of $16.8 billion on December 31, 2004. During the quarter, servicing revenues were $9.9 million, direct servicing expenses were $4.6 million, amortization was $8.5 million and the recovery of impairment reserves was $3.4 million. During the quarter, servicing experienced a gain of $1.1 million, due primarily to slower amortization and the recovery of previously recognized impairment reserves. The carrying value, net of impairment reserves, of the servicing portfolio on March 31 was $228.4 million, or 1.25% of the unpaid principal balance, or 3.6 times the weighted average servicing fee, compared to $151.4 million, or 1.27% of the unpaid principal balance, or 3.6 times the weighted average servicing fee at December 31, 2004. The market value of the servicing portfolio was $233.6 million on March 31 and $152.5 million on December 31. On March 31, the impairment reserve had decreased to $8.5 million, the weighted average servicing fee was 0.344%, the weighted average age of the portfolio was 1.4 years, and the weighted average coupon was 5.21%. The market value of the Company's servicing assets exceeded their carrying value because the Company carries its servicing assets at the lower of cost or market. The Company's total revenues for the quarter were $235.3 million. Of these revenues, $58.8 million was from net interest income, $35.3 million was from gains on sales of loans to third parties and from net mortgage origination fees, $69.9 million was from gains on securitization of loans, $41.7 million of revenue was from unrealized gains on newly created mortgage securities that were retained, $9.5 million was from realized gains on terminated interest rate swap derivatives, $15.8 million was from unrealized gain on mortgage-backed securities held in trading and their associated hedges, $11.3 million was from mortgage servicing fees and ancillary revenues, and $1.5 million was from other sources. Revenues were decreased by the $3.3 million loss from sales of MBS portfolio securities and $5.1 million for servicing amortization, net of recovery. During the quarter, the Company's expenses were $109.9 million, and the Company's pre-tax profit was $125.4 million. Net income for the quarter was $125.4 million, preferred dividends were $3.3 million and net income available to common stockholders was $122.1 million, resulting in earnings per fully diluted common share of $2.99. Book value attributable to common stockholders on March 31, 2005 was $782.9 million, or $19.41 per common share. Annual Report Restatement and Amended 10-K/A Filing On April 13, 2005, the Company announced that it would restate its 2004 results and file an amended annual report on Form 10-K/A with the Securities and Exchange Commission. The amended annual report will reverse the gain associated with the Company's fourth quarter securitization due to the securitization not qualifying as a sale in accordance with SFAS 140, as more fully described in the Company's news release of April 13, 2005. Because the fourth quarter securitization qualified as a sale in the first quarter of 2005, the gain associated with the fourth quarter securitization has been included in the Company's first quarter, 2005, revenue in accordance with GAAP. The Company is also presenting adjusted first quarter 2005 results which exclude the gain associated with the fourth quarter securitization and presenting adjusted fourth quarter 2004 results which include the gain associated with the fourth quarter securitization as described under the heading ADJUSTED FINANCIAL MEASURES herein. Dividend Policy Increase The Company's Board of Directors sets dividend policy based primarily on the Company's projected earnings and cash flow. Cash flow is primarily generated from net interest income, from the sale to third parties of loans and newly originated securities, from applying leverage to retained newly originated securities and to increases in the value of mortgage servicing rights and securities held, and from loan servicing and loan origination fees. Cash flow is used to pay operating expenses, fund increases in working capital, make capital expenditures, post securities and derivatives margins and pay preferred and common dividends. Based on the Company's projections for earnings and cash-flow, the Company's Board of Directors has changed the Company's dividend policy to increase the quarterly dividend on its common stock to $0.76, or $3.04 annualized. It is expected that the first dividend of $0.76 per common share will be payable in July 2005. The Company's dividend policy does not constitute an obligation to pay dividends, which only occurs when its Board of Directors declares a dividend. The dividend policy is subject to ongoing review by the Board of Directors based on, among other things, the Company's business prospects, financial condition, earnings projections and cash flow projections, and the Board may, when it deems doing so is advisable, lower or eliminate the dividend without prior notice. Earnings Outlook American Home Mortgage is raising its 2005 adjusted earnings guidance to $4.15 to $4.35 per diluted share, excluding the effects of the Q4-04 Gains, and to $5.90 to $6.10 per diluted share on a GAAP basis, including the effects of the Q4-04 Gains. The Company's increased guidance is based on its growing origination market share, tempered by its expectation that national origination activity will slow as interest rates rise. The Company could fail to achieve its earnings guidance, and may experience losses due to a broad range of reasons, including, but not limited to, market forces reducing net interest income or net asset values or both, credit delinquencies reducing income and/or net asset values, loan production or production margins being less than anticipated, expenses being higher than expected, or any combination thereof. Other First Quarter Highlights In March 2005, American Home signed a definitive agreement with Irwin Mortgage to acquire 21 community mortgage loan production branches in Arizona, California, Colorado, Hawaii and Washington. In addition, American Home Mortgage acquired Irwin Mortgage's credit union affinity business, which markets mortgage loans through mortgage salespersons located onsite at approximately 45 credit unions. The Company closed on the purchase of most of the branches on April 6, 2005 and expects to close on the purchase of the balance of the branches during the second quarter of 2005. Also during the quarter, the Company opened a highly automated loan servicing center in Irving, Texas. The new loan servicing center is expected to provide the Company with a low-cost operating environment, a large, experienced labor pool and the benefits of a Central time zone. Conference Call Today American Home Mortgage will hold an investor conference call today, April 18, 2005, at 10:30 a.m., Eastern Time, to discuss earnings. Interested parties may listen to the live conference call by visiting the investor relations section of the American Home Mortgage's corporate website, http://www.americanhm.com/. A replay of the online broadcast will be available on the site through May 2, 2005. Dividend Reinvestment & Direct Stock Purchase and Sale Plan American Home Mortgage Investment Corp. has established an Investors Choice Dividend Reinvestment & Direct Stock Purchase and Sale Plan for its shareholders. The plan offers affordable alternatives for buying and selling common stock of American Home Mortgage Investment Corp. Participants in the plan may also reinvest cash dividends and make periodic supplemental cash payments to purchase additional shares of the Company's common stock. If you have additional questions or would like to enroll in the plan, please contact the plan administrator, American Stock Transfer & Trust Company, at 1-888-777-0319 (toll free) or visit their website at http://www.amstock.com/. American Home Mortgage Investment Corp. is a mortgage REIT focused on earning net interest income from self-originated mortgage-backed securities, and through its taxable subsidiaries, from originating and servicing mortgage loans for institutional investors. Mortgages are originated through a network of loan production offices as well as through mortgage brokers and are serviced at the Company's Irving, TX servicing center. For additional information, please visit the Company's website at http://www.americanhm.com/. This news release contains "forward looking statements" that are based upon expectations, estimates, forecasts, projections and assumptions. Any statement in this news release that is not a statement of historical fact, including, but not limited to, earnings guidance and forecasts, projections of financial results and loan origination volume, expected future financial position, dividend plans or business strategy, and any other statements of plans, expectations, objectives, estimates and beliefs, is a forward looking statement. Words such as "look forward," "will," "anticipate," "may," "expect," "plan," "believe," "intend," and similar words, or the negatives of those words, are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that are difficult to predict, and are not guarantees of future performance. As a result, actual future events may differ materially from any future results, performance or achievements expressed in or implied by this news release. Specific factors that might cause such a difference include, but are not limited to: American Home's limited operating history with respect to its portfolio strategy; the potential fluctuations in American Home's operating results; American Home's potential need for additional capital; the direction of interest rates and their subsequent effect on the business of American Home and its subsidiaries; risks associated with the use of leverage; changes in federal and state tax laws affecting REITs; federal and state regulation of mortgage banking; and those risks and uncertainties discussed in filings made by American Home with the Securities and Exchange Commission. Such forward-looking statements are inherently uncertain, and stockholders must recognize that actual results may differ from expectations. American Home does not assume any responsibility, and expressly disclaims any responsibility, to issue updates to any forward-looking statements discussed in this news release, whether as a result of new information, future events or otherwise. Financial Table Presentation The following financial tables include GAAP, adjusted and reconciling information for the reasons and purposed described under the heading ADJUSTED FINANCIAL MEASURES herein. Financial Tables to Follow on Next Pages AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES OPERATING STATISTICS Three Months Ended March 31, 2005 (1) As Adjusted to Exclude the (1) Effect of the Q4 2004 Q4 2004 Gain on Sale Gain on Sale Accounting Accounting Adjustments Adjustment Mortgage-Backed Securities Holdings Segment:* Average mortgage-backed securities held ($ billions) 5.9 1.5 7.4 Interest income ($ millions) 58.3 20.0 78.3 Average portfolio yield 3.98% 4.23% Interest expense ($ millions) 39.0 7.7 46.7 Average cost of funds and hedges 2.79% 2.71% Net interest income ($ millions) 19.3 12.2 31.5 Net interest margin 1.33% 1.70% Mortgage-backed securities held - end of period ($ billions) 7.2 7.2 Average cost of mortgage-backed securities 100.4% 100.4% Period end duration gap (in years) 0.09 0.09 * - Excludes loans held pending securitization Loan Origination Segment: Loan originations ($ billions) 7.3 7.3 Refinance 48% 48% ARM 53% 53% Average mortgage loans held for sale, net ($ billions) 6.2 -3.4 2.8 Net interest income ($ millions) 41.3 -22.4 18.9 Net interest margin 2.64% 2.70% Loans securitized and held ($ billions) 2.8 -1.5 1.3 Loans securitized and sold ($ billions) 4.5 -2.0 2.5 Loans sold to third parties ($ billions) 3.1 3.1 Applications accepted ($ billions) 13.0 13.0 Application pipeline ($ billions) 8.4 8.4 March 31, 2005 Loan Servicing Segment: Loan servicing portfolio - total with warehouse ($ billions) 19.9 19.9 Loan servicing portfolio - loans sold or securitized ($ billions) 18.2 18.2 Weighted average note rate 5.21% 5.21% Weighted average service fee 0.344% 0.344% Average age (in months) 17 17 Three Months Ended Dec. 31, 2004 (1) As Adjusted to Exclude the (1) Effect of the Q4 2004 Q4 2004 Gain on Sale Gain on Sale Accounting Accounting Adjustments Adjustment Mortgage-Backed Securities Holdings Segment:* Average mortgage-backed securities held ($ billions) 7.1 0.2 7.3 Interest income ($ millions) 68.4 2.2 70.6 Average portfolio yield 3.86% 3.89% Interest expense ($ millions) 42.4 0.2 42.6 Average cost of funds and hedges 2.52% 2.48% Net interest income ($ millions) 26.0 2.0 28.0 Net interest margin 1.49% 1.57% Mortgage-backed securities held - end of period ($ billions) 6.0 1.6 7.6 Average cost of mortgage-backed securities 100.8% 100.5% Period end duration gap (in years) 0.07 0.07 * - Excludes loans held pending securitization Loan Origination Segment: Loan originations ($ billions) 6.7 6.7 Refinance 46% 46% ARM 55% 55% Average mortgage loans held for sale, net ($ billions) 3.1 -0.4 2.7 Net interest income ($ millions) 22.6 -2.4 20.2 Net interest margin 2.93% 2.97% Loans securitized and held ($ billions) --- 1.5 1.5 Loans securitized and sold ($ billions) --- 2.0 2.0 Loans sold to third parties ($ billions) 2.9 2.9 Applications accepted ($ billions) 9.9 9.9 Application pipeline ($ billions) 6.2 6.2 December 31, 2004 Loan Servicing Segment: Loan servicing portfolio - total with warehouse ($ billions) 16.8 16.8 Loan servicing portfolio - loans sold or securitized ($ billions) 12.0 3.5 15.5 Weighted average note rate 5.48% 5.45% Weighted average service fee 0.348% 0.345% Average age (in months) 20 16 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. Three Months Ended (1) (1) As Adjusted to As Adjusted to Exclude the Exclude the Effect of the Effect of the Q4 2004 Q4 2004 Gain on Sale Gain on Sale Accounting Accounting Adjustment Adjustment March 31, December 31, September 30, June 30, March 31, 2005 2004 2004 2004 2004 Mortgage-Backed Securities Holdings Segment:* Average mortgage -backed securities held ($ billions) 7.4 7.3 7.2 4.8 2.0 Interest income ($ millions) 78.3 70.6 66.7 41.3 15.1 Average portfolio yield 4.23% 3.89% 3.72% 3.43% 3.09% Interest expense ($ millions) 46.7 42.6 42.1 30.5 9.4 Average cost of funds and hedges 2.71% 2.48% 2.47% 2.70% 2.09% Net interest income ($ millions) 31.5 28.0 24.6 10.8 5.7 Net interest margin 1.70% 1.57% 1.39% 0.91% 1.18% Mortgage-backed securities held - end of period ($ billions) 7.2 7.6 7.3 7.3 4.0 Average cost of mortgage-backed securities 100.4% 100.5% 100.7% 100.8% 101.6% Period end duration gap (in years) 0.09 0.07 (0.002) (0.04) 0.04 * - Excludes loans held pending securitization Loan Origination Segment: Loan originations ($ billions) 7.3 6.7 5.3 6.6 4.4 Refinance 48% 46% 36% 52% 57% ARM 53% 55% 56% 49% 35% Average mortgage loans held for sale, net ($ billions) 2.8 2.7 2.4 2.2 1.4 Net interest income ($ millions) 18.9 20.2 9.7 10.6 8.3 Net interest margin 2.70% 2.97% 1.60% 1.92% 2.32% Loans securitized and held ($ billions) 1.3 1.5 1.4 1.5 0.9 Loans securitized and sold ($ billions) 2.5 2.0 1.3 0.6 0.1 Loans sold to third parties ($ billions) 3.1 2.9 2.9 4.5 3.4 Applications accepted ($ billions) 13.0 9.9 8.7 8.8 9.1 Application pipeline ($ billions) 8.4 6.2 6.5 6.5 7.3 March 31, December 31, September 30, June 30, March 31, 2005 2004 2004 2004 2004 Loan Servicing Segment: Loan servicing portfolio - total with warehouse ($ billions) 19.9 16.8 13.6 11.6 10.3 Loan servicing portfolio - loans sold or securitized ($ billions) 18.2 15.5 12.5 10.2 9.0 Weighted average note rate 5.21% 5.45% 5.41% 5.39% 5.58% Weighted average service fee 0.344% 0.345% 0.354% 0.358% 0.363% Average age (in months) 17 16 18 20 26 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2005 (1) As Adjusted to Exclude the (1) Effect of the Q4 2004 Q4 2004 Gain on Sale Gain on Sale Accounting Accounting Adjustment Adjustment Net interest income: Interest income $146,894 $(26,925) $119,969 Interest expense (88,091) 16,766 (71,325) Net interest income 58,803 (10,159) 48,644 Non-interest income: Gain on sales of mortgage loans 35,253 - 35,253 Gain on securitizations of mortgage loans 69,919 (25,258) 44,661 Gain on sales of mortgage-backed securities and derivatives 6,132 (1,400) 4,732 Unrealized gain on mortgage-backed securities and derivatives 57,499 (37,263) 20,236 Loan servicing fees 11,312 2,851 14,163 Amortization (8,501) (2,170) (10,671) Impairment reserve recovery (provision) 3,419 2,048 5,467 Net loan servicing fees (loss) 6,230 2,729 8,959 Other non-interest income 1,466 - 1,466 Non-interest income 176,499 (61,192) 115,307 Non-interest expenses: Salaries, commissions and benefits, net 68,475 - 68,475 Occupancy and equipment 12,671 - 12,671 Data processing and communications 5,950 - 5,950 Office supplies and expenses 4,429 - 4,429 Marketing and promotion 4,130 - 4,130 Travel and entertainment 3,928 - 3,928 Professional fees 3,470 - 3,470 Other 6,869 - 6,869 Non-interest expenses 109,922 - 109,922 Net income before income tax expense (benefit) 125,380 (71,351) 54,029 Income tax expense - - - Net income $125,380 $(71,351) $54,029 Dividends on preferred stock 3,305 - 3,305 Net income available to common shareholders $122,075 $(71,351) $50,724 Per share data: Basic $3.03 $ (1.77) $1.26 Diluted $2.99 $ (1.75) $1.24 Weighted average number of shares - basic 40,308 40,308 40,308 Weighted average number of shares - diluted 40,811 40,811 40,811 Three Months Ended Dec. 31, 2004 (1) As Adjusted to Exclude the (1) Effect of the Q4 2004 Q4 2004 Gain on Sale Gain on Sale Accounting Accounting Adjustment Adjustment Net interest income: Interest income $115,957 $(2,172) $113,785 Interest expense (68,777) 1,775 (67,002) Net interest income 47,180 (397) 46,783 Non-interest income: Gain on sales of mortgage loans 36,004 - 36,004 Gain on securitizations of mortgage loans - 40,674 40,674 Gain on sales of mortgage- backed securities and derivatives 2,873 - 2,873 Unrealized gain on mortgage-backed securities and derivatives (6,579) 33,803 27,224 Loan servicing fees 11,701 - 11,701 Amortization (9,750) - (9,750) Impairment reserve recovery (provision) (2,284) (2,729) (5,013) Net loan servicing fees (loss) (333) (2,729) (3,062) Other non-interest income 1,480 - 1,480 Non-interest income 33,445 71,748 105,193 Non-interest expenses: Salaries, commissions and benefits, net 60,588 - 60,588 Occupancy and equipment 11,556 - 11,556 Data processing and communications 5,869 - 5,869 Office supplies and expenses 4,385 - 4,385 Marketing and promotion 3,391 - 3,391 Travel and entertainment 5,106 - 5,106 Professional fees 5,378 - 5,378 Other 6,333 - 6,333 Non-interest expenses 102,606 - 102,606 Net income before income tax expense (benefit) (21,981) 71,351 49,370 Income tax expense 755 - 755 Net income $(22,736) $71,351 $48,615 Dividends on preferred stock 2,340 - 2,340 Net income available to common shareholders $(25,076) $71,351 $46,275 Per share data: Basic $(0.62) $1.77 $1.15 Diluted $(0.62) $1.75 $1.14 Weighted average number of shares - basic 40,216 40,216 40,216 Weighted average number of shares - diluted 40,737 40,737 40,737 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) (1) (1) As As Adjusted Adjusted to to Exclude Exclude the the Effect of Effect of the the Q4 2004 Q4 2004 Gain on Gain on Sale Sale Accounting Accounting Adjustment Adjustment Three Months Ended March 31, Dec. 31, Sept. 30, June 30, March 31, 2005 2004 2004 2004 2004 Net interest income: Interest income $119,969 $113,785 $94,298 $69,999 $34,050 Interest expense (71,325) (67,002) (61,405) (49,913) (21,278) Net interest income 48,644 46,783 32,893 20,086 12,772 Non-interest income: Gain on sales of mortgage loans 35,253 36,004 28,373 17,141 52,581 Gain on securitizations of mortgage loans 44,661 40,674 30,460 7,803 1,856 Gain (loss) on sales of mortgage-backed securities and derivatives 4,732 2,873 (8,120) (1,322) 6,632 Unrealized gain on mortgage-backed securities and derivatives 20,236 27,224 27,069 36,063 18,909 Loan servicing fees 14,163 11,701 9,822 8,730 10,318 Amortization (10,671) (9,750) (7,755) (7,764) (7,346) Impairment reserve recovery (provision) 5,467 (5,013) (4,807) 7,252 (12,584) Net loan servicing fees (loss) 8,959 (3,062) (2,740) 8,218 (9,612) Other non-interest income 1,466 1,480 3,350 1,226 978 Non-interest income 115,307 105,193 78,392 69,129 71,344 Non-interest expenses: Salaries, commissions and benefits, net 68,475 60,588 46,482 42,696 39,627 Occupancy and equipment 12,671 11,556 9,984 8,008 8,094 Data processing and communications 5,950 5,869 3,745 3,338 3,213 Office supplies and expenses 4,429 4,385 3,012 3,215 3,118 Marketing and promotion 4,130 3,391 2,610 2,196 2,212 Travel and entertainment 3,928 5,106 3,620 2,887 2,577 Professional fees 3,470 5,378 2,524 1,829 2,428 Other 6,869 6,333 6,363 4,082 5,438 Non-interest expenses 109,922 102,606 78,340 68,251 66,707 Net income before income tax expense (benefit) 54,029 49,370 32,945 20,964 17,409 Income tax expense (benefit) - 755 (9,998) (12,518) (3,814) Net income $54,029 $48,615 $42,943 $33,482 $21,223 Dividends on preferred stock 3,305 2,340 1,648 - - Net income available to common shareholders $50,724 $46,275 $41,295 $33,482 $21,223 Per share data: Basic $1.26 $1.15 $1.03 $0.84 $0.71 Diluted $1.24 $1.14 $1.02 $0.83 $0.70 Weighted average number of shares - basic 40,308 40,216 40,145 40,000 30,030 Weighted average number of shares - diluted 40,811 40,737 40,605 40,445 30,508 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) (1) As Adjusted to Exclude the Effect of the (1) Q4 2004 Q4 2004 Gain on Gain on Sale Sale Accounting Accounting Adjustment Adjustments March 31, Dec. 31, Dec. 31, Dec. 31, 2005 2004 2004 2004 Assets: Cash and cash equivalents $162,762 $192,821 $- $192,821 Accounts receivable and servicing advances 103,295 116,978 (11,640) 105,338 Mortgage-backed securities 7,181,170 6,016,866 1,584,927 7,601,793 Mortgage loans held for sale, net 1,627,891 4,853,394 (3,536,785) 1,316,609 Derivative assets 73,383 24,803 (1,459) 23,344 Mortgage servicing rights, net 228,412 151,436 37,793 189,229 Premises and equipment, net 55,986 51,576 - 51,576 Goodwill 92,745 90,877 - 90,877 Other assets 49,332 57,046 (10,490) 46,556 Total assets $9,574,976 $11,555,797 $(1,937,654) $9,618,143 Liabilities and Stockholders' Equity: Liabilities: Warehouse lines of credit $658,686 $735,783 $- $735,783 Drafts payable 28,391 26,200 - 26,200 Commercial paper 858,382 529,790 - 529,790 Reverse repurchase agreements 6,720,167 7,071,168 - 7,071,168 Collateralized debt obligations - 2,022,218 (2,022,218) - Derivative liabilities 1,945 1,860 - 1,860 Accrued expenses and other liabilities 176,859 152,413 13,213 165,626 Notes payable 159,339 135,761 - 135,761 Income taxes payable 54,250 54,342 - 54,342 Total liabilities 8,658,019 10,729,535 (2,009,005) 8,720,530 Stockholders' Equity: Preferred stock 134,040 134,040 - 134,040 Common stock 403 403 - 403 Additional paid-in capital 632,828 631,530 - 631,530 Retained earnings 193,064 99,628 71,351 170,979 Accumulated other comprehensive loss (43,378) (39,339) - (39,339) Total stockholders' equity 916,957 826,262 71,351 897,613 Total liabilities and stockholders' equity $9,574,976 $11,555,797 $(1,937,654) $9,618,143 Number of shares outstanding - preferred 5,600,000 5,600,000 5,600,000 Number of shares outstanding - common 40,335,255 40,288,077 40,288,077 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) September 30, March 31, 2004 2004 Assets: Cash and cash equivalents $186,480 $97,557 Accounts receivable and servicing advances 101,105 80,426 Mortgage-backed securities 7,331,888 4,003,079 Mortgage loans held for sale, net 1,131,661 1,371,048 Derivative assets 11,630 24,151 Mortgage servicing rights, net 160,435 113,519 Premises and equipment, net 47,955 41,234 Goodwill 89,196 83,752 Other assets 16,645 12,213 Total assets $9,076,995 $5,826,979 Liabilities and Stockholders' Equity: Liabilities: Warehouse lines of credit $547,584 $1,251,845 Drafts payable 45,526 64,310 Commercial paper 462,712 3,394,941 Reverse repurchase agreements 6,899,024 134,647 Collateralized debt obligations - - Derivative liabilities 18,237 21,295 Accrued expenses and other liabilities 154,339 58,648 Notes payable 128,448 106,423 Income taxes payable 30,133 53,689 Total liabilities 8,286,003 5,085,798 Stockholders' Equity: Preferred stock 50,857 - Common stock 402 399 Additional paid-in capital 629,807 623,953 Retained earnings 151,297 125,504 Accumulated other comprehensive loss (41,371) (8,675) Total stockholders' equity 790,992 741,181 Total liabilities and stockholders' equity $9,076,995 $5,826,979 Number of shares outstanding - preferred 2,150,000 - Number of shares outstanding - common 40,184,333 39,875,524 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (In thousands) Three Months Ended March 31, Dec. 31, Sept. 30, June 30, March 31, 2005 2004 2004 2004 2004 Preferred stock Balance at beginning of period $134,040 $50,857 $- $- $- Issuance of preferred stock - offering - 83,183 50,857 - - Balance at end of period $134,040 $134,040 $50,857 $- $- Common stock Balance at beginning of period $403 $402 $401 $399 $252 Issuance of common stock - earnouts - - - 2 - Issuance of common stock - Omnibus Stock Plan - 1 1 - 3 Issuance of common stock - offering - - - - 144 Balance at end of period $403 $403 $402 $401 $399 Additional paid-in capital Balance at beginning of period $631,530 $629,807 $629,203 $623,953 $281,432 Issuance of common stock - earnouts 846 734 151 4,583 109 Issuance of common stock - Omnibus Stock Plan 311 823 374 331 978 Issuance of common stock - offering - - - - 339,647 Tax benefit from stock options exercised - - - - 1,599 Restricted shares amortization 141 166 79 336 188 Balance at end of period $632,828 $631,530 $629,807 $629,203 $623,953 Retained earnings Balance at beginning of period $99,628 $151,297 $134,515 $125,504 $121,029 Net income 125,380 (22,736) 42,943 33,482 21,223 Dividends declared (31,944) (28,933) (26,161) (24,471) (16,748) Balance at end of period $193,064 $99,628 $151,297 $134,515 $125,504 Other comprehensive loss Balance at beginning of period $(39,339) $(41,371) $(50,553) $(8,675) $(4,743) Unrealized (loss) gain on mortgage-backed securities (24,435) (12,491) 52,945 (61,386) 10,221 Gain (loss) on cash flow hedges, net of amortization 20,396 14,523 (43,763) 19,508 (14,153) Balance at end of period $(43,378) $(39,339) $(41,371) $(50,553) $(8,675) Total stockholders' equity $916,957 $826,262 $790,992 $713,566 $741,181 Adjustment (1) - 71,351 - - - Adjusted total stockholders' equity (1) $916,957 $897,613 $790,992 $713,566 $741,181 Note: (1) - Adjustments reflect the net effect on the period presented to reconcile the Company's actual operating statistics, results of operations and financial condition to the amounts adjusted as if the Company's fourth quarter 2004 securitization had qualified for SFAS 140 sale accounting treatment in the fourth quarter of 2004. AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, 2005 2004 2004 2004 2004 Cash flows from operating activities: Net income $125,380 $(22,736) $42,943 $33,482 $21,223 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 2,439 2,288 2,151 1,988 1,977 Amortization and impairment of mortgage servicing rights 5,082 12,034 12,562 512 19,930 Amortization of mortgage-backed securities premiums, net 4,593 7,700 9,455 7,208 2,952 Deferred cash flow hedge gain (loss), net of amortization 17,052 515 (7,019) 1,871 415 Loss on sales of mortgage-backed securities and derivatives 3,336 390 6,998 4,246 (6,705) Unrealized loss (gain) on mortgage-backed securities 51,003 15,850 (33,525) 20,976 (10,217) Unrealized (gain) loss on free standing derivatives (40,312) (14,482) 14,856 (41,451) - Additions to mortgage servicing rights on securitized loans (79,711) (123) (27,203) (22,514) (9,863) Additions to mortgage servicing rights on sold loans (2,347) (2,912) (3,976) (6,297) (5,802) Decrease (increase) in interest rate lock commitments 210 (395) 7,358 21,613 (9,990) Decrease (increase) in deferred origination costs 26,025 (28,389) (808) 5,026 (884) Decrease (increase) in SFAS No. 133 basis adjustments 4,929 1,276 (1,009) 10,658 5,524 Other 1,177 (3,720) 2,611 2,856 (2,504) (Increase) decrease in operating assets: Accounts receivable and servicing advances 13,683 (15,873) (616) (20,063) 3,885 Other assets 7,714 (40,401) (2,857) (6,477) (6,004) Increase (decrease) in operating liabilities: Accrued expenses and other liabilities 21,432 (4,695) 32,761 41,252 (8,092) Income taxes payable (92) 24,209 (10,995) (7,659) (5,406) Forward delivery contracts (9,595) 766 (9,004) 9,249 (5,809) Origination of mortgage loans held for sale (7,255,400) (6,744,078) (5,292,191) (6,619,642) (4,413,174) Proceeds from sales and repayments of mortgage loans 3,080,795 2,974,379 2,806,070 4,643,542 3,292,010 Proceeds from securitizations and repayments of mortgage loans 7,336,612 75,209 2,765,737 1,876,443 969,436 Additions to mortgage-backed securities and derivatives (2,840,259) (15,112) (1,435,334) (1,470,246) (897,322) Proceeds from sales of mortgage-backed securities - 852,283 1,023,037 121,454 23,861 Principal repayments of mortgage-backed securities 124,959 147,219 100,306 72,697 13,734 Net cash provided by (used in) operating activities 598,705 (2,778,798) 2,308 (1,319,276) (1,026,825) Cash flows from investing activities: Purchases of premises and equipment (6,849) (5,909) (5,565) (5,295) (1,473) Purchases of mortgage-backed securities - (107,009) (535,056) (2,557,318) (2,094,101) Proceeds from sales of mortgage-backed securities 1,133,989 50,710 633,036 208,283 697,268 Principal repayments of mortgage-backed securities 368,671 351,687 296,974 218,826 49,985 Other - - - 109 (353) Net cash provided by (used in) investing activities 1,495,811 289,479 389,389 (2,135,395) (1,348,674) Cash flows from financing activities: (Decrease) increase in warehouse lines of credit, net (77,097) 188,199 (124,872) (579,389) 130,085 (Decrease) increase in reverse repurchase agreements, net (351,001) 172,144 485,518 3,018,565 2,050,614 (Decrease) increase in collateralized debt obligations (2,022,218) 2,022,218 - - - (Decrease) increase in payable for securities purchased - - (423,909) 289,262 (125,054) Increase (decrease) in commercial paper, net 328,592 67,078 (584,324) 1,047,036 - Increase (decrease) in drafts payable, net 2,191 (19,326) (40,774) 21,990 38,685 Proceeds from issuance of preferred stock - 83,425 52,057 - - Proceeds from issuance of common stock 311 776 426 329 341,882 Dividends paid (28,931) (26,167) (24,468) (7,575) (23,072) Increase in notes payable, net 23,578 7,313 21,211 814 6,768 Net cash (used in) provided by financing activities (2,124,575) 2,495,660 (639,135) 3,791,032 2,419,908 Net (decrease) increase in cash and cash equivalents (30,059) 6,341 (247,438) 336,361 44,409 Cash and cash equivalents, beginning of period 192,821 186,480 433,918 97,557 53,148 Cash and cash equivalents, end of period $162,762 $192,821 $186,480 $433,918 $97,557 AMERICAN HOME MORTGAGE INVESTMENT CORP. AND SUBSIDIARIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Unaudited) (In thousands) March 31, 2005 Fair Value in Excess Carrying of Carrying Value Fair Value Value Assets: Cash and cash equivalents $ 162,762 $ 162,762 $ - Accounts receivable and servicing advances 103,295 103,295 - Mortgage-backed securities 7,181,170 7,181,170 - Mortgage loans held for sale, net 1,627,891 1,666,689 38,798 Mortgage servicing rights, net 228,412 233,564 5,152 Derivative assets* 73,383 108,958 35,575 $ 79,525 Carrying Value in Excess of Fair Value Liabilities: Warehouse lines of credit $ 658,686 $ 658,686 $ - Commercial paper 858,382 858,382 - Notes payable 159,339 159,339 - Drafts payable 28,391 28,391 - Reverse repurchase agreements 6,720,167 6,718,357 1,810 Derivative liabilities 1,945 1,945 - $ 1,810 $ 81,335 * Derivative assets includes interest rate lock commitments ("IRLCs") to fund mortgage loans. The carrying value excludes the value of the mortgage servicing rights ("MSRs") attached to the IRLCs in accordance with SEC Staff Accounting Bulletin No. 105. The fair value includes the value of MSRs. DATASOURCE: American Home Mortgage Investment Corp. CONTACT: Mary M. Feder, Vice President, Investor Relations of American Home Mortgage Investment Corp., +1-631-622-6469, Web site: https://www.americanhm.com/index.aspx

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