Hanover’s Net Rose Slightly in ’04

Hanover Capital Mortgage Holdings earned $8.1 million, or $0.97 per share, versus $8.0 million, or $1.35 per diluted share, in 2003.President and CEO John Burchett said HCM’s investments in subordinate MBS continue to perform well. HCM held subordinate MBS investments related to $13.7 billion of prime mortgages at the end of last year. He said the company’s primary goal this year will be to continue its investment strategy and to grow its capital base. The company issued $20 million of trust-preferred securities in March to raise capital for additional investment through its core REIT portfolio. The company is located on the Internet at http://www.hanovercapitalholdings.com.