AG Mortgage Investment Trust, Inc. MITT Cash Flow

Ag mortgage investment trust, inc. (MITT)

CashFlow / TTM

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11
Cash Flows from Operating Activities
Net Income (Loss) Attributable to Parent
92,922	19,657	32,986	22,476	1,568	64,051	76,684	101,687	118,558	93,218	103,339	91,245	63,683	64,276	17,847	-1,389	13,818	28,960	51,647	90,972	109,395	111,626	95,237	-17,163	-31,578	-30,616	24,603	140,756	134,935	122,858	74,854	29,921	0	0	0
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:
Net amortization of premium
-4,673	-4,023	-5,492	-4,759	-4,062	-2,712	-1,385	-3,598	-4,596	-18,768	-17,357	-13,851	-9,569	6,068	9,125	9,028	12,194	14,835	14,502	19,343	16,773	91,414	22,402	28,166	41,176	36,209	88,581	67,530	46,753	-21,026	-9,385	-1,132	0	0	0
Net realized (gain)/loss
-50,822	-66,668	-64,740	-48,221	-39,450	-38,562	-24,335	-23,396	-13,986	-14,192	-4,636	167	-10,391	-9,359	-23,648	-20,484	-17,148	-22,137	-6,887	-6,560	3,637	10,156	-45,291	-120,381	-115,594	-106,007	-56,994	27,474	24,568	13,497	13,683	6,130	0	0	0
Net realized and unrealized (gains)/losses on securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,952	-8,617	-3,531	-11,236	-8,222	25,348	14,971	19,447	14,818	-8,481	-4,569	-3,711	0	0	0
Unrealized losses from equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-
Unrealized Gain (Loss) on Securities
-	-	0	61,968	-	-	-29,501	-3,376	45,529	22,602	21,171	6,582	2,673	4,526	-1,696	-34,910	-32,491	102,361	-10,537	54,372	72,480	-57,166	88,630	-37,116	-84,195	-87,352	-81,570	35,115	52,071	80,101	43,878	10,285	0	0	0
Unrealized (gain)/loss on derivative and other instruments, net
-312	-79,665	-76,334	-60,714	-13,538	64,049	59,882	57,028	19,813	17,629	22,167	20,443	8,613	5,672	-20,812	-15,215	-12,180	-126,464	-11,278	-40,995	-51,255	74,327	-27,114	64,708	89,112	70,054	62,463	-16,017	-24,086	-26,722	-19,913	-9,337	0	0	0
Property depreciation and amortization
-	0	0	3,783	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity based compensation to affiliate
349	303	293	314	239	286	280	274	301	307	321	321	299	217	193	142	164	233	249	286	291	-951	-963	-1,020	-986	274	339	427	400	410	368	263	0	0	0
Equity based compensation expense
399	399	399	399	392	351	311	271	239	209	178	148	119	119	119	119	119	129	116	127	147	157	185	191	181	172	167	161	161	136	118	78	0	0	0
Income from investments in debt and equity of affiliates in excess of distributions received
-6,045	-8,020	6,364	9,910	9,418	9,400	1,004	2,645	5,639	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in operating assets/liabilities:
Interest receivable
-	-	-	-	-	-	-	-	-	0	0	-2,395	-	-1,807	-1,003	43	-467	-725	-1,306	-964	-134	-1,370	-4,246	-4,700	-2,901	-2,331	8,826	9,834	11,198	11,752	8,341	7,721	0	0	0
Prepaid expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other assets
1,886	-99	4,034	798	-75	8,529	5,427	3,673	3,752	-3,214	-3,334	-2,862	-3,479	-892	-1,479	-1,483	-1,373	-3,809	-659	-181	348	3,735	1,566	1,199	792	-255	398	67	83	923	35	574	0	0	0
Other liabilities
87	-6,101	2,536	2,486	11,032	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-104	0	0	0	0	0	0
Due from broker
-	-	-	-	-	-	-	-	-	0	0	-381	-	-915	-539	-2,116	-1,935	-207	1,089	3,787	3,176	2,118	-1,802	219	526	1,042	3,625	477	543	0	0	0	-	-	-
Interest payable
-	-	-	-	-	-	-	-	-	0	0	26	-	-1,979	-1,982	-266	-1,602	-2,583	-2,186	-5,112	-2,838	-3,710	-4,009	2,431	448	8,180	7,898	6,551	7,025	3,168	4,252	1,622	0	0	0
Due to affiliates
-	-	-	-	-	-	-	-	-	0	0	75	-	-442	-558	-142	-443	291	412	254	205	569	28	-21	735	1,686	3,137	3,133	3,139	1,740	1,196	1,049	0	0	0
Accrued expenses
-	-	-	-	-	-	-	-	-	0	0	-689	-	-381	-678	-680	-210	-1,511	547	597	890	2,234	363	1,861	588	-106	599	-1,093	244	699	701	1,011	0	0	0
Due to broker
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-379	0	54	0	0	0	0
Taxes payable
-	-	-	-	-	-	-	-	-	0	0	-152	-	-146	-22	-16	-28	-28	-109	-894	253	-4	-2,569	-2,873	-240	1,267	3,550	4,257	1,625	0	0	0	-	-	-
Net cash provided by (used in) operating activities
65,238	54,708	62,592	62,900	78,032	72,300	70,225	70,944	58,854	44,746	45,786	50,891	52,779	69,752	71,368	78,410	87,055	90,571	93,049	93,572	93,835	98,053	102,431	117,924	130,806	157,429	156,627	139,725	114,814	72,953	51,284	26,941	0	0	0
Cash Flows from Investing Activities
Purchase of real estate securities
2,090,705	2,337,410	1,698,472	2,097,640	2,138,411	2,221,993	2,531,864	2,693,650	2,225,724	1,613,139	1,238,947	761,970	563,568	748,262	493,028	464,075	714,412	738,767	850,188	1,010,383	980,792	1,169,875	1,938,708	2,521,706	3,118,517	3,212,565	4,438,977	3,985,421	4,370,299	4,490,147	3,833,226	3,426,483	0	0	0
Purchase of residential mortgage loans
263,997	306,641	125,589	224,788	205,043	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	84,678	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Purchase of commercial loans
31,173	27,117	71,628	65,571	55,453	51,401	0	0	10,271	24,907	24,906	24,906	14,636	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-
Origination of commercial loans
71,446	67,386	13,473	11,748	0	0	0	0	-	-	-	-	10,428	10,428	10,428	10,428	0	0	-38	62,157	72,084	0	0	0	-	-	0	0	-	-	-	-	-	-	-
Purchase of U.S. treasury securities
81,917	81,917	60,615	0	249,659	249,659	249,659	249,659	0	0	0	0	358,418	537,292	696,587	865,387	863,414	684,540	525,244	356,445	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Investments in debt and equity of affiliates
93,606	83,289	54,578	43,997	62,479	68,025	54,477	67,384	28,168	26,817	34,692	32,279	33,127	21,170	20,006	7,947	19,250	26,558	23,380	4,823	4,031	-3,276	-280	18,275	14,357	14,357	7,440	7,440	0	0	0	0	-	-	-
Purchase of excess mortgage servicing rights
0	0	0	17,558	25,162	26,125	26,138	10,439	3,399	2,436	2,422	563	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of real estate securities
1,240,701	1,375,872	1,346,079	1,699,390	2,214,729	1,615,172	1,619,891	1,175,354	566,047	553,520	494,242	453,540	364,354	622,125	505,129	465,775	762,005	616,284	910,656	1,169,009	872,701	1,179,390	2,565,743	3,141,310	3,648,604	3,460,444	2,044,810	1,443,101	1,050,511	1,241,919	1,263,312	969,322	0	0	0
Purchase of securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	48,250	130,802	130,385	200,963	317,436	303,801	526,105	566,349	570,209	495,212	318,483	202,791	0	0	0
Proceeds from sale of residential mortgage loans
12,780	13,661	16,207	34,483	34,408	38,302	35,756	14,023	18,536	13,760	26,099	16,851	35,606	35,606	23,267	23,267	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of U.S. treasury securities
82,048	82,048	60,498	0	249,227	249,227	249,227	249,227	0	101,138	204,269	432,785	588,220	565,189	494,898	508,560	633,532	555,424	522,584	280,406	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Distributions received in excess of income from investments in debt and equity of affiliates
16,143	12,661	14,279	18,395	22,962	24,128	23,160	9,325	6,396	6,226	5,560	4,918	1,697	315	234	302	0	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26,056	20,738	135,761	135,761	126,082	0	0	0	-	-	-	-	-	-	-
Principal repayments on real estate securities
385,865	376,566	390,557	436,204	484,952	549,186	544,682	543,261	518,047	533,575	544,316	513,656	495,645	397,398	431,986	485,809	517,538	572,651	649,221	605,374	583,423	509,147	406,460	432,683	504,738	546,582	511,610	434,181	324,443	247,671	173,516	113,257	0	0	0
Principal repayments on residential mortgage loans
-29,370	-15,403	-11,192	-8,528	-4,704	-3,755	-2,706	-6,106	-6,597	-6,645	-7,331	-3,597	-3,250	-2,631	-2,541	-4,497	-6,029	-7,481	-6,348	-4,108	-2,250	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Principal repayments on commercial loans
43,217	43,217	10,471	24,993	14,522	14,522	14,521	1,176	13,478	13,478	23,478	52,301	40,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal repayments on securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57,371	63,199	69,462	96,880	88,829	91,711	94,667	72,043	61,191	42,380	26,494	14,238	0	0	0
Receipt of premium for interest rate swaptions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	433	0	0	0	-	-	0	0	-	-	-	-	-	-	-
Payment of premium for interest rate swaptions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	745	0	0	0	-	-	0	0	-	-	-	-	-	-	-
Net proceeds from (payment made on) reverse repurchase agreements
-	-	0	-91	-	-	-34	-34	1,980	-45,989	-45,702	-46	22,634	20,253	-59,230	-25,130	1	-1,007	93,998	13,503	-27,473	76,841	10,899	11,639	27,483	0	0	0	-	-	-	-	-	-	-
Net proceeds from (payment made on) sales of securities borrowed under reverse repurchase agreements
11,479	5,945	177	137	12,732	-6,233	-466	-467	-2,086	43,338	43,338	-1,942	-24,356	-19,803	60,731	28,647	4,632	8,952	-87,229	-9,580	29,403	-76,743	-12,071	-12,353	-27,322	0	0	0	-	-	-	-	-	-	-
Net settlement of interest rate swaps and other instruments
63,996	87,168	67,490	27,337	-10,435	-41,243	-35,174	-12,395	-6,224	8,704	12,585	5,345	8,572	10,263	5,240	2,527	11,728	15,626	17,431	16,186	3,438	1,161	4,119	9,176	10,617	9,346	4,665	966	332	332	267	153	0	0	0
Net settlement of TBAs
-1,261	-2,480	-1,202	1,037	233	1,294	-502	-2,284	-1,669	-5,328	-4,077	-2,323	-2,771	-126	903	39	-1,909	-5,066	-8,565	-7,655	-5,500	-2,728	-40	-28	310	-35	519	158	-1,774	-1,295	-1,648	-1,525	0	0	0
Cash flows provided by (used in) other investing activities
1,027	3,613	3,995	4,428	2,053	-1,242	-1,444	-3,300	-4,058	-3,481	-5,006	-3,185	-1,378	-1,771	-7	-1,529	-2,904	-2,572	350	1,897	8,258	0	0	0	-	-	0	0	-	-	-	-	-	-	-
Restricted cash provided by (used in) investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-1,681	5,060	1,002	-11,638	-5,214	-11,204	-8,631	14,360	7,033	6,581	12,293	653	4,431	8,077	-1,930	-928	-2,540	100	3,166	0	0	0
Net cash provided by (used in) investing activities
-746,963	-1,067,794	-381,024	-409,128	161,042	-325,502	-439,413	-1,004,177	-1,126,404	-435,529	7,048	669,241	553,908	346,013	255,308	126,801	314,101	283,356	654,400	588,398	326,581	336,056	1,015,630	1,026,356	908,817	673,889	-2,343,367	-2,600,520	-3,463,105	-3,427,825	-2,666,827	-2,531,202	0	0	0
Cash Flows from Financing Activities
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-9,929	-10,401	-7,539	2,263	-472	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net proceeds from issuance of common stock
66,063	66,063	75,570	75,309	9,282	9,270	6,662	8,655	8,718	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	33,176	127,185	282,937	264,559	353,673	259,111	302,020	302,021	0	0	0
Offering costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Borrowings under financing arrangements
47,397,506	45,764,071	45,586,853	47,900,386	51,539,506	55,819,709	53,013,819	48,820,694	41,215,511	35,101,599	41,312,571	54,210,136	73,758,906	84,872,417	74,773,405	61,264,545	42,763,497	27,310,880	25,722,957	23,303,485	21,322,102	20,872,953	21,447,744	22,527,283	24,482,544	27,006,656	27,628,760	25,648,275	22,617,690	18,328,578	13,611,968	8,805,345	0	0	0
Borrowings under FHLBC advances
-	-	-	-	-	-	-	-	-	-	-	-	147,216	1,037,323	1,389,017	1,389,017	1,241,801	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Borrowings under repurchase agreements underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,799,454	2,099,726	2,330,299	3,056,634	3,561,632	3,815,053	3,900,659	3,275,119	2,669,256	1,905,825	1,172,637	554,883	0	0	0
Repayments of financing arrangements
46,887,803	45,153,531	45,329,790	47,614,042	51,789,674	55,566,145	52,609,195	47,839,738	40,112,384	34,633,412	41,299,288	54,887,710	73,892,590	84,859,975	75,036,627	61,378,244	43,486,854	27,950,669	26,298,914	23,815,411	21,568,781	21,097,702	22,293,576	23,439,933	25,502,330	27,884,789	25,940,847	23,753,138	19,856,419	15,574,085	11,478,237	6,718,654	0	0	0
Repayments of repurchase agreements underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,908,937	2,197,884	2,576,783	3,245,250	3,621,129	3,860,081	3,717,408	3,048,053	2,426,067	1,669,656	951,128	406,754	0	0	0
Repayments of FHLBC advances
-	-	-	-	-	-	-	-	-	-	-	-	544,110	1,389,017	1,389,017	1,389,017	844,907	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from transfer of loan participation
-	-	-	-	-	-	-	-	-	-	-	-	1,564	1,564	1,564	1,564	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of loan participation
-	-	-	-	-	-	-	-	1,800	1,800	1,800	1,800	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net collateral received from (paid to) derivative counterparty
1,465	35,177	32,844	28,007	201	-35,320	-32,395	-27,864	-787	-3,103	-13,740	-12,728	940	-8,882	18,586	8,774	7,097	35,315	9,018	33,034	30,681	0	0	0	-	-	0	0	-	-	-	-	-	-	-
Net collateral received from (paid to) repurchase counterparty
293	-1,433	-141	-771	-292	-316	-38	-384	321	-2,787	7,941	622	-322	7,969	-3,920	4,097	3,287	-14,978	11,872	11,940	12,412	0	0	0	-	-	0	0	-	-	-	-	-	-	-
Collateral received from (held by) derivative counterparty
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0
Collateral received from (held by) repurchase counterparty
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0
Dividends paid on common stock
61,809	61,447	59,192	56,235	55,254	57,094	56,199	55,963	55,730	52,677	52,705	52,970	53,309	57,198	60,999	64,608	68,144	68,128	68,122	68,114	68,103	68,090	73,748	78,708	80,228	80,795	69,152	58,207	46,677	0	0	0	-	-	-
Dividends paid on preferred stock
15,769	13,469	13,469	13,469	13,469	13,469	13,468	13,468	13,469	13,468	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,469	13,193	10,347	6,980	3,613	0	0	0	-	-	-
Dividend paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net cash provided by (used in) financing activities
722,695	1,004,583	329,256	366,700	-207,531	226,894	374,053	948,428	1,041,312	415,111	-49,675	-740,649	-606,089	-417,844	-358,581	-206,627	-419,267	-369,521	-684,850	-673,115	-442,244	-425,487	-1,176,814	-1,151,741	-1,103,028	-876,727	2,239,237	2,480,696	3,462,035	3,373,910	2,632,999	2,525,074	0	0	0
Net change in cash and cash equivalents, and restricted cash
40,970	-8,503	10,824	20,472	31,543	-26,308	4,866	15,194	-26,238	24,328	3,159	-20,516	598	-2,079	-31,904	-1,414	-18,110	4,406	62,599	8,854	-21,826	8,622	-58,752	-7,461	-63,404	-45,407	52,497	19,901	113,743	19,038	17,456	20,812	0	0	0
Supplemental disclosure of cash flow information:
Cash paid for interest on financing arrangements
94,989	88,769	83,539	73,514	63,180	62,237	52,661	46,734	40,106	35,052	33,260	32,483	32,477	31,648	30,955	29,874	29,153	28,577	27,805	27,785	27,902	25,781	24,947	24,824	24,759	22,684	21,987	17,414	11,887	9,894	5,043	2,764	0	0	0
Cash paid for income tax
1,483	1,418	1,417	1,411	1,394	1,394	1,394	1,401	1,738	1,739	1,742	1,739	1,587	1,598	1,609	1,613	1,572	1,557	1,746	1,733	1,583	2,503	5,074	5,074	5,452	4,669	1,890	1,890	140	0	0	0	-	-	-
Supplemental disclosure of non-cash financing and investing activities:
Principal repayments on real estate securities not yet received
0	-447	-801	-1,018	0	701	-8,344	1,752	734	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Real estate securities recorded upon unlinking of Linked Transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	79,404	220,138	220,138	206,945	170,956	-63,150	0	0	0	0
Repurchase agreements recorded upon unlinking of Linked Transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	65,046	180,467	180,467	168,905	139,532	-1,825	0	0	0	0
Common stock dividends declared but not paid
14,734	14,734	16,627	17,331	14,372	11,551	14,285	13,625	13,391	16,210	13,130	12,893	13,158	9,606	9,695	9,886	13,496	17,047	17,037	17,039	17,031	17,033	11,362	12,060	17,020	17,974	30,183	29,485	18,540	20,590	18,054	18,050	0	0	0
Decrease of securitized debt
3,617	3,427	5,266	4,856	5,533	5,882	4,975	4,659	5,241	7,428	7,377	8,686	8,824	8,503	10,257	10,213	10,310	7,513	4,247	1,810	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Transfer from residential mortgage loans to other assets
2,883	2,920	2,637	2,453	1,825	1,350	1,089	1,561	2,486	2,409	2,576	2,103	1,897	2,249	2,095	2,207	2,492	2,355	3,108	2,343	1,341	0	0	0	-	-	-	-	-	-	-	-	-	-	-
Transfer from financing arrangements to investments in debt and equity of affiliates
0	0	0	0	33,720	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from non-agency to investments in debt and equity of affiliates
0	0	0	0	44,970	0	0	0	-	-	-	-	3,103	3,103	3,103	3,103	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from other assets to investments in debt and equity of affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	113,363	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Transfer from non-agency to investments in debt and equity of affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	139,778	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-