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CYS Investments, Inc. Announces Second Quarter 2012 Financial Results

Stocks in this article: CYS

(2) The Company's average repurchase agreements for the period were calculated by averaging the month end repurchase agreements balance during the period.

(3) The Company's average net assets for the period were calculated by averaging the month end net assets during the period.

(4) Our average common shares outstanding was calculated by averaging the daily common shares outstanding during the period.

(5) The Company's average yield on Agency RMBS for the period was calculated by dividing interest income from Agency RMBS by average Agency RMBS.

(6) The Company's average cost of funds and hedge for the period was calculated by dividing total interest expense, including net swap and cap interest income (expense), by average repurchase agreements.

(7) The Company's interest rate spread net of hedge for the period was calculated by subtracting average cost of funds and hedge from average yield on Agency RMBS.

(8) The Company's operating expense ratio is calculated by dividing operating expenses by average net assets.

(9) The Company's leverage ratio was calculated by dividing (i) the Company's repurchase agreements balance plus payable for securities purchased minus receivable for securities sold by (ii) net assets.

* All percentages are annualized.

Prepayments

The portfolio recorded $651.7 million in scheduled and unscheduled principal repayments and prepayments, which equated to a constant prepayment rate (“CPR”) of approximately 18.1% and net amortization of premium of $22.7 million for the second quarter of 2012. This compared to $543.2 million in scheduled and unscheduled principal repayments and prepayments, which equated to a CPR of approximately 17.2% and net amortization of premium of $16.9 million for the first quarter of 2012. The increase in prepayments and repayments occurred due to a further decrease in mortgage interest rates during the second quarter of 2012.

Dividend

The Company declared a common dividend of $0.50 per share with respect to the second quarter of 2012, the same as for the first quarter of 2012. Using the closing share price of $13.77 on June 29, 2012, the second quarter dividend equates to an annualized dividend yield of 14.5%.

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