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VERO BEACH, Fla., March 21, 2013 (GLOBE NEWSWIRE) -- JAVELIN Mortgage Investment Corp. (NYSE:JMI) ("JAVELIN" or the "Company") today announced financial results for the quarter ended December 31, 2012, which includes the Company's initial operating period.
Fourth Quarter 2012 Highlights and Financial Information
Estimated taxable REIT income of approximately $5.5 million ($0.73 per Common share) for the initial operating period from October 9, 2012 through December 31, 2012
Q4 2012 Common dividends paid were $3.45 million ($0.46 per Common share)
Q4 2012 GAAP income of approximately $6.1 million ($0.89 per weighted average Common share)
Estimated taxable REIT income represents annualized yield on paid-in capital of 15.8% for the 84 day initial operating period
Average yield on assets of 3.20% and average net interest margin of 2.36%
As of December 31, 2012, there were 7,500,050 Common shares outstanding
Book Value (shareholders' equity) as of December 31, 2012 was $148.0 million or $19.74 per Common share outstanding.
Paid-in capital as of December 31, 2012 was $150.0 million or $20.00 per Common share outstanding
Q4 2012 Results Initial Operations
JAVELIN commenced operations on October 9, 2012 with the completion of our initial public and private offerings of a total of 7,500,000 Common shares, which raised equity capital totaling $150.0 million. The Company completed the substantial majority of its initial investments in Agency Securities by October 16, 2012 and in Non-Agency Securities by November 9, 2012. The Company completed the substantial majority of its initial hedging by October 16, 2012.
Taxable REIT Income and Core Income
Estimated taxable REIT income for the initial operating period ended December 31, 2012, was approximately $5.5 million, which represents an annualized return on paid-in capital of 15.8% for this 84 day period. The Company distributes dividends based on its estimate of taxable earnings per Common share, not based on earnings calculated in accordance with Generally Accepted Accounting Principles (GAAP). Taxable REIT income and GAAP earnings will differ primarily because of the non-taxable unrealized changes in the value of the Company's Non-Agency Securities portfolio and the Company's derivatives, which the Company uses as hedges. These unrealized gains/losses are included in GAAP earnings, whereas unrealized valuation changes are not included in taxable income.