This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

JAVELIN Mortgage Investment Corp. Reports 15.8% Annualized ROE From Taxable REIT Income For Initial Operating Period

Stocks in this article: JMI

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
  • The JAVELIN monthly "Company Update" can be found at

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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,883.30 +78.50 0.44%
S&P 500 2,072.27 +1.62 0.08%
NASDAQ 4,774.7930 +9.4130 0.20%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs