Seeking Alpha

Javelin Mortgage book value slips; buybacks stop; adds to agency holdings

  • Core earnings of $5.7M or $0.48 per share vs $5.9M and $0.45 in Q4. Estimated taxable REIT income of $5.2M or $0.43. Quarterly dividend is $0.45.
  • Book value per share of $13.38 down from $14.28 after payment of dividend. Last night's close of $13.23 is $0.15 below book.
  • Leverage of 7.95:1 rises from 4.9:1. Agency portfolio valued at about $1.2B, non-agency at $284.6M. At end of Q4, it was $801.8M and $284.3M.
  • Net interest margin of 2.04% rises 26 basis points.
  • CPR on agency holdings of 3.13% vs. 4%.
  • No buybacks this quarter after Phil Goldstein calls off the (Bull)dogs. About 1.5M shares remain in the repurchase authorization. Legal and advisory fees associated with Goldstein's proxy contest of $226K.
  • Source: Press Release
  • Previously: Javelin Mortgage Investment EPS of $0.48
  • JMI -1% premarket
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