JMI
Javelin Mortgage InvestmentNYSE
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  • Mon, Apr. 4, 10:13 AM
    • The company earlier today cut its monthly payout to $0.27 per share from $0.33 previously. A year ago, the monthly dividend was $0.40 (split-adjusted).
    • At the current price of $21.45, the stock trades at a 23.4% discount to Dec. 31 book value. That's a pretty narrow discount for this habitual underperformer, but Armour's (ARR -0.9%) book should get a boost from the purchase of Javelin Mortgage (JMI +0.1%) at a discount to its book.
    • Regarding that purchase, Armour today announces its tender offer for Javelin common stock has reached the minimum condition, with 6.79M shares tendered at the price of $7.18 each. This would give Armour ownership of about 57.2% of the stock.
    • Now read: Quick And Dirty mREIT Discounts From April 1, 2016 (April 3)
    | Mon, Apr. 4, 10:13 AM | 8 Comments
  • Mon, Mar. 7, 7:35 AM
    • The price to be paid will be 87% of the book value per share calculated ten days prior to the expiration of the tender offer (April 1).
    • As of March 4, the price to be paid is estimated to be $7.21 per share based on JMI's estimated BVPS of $8.28. JMI closed on Friday at $7.08.
    • Previously: More mREIT M&A as Armour Residential scoops up Javelin (March 2)
    | Mon, Mar. 7, 7:35 AM | 11 Comments
  • Thu, Mar. 3, 5:01 PM
    • Javelin Mortgage Investment (NYSE:JMI): Q4 EPS of $0.29
    | Thu, Mar. 3, 5:01 PM
  • Wed, Mar. 2, 9:15 AM
    | Wed, Mar. 2, 9:15 AM
  • Wed, Mar. 2, 7:20 AM
    • The two struggling mortgage REITs share the same external manager, so the transaction isn't as exciting as it otherwise might be. Jeff Zimmer and Scott Ulm are co-CEOs and co-vice chairmen of both.
    • Under the terms of the deal, Armour (NYSE:ARR) will tender to acquire all of Javelin (NYSE:JMI) for a cash amount equal to 87% of book value. Based on JMI's estimated book value as of March 1, the price would be $7.14 per share vs. last night's close of $6.
    • The deal will bring Javelin's portfolio of non-agency MBS onto the Armour balance sheet (filled with agency MBS).
    • Previously: Mortgage REITs mull Apollo sale (Feb. 26)
    | Wed, Mar. 2, 7:20 AM | 26 Comments
  • Tue, Mar. 1, 4:46 PM
    • Javelin Mortgage Investment (NYSE:JMI) declares $0.09/share monthly dividend, in line with previous.
    • Forward yield 18.0%
    • Payable March 28; for shareholders of record March 15; ex-div March 11.
    | Tue, Mar. 1, 4:46 PM | 7 Comments
  • Fri, Feb. 26, 10:07 AM
    • The mREITs (REM +1.3%) are higher across the board after Apollo Residential Mortgage (AMTG +31.3%) agrees to a sale at a hefty premium to last night's close, but still at a discount to book value.
    • The entire sector is trading at sizable discounts to book value, with some names at massive discounts. For its part, Apollo Residential yesterday could be purchased for about 60% of its end-of-year book value. And the assets on the books of these companies tend to be highly liquid and easily valued.
    • Running an mREIT may not be a terribly efficient exercise at the small market caps most of the sector sports. The companies depend on being able to issue stock with which to fund growth, but can't do so (without being wildly dilutive) when the shares are trading at such wide discounts.
    • Sector giants Annaly Capital (NLY +0.6%) and American Capital Agency (AGNC +1.2%) have market caps above $6B, and Two Harbors (TWO +0.8%), Chimera (CIM +1.1%), CYS Investments (CYS +1%), Invesco (IVR +3.5%), Hatteras (HTS +1.2%), MFA Financial (MFA +1%), and Capstead (CMO +1%) are all near or well over $1B.
    • Players in Apollo's league (sub-$500M market cap) include New York Mortgage (NYMT +1%), Western Asset (WMC +0.6%), Anworth (ANH +1.3%), Dynex (DX +1.4%), Arlington Asset (AI +4.6%), AG Mortgage (MITT +8.7%), The Ellingtons (EFC +1.9%), (EARN +1.1%), Javelin (JMI +2.8%), Orchid Island (ORC +1.5%), Five Oaks (OAKS +0.7%), ZAIS Financial (ZFC +1.3%)
    | Fri, Feb. 26, 10:07 AM | 32 Comments
  • Thu, Jan. 28, 6:16 AM
    • Javelin Mortgage Investment (NYSE:JMI) declares $0.09/share monthly dividend, in line with previous.
    • Forward yield 18.62%
    • Payable Feb. 26; for shareholders of record Feb. 15; ex-div Feb. 11.
    | Thu, Jan. 28, 6:16 AM | 2 Comments
  • Dec. 23, 2015, 4:26 PM
    • Javelin Mortgage Investment (NYSE:JMI) announced $0.09/share monthly dividend, in line with previous.
    • Forward yield 16.12%
    • Payable Jan. 27; for shareholders of record Jan. 15; ex-div Jan. 13.
    | Dec. 23, 2015, 4:26 PM
  • Dec. 15, 2015, 11:29 AM
    • The company on Monday morning announced a number of measures to boost shareholder value, but the news wasn't enough to keep the stock from tanking yesterday amid panicky action in general in the mREIT sector.
    • Javelin's (NYSE:JMI) manager - Armour Capital Management - is cutting its management fee to 1.5% of total stockholders equity per year. The rebate is effective immediately and is expected to foot to annual cost savings to JMO of $1.8M.
    • Non-management director fees are cut to $75K per year, which should save $340K annually.
    • The buyback plan is expanded to 2M shares from the current 1.358M available.
    • Wolverine Asset Management discloses a 5.1% stake in Javelin. While pleased with the above moves, the investor names its own slate of nominees for the board.
    • Shares +8.1% in today's session to $6.02.
    | Dec. 15, 2015, 11:29 AM | 4 Comments
  • Dec. 14, 2015, 11:32 AM
    • Before it was fears about interest rates - first, with long yields too low and thus slimming margins, and then the Fed's promise to hike short rates (and slimming margins even more). Now we can toss credit worries into the mix, and the action's plenty panicky there - junk bonds are off sharply again today and two more funds have been forced to gate withdrawals and/or liquidate.
    • Once pure-play agency REITs like Annaly Capital (NLY -2%) and American Capital Mortgage (AGNC -1.7%) now have some credit exposure.
    • Others are more credit-exposed: Chimera Investment (CIM -3.5%), Invesco (IVR -2.7%), American Capital Mortgage (MTGE -2.8%), MFA Financial (MFA -2.8%), New York Mortgage (NYMT -4.7%), Western Asset (WMC -3.6%), Anworth (ANH -2.9%), Arlington Asset (AI -3.6%), Javelin (JMI -4.8%), Orchid Island (ORC -7.4%), Five Oaks (OAKS -12.3%)
    • Just to pick a few out, Annaly Capital sells at a 24.4% discount to Sept. 30 book value; American Capital Agency sells at a 26.3% discount; Invesco at a 30% discount; MFA Fnancial at 15.4% discount; New York Mortgage at a 25% discount (this sold at a premium to book as recently as early fall).
    • ETFs: MORL, REM, MORT, LMBS
    | Dec. 14, 2015, 11:32 AM | 65 Comments
  • Nov. 9, 2015, 8:17 AM
    | Nov. 9, 2015, 8:17 AM
  • Nov. 6, 2015, 4:50 PM
    • Javelin Mortgage Investment (NYSE:JMI): Q3 EPS of $0.31
    | Nov. 6, 2015, 4:50 PM | 1 Comment
  • Nov. 5, 2015, 5:35 PM
    • Javelin Mortgage Investment (NYSE:JMI) declares $0.09/share monthly dividend, in line with previous.
    • Forward yield 17.45%
    • Payable Dec. 30; for shareholders of record Dec. 16; ex-div Dec. 14.
    | Nov. 5, 2015, 5:35 PM | 1 Comment
  • Oct. 26, 2015, 7:07 AM
    • Javelin Mortgage Investment (NYSE:JMI) declares $0.09/share monthly dividend, in line with previous.
    • Forward yield 17.06%
    • Payable Nov. 27; for shareholders of record Nov. 16; ex-div Nov. 12.
    | Oct. 26, 2015, 7:07 AM | 1 Comment
  • Oct. 7, 2015, 11:15 AM
    • So roughed up are the mortgage REITS (REM +0.7%), that what's now a six-day rally in the sector is little more than a blip on the longer-term chart.
    • There's no particular news today, but with much of the sector trading at somewhere in the area of a 15-20% or even higher discounts to book value, even the worst scenario on interest rates may be more than priced in.
    • Leading the way higher today are Ellington Residential (EARN +4.3%), Javelin Mortgage (JMI +3.4%), Arlington Asset (though not a REIT) (AI +2.3%), Dynex Capital (DX +0.9%), Apollo Residential (AMTG +1.2%), PennyMac Mortgage (PMT +1%), Cherry Hill Mortgage (CHMI +1.2%), Hatteras Financial (HTS +0.5%), Two Harbors (TWO +0.8%). The action in Annaly Capital (NLY) and American Capital Agency (AGNC -0.3%) is more subdued.
    • ETFs: MORL, REM, MORT, LMBS
    | Oct. 7, 2015, 11:15 AM | 27 Comments