8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________

FORM 8-K

______________

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) September 18, 2014

JAVELIN Mortgage Investment Corp.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-35673	45-5517523
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

3001 Ocean Drive, Suite 201 Vero Beach, Florida	32963
(Address of Principal Executive Offices)	(Zip Code)

(772) 617-4340

(Registrant’s Telephone Number, Including Area Code)

n/a

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[_]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)

[_]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.    Regulation FD Disclosure.

On September 18, 2014, JAVELIN Mortgage Investment Corp. (“JAVELIN”) produced for distribution a slide deck presentation, which contains updates on JAVELIN's financial position, business and operations. Attached as Exhibit 99.1 to this report is the slide deck produced by JAVELIN.

The slide deck presentation attached to this report as Exhibit 99.1 is furnished pursuant to this Item 7.01 and shall not be deemed filed in this or any other filing of JAVELIN under the Securities Exchange Act of 1934, as amended, unless expressly incorporated by specific reference in any such filing.

Item 9.01.    Financial Statements and Exhibits.  

(d) Exhibits

Exhibit No.	Description
99.1	Slide Deck Presentation, dated September 18, 2014

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 18, 2014

JAVELIN MORTGAGE INVESTMENT CORP.

By: /s/ Mark Gruber                           

Name: Mark Gruber

Title: Chief Operating Officer

Exhibit Index

Exhibit No.	Description
99.1	Slide Deck Presentation, dated September 18, 2014

EX-99.1

JAVELIN Mortgage Investment Corp. Company Update September 18, 2014

PLEASE READ: Important Regulatory and Yield Risk Disclosures Certain statements made in this presentation regarding JAVELIN Mortgage Investment Corporation (“JAVELIN” or the “Company”), and any other statements regarding JAVELIN’s future expectations, beliefs, goals or prospects constitute forward-looking statements made within the meaning of Section 21E of the Securities Exchange Act of 1934. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered forward-looking statements. Forward-looking statements include but are not limited to statements regarding the projections for JAVELIN’s business and plans for future growth and operational improvements. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements. JAVELIN assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This material is for information purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any securities, financial instruments, or common or privately issued stock. The statements, information and estimates contained herein are based on information that the presenter believes to be reliable as of today's date, but cannot be represented that such statements, information or estimates are complete or accurate. Actual realized yields, durations and net durations described herein will depend on a number of factors that cannot be predicted with certainty. Estimated yields do not reflect any of the costs of operation of JAVELIN. THE INFORMATION PRESENTED HEREIN IS UNAUDITED AND UNREVIEWED. 2

JAVELIN Portfolio & Hedge Update JAVELIN has sold approximately $140 million of 15yr MBS securities that will settle in September and December 2014. Therefore, these assets have been removed from the portfolio in this presentation. However, since these transactions were done on a forward settle basis and the bonds will remain on repo until they settle, they are still included in all the repo reporting herein. The swaptions detailed on page 9 all expire by October 6, 2014 and at this point it appears they will expire out of the money and worthless. As a result, we are not including them in our hedge ratio analysis. The results of these sales upon settlement and the expiration of the swaptions will effectively: • Lower our net balance sheet duration to -0.31. • Lower our leverage ratio to approximately 7.0 x vs Q2 2014 shareholder’s equity. • Change our hedge ratio against assets to 66.4%. • Change our hedge ratio against repo to 71.2%. 3

JAVELIN Capitalization, Dividend Policy, Transparency and Manager • Portfolio and liability details are updated monthly at www.javelinreit.com. • Agency premium amortization is expensed monthly as it occurs. • Hedge positions are marked-to-market daily (GAAP/Tax differences). • Non-Executive Board Chairman and Lead Independent Director. Transparency and Governance JAVELIN REIT Manager • JAVELIN is externally managed by ARMOUR Residential Management LLC. Common Stock Dividend Policy and Taxable REIT Income Market Capitalization • 11,999,085 shares of common stock outstanding (NYSE: “JMI”). • Market capitalization of $152.4 million. • JAVELIN pays common stock dividends monthly. • Dividends are announced based on estimates of future taxable REIT income. • The 2014 dividend rate is $0.15 per month. • Dividend schedule can be found at www.javelinreit.com. Information as of 9/17/2014. 4

JAVELIN Balance Sheet Targets JAVELIN invests in Agency and Non-Agency mortgage securities. Balance sheet target of 1.5 or less. • 4.10 gross asset duration of Agency and non-Agency securities. • -4.41 hedge duration (assumes swaptions expire out of the money). • -0.31 net balance sheet duration. Hedge a minimum of 40% of fixed rate assets and funding rate risk. • $801.3 million in hedges (swaps, assuming the swaptions expire). • 66.4% of assets hedged after effect of recent sales. • 71.2% of repurchase agreements hedged after effect of recent sales. Hold 40% of unlevered equity in cash between prepayment periods. • $52.1 million in total liquidity. • $33.6 million in true cash. • $4.6 million in unlevered securities. • $13.9 in short term Agency P&I. Long term debt to equity target of 7.5x - 8.0x. • $1,258.2 million in net REPO borrowings. • 7.8 x Q2 2014 shareholders’ equity (today). Expected 7.0 after sales settle. Assets Duration Hedging Liquidity Leverage Information as of 9/17/2014. 5

JAVELIN Investment Equity Allocation Estimates as of 9/17/2014. Equity allocation is based on market value of unlevered securities plus haircut on repurchase agreements. Allocation does not include equity invested in cash and hedges. 6

JAVELIN Portfolio Strategy and Investment Methodology  JAVELIN will utilize ARRM’s proprietary analytical approach as well as Intex, Bloomberg, BlackRock Solutions and other third- party systems to analyze mortgage investment opportunities both for Agency and non-Agency mortgage securities.  Strong bias toward a “buy and hold” strategy, with occasional sales made as market conditions change.  The investment team considers an array of factors, both bottom up and top down: Non-Agency Structure Analysis o Seniority, subordination model. o Model completeness and accuracy. o Litigation and policy risks. Agency & Non-Agency Class Analysis o Prepayment history. o Prepayment expectations. o Premium/discount. o Liquidity. Agency & Non-Agency Loan Analysis o Original and current loan balance. o Year of origination. o Originating company, third-party originators. o Loan seasoning. o Principal amortization schedule. o Original loan-to-value ratio. o Geography. o 78% of JMI’s 15yr MBS are between 85k – 175k loan balances Agency Pool Analysis o NO TBA pools – Only specified pools. o Only “pass-through” securities. No CMO’s. o Prepayment history and expectations. o Premium over par. o “Hedgability.” o Liquidity. o Diversify broadly to limit idiosyncratic pool risk. 7

JAVELIN Agency & Non-Agency Portfolio Duration Information and pricing as of 9/17/2014. Some totals may not foot due to rounding. Agency Multifamily Ballooning in 127 Months or Less 55.1$ 103.3% 103.8% 3.50/4.91 7.48 Fixed Rates Maturing Between 121 and 180 Months 815.2$ 104.4% 104.5% 3.27/3.75 4.06 Fixed Rates Maturing Between 181 and 240 Months 46.2$ 106.0% 103.4% 3.44/3.92 4.55 Total or Weighted Average 916.6$ 104.4% 104.4% 3.29/3.83 4.29 Current Value (millions) Estimated Effective Duration Using Current Values Weighted Average Current Market Price Agency Asset Class Weighted Average Purchase Price Weighted Average Net/Gross Coupon Legacy Prime Fixed 32.4$ 84.5% 85.8% 6.01/5.66 1.89 Legacy Prime Hybrid 16.6$ 74.7% 85.7% 2.31/2.74 0.97 Legacy Alt-A Fixed 88.0$ 78.7% 83.4% 5.90/5.47 1.87 Legacy Alt-A Hybrid 8.6$ 79.1% 83.5% 2.50/2.81 0.00 New Issue Prime Fixed 130.4$ 95.5% 96.6% 3.16/3.81 6.79 New Issue Prime Floater 13.5$ 97.0% 101.8% 3.93/4.01 0.00 Total or Weighted Average 289.5$ 87.5% 90.6% 4.28/4.44 3.89 Estimated Effective Duration Using Current Values Weighted Average Purchase Price Weighted Average Current Market Price Weighted Average Net/Gross Coupon Non-Agency Securities Current Value (millions) 8

JAVELIN Hedge Portfolio Counterparties include: Citibank, N.A., Nomura Global Financial Products Inc. and Wells Fargo Bank, N.A. Information as of 9/17/2014. Some totals may not foot due to rounding. All of the swaptions expire by October 6, 2014. Derivative Type Remaining Term Weighted Average Remaining Term (Months) Notional Amount (millions) Weighted Average Rate Interest Rate Swap 37-48 Months 41 100.0$ 0.73 Interest Rate Swap 49-60 Months 0 -$ 0.00 Interest Rate Swap 61-120 Months 102 701.3$ 1.80 Total or Weighted Average 94 $ 801.3 1.67 Interest Rate Swaptions Underlying Swap Term Weighted Average Remaining Option Term (Months) Notional Amount (millions) Weighted Average Rate Interest Rate Swaptions 0-60 Months 1 750.0$ 2.73 Total or Weighted Average 1 $ 750.0 2.73 9

JAVELIN Balance Sheet Hedge Metrics Information and pricing as of 9/17/2014. Some totals may not foot due to rounding. Note: The table above shows the effect of sales upon settlement and the expiration of the swaptions. Agency Assets 3.18 Non-Agency Legacy Assets 0.20 Non-Agency New Issue Assets 0.72 Interest Rate Swaps -4.41 Interest Rate Swaptions 0.00 Net Balance Sheet Duration -0.31 Duration Contribution to Balance Sheet Agency & Non-Agency Assets 1,206.1$ 66.4% Net Agency & Non-Agency Repo Balance 1,124.8$ 71.2% Amount (millions) % Hedged 10

JAVELIN Agency Portfolio Constant Prepayment Rates (“CPR”) JAVELIN expenses premium amortization monthly as it occurs. Constant Prepayment Rate (“CPR”) is the annualized equivalent of single monthly mortality (“SMM”). CPR attempts to predict the percentage of principal that will prepay over the next twelve months based on historical principal pay downs. CPR is reported on the 4th business day of the month for the previous month's prepayment activity. 11

JAVELIN Agency & Non-Agency Repo Composition (1) JAVELIN has signed MRAs with 28 counterparties. Information as of 9/17/2014. Some totals may not foot due to rounding. 1 Credit Suisse Securities (USA) LLC 115.9$ 9.1% 92 8 56 2 Barclays Capital Inc. 107.0$ 8.4% 92 48 56 3 Merrill Lynch, Pierce, Fenner & Smith Inc. 98.7$ 7.8% 89 24 29 4 Citigroup Global Markets Inc. 88.2$ 7.0% 80 37 56 5 Mitsubishi UFJ Securities (USA), Inc. 87.7$ 6.9% 92 31 49 6 BNP Paribas Securities Corp. 86.3$ 6.8% 30 23 28 7 Morgan Stanley & Co. LLC 81.7$ 6.4% 92 30 30 8 J.P. Morgan Securities LLC 71.1$ 5.6% 140 54 75 9 Nomura Securities International, Inc. 66.4$ 5.2% 91 75 90 10 Daiwa Securities America Inc. 66.2$ 5.2% 92 30 63 11 Wells Fargo Bank, N.A. 59.2$ 4.7% 31 1 12 12 CRT Capital Group LLC 50.1$ 4.0% 68 5 7 13 UBS Securities LLC 50.0$ 3.9% 918 811 950 14 RBS Securities Inc. 47.1$ 3.7% 90 50 64 15 Mizuho Securities USA Inc. 45.8$ 3.6% 92 23 23 16 Royal Bank of Canada 44.5$ 3.5% 104 55 97 17 South Street Securities LLC 40.0$ 3.2% 29 23 23 18 ICBC Financial Services LLC 35.1$ 2.8% 134 71 79 19 KGS-Alpha Capital Markets, L.P. 18.9$ 1.5% 137 153 51 20 E D & F Man Capital Markets Inc. 5.5$ 0.4% 90 57 57 21 Guggenheim Securities, LLC 2.6$ 0.2% 91 89 89 Total or Weighted Average 1,268.2$ 100.0% 118 66 REPO Counter-Party(1) Principal Borrowed (millions) Percentage of REPO Positions with JAVELIN Weighted Average Original Term in Days Longest Remaining Term in Days Weighted Average Remaining Term in Days Weighted Average Repo Rate 0.56% Weighted Average Haircut 7.82% September Paydowns (10.0) Net REPO after Paydowns 1,258.2 Debt to Quarter End Shareholders' Equity Ratio 7.8 12

3001 Ocean Drive Suite 201 Vero Beach, FL 32963 772-617-4340 13