0001552890-16-000132.txt : 20160126 0001552890-16-000132.hdr.sgml : 20160126 20160126170802 ACCESSION NUMBER: 0001552890-16-000132 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20160126 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160126 DATE AS OF CHANGE: 20160126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JAVELIN MORTGAGE INVESTMENT CORP. CENTRAL INDEX KEY: 0001552890 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 455517523 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35673 FILM NUMBER: 161362334 BUSINESS ADDRESS: STREET 1: 3001 OCEAN DRIVE STREET 2: SUITE 201 CITY: VERO BEACH STATE: FL ZIP: 32963 BUSINESS PHONE: 772-617-4340 MAIL ADDRESS: STREET 1: 3001 OCEAN DRIVE STREET 2: SUITE 201 CITY: VERO BEACH STATE: FL ZIP: 32963 8-K 1 jmiform8-kmonthlyupdate126.htm 8-K 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) January 26, 2016

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 (17 CFR 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 January 26, 2016, 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 January 26, 2016





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: January 26, 2016

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 January 26, 2016



EX-99.1 2 javelinmortgageinvestmen.htm EXHIBIT 99.1 javelinmortgageinvestmen
JAVELIN Mortgage Investment Corp. Company Update January 26, 2016


 
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 Monthly Metrics 3 (1) Some of the data may be based on information preceding the date of the report (i.e., closing prices). (2) Portion of the dividend payable has been subtracted from the book value range based on accrual throughout the month. (3) Leverage does not include TBA dollar rolls and is based on the most recent 10Q/10K at the time of the report. Quarter Asset Yield Cost of Funds Net Interest Margin Q1 2014 3.71 1.67 2.04 Q2 2014 3.20 1.50 1.70 Q3 2014 3.18 1.56 1.62 Q4 2014 3.24 1.72 1.53 Q1 2015 3.18 1.80 1.37 Q2 2015 3.35 1.16 2.19 Q3 2015 3.34 1.32 2.02 Report Date (1) 10/21/2015 11/19/2015 12/21/2015 1/26/2016 Common Stock Price $6.46 $5.99 $6.30 $5.60 Estimated Book Value Range (2) $9.94 - $10.04 $9.74 - $9.84 $9.40 - $9.50 $8.91 - $9.01 Common Shares Outstanding 11,924,392 11,924,443 11,860,523 11,866,691 Asset Balance Sheet Duration 3.89 4.01 3.91 3.45 Hedge Balance Sheet Duration -3.87 -3.83 -4.03 -3.69 Net Balance Sheet Duration 0.02 0.19 -0.12 -0.24 Leverag (3) 6.5 7.0 6.7 5.5 Rates DV01 2,300 17,240 -10,500 -17,150 Spread DV01 476,000 472,000 451,000 341,000 FNCL 3.5 Price 104.41 103.33 103.23 104.25 FNCI 3.0 Price 104.31 103.45 103.17 103.84 10 Yr Treasury Yield 2.03% 2.27% 2.21% 2.00% 5 Yr OIS Swap Rate 1.14% 1.36% 1.37% 1.10% 10 Yr OIS Swap Rate 1.74% 1.88% 1.85% 1.58%


 
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.(1) • Hedge positions are marked-to-market daily (GAAP/Tax differences). • Non-Executive Board Chairman and Lead Independent Director. Transparency and Governance 4 JAVELIN REIT Manager • JAVELIN is externally managed by ARMOUR Capital Management LP. Common Stock Dividend Policy Capitalization • 11,866,691 shares of common stock outstanding (NYSE: “JMI”). • Estimated book value of common stock of $106.3 million. • JAVELIN pays common stock dividends monthly. • Dividends are announced based on estimates of core and taxable REIT income. Information as of 1/25/16. (1) Due to the prepayment lockout feature of our Agency multifamily securities, their premium is amortized using a level yield methodology.


 
JAVELIN Balance Sheet Targets JAVELIN invests in Agency and Non-Agency mortgage securities. Balance sheet target of 1.5 or less. • 3.45 gross asset duration of Agency and Non-Agency securities. • -3.69 hedge duration. • -0.24 net balance sheet duration. Hedge a minimum of 40% of fixed rate assets and funding rate risk. • $471.3 million in hedges (swaps). • 64.2% of assets hedged (37.0% with current paying swaps). • 71.6% of repurchase agreements hedged (41.2% with current paying swaps). Hold 40% of unlevered equity in cash between prepayment periods. • $25.1 million in total liquidity. • $18.1 million in true cash. • $7.0 million in unlevered securities. Long term debt to equity target of 7.5x - 8.0x. • $658.6 million in net REPO borrowings. • 5.5x Q3 2015 shareholders’ equity (not including TBA dollar rolls). 5 Assets Duration Hedging Liquidity Leverage Information as of 1/25/16.


 
JAVELIN Investment Equity Allocation 6 Estimates as of 1/25/16 and does not include forward settling trades. 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.


 
JAVELIN Portfolio Strategy and Investment Methodology  JAVELIN will utilize ACM’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 95% of JMI’s 15yr MBS are between 85k – 175k loan balances. Agency Pool Analysis 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 Information as of 1/25/16.


 
JAVELIN Agency & Non-Agency Portfolio Duration 8 Information and pricing as of 1/25/16. Some totals may not foot due to rounding. Agency Multifamily Ballooning in 120 Months or Less 16.2% 119.1$ 102.1% 104.6% 3.19/4.31 6.96 Fixed Rates Maturing Between 0 and 120 Months 0.3% 2.1$ 105.5% 106.0% 3.50/3.75 3.10 Fixed Rates Maturing Between 121 and 180 Months 39.5% 290.0$ 104.2% 105.0% 3.25/3.77 3.80 Fixed Rates Maturing Between 181 and 240 Months 3.4% 24.8$ 106.2% 104.2% 3.07/3.51 3.67 Fixed Rates Maturing Between 241 and 360 Months 3.6% 26.3$ 104.7% 104.5% 3.50/4.04 5.39 FNCL 3.5 TBA 5.7% 41.6$ 103.2% 103.9% 3.50/4.10 4.04 Total or Weighted Average 68.7% 503.9$ 103.8% 104.7% 3.26/3.93 4.64 Weighted Average Net/Gross Percent of Portfolio Agency Securities Current Value (millions) Weighted Average Purchase Price Weighted Average Current Market Price Estimated Effective Duration Using Current Values Legacy Prim Fixed .3 4. 83.0 84.0 6.03 5.38 0.28 Legacy Prime Hybrid 1.9 14.1 78.9 88.0 2.38 2.89 0.58 Legacy Alt-A Fixed 9.7% 71.2 77.4 81.8 5.87/5.17 0.00 Legacy Alt-A Hybrid 0.9% 6.7$ 78.9 82.0 2.61/2.91 0.00 New Issue Prime Fixed 1.5% 11.3$ 91.6% 97.1% 3.67/3.96 5.54 Credit Risk Transfer 4.4% 32.4$ 97.3% 93.4% 4.60/4.06 0.23 NPL/RPLs 9.5% 69.7$ 99.8% 98.6% 3.44/5.05 0.95 Total or Weighted Average 31.3% 229.7$ 88.4% 89.9% 4.55/4.73 0.66 Weighted Average Net/Gross Estimated Effective Duration Using Current Values Non-Agency S curities Current Value (millions) Weighted Average Purchase Price Weighted Average Current Market Price Percent of Portfolio


 
JAVELIN Hedge Portfolio 9 Information and pricing as of 1/25/16. Some totals may not foot due to rounding. Forward Starting Weighted Average Months to Start Weighted Average Underlying Term (Months) Notional Amount (millions) Weighted Average Rate Interest Rate Swap 2 120 100.0$ 1.95 Interest Rate Swap 5 60 100.0$ 1.95 Total or Weighted Average 4 90 $ 200.0 1.95 Current Paying Remaining Term Weighted Average Remaining Term (Months) Notional Amount (millions) Weighted Average Rate Interest Rate Swap 0-12 Months 0 -$ 0.00 Interest Rate Swap 13-24 Months 21 50.0$ 0.55 Interest Rate Swap 25-36 Months 28 50.0$ 0.92 Interest Rate Swap 37-48 Months 46 60.0$ 1.59 Interest Rate Swap 49-60 Months 0 -$ 0.00 Interest Rate Swap 61-72 Months 0 -$ 0.00 Interest Rate Swap 73-84 Months 0 -$ 0.00 Interest Rate Swap 85-96 Months 90 111.3$ 2.04 Total or Weighted Average 56 $ 271.3 1.46


 
JAVELIN Balance Sheet Hedge Metrics 10 (1) The duration contribution to the balance sheet is based on effective duration and market value. Information and pricing as of 1/25/16. Some totals may not foot due to rounding. Agency Assets 3.26 Non-Agency Legacy Assets 0.02 Non-Agency New Issue Assets 0.18 Interest Rate Swaps -3.69 Net Balance Sheet -0.24 Duration Contribution to Balance Sheet Agency & Non-Agency Assets 733.6$ 37.0% 64.2% REPO Balance 658.6$ 41.2% 71.6% Total Hedge % (All Hedges) Current Hedge % (Current Paying) Repo Amount (millions)


 
JAVELIN Agency Portfolio Constant Prepayment Rates (“CPR”) 11 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.


 
JAVELIN Agency & Non-Agency Repo Composition 12 (1) JAVELIN has 30 lending counterparties. Information as of 1/25/16. Some totals may not foot due to rounding. 1 Mitsubishi UFJ Securities (USA), Inc. 102.9$ 15.6% 79 18 56 2 Royal Bank of Canada 67.8$ 10.3% 73 36 88 3 Nomura Securities International, Inc. 66.9$ 10.2% 30 18 18 4 Mizuho Securities USA Inc. 59.6$ 9.1% 60 43 43 5 ICBC Financial Services LLC 59.2$ 9.0% 71 29 49 6 UBS Securities LLC 50.0$ 7.6% 927 309 455 7 Daiwa Securities America Inc. 43.5$ 6.6% 31 14 14 8 Credit Suisse Securities (USA) LLC 38.8$ 5.9% 66 30 85 9 Merrill Lynch, Pierce, Fenner & Smith Inc. 31.1$ 4.7% 56 24 50 10 E D & F Man Capital Markets Inc. 26.6$ 4.0% 87 73 77 11 FHLB - Cincinnati 23.6$ 3.6% 1 1 1 12 Morgan Stanley & Co. LLC 20.1$ 3.1% 84 78 78 13 Guggenheim Securities, LLC 19.7$ 3.0% 92 22 22 14 J.P. Morgan Securities LLC 17.3$ 2.6% 75 19 32 15 KGS-Alpha Capital Markets, L.P. 15.1$ 2.3% 71 22 22 16 Citigroup Global Markets Inc. 9.5$ 1.4% 91 66 77 17 Barclays Capital Inc. 7.0$ 1.1% 92 15 15 T l or Weighted Average 658.6$ 100.0% 128 50 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 1.00% Weighted Average Haircut 10.89% Debt to Quarter End Shareholders' Equity Ratio 5.5


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


 
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