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CreXus Investment Corp. Reports Results for Initial Period of Operations
NEW YORK--(BUSINESS WIRE)--February 2, 2010--CreXus Investment Corp. (NYSE: CXS), which commenced operations on September 22, 2009, today reported a Core Loss for the period commencing September 22, 2009, and ending December 31, 2009, of $873,000 or $0.05 per average share. “Core Earnings/Loss” represents a non-GAAP measure that approximates distributable income, and is defined as GAAP net income (loss) excluding non-cash equity compensation expense, gains or losses on sales of securities and terminations of interest rate swaps and unrealized gains or losses on interest rate swaps. On a GAAP basis, the net loss for the period commencing September 22, 2009, ending December 31, 2009, was $1.0 million or $0.06 per average share.
Kevin Riordan, Chief Executive Officer and President of CreXus, commented on the period’s results. “We began the patient deployment of capital in the fourth quarter, including utilizing TALF financing to enhance returns on a portion of the investment portfolio. Our team continues to evaluate investment opportunities in loan originations as well as the acquisition of loans and securities in order to generate attractive risk-adjusted returns. We believe our patience will be rewarded as the market continues to evolve.”
At December 31, 2009, the weighted average yield on interest earning assets was 9.67% and the weighted average cost of funds was 3.62%. General and administrative expenses, including the management fee, as a percentage of average total assets were 1.81% for the period commencing September 22, 2009, and ending December 31, 2009. At December 31, 2009, the Company had a common stock book value per share of $14.12.
The Company’s investment portfolio comprised 24.9% of total assets at December 31, 2009. Commercial mortgage-backed securities (CMBS) comprised approximately 44.7% of the Company’s investment portfolio at December 31, 2009. The balance of the investment portfolio was comprised of mezzanine commercial loans held for investment.
The following information was filed by Crexus Investment Corp. (CXS) on Tuesday, February 2, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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