Meat of the 8-K filed today:
In connection with CYS Investments, Inc.'s (the "Company") plans to make a public offering of its common stock, the Company today announced preliminary estimates of select financial data for the second quarter ending and as of June 30, 2012.
The Company estimates that, when finally determined, for the quarter ended June 30, 2012 GAAP net income will be in the range of $0.85 to $0.90 per share.
The Company estimates that, when finally determined, net asset value as of June 30, 2012 will be in the range of $13.50 to $13.54 per share. The Company estimates that as of June 30, 2012, the fair value of its portfolio was approximately $14.2 billion, and that its leverage ratio (calculated by dividing (i) its repurchase agreements balance plus its payable for securities purchased minus our receivable for securities sold by (ii) net assets) at June 30, 2012 was in the range of 7.5 – 7.7 to 1.0.
On June 8, 2012, the Company's board of directors authorized the distribution of a dividend to its stockholders of $0.50 per share for the second quarter of 2012 that will be paid on July 18, 2012 to its stockholders of record as of June 25, 2012. Purchasers in the planned public offering of common stock will not be eligible to receive that distribution.
On July 1, 2012, the Company issued an aggregate of 8,934 shares of restricted common stock to our non-employee directors.
For the period from April 1, 2012 to July 6, 2012, the Company issued (i) an aggregate of 2,915,204 shares of common stock under its equity placement program for net proceeds of approximately $39.9 million and (ii) an aggregate of 1,533,607 shares of common stock under its dividend reinvestment and direct stock purchase plan for net proceeds of approximately $21.2 million. As of July 6, 2012 the Company had 120,603,668 shares of common stock outstanding.
In addition, the Company currently expects its interest rate spread net of hedge on new investments for the third quarter of 2012 to be between 1.50% and 1.70%.
