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September 30, 2013 Estimated Book Value
The Company announced today that it has estimated that as of September 30, 2013, its GAAP book value was $3.47 per share and its economic book value was $2.98 per share, compared to its estimated June 30, 2013 GAAP book value of $3.52 per share and economic book value of $3.01 per share.
Estimated economic book value considers the fair values of only the assets the Company owns or is able to dispose, pledge, or otherwise monetize, and specifically excludes assets consolidated for GAAP but which the Company cannot dispose, pledge or otherwise monetize. The Company's estimate of economic book value has important limitations. Should the Company sell assets in its portfolio, it may realize materially different proceeds from the sale than estimated as of the reporting date.
Fourth Quarter 2013 Dividend
The Company declared the fourth quarter 2013 common stock cash dividend of $0.09 per common share. This dividend is payable January 24, 2013 to common shareholders of record on December 31, 2013. The ex-dividend date is December 27, 2013.
For the nine months of 2013, the Company paid cash dividends totaling $0.27 per common share, of which the Company estimates $0.22 per share is taxable income for federal tax purposes. Taxable income and the ultimate composition of the dividend between income and return of capital are calculated on a cumulative basis and will change over the course of the year. The character and composition of the dividend will not be finalized until the Company files its 2013 tax return in 2014.
Continuation of Dividend Program
As previously announced, the Company initiated a regular quarterly dividend of $0.09 per common share for each of the quarters in 2013. The Board of Directors has reviewed the dividend program and will continue to pay a dividend of $0.09 per share for the first and second quarter of 2014. Portions of these dividends and those paid in 2013 may be ordinary income, capital gains or a return of capital
