From the press release: "We are pleased to announce our first full quarter of results for MTGE since going public in the middle of an extremely volatile third quarter," commented Gary Kain, President and Chief Investment Officer. "Despite the very challenging environments on both the non-agency and prepayment front during the latter half of 2011, we were able to grow our net book value to $20.87 per share, over 4% above our IPO price of $20.00 per share. In fact, MTGE produced an annualized economic (or mark-to-market) return of 34% for the fourth quarter, through a combination of $0.80 per share in dividends and net book value growth of $0.91 per share. As we look forward to the rest of 2012, we continue to be very optimistic about the future of our business and feel the Company is in a very strong position to continue to produce attractive risk-adjusted returns."
I bought MTGE at 17.3 because it is managed by the same team as AGNC. Given the stock price appreciation and the dividend, MTGE has outperformed AGNC since I bought it. It also announced no cut to the dividend!