CreXus Investment Corp. Reports Results for
Initial Period of Operations
February 02, 2010 04:08 PM Eastern Time
NEW YORK--(EON: Enhanced Online News)--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