CYS paid a 13.6% dividend in Q4 2014 ($0.30 per common share).CYS grew its book value from $10.14 at Q3E 2014 to $10.50 per common share at Q4E 2014 (+$0.36 or +3.55%).With a $0.30 per common share dividend, the total economic return for Q4 2014 was +6.5%. For FY2014 it was +27% based on the 2013E Book Value of $9.24/share. CYS Investments Inc. (NYSE:CYS) is a mortgage REIT. It invests in Agency RMBS. These are collateralized by Agency ARMs, Agency Hybrid ARMs, and Agency fixed rate mortgages. When such a company can maintain or grow its book value while paying a great dividend, it is a good investment. In FY2014 CYS grew its book value from $9.24 at Q4E 2013 per share to $10.50 per share at Q4E 2014. This +$1.26 per share growth amounts to +13.64% for FY2014. When you consider that CYS pays investors a 13.6% annual dividend on top of this, that means CYS has been a great investment in 2014. It has generated a total return for FY2014 of about +27% based on the December 31, 2013 book value of $9.24. In Q4 2014 it grew its book value from $10.14 per common share to $10.50per common share (or +3.55%). Plus it paid a $0.30 per common share dividend. This generated a total economic return for Q4 2014 alone of +6.5%. That is a great quarterly return. The other metrics looked good too. Read More Here!