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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 11/06/2015
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"margin calls." Similarly, if the fair value of our pledged securities increases, lenders may release collateral back to us. As of September 30, 2015, we had met all margin call requirements. For additional information regarding our pledged assets, please refer to Note 7.
Repurchase Agreements
As of September 30, 2015 and December 31, 2014, we had $41.0 billion and $50.3 billion, respectively, of repurchase agreements outstanding. The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis. Our repurchase agreements with original maturities > 90 days have floating interest rates based on an index plus or minus a fixed spread. As of September 30, 2015 and December 31, 2014, $40.6 billion and $48.4 billion, respectively, of our repurchase agreements were used to fund purchases of agency securities ("agency repo"), with an average borrowing rate of 0.52% and 0.41%, respectively, and a weighted average remaining term to maturity of 201 and 143 days, respectively. The remainder, or $460 million and $1.9 billion, of our repurchase agreements as of September 30, 2015 and December 31, 2014, respectively, were used to fund temporary holdings of U.S. Treasury securities ("U.S. Treasury repo").
The following table summarizes our borrowings under repurchase arrangements and weighted average interest rates classified by remaining maturities as of September 30, 2015 and December 31, 2014 (dollars in millions):
 
 
September 30, 2015
 
December 31, 2014
Remaining Maturity
 
Repurchase Agreements
 
Weighted
Average
Interest
Rate
 
Weighted
Average Days
to Maturity
 
Repurchase Agreements
 
Weighted
Average
Interest
Rate
 
Weighted
Average Days
to Maturity
Agency repo:
 
 
 
 
 
 
 
 
 
 
 
 
≤ 1 month
 
$
17,335

 
0.45
%
 
14

 
$
14,157

 
0.37
%
 
15

> 1 to ≤ 3 months
 
10,209

 
0.52
%
 
59

 
20,223

 
0.38
%
 
61

> 3 to ≤ 6 months
 
5,167

 
0.54
%
 
135

 
6,654

 
0.42
%
 
120

> 6 to ≤ 9 months
 
1,963

 
0.59
%
 
208

 
1,575

 
0.50
%
 
225

> 9 to ≤ 12 months
 
500

 
0.64
%
 
292

 
2,678

 
0.54
%
 
313

> 12 to ≤ 24 months
 
1,078

 
0.61
%
 
634

 
600

 
0.57
%
 
551

> 24 to ≤ 36 months
 
1,252

 
0.66
%
 
812

 
952

 
0.60
%
 
999

> 36 to ≤ 48 months
 
1,350

 
0.75
%
 
1,254

 
650

 
0.64
%
 
1,266

> 48 to < 60 months
 
1,700

 
0.73
%
 
1,560

 
900

 
0.68
%
 
1,542

Total agency repo
 
40,554

 
0.52
%
 
201

 
48,389

 
0.41
%
 
143

U.S. Treasury repo:
 
 
 
 
 
 
 
 
 
 
 
 
1 day
 
208

 
0.38
%
 
1

 
1,907

 
0.09
%
 
1

> 1 day to ≤ 1 month
 
252

 
0.30
%
 
9

 

 
%
 

Total U.S. Treasury repo
 
460
 
0.34
%
 
5

 
1,907
 
0.09
%
 
1

Total
 
$
41,014

 
0.52
%
 
199

 
$
50,296

 
0.40
%
 
138

Federal Home Loan Bank Advances
In April 2015, our wholly-owned subsidiary, Old Georgetown Insurance Co., LLC ("OGI"), was accepted for membership in the Federal Home Loan Bank of Des Moines. As a member of the FHLB, OGI has access to a variety of products and services offered by the FHLB, including secured advances. The ability to borrow from the FHLB is subject to OGI's continued creditworthiness, pledging of sufficient eligible collateral to secure advances and compliance with certain agreements with the FHLB. Each advance requires approval by the FHLB and is secured by collateral in accordance with the FHLB’s credit and collateral guidelines, which may be revised from time to time by the FHLB.
As of September 30, 2015, OGI had $3.5 billion of outstanding secured FHLB advances, with a weighted average borrowing rate of 0.27% and a weighted average remaining term to maturity of 3.5 years, consisting of 30 day advances and longer-term floating rate advances with a one month cancellation feature:

14


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