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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 11/06/2015
Entire Document
 


 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Statement of Comprehensive Income Data (unaudited)
 
2015
 
2014
 
2015
 
2014
Interest income
 
$
295

 
$
357

 
$
1,092

 
$
1,141

Interest expense 2
 
77

 
88

 
244

 
291

Net interest income
 
218

 
269

 
848

 
850

Other gain (loss), net 2
 
(817
)
 
(37
)
 
(1,115
)
 
(655
)
Expenses
 
34

 
35

 
106

 
106

Net income (loss)
 
(633
)
 
197

 
(373
)
 
89

Dividend on preferred stock
 
7

 
7

 
21

 
16

Net income (loss) available (attributable) to common stockholders
 
$
(640
)
 
$
190

 
$
(394
)
 
$
73

 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(633
)
 
$
197

 
$
(373
)
 
$
89

Other comprehensive income (loss) 2
 
491

 
(215
)
 
65

 
1,180

Comprehensive income (loss)
 
(142
)
 
(18
)
 
(308
)
 
1,269

Dividend on preferred stock
 
7

 
7

 
21

 
16

Comprehensive income (loss) available (attributable) to common stockholders
 
$
(149
)
 
$
(25
)
 
$
(329
)
 
$
1,253

 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic and diluted
 
347.8

 
352.8

 
350.9

 
353.5

Net income (loss) per common share - basic and diluted
 
$
(1.84
)
 
$
0.54

 
$
(1.12
)
 
$
0.21

Comprehensive income (loss) per common share - basic and diluted
 
$
(0.43
)
 
$
(0.07
)
 
$
(0.94
)
 
$
3.54

Dividends declared per common share
 
$
0.60

 
$
0.65

 
$
1.88

 
$
1.95

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
Other Data (unaudited)
 
2015
 
2014
 
2015
 
2014
Average agency securities - at par
 
$46,610
 
$50,498
 
$52,381
 
$54,955
Average agency securities - at cost
 
$48,711
 
$52,767
 
$54,682
 
$57,469
Average net TBA portfolio - at cost
 
$9,434
 
$15,680
 
$7,464
 
$11,433
Average total assets - at fair value
 
$54,353
 
$64,061
 
$61,439
 
$68,438
Average agency borrowings outstanding 3
 
$43,308
 
$46,694
 
$49,188
 
$51,516
Average stockholders' equity 4
 
$8,603
 
$9,455
 
$9,037
 
$9,256
Average coupon - agency securities 5
 
3.62
 %
 
3.63
 %
 
3.62
 %
 
3.62
 %
Average asset yield - agency securities 6
 
2.42
 %
 
2.71
 %
 
2.66
 %
 
2.65
 %
Average cost of funds 7
 
(1.70
)%
 
(1.44
)%
 
(1.45
)%
 
(1.41
)%
Average net interest rate spread
 
0.72
 %
 
1.27
 %
 
1.21
 %
 
1.24
 %
Average net interest rate spread, including estimated TBA dollar roll income 8
 
1.14
 %
 
1.90
 %
 
1.48
 %
 
1.73
 %
Average coupon - agency securities (as of period end)
 
3.61
 %
 
3.65
 %
 
3.61
 %
 
3.65
 %
Average asset yield - agency securities (as of period end)
 
2.76
 %
 
2.78
 %
 
2.76
 %
 
2.78
 %
Average cost of funds (as of period end) 9
 
(1.64
)%
 
(1.42
)%
 
(1.64
)%
 
(1.42
)%
Average net interest rate spread (as of period end)
 
1.12
 %
 
1.36
 %
 
1.12
 %
 
1.36
 %
Net comprehensive income (loss) return on average common equity - annualized 10
 
(7.1
)%
 
(1.1
)%
 
(5.1
)%
 
18.6
 %
Economic return (loss) on common equity - annualized 11
 
(6.6
)%
 
(1.1
)%
 
(4.4
)%
 
19.9
 %
Average leverage 12
 
5.1:1

 
5.0:1

 
5.5:1

 
5.7:1

Average "at risk" leverage, inclusive of the net TBA position 13
 
6.2:1

 
6.7:1

 
6.3:1

 
7.0:1

Leverage (as of period end) 14
 
5.9:1

 
4.8:1

 
5.9:1

 
4.8:1

"At risk" leverage, inclusive of net TBA position (as of period end) 15
 
6.8:1

 
6.7:1

 
6.8:1

 
6.7:1

Expenses % of average total assets - annualized
 
0.25
 %
 
0.22
 %
 
0.23
 %
 
0.21
 %
Expenses % of average assets, including average net TBA position - annualized
 
0.21
 %
 
0.17
 %
 
0.21
 %
 
0.18
 %
Expenses % of average stockholders' equity - annualized
 
1.57
 %
 
1.47
 %
 
1.57
 %
 
1.53
 %

37


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