Print Page     Close Window     

SEC Filings

10-K
AGNC INVESTMENT CORP. filed this Form 10-K on 02/23/2016
Entire Document
 


Repurchase Agreements
As of December 31, 2015 and 2014, we had $41.8 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 December 31, 2015 and 2014, $41.7 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 0.61% and 0.41%, respectively, and a weighted average remaining term to maturity of 173 and 143 days, respectively. The remainder, or $25 million and $1.9 billion, of our repurchase agreements as of December 31, 2015 and 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 December 31, 2015 and 2014 (dollars in millions):
 
 
December 31, 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
 
$
17,579

 
0.54
%
 
14

 
$
14,157

 
0.37
%
 
15

> 1 to ≤ 3 months
 
14,283

 
0.64
%
 
58

 
20,223

 
0.38
%
 
61

> 3 to ≤ 6 months
 
3,154

 
0.61
%
 
121

 
6,654

 
0.42
%
 
120

> 6 to ≤ 9 months
 
589

 
0.65
%
 
199

 
1,575

 
0.50
%
 
225

> 9 to ≤ 12 months
 
1,201

 
0.65
%
 
307

 
2,678

 
0.54
%
 
313

> 12 to ≤ 24 months
 
1,473

 
0.73
%
 
600

 
600

 
0.57
%
 
551

> 24 to ≤ 36 months
 
650

 
0.81
%
 
901

 
952

 
0.60
%
 
999

> 36 to ≤ 48 months
 
1,300

 
0.86
%
 
1,231

 
650

 
0.64
%
 
1,266

> 48 to < 60 months
 
1,500

 
0.76
%
 
1,477

 
900

 
0.68
%
 
1,542

Total agency repo
 
41,729

 
0.61
%
 
173

 
48,389

 
0.41
%
 
143

U.S. Treasury repo:
 
 
 
 
 
 
 
 
 
 
 
 
1 day
 
25

 
%
 
1

 
1,907

 
0.09
%
 
1

Total
 
$
41,754

 
0.61
%
 
173

 
$
50,296

 
0.40
%
 
138

Federal Home Loan Bank Advances
As of December 31, 2015, we had $3.8 billion of outstanding secured FHLB advances, with a weighted average borrowing rate of 0.53% and a weighted average remaining term to maturity of 141 days through February 2017 (the termination date of our FHLB membership), consisting of 30 day and longer-term floating rate advances:
 
 
December 31, 2015
Remaining Maturity
 
FHLB Advances
 
Weighted Average
Interest Rate
 
Weighted Average 
Days to Maturity
≤ 1 month
 
$
1,952

 
0.47
%
 
14

> 1 to ≤ 3 months
 
681

 
0.60
%
 
84

13 months 1
 
1,120

 
0.58
%
 
397

Total FHLB advances
 
$
3,753

 
0.53
%
 
141

 ________________________
1.
The maturity date of our FHLB advances as of December 31, 2015 has been adjusted to reflect the termination of our FHLB membership in February 2017 (see Note 2 for further information).


89


© AGNC Investment Corp All Rights Reserved