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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 08/05/2016
Entire Document
 


 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Statement of Comprehensive Income Data (unaudited)
 
2016
 
2015
 
2016
 
2015
Interest income
 
$
318

 
$
414

 
$
613

 
$
797

Interest expense 2
 
101

 
81

 
200

 
167

Net interest income
 
217

 
333

 
413

 
630

Other gain (loss), net 2
 
(312
)
 
215

 
(1,247
)
 
(298
)
Expenses
 
40

 
36

 
73

 
72

Net income (loss)
 
(135
)
 
512

 
(907
)
 
260

Dividend on preferred stock
 
7

 
7

 
14

 
14

Net income (loss) available (attributable) to common stockholders
 
$
(142
)
 
$
505

 
$
(921
)
 
$
246

 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(135
)
 
$
512

 
$
(907
)
 
$
260

Other comprehensive income (loss) 2
 
382

 
(846
)
 
1,166

 
(426
)
Comprehensive income (loss)
 
247

 
(334
)
 
259

 
(166
)
Dividend on preferred stock
 
7

 
7

 
14

 
14

Comprehensive income (loss) available (attributable) to common stockholders
 
$
240

 
$
(341
)
 
$
245

 
$
(180
)
 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic and diluted
 
331.0

 
352.1

 
332.7

 
352.5

Net income (loss) per common share - basic and diluted
 
$
(0.43
)
 
$
1.43

 
$
(2.77
)
 
$
0.70

Comprehensive income (loss) per common share - basic and diluted
 
$
0.73

 
$
(0.97
)
 
$
0.74

 
$
(0.51
)
Dividends declared per common share
 
$
0.60

 
$
0.62

 
$
1.20

 
$
1.28

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Other Data (unaudited)
 
2016
 
2015
 
2016
 
2015
Average investment securities - at par
 
$49,544
 
$53,660
 
$49,116
 
$55,267
Average investment securities - at cost
 
$51,810
 
$56,106
 
$51,340
 
$57,779
Average net TBA portfolio - at cost
 
$8,238
 
$5,973
 
$8,191
 
$6,462
Average total assets - at fair value
 
$59,119
 
$68,552
 
$57,928
 
$70,225
Average mortgage borrowings outstanding 3
 
$46,948
 
$50,410
 
$46,437
 
$52,177
Average stockholders' equity 4
 
$7,722
 
$9,108
 
$7,762
 
$9,240
Average coupon 5
 
3.63
 %
 
3.60
 %
 
3.63
 %
 
3.62
 %
Average asset yield 6
 
2.46
 %
 
2.95
 %
 
2.39
 %
 
2.76
 %
Average cost of funds 7
 
(1.46
)%
 
(1.43
)%
 
(1.55
)%
 
(1.35
)%
Average net interest rate spread
 
1.00
 %
 
1.52
 %
 
0.84
 %
 
1.41
 %
Average net interest rate spread, including estimated TBA dollar roll income 8
 
1.16
 %
 
1.74
 %
 
1.05
 %
 
1.65
 %
Average coupon (as of period end)
 
3.63
 %
 
3.62
 %
 
3.63
 %
 
3.62
 %
Average asset yield (as of period end)
 
2.68
 %
 
2.75
 %
 
2.68
 %
 
2.75
 %
Average cost of funds (as of period end) 9
 
(1.35
)%
 
(1.56
)%
 
(1.35
)%
 
(1.56
)%
Average net interest rate spread (as of period end)
 
1.33
 %
 
1.19
 %
 
1.33
 %
 
1.19
 %
Net comprehensive income return on average common equity - annualized 10
 
13.0
 %
 
(15.6
)%
 
6.6
 %
 
(4.1
)%
Economic return on common equity 11
 
13.3
 %
 
(14.3
)%
 
7.4
 %
 
(3.6
)%
Average leverage 12
 
6.1:1

 
5.6:1

 
6.0:1

 
5.7:1

Average "at risk" leverage, inclusive of the net TBA position 13
 
7.2:1

 
6.2:1

 
7.1:1

 
6.4:1

Leverage (as of period end) 14
 
6.3:1

 
5.3:1

 
6.3:1

 
5.3:1

"At risk" leverage, inclusive of net TBA position (as of period end) 15
 
7.2:1

 
6.1:1

 
7.2:1

 
6.1:1

Expenses % of average total assets
 
0.27
 %
 
0.21
 %
 
0.25
 %
 
0.21
 %
Expenses % of average assets, including average net TBA position
 
0.24
 %
 
0.19
 %
 
0.22
 %
 
0.19
 %
Expenses % of average stockholders' equity
 
2.08
 %
 
1.59
 %
 
1.89
 %
 
1.57
 %

37


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