July 1, 2016(Acquisition Date)
MTGE management agreement
Other intangible asset
Total identifiable assets
Accounts payable and other liabilities
Identifiable net assets acquired
Net assets acquired
The MTGE management agreement is being amortized over a 10 year amortization period. We recognized $9 million of transaction related costs that were expensed during fiscal year 2016. These costs are included in other operating expenses in our consolidated statements of comprehensive income.
AMM's revenue and net loss included in our consolidated statements of comprehensive income from the acquisition date to December 31, 2016 are $8 million and $(11) million, respectively, after elimination of AGNC's management fee and other intercompany transactions. The following table represents our pro forma consolidated revenue and net income as if AMM had been included in our consolidated results for fiscal year 2015 and for all of fiscal year 2016 (in millions). Revenue includes interest income from our investment portfolio and management fee income from managing MTGE. Amounts have been calculated after applying our accounting policies and adjusting AMM's results to reflect amortization expense that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2015. All AGNC management fees and all other actual and pro forma intercompany transactions have been eliminated. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the AMM acquisition occurred on January 1, 2015 and may not be indicative of future operating results.
Consolidated Revenue and Net Income
Note 13. Quarterly Results (Unaudited)
The following is a presentation of the quarterly results of operations and comprehensive income for fiscal years 2016 and 2015 (in millions, except per share data).