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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 05/08/2017
Entire Document
 


Dividends and Income Taxes  
For the three months ended March 31, 2017 and 2016, we had estimated taxable income available to common stockholders of $30 million and $74 million (or $0.09 and $0.22 per common share), respectively. Income as determined under GAAP differs from income as determined under tax rules because of both temporary and permanent differences in income and expense recognition. The primary differences are (i) unrealized gains and losses on derivative instruments and other securities marked-to-market in current income for GAAP purposes, but excluded from taxable income until realized or settled, (ii) timing differences, both temporary and potentially permanent, in the recognition of certain realized gains and losses and (iii) temporary differences related to the amortization of premiums and discounts on investments. Furthermore, our estimated taxable income is subject to potential adjustments up to the time of filing our appropriate tax returns, which occurs after the end of our fiscal year. The following is a reconciliation of our GAAP net income to our estimated taxable income for the three months ended March 31, 2017 and 2016 (dollars in millions, except per share amounts):
 
Three Months Ended March 31,
 
2017
 
2016
Net income (loss)
$
76

 
$
(772
)
Estimated book to tax differences:
 
 
 
Premium amortization, net
(3
)
 
55

Realized gain/loss, net
(379
)
 
93

Net capital loss/(utilization of net capital loss carryforward)
276

 
(99
)
Unrealized gain/loss, net
77

 
804

Other
(10
)
 

Total book to tax differences
(39
)
 
853

Estimated REIT taxable income
37

 
81

Dividend on preferred stock
7

 
7

Estimated REIT taxable income available to common stockholders
$
30

 
$
74

Weighted average number of common shares outstanding - basic
331.0

 
334.4

Weighted average number of common shares outstanding - diluted
331.1

 
334.4

Estimated REIT taxable income per common share - basic and diluted
$
0.09

 
$
0.22

 
 
 
 
Beginning cumulative non-deductible net capital loss
$
452

 
$
684

Net capital loss / (Utilization of net capital loss carryforward)
276

 
(99
)
Ending cumulative non-deductible net capital loss
$
728

 
$
585

Ending cumulative non-deductible net capital loss per ending common share
$
2.20

 
$
1.77

As of March 31, 2017, we had $0.7 billion (or $2.20 per common share) of net capital loss carryforwards, which expire beginning in fiscal year 2019.
The following table summarizes dividends declared on our Series A Preferred Stock, depositary shares underlying our Series B Preferred Stock and common stock during the three months ended March 31, 2017 and 2016:
 
 
Dividends Declared per Share
Quarter Ended
 
Series A Preferred Stock
 
Series B Preferred Stock (Per Depositary Share)
 
Common Stock
March 31, 2017
 
$
0.50000

 
$
0.484375

 
$
0.54

March 31, 2016
 
$
0.50000

 
$
0.484375

 
$
0.60


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