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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 11/03/2017
Entire Document
 


AGNC INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions) 
 
Nine Months Ended September 30,
 
2017
 
2016
Operating activities:
 
 
 
Net income (loss)
$
386

 
$
(396
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Amortization of premiums and discounts on mortgage-backed securities, net
282

 
394

Amortization of accumulated other comprehensive loss on interest rate swaps de-designated as qualifying hedges

 
38

Amortization of intangible assets
3

 
1

Stock-based compensation
3

 
1

(Gain) loss on sale of investment securities, net
47

 
(114
)
Unrealized gain (loss) on investment securities measured at fair value through net income, net
6

 
(5
)
Loss on derivative instruments and other securities, net
78

 
1,063

Decrease in other assets
99

 
37

Increase in accounts payable and other accrued liabilities
31

 
10

Net cash provided by operating activities
935

 
1,029

Investing activities:
 
 
 
Purchases of Agency mortgage-backed securities
(23,823
)
 
(17,275
)
Purchases of credit risk transfer and non-Agency securities
(881
)
 
(36
)
Proceeds from sale of Agency mortgage-backed securities
13,390

 
17,032

Proceeds from sale of credit risk transfer and non-Agency securities
437

 

Principal collections on Agency mortgage-backed securities
5,076

 
5,984

Principal collections on credit risk transfer and non-Agency securities
4

 
13

Payments on U.S. Treasury securities
(10,618
)
 
(2,178
)
Proceeds from U.S. Treasury securities
11,682

 
5,741

Net payments on reverse repurchase agreements
(1,456
)
 
(3,728
)
Net proceeds from (payments on) derivative instruments
38

 
(892
)
Purchases of REIT equity securities
(4
)
 

Proceeds from sale of REIT equity securities

 
39

Purchase of AGNC Mortgage Management, LLC, net of cash acquired

 
(555
)
(Increase) decrease in restricted cash pledged for derivative instruments
(239
)
 
577

Net cash provided by (used in) investing activities
(6,394
)
 
4,722

Financing activities:
 
 
 
Proceeds from repurchase arrangements
294,885

 
195,992

Payments on repurchase agreements
(287,238
)
 
(200,078
)
Proceeds from Federal Home Loan Bank advances

 
2,098

Payments on Federal Home Loan Bank advances
(3,037
)
 
(2,814
)
Payments on debt of consolidated variable interest entities
(80
)
 
(100
)
Net proceeds from preferred stock issuance
315

 

Payment for preferred stock redemption
(173
)
 

Net proceeds from common stock issuances
1,238

 

Payments for common stock repurchases

 
(116
)
Cash dividends paid
(580
)
 
(612
)
Decrease in restricted cash pledged for repurchase agreements
19

 
23

Net cash provided by (used in) financing activities
5,349

 
(5,607
)
Net change in cash and cash equivalents
(110
)
 
144

Cash and cash equivalents at beginning of period
1,208

 
1,110

Cash and cash equivalents at end of period
$
1,098

 
$
1,254

See accompanying notes to consolidated financial statements.

5


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