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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 05/07/2018
Entire Document
 


($ in Millions, Except Per Share Amounts)
 
 
 
 
Balance Sheet Data
 
March 31, 2018
 
December 31, 2017
Investment securities, at fair value
 
$
55,682

 
$
57,080

Total assets
 
$
69,221

 
$
70,376

Repurchase agreements and other debt
 
$
49,292

 
$
50,653

Total liabilities
 
$
60,883

 
$
61,622

Total stockholders' equity
 
$
8,338

 
$
8,754

Net book value per common share 1
 
$
20.03

 
$
21.09

Tangible net book value per common share 2
 
$
18.63

 
$
19.69

 
 
Three Months Ended March 31,
Statement of Comprehensive Income Data
 
2018
 
2017
Interest income
 
$
431

 
$
296

Interest expense
 
206

 
98

Net interest income
 
225

 
198

Other gain (loss), net
 
217

 
(104
)
Operating expenses
 
18

 
18

Net income
 
424

 
76

Dividend on preferred stock
 
9

 
7

Net income available to common stockholders
 
$
415

 
$
69

 
 
 
 
 
Net income
 
$
424

 
$
76

Other comprehensive income (loss)
 
(621
)
 
46

Comprehensive income (loss)
 
(197
)
 
122

Dividend on preferred stock
 
9

 
7

Comprehensive income (loss) available (attributable) to common stockholders
 
$
(206
)
 
$
115

 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
391.3

 
331.0

Weighted average number of common shares outstanding - diluted
 
391.5

 
331.1

Net income per common share - basic and diluted
 
$
1.06

 
$
0.21

Comprehensive income per common share - basic and diluted
 
$
(0.53
)
 
$
0.35

Dividends declared per common share
 
$
0.54

 
$
0.54

 
 
Three Months Ended March 31,
Other Data (Unaudited) *
 
2018
 
2017
Average investment securities - at par
 
$53,986
 
$42,218
Average investment securities - at cost
 
$56,573
 
$44,215
Average net TBA portfolio - at cost
 
$15,585
 
$13,460
Average total assets - at fair value
 
$68,781
 
$55,029
Average Agency repurchase agreements and other debt outstanding 3
 
$49,567
 
$39,203
Average stockholders' equity 4
 
$8,535
 
$7,310
Average tangible net book value "at risk" leverage 5
 
8.2:1

 
7.8:1

Tangible net book value "at risk" leverage (as of period end) 6
 
8.2:1

 
8.0:1

Economic return on tangible common equity, unannualized 7
 
(2.6
)%
 
1.8
%
Expenses % of average total assets, annualized
 
0.10
 %
 
0.13
%
Expenses % of average assets, including average net TBA position, annualized
 
0.09
 %
 
0.10
%
Expenses % of average stockholders' equity, annualized
 
0.84
 %
 
0.98
%
________________________________
* Except as noted below, average numbers for each period are weighted based on days on our books and records.
1.
Net book value per common share is calculated as our total stockholders' equity, less our preferred stock liquidation preference, divided by our number of common shares outstanding as of period end.

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