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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 11/06/2014
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was 1.90% for the three months ended September 30, 2014, compared to 1.14% for the prior year period (or 1.92% and 1.20%, excluding "catch-up" amortization, respectively).
Net spread and dollar roll income, excluding "catch-up" premium amortization, for the nine months ended September 30, 2014 decreased by $(0.26) per common share due to a 15% decrease in average "at risk" leverage, while TBA dollar roll income was largely unchanged over the prior year period. Our average net interest rate spread, inclusive of TBA dollar roll income, was 1.73% for the nine months ended September 30, 2014, compared to 1.86% for the prior year period (or 1.79% and 1.73%, excluding catch-up amortization, respectively).

Gain (Loss) on Sale of Agency Securities, Net  
The following table is a summary of our net gain (loss) on sale of agency MBS for the three and nine months ended September 30, 2014 and 2013 (in millions): 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Agency MBS sold, at cost
$
(8,763
)
 
$
(25,147
)
 
$
(25,640
)
 
$
(60,541
)
Proceeds from agency MBS sold 1
8,777

 
24,414

 
25,657

 
59,799

Net gain (loss) on sale of agency MBS
$
14

 
$
(733
)
 
$
17

 
$
(742
)
 
 
 
 
 
 
 
 
Gross gain on sale of agency MBS
$
41

 
$
2

 
$
132

 
$
183

Gross loss on sale of agency MBS
(27
)
 
(735
)
 
(115
)
 
(925
)
Net gain (loss) on sale of agency MBS
$
14

 
$
(733
)
 
$
17

 
$
(742
)
 _______________________
1.
Proceeds include cash received during the period, plus receivable for agency MBS sold during the period as of period end.

Asset sales were primarily a function of shifting our portfolio to TBA dollar roll funded assets, reducing leverage and repositioning our investment portfolio.


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