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SEC Filings

10-Q
AGNC INVESTMENT CORP. filed this Form 10-Q on 11/06/2014
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provision, so that we will not be subject to U.S. federal or state corporate income tax. As of September 30, 2014, we have distributed an estimated $130 million in excess of our estimated cumulative taxable income, including our dividends payable.
Our "Earnings and Profits" (or "E&P") determines the character of our dividend distributions for shareholders (i.e. whether our dividend distributions are characterized as "ordinary income" or a "return of capital" for shareholders). E&P generally conforms to taxable income; however, the utilization of net capital loss carryforwards does not reduce our current year E&P. Therefore, although our 2014 dividend distributions are anticipated to exceed our 2014 taxable income, we do not anticipate that our distributions will exceed our current year E&P and, as such, we anticipate that our 2014 dividend distributions will represent "ordinary income" for shareholders when the final character of our dividends is determined and reported to shareholders on Form 1099-DIV after the end of the calendar year.
The following table summarizes dividends declared on our Series A Preferred Stock, Series B Preferred Stock (each underlying depositary share representing a 1/1000th interest in a share of our Series B Preferred Stock) and common stock during the nine months ended September 30, 2014 and 2013:
 
 
Dividends Declared per Share
Quarter Ended
 
Series A Preferred Stock
 
Series B Preferred Stock (Per Depositary Share)
 
Common Stock
September 30, 2014
 
$
0.50000

 
$
0.484375

 
$
0.65

June 30, 2014 1
 
0.50000

 
0.360590

 
0.65

March 31, 2014
 
0.50000

 

 
0.65

Total
 
$
1.50000

 
$
0.844965

 
$
1.95

 
 
 
 
 
 
 
September 30, 2013
 
$
0.50000

 
$

 
$
0.80

June 30, 2013
 
0.50000

 

 
1.05

March 31, 2013
 
0.50000

 

 
1.25

Total
 
$
1.50000

 
$

 
$
3.10

_______________________
1.
Series B Preferred Stock depositary share dividend amount includes dividends payable for a partial dividend period.
Our TRS is subject to corporate federal and state income taxes at the combined federal and state corporate statutory tax rate of 39.5%. For the three and nine months ended September 30, 2014 and three months ended September 30, 2013, we recorded no provision for income taxes attributable to our TRS. For the nine months ended September 30, 2013, we recorded an income tax provision of $10 million attributable to our TRS, which is included in our net income tax provision on our accompanying consolidated statements of comprehensive income.

Other Comprehensive Income
The following table summarizes the components of our other comprehensive income 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
Unrealized (loss) gain on AFS securities, net:
 
 
 
 
 
 
 
Unrealized (loss) gain, net
$
(239
)
 
$
100

 
$
1,076

 
$
(3,559
)
Reversal of prior period unrealized (gain) loss, net, upon realization
(14
)
 
733

 
(17
)
 
742

Unrealized (loss) gain on AFS securities, net:
(253
)
 
833

 
1,059

 
(2,817
)
Unrealized gain on interest rate swaps designated as cash flow hedges:
 
 
 
 
 
 
 
Reversal of prior period unrealized loss on interest rate swaps, net, upon reclassification to interest expense
38

 
47

 
121

 
144

Total other comprehensive (loss) income
$
(215
)
 
$
880

 
$
1,180

 
$
(2,673
)


46


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