Business
AGNC Investment Corp. Announces First Quarter 2019 Financial Results
BETHESDA, Md., April 24, 2019 /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter
About this update from Agnc Investment Corp.
[{"type":"text","content":"BETHESDA, Md., April 24, 2019 /PRNewswire/ -- AGNC Investment Corp. (\"AGNC\" or the \"Company\") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2019.\nFIRST QUARTER 2019 FINANCIAL HIGHLIGHTS\n$1.22 comprehensive income per common share, comprised of: $0.47 net income per common share $0.75 other comprehensive income (\"OCI\") per common share on investments marked-to-market through OCI$0.52 net spread and dollar roll income per common share, excluding estimated \"catch-up\" premium amortization cost 1Includes $0.04 per common share of dollar roll income associated with the Company's $8 billion average net long position in forward purchases and sales of Agency mortgage-backed securities (\"MBS\") in the \"to-be-announced\" (\"TBA\") market Excludes $(0.07) per common share of estimated \"catch-up\" premium amortization cost due to change in projected constant prepayment rate (\"CPR\") estimates$17.23 tangible net book value per common share as of March 31, 2019 Increased $0.67 per common share, or 4.0%, from $16.56 per common share as of December 31, 2018 Excludes $526 million, or $0.98 per common share, of goodwill as of March 31, 2019$0.54 dividends declared per common share for the first quarter Anticipated reduction of monthly dividend to $0.16 per common share, or $0.48 per quarter, beginning with the dividend to be declared in May 2019 Adjusted rate represents a dividend yield of 10.6% based on April 23, 2019 closing stock price7.3% economic return on tangible common equity for the quarter Comprised of $0.54 dividends per common share and $0.67 increase in tangible net book value per common shareOTHER FIRST QUARTER HIGHLIGHTS\n$102.2 billion investment portfolio as of March 31, 2019, comprised of: $93.5 billion Agency MBS $7.0 billion TBA mortgage position $1.8 billion credit risk transfer (\"CRT\") and non-Agency securities9.4x tangible net book value \"at risk\" leverage as of March 31, 2019 9.3x average tangible net book value \"at risk\" leverage for the quarter6.3% portfolio CPR for the quarter 10.5% average projected portfolio life CPR as of March 31, 20191.06% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated \"catch-up\" premium amortization cost Excludes -16 bps of \"catch up\" premium amortization cost due to change in projected CPR es...