Business
AGNC Investment Corp. Announces First Quarter 2020 Financial Results
BETHESDA, Md., April 29, 2020 /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 29, 2020 /PRNewswire/ -- AGNC Investment Corp. (\"AGNC\" or the \"Company\") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2020.\nFIRST QUARTER 2020 FINANCIAL HIGHLIGHTS\n$(3.61) comprehensive loss per common share, comprised of: $(4.46) net loss per common share $0.85 other comprehensive income (\"OCI\") per common share on investments marked-to-market through OCI$0.57 net spread and dollar roll income per common share, excluding estimated \"catch-up\" premium amortization cost 1 Includes $0.03 per common share of dollar roll income associated with the Company's $7.5 billion average net long position in forward purchases and sales of Agency mortgage-backed securities (\"MBS\") in the \"to-be-announced\" (\"TBA\") market Excludes $(0.44) per common share of estimated \"catch-up\" premium amortization cost due to change in projected constant prepayment rate (\"CPR\") estimates$13.62 tangible net book value per common share as of March 31, 2020 Decreased $(4.04) per common share, or -22.9%, from $17.66 per common share as of December 31, 2019$0.48 dividends declared per common share for the first quarter -20.2% economic return on tangible common equity for the quarter Comprised of $0.48 dividends per common share and $(4.04) decrease in tangible net book value per common shareOTHER FIRST QUARTER HIGHLIGHTS\n$93.0 billion investment portfolio as of March 31, 2020, comprised of: $70.7 billion Agency MBS $21.2 billion net TBA mortgage position $1.1 billion credit risk transfer (\"CRT\") and non-Agency securities9.4x tangible net book value \"at risk\" leverage as of March 31, 2020 9.9x average tangible net book value \"at risk\" leverage for the quarterCash and unencumbered Agency MBS totaled approximately $3.5 billion as of March 31, 2020 Excludes approximately $1.2 billion of capital and excess margin held at the Company's broker-dealer subsidiary, Bethesda Securities, and $0.3 billion of unencumbered CRT and non-Agency securities12.2% portfolio CPR for the quarter 14.5% average projected portfolio CPR as of March 31, 20201.30% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated \"catch-up\" premium amortization cost Excludes -92 bps of \"catch-up\" premium amortization cost due to change in projected CPR estimates$1.0 billion of accr...