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AGNC Investment Corp. Announces First Quarter 2023 Financial Results
BETHESDA, Md. , April 24, 2023 /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the
About this update from Agnc Investment Corp.
[{"type":"text","content":"BETHESDA, Md. , April 24, 2023 /PRNewswire/ -- AGNC Investment Corp. (\"AGNC\" or the \"Company\") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2023.\nFIRST QUARTER 2023 FINANCIAL HIGHLIGHTS \n$(0.07) comprehensive loss per common share, comprised of:$(0.31) net loss per common share$0.25 other comprehensive income (\"OCI\") per common share on investments marked-to-market through OCI$0.70 net spread and dollar roll income per common share, excluding estimated \"catch-up\" premium amortization cost 1Includes $0.03 per common share of dollar roll income associated with the Company's $18.0 billion average net long position in Agency mortgage-backed securities (\"MBS\") in the \"to-be-announced\" (\"TBA\") marketExcludes $(0.12) per common share of estimated \"catch-up\" premium amortization cost due to change in projected constant prepayment rate (\"CPR\") estimates$9.41 tangible net book value per common share as of March 31, 2023Decreased $(0.43) per common share, or -4.4%, from $9.84 per common share as of December 31, 2022$0.36 dividends declared per common share for the first quarter-0.7% economic return on tangible common equity for the quarterComprised of $0.36 dividends per common share and $(0.43) decrease in tangible net book value per common shareOTHER FIRST QUARTER HIGHLIGHTS\n$56.8 billion investment portfolio as of March 31, 2023, comprised of:$45.1 billion Agency MBS$10.4 billion net TBA mortgage position$1.3 billion credit risk transfer (\"CRT\") and non-Agency securities7.2x tangible net book value \"at risk\" leverage as of March 31, 20237.7x average tangible net book value \"at risk\" leverage for the quarterCash and unencumbered Agency MBS totaled $4.1 billion as of March 31, 2023Excludes unencumbered CRT and non-Agency securitiesRepresents 57% of the Company's tangible equity as of March 31, 202310.0% average projected portfolio life CPR as of March 31, 20235.2% actual portfolio CPR for the quarter2.88% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated \"catch-up\" premium amortization costExcludes -42 bps of \"catch-up\" premium amortization cost due to change in projected CPR estimatesCapital markets activityIssued 17.1 million common shares through At-the-Market (\"ATM\") Offerings at an average offering price of $9.95 per shar...