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AGNC INVESTMENT CORP. ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS
BETHESDA, Md., April 22, 2024 /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 22, 2024 /PRNewswire/ -- AGNC Investment Corp. (\"AGNC\" or the \"Company\") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2024.\n\nFIRST QUARTER 2024 FINANCIAL HIGHLIGHTS \n$0.48 comprehensive income per common share, comprised of:$0.59 net income per common share$(0.11) other comprehensive loss (\"OCI\") per common share on investments marked-to-market through OCI$0.58 net spread and dollar roll income per common share1Excludes $0.01 per common share of estimated \"catch-up\" premium amortization benefit due to change in projected constant prepayment rate (\"CPR\") estimates$8.84 tangible net book value per common share as of March 31, 2024Increased $0.14 per common share, or 1.6%, from $8.70 per common share as of December 31, 2023$0.36 dividends declared per common share for the first quarter5.7% economic return on tangible common equity for the quarterComprised of $0.36 dividends per common share and $0.14 increase in tangible net book value per common shareOTHER FIRST QUARTER HIGHLIGHTS \n$63.3 billion investment portfolio as of March 31, 2024, comprised of:$53.7 billion Agency MBS$8.4 billion net forward purchases/(sales) of Agency MBS in the \"to-be-announced\" market (\"TBA securities\")$1.1 billion credit risk transfer (\"CRT\") and non-Agency securities and other mortgage credit investments7.1x tangible net book value \"at risk\" leverage as of March 31, 20247.0x average tangible net book value \"at risk\" leverage for the quarterUnencumbered cash and Agency MBS totaled $5.4 billion as of March 31, 2024Excludes unencumbered CRT and non-Agency securitiesRepresents 67% of the Company's tangible equity as of March 31, 202410.4% average projected portfolio life CPR as of March 31, 20245.7% actual portfolio CPR for the quarter2.98% annualized net interest spread for the quarter2Issued 25.1 million shares of common equity through At-the-Market (\"ATM\") Offerings for net proceeds of $241 million___________\n1.\nRepresents a non-GAAP measure. Prior to the fourth quarter 2023, this measure was referred to as \"net spread and dollar roll income, excluding 'catch-up' premium amortization cost/benefit, per common share.\" Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information incl...