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AGNC Investment Corp. Announces Fourth Quarter 2023 Financial Results
BETHESDA, Md., Jan. 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., Jan. 22, 2024 /PRNewswire/ -- AGNC Investment Corp. (\"AGNC\" or the \"Company\") (Nasdaq: AGNC) today announced financial results for the quarter ended December 31, 2023.\n\nFOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS \n$1.00 comprehensive income per common share, comprised of:$0.57 net income per common share$0.43 other comprehensive income (\"OCI\") per common share on investments marked-to-market through OCI$0.60 net spread and dollar roll income per common share1Includes $0.01 per common share of dollar roll income associated with the Company's $5.0 billion average net long position in Agency mortgage-backed securities (\"MBS\") in the \"to-be-announced\" (\"TBA\") marketExcludes $0.05 per common share of estimated \"catch-up\" premium amortization benefit due to change in projected constant prepayment rate (\"CPR\") estimates$8.70 tangible net book value per common share as of December 31, 2023Increased $0.62 per common share, or 7.7%, from $8.08 per common share as of September 30, 2023$0.36 dividends declared per common share for the fourth quarter12.1% economic return on tangible common equity for the quarterComprised of $0.36 dividends per common share and $0.62 increase in tangible net book value per common shareOTHER FOURTH QUARTER HIGHLIGHTS \n$60.2 billion investment portfolio as of December 31, 2023, comprised of:$53.8 billion Agency MBS$5.4 billion net TBA mortgage position$1.1 billion credit risk transfer (\"CRT\") and non-Agency securities and other mortgage credit investments7.0x tangible net book value \"at risk\" leverage as of December 31, 20237.4x average tangible net book value \"at risk\" leverage for the quarterUnencumbered cash and Agency MBS totaled $5.1 billion as of December 31, 2023Excludes unencumbered CRT and non-Agency securitiesRepresents 66% of the Company's tangible equity as of December 31, 202311.4% average projected portfolio life CPR as of December 31, 20236.2% actual portfolio CPR for the quarter3.08% annualized net interest spread2Issued 46.3 million shares of common equity through At-the-Market (\"ATM\") Offerings for net proceeds of $376 million2023 FULL YEAR HIGHLIGHTS\n$0.30 comprehensive income per common share, comprised of:$0.05 net income per common share$0.25 OCI per common share$2.61 net spread and dollar roll income per common share1Includes $0.05 per common share...