Business
AGNC Investment Corp. Announces Preliminary Estimates for Third Quarter 2023
BETHESDA, Md., Oct. 23, 2023 /PRNewswire/ -- AGNC Investment Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced preliminary estimates for certain
About this update from Agnc Investment Corp.
[{"type":"text","content":"BETHESDA, Md., Oct. 23, 2023 /PRNewswire/ -- AGNC Investment Corp. (Nasdaq: AGNC) (\"AGNC\" or the \"Company\") announced preliminary estimates for certain financial measures for the third quarter 2023:\n\nAs of September 30, 2023, AGNC's tangible net book value was estimated to be $8.08 per share of common stock;For the third quarter 2023, AGNC's total comprehensive loss was estimated to be $(1.02) per common share;For the third quarter 2023, AGNC's net spread and dollar roll income (a non-GAAP financial measure) was estimated to be $0.65 per common share, excluding $0.05 per common share of estimated \"catch-up\" premium amortization benefit;1As of September 30, 2023, AGNC's total investment portfolio was approximately $59.3 billion, which includes approximately $2.4 billion of To-Be-Announced (\"TBA\") Agency MBS and $1.1 billion of credit risk transfer and non-Agency securities;As of September 30, 2023, AGNC's tangible net book value \"at risk\" leverage ratio was approximately 7.9x;2For the third quarter, AGNC's estimated economic return on tangible common equity was (10.1)%, comprised of $0.36 dividends per share of common stock declared during the third quarter and an estimated $(1.31) decrease in tangible net book value per common share;As of September 30, 2023, AGNC had approximately $3.6 billion of cash and unencumbered Agency MBS, which represented approximately 52% of the Company's tangible equity as of September 30, 2023;As of September 30, 2023, AGNC's hedge portfolio covered approximately 116% of the Company's funding liabilities,3 and its duration gap4 was approximately 0.2 years; andDuring the third quarter, the Company issued 44.7 million shares of common stock through \"at the market\" offerings at an average offering price of $9.67 per share, net of offering costs, or $432 million.In light of recent market volatility, the Company also provided an update regarding its estimated tangible net book value per common share and its \"at risk\" leverage ratio. The Company estimated that its tangible net book value per common share as of October 20, 2023 was between $6.80 and $7.00 per common share, or between $6.68 and $6.88 per common share after deduction for the Company's common dividend previously declared for the month of October 2023, which has a record date of October 31, 2023 and payment date of November 9, 2...