Business
AGNC Investment Corp. Announces Second Quarter 2023 Financial Results
BETHESDA, Md., July 24, 2023 /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., July 24, 2023 /PRNewswire/ -- AGNC Investment Corp. (\"AGNC\" or the \"Company\") (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2023.\nSECOND QUARTER 2023 FINANCIAL HIGHLIGHTS \n$0.32 comprehensive income per common share, comprised of:$0.43 net income per common share$(0.11) other comprehensive loss (\"OCI\") per common share on investments marked-to-market through OCI$0.67 net spread and dollar roll income per common share, excluding estimated \"catch-up\" premium amortization benefit 1Includes $0.01 per common share of dollar roll income associated with the Company's $10.0 billion average net long position in Agency mortgage-backed securities (\"MBS\") in the \"to-be-announced\" (\"TBA\") marketExcludes $0.02 per common share of estimated \"catch-up\" premium amortization benefit due to change in projected constant prepayment rate (\"CPR\") estimates$9.39 tangible net book value per common share as of June 30, 2023Decreased $(0.02) per common share, or -0.2%, from $9.41 per common share as of March 31, 2023$0.36 dividends declared per common share for the second quarter3.6% economic return on tangible common equity for the quarterComprised of $0.36 dividends per common share and $(0.02) decrease in tangible net book value per common shareOTHER SECOND QUARTER HIGHLIGHTS \n$58.0 billion investment portfolio as of June 30, 2023, comprised of:$46.7 billion Agency MBS$10.2 billion net TBA mortgage position$1.1 billion credit risk transfer (\"CRT\") and non-Agency securities7.2x tangible net book value \"at risk\" leverage as of June 30, 20237.2x average tangible net book value \"at risk\" leverage for the quarterCash and unencumbered Agency MBS totaled $4.3 billion as of June 30, 2023Excludes unencumbered CRT and non-Agency securitiesRepresents 58% of the Company's tangible equity as of June 30, 20239.8% average projected portfolio life CPR as of June 30, 20236.6% actual portfolio CPR for the quarter3.26% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated \"catch-up\" premium amortization benefitExcludes 7 bps of \"catch-up\" premium amortization benefit due to change in projected CPR estimatesCapital markets activityIssued 10.7 million common shares through At-the-Market (\"ATM\") Offerings at an average offering price of $9.86 per share,...