AGNC Investment Corp. Provides Company Update

About this update from Agnc Investment Corp.

[{"type":"text","content":"BETHESDA, Md., March 31, 2020 /PRNewswire/ -- AGNC Investment Corp. (Nasdaq: AGNC) (\"AGNC\" or the \"Company\") today announced the following updates with respect to its business operations and portfolio management.\n\"The market disruption and dislocations arising out of the global COVID-19 pandemic have been unprecedented, significantly reducing liquidity in virtually every asset class,\" said Gary Kain, the Company's Chief Executive Officer and Chief Investment Officer. \"Specifically, the volatility and lack of liquidity we experienced in mid-March in Agency mortgage-backed securities (\"Agency MBS\") reached levels I had never witnessed over the span of my 30-year career. Starting in late February and throughout March, the Company took aggressive actions to counter these extremely challenging market conditions in an effort to strengthen our liquidity position and mitigate risk. Importantly, the unprecedented actions by the Federal Reserve over the last several weeks, in particular its substantial acquisitions of Agency MBS, have significantly improved valuations and stabilized the broader mortgage market. \n\"As a result of the improvement in Agency MBS valuations and our actions, AGNC's leverage and liquidity levels have returned to recent norms. As such, we believe that the worst is behind us for our Agency MBS portfolio, which allows us to focus on positioning the portfolio to benefit from the opportunities presented by the current market environment.\"\nAGNC today announced the following updates as of close of business on March 27, 2020:\nTangible net book value per common share is estimated to be between $12.35 and $13.25, after deductions for common and preferred dividends declared through March 31, 2020, a year-to-date decline of approximately 25 - 30%. AGNC has had access to Agency MBS repurchase agreement (\"repo\") funding without interruption and has timely met all margin calls received. Cash and unencumbered Agency MBS are estimated to be approximately $3.7 billion, which does not include approximately $1.3 billion of capital plus excess margin held at our broker-dealer subsidiary Bethesda Securities or $0.3 billion of unencumbered non-Agency securities. AGNC's \"at risk\" leverage is estimated to be approximately 9.7x, which is within our typical operating range, and AGNC's on-balance sheet leverage is estimat...

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