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AGNC INVESTMENT CORP. ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS

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AGNC Investment Corp. announced its first quarter 2024 financial results with highlights like $0.48 comprehensive income per common share, $8.84 tangible net book value per common share, and $63.3 billion investment portfolio as of March 31, 2024. Management remarks highlighted the economic return, strong liquidity position, and positive investment dynamics.
AGNC Investment Corp. ha annunciato i risultati finanziari del primo trimestre 2024, evidenziando dati importanti quali un reddito globale di $0,48 per azione ordinaria, un valore contabile netto tangibile di $8,84 per azione ordinaria e un portafoglio di investimenti di $63,3 miliardi al 31 marzo 2024. Le osservazioni della direzione hanno messo in luce il rendimento economico, una solida posizione di liquidità e dinamiche di investimento positive.
AGNC Investment Corp. anunció sus resultados financieros del primer trimestre de 2024, destacando logros como un ingreso integral de $0.48 por acción común, un valor contable neto tangible de $8.84 por acción común, y un portafolio de inversiones de $63.3 mil millones al 31 de marzo de 2024. Los comentarios de la gestión resaltaron el retorno económico, una fuerte posición de liquidez y dinámicas de inversión positivas.
AGNC 투자 회사는 2024년도 제1분기 재무 결과를 발표하였으며, 주요 사항으로는 보통주당 종합 소득 $0.48, 보통주당 유형 순자산 가치 $8.84, 그리고 2024년 3월 31일 기준 투자 포트폴리오가 $63.3억임을 강조하였다. 경영진의 발언에서는 경제적 수익, 강력한 유동성 위치, 긍정적인 투자 역동성이 부각되었다.
AGNC Investment Corp. a annoncé ses résultats financiers pour le premier trimestre de 2024, avec des points forts tels qu’un résultat global de 0,48 $ par action ordinaire, une valeur nette comptable tangible de 8,84 $ par action ordinaire et un portefeuille d'investissements de 63,3 milliards de dollars au 31 mars 2024. Les remarques de la direction ont souligné le retour économique, une solide position de liquidité et des dynamiques d'investissement positives.
AGNC Investment Corp. gab seine Finanzergebnisse für das erste Quartal 2024 bekannt, mit Highlights wie einem umfassenden Einkommen von $0,48 pro Stammaktie, einem greifbaren Nettobuchwert von $8,84 pro Stammaktie und einem Investitionsportfolio von $63,3 Milliarden zum 31. März 2024. Die Kommentare des Managements hoben die wirtschaftliche Rendite, eine starke Liquiditätsposition und positive Investitionsdynamiken hervor.
Positive
  • The company reported a comprehensive income of $0.48 per common share.
  • Tangible net book value per common share increased by 1.6% to $8.84 as of March 31, 2024.
  • The investment portfolio totaled $63.3 billion, consisting of Agency MBS, TBA securities, and other mortgage credit investments.
  • Management noted a 5.7% economic return on tangible common equity for the quarter.
  • Despite recent volatility, AGNC remains optimistic about the underlying fundamentals for Agency MBS.
  • The Company's leverage increased modestly to 7.1x at the end of Q1.
  • AGNC issued 25.1 million shares of common equity through ATM Offerings for net proceeds of $241 million.
Negative
  • The weighted average CPR for the remaining life of its Agency securities decreased to 10.4% from 11.4% as of December 31, 2023.
  • The Company recorded net realized losses on sales of investment securities and net unrealized losses on investment securities measured at fair value through net income.
  • Interest rate swaps, swaptions, and U.S. Treasury positions were 99% of the Company's outstanding balance of Investment Securities Repo.
  • The Company's average asset yield on its investment portfolio decreased to 4.53% for the first quarter.
  • The Company's net interest spread decreased to 2.98% for the first quarter.
  • Other comprehensive loss of $(77) million was recorded during the first quarter.

The reported 5.7% economic return on tangible common equity reflects the total shareholder gain when considering both dividend payouts and changes in tangible book value. For a retail investor, this is an essential measure of profitability, revealing the extent to which their investment is generating returns beyond standard market appreciation.

Observing the slight increase in leverage from 7.0x to 7.1x signals a marginal rise in investment risk. However, it remains within a range that suggests the company is managing debt prudently. The implications for investors point towards a stable strategy, with the potential for increased returns given the positive leverage effect in a favorable interest rate environment.

Moreover, the increase in tangible net book value from $8.70 to $8.84 is modest but significant. It indicates an improvement in the intrinsic value of the company's assets minus liabilities, hence potentially elevating the company's stock intrinsic value. For investors, this could mean a favorable position in terms of asset valuation.

AGNC's portfolio composition, predominantly consisting of Agency MBS, highlights a focus on securities with a government-backed guarantee. This is reassuring for investors concerned with credit risk, as these securities are less likely to default. The stability of Agency MBS spreads mentioned in the management's commentary indicates a lack of drastic changes in risk premiums, which could ensure more predictable returns for investors.

One area of particular interest is the net spread and dollar roll income (non-GAAP measure), which at $0.58 per common share, remains a critical component of the company's revenue generation. Dollar roll transactions involve the sale of mortgage-backed securities with an agreement to repurchase similar securities at a future date; a strategy that can add liquidity and yield optimization. For investors, this line item is a proxy for operational performance and management's capacity to capitalize on market conditions.

From a regulatory perspective, the commentary on the Federal Reserve's policy provides context for the company's performance. The suggestion that we've reached the peak of short-term interest rates, combined with the anticipated slowdown of the balance sheet runoff, could create a more benign rate environment for mortgage REITs like AGNC. For investors, these macroeconomic tailwinds could mean enhanced stability and potentially better performance for their investment.

It's important for investors to keep abreast of these broader economic indicators as they can significantly influence the performance of interest-rate sensitive entities like AGNC. Moreover, understanding the implications of terms like 'quantitative tightening' and 'monetary policy cycle' are important to contextualize the company's operations within larger economic movements.

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.

FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS

  • $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 share1
    • Excludes $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, 2024
    • Increased $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 quarter
  • 5.7% economic return on tangible common equity for the quarter
    • Comprised of $0.36 dividends per common share and $0.14 increase in tangible net book value per common share

OTHER FIRST QUARTER HIGHLIGHTS

  • $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 investments
  • 7.1x tangible net book value "at risk" leverage as of March 31, 2024
    • 7.0x average tangible net book value "at risk" leverage for the quarter
  • Unencumbered cash and Agency MBS totaled $5.4 billion as of March 31, 2024
    • Excludes unencumbered CRT and non-Agency securities
    • Represents 67% of the Company's tangible equity as of March 31, 2024
  • 10.4% average projected portfolio life CPR as of March 31, 2024
    • 5.7% actual portfolio CPR for the quarter
  • 2.98% annualized net interest spread for the quarter2
  • Issued 25.1 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $241 million

___________

1.

Represents 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 included in this release for additional information.

2.

Please refer to Net Interest Spread Components by Funding Source included in this release for additional information.

MANAGEMENT REMARKS
"AGNC generated an economic return of 5.7% in the first quarter of 2024, as the favorable macroeconomic environment for fixed income investors that began in late 2023 persisted throughout the first quarter of 2024" said Peter Federico, the Company's President and Chief Executive Officer. "Particularly beneficial for Agency mortgage-backed securities ('Agency MBS') investors in the first quarter, interest rate volatility declined meaningfully, Agency MBS spreads remained relatively stable, and the Federal Reserve indicated that short term rates had likely reached their pinnacle for this monetary policy cycle. Additionally, the Federal Reserve noted that a reduction in the pace of its balance sheet runoff would commence fairly soon, signaling that the quantitative tightening process was reaching its conclusion. 

"Although the first quarter unfolded largely as expected and in a positive way, the start of the second quarter has illustrated that challenges remain. In April, interest rates and interest rate volatility increased meaningfully as the timing and magnitude of rate cuts in 2024 became increasingly more uncertain and as the conflict in the Middle East escalated. Despite this recent volatility, the underlying fundamentals for Agency MBS continue to give us reason for optimism.  As a highly liquid, levered Agency MBS-focused investment vehicle, AGNC is well positioned to benefit from these favorable investment dynamics as they evolve over time."

"AGNC's strong 5.7% economic return on tangible common equity was comprised of $0.36 of dividends per common share and a $0.14 increase in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "For the quarter, AGNC generated $0.58 per common share of net spread and dollar roll income, excluding 'catch-up' premium amortization. Our leverage increased modestly to 7.1x at the end of Q1, compared to 7.0x at the end of Q4, and we continued to maintain an extremely strong liquidity position, finishing the quarter with $5.4 billion of unencumbered cash and Agency MBS, or 67% of our tangible equity."

TANGIBLE NET BOOK VALUE PER COMMON SHARE
As of March 31, 2024, the Company's tangible net book value per common share was $8.84 per share, an increase of 1.6% for the quarter compared to $8.70 per share as of December 31, 2023. The Company's tangible net book value per common share excludes $526 million, or $0.73 and $0.76 per share, of goodwill as of March 31, 2024 and December 31, 2023, respectively.

INVESTMENT PORTFOLIO
As of March 31, 2024, the Company's investment portfolio totaled $63.3 billion, comprised of:

  • $62.2 billion of Agency MBS and TBA securities, including:
    • $61.2 billion of fixed-rate securities, comprised of:
      • $51.9 billion 30-year MBS,
      • $8.4 billion 30-year TBA securities, net,
      • $0.1 billion 15-year MBS,
      • $0.1 billion 15-year TBA securities, and
      • $0.7 billion 20-year MBS; and
    • $1.0 billion of collateralized mortgage obligations ("CMOs"), adjustable-rate and other Agency securities; and
  • $1.1 billion of CRT and non-Agency securities and other mortgage credit investments.

As of March 31, 2024, 30-year and 15-year fixed-rate Agency MBS and TBA securities represented 95% and less than 1%, respectively, of the Company's investment portfolio, largely unchanged from 95% and 1%, respectively, as of  December 31, 2023.

As of March 31, 2024, the Company's fixed-rate Agency MBS and TBA securities' weighted average coupon was 4.86%, compared to 4.83% as of December 31, 2023, comprised of the following weighted average coupons:

  • 4.89% for 30-year fixed-rate securities;
  • 3.70% for 15-year fixed-rate securities; and
  • 2.82% for 20-year fixed-rate securities.

The Company accounts for TBA securities and other forward settling securities as derivative instruments and recognizes TBA dollar roll income in other gain (loss), net on the Company's financial statements. As of March 31, 2024, such positions had a fair value of $8.4 billion and a GAAP net carrying value of $43 million reported in derivative assets/(liabilities) on the Company's balance sheet, compared to $5.4 billion and $66 million, respectively, as of December 31, 2023.

CONSTANT PREPAYMENT RATES
The Company's weighted average projected CPR for the remaining life of its Agency securities held as of March 31, 2024 decreased to 10.4% from 11.4% as of December 31, 2023. The Company's weighted average CPR for the first quarter was 5.7%, compared to 6.2% for the prior quarter.

The weighted average cost basis of the Company's investment portfolio was 102.1% of par value as of March 31, 2024. The Company's investment portfolio generated net premium amortization cost of $(37) million, or $(0.05) per common share, for the first quarter, which includes a "catch-up" premium amortization benefit of $10 million, or $0.01 per common share, due to a decrease in the Company's CPR projections for certain securities acquired prior to the first quarter. This compares to net premium amortization cost for the prior quarter of $(16) million, or $(0.02) per common share, including a "catch-up" premium amortization benefit of $32 million, or $0.05 per common share.

ASSET YIELDS, COST OF FUNDS AND NET INTEREST RATE SPREAD
The Company's average asset yield on its investment portfolio, excluding the TBA position, was 4.53% for the first quarter, compared to 4.55% for the prior quarter. Excluding "catch-up" premium amortization, the Company's average asset yield was 4.46% for the first quarter, compared to 4.33% for the prior quarter. Including the TBA position and excluding "catch-up" premium amortization, the Company's average asset yield for the first quarter was 4.56%, compared to 4.47% for the prior quarter.

For the first quarter, the weighted average interest rate on the Company's repurchase agreements was 5.45%, compared to 5.48% for the prior quarter. For the first quarter, the Company's TBA position had an implied financing cost of 5.34%, compared to 5.37% for the prior quarter. Inclusive of interest rate swaps, the Company's combined weighted average cost of funds for the first quarter was 1.58%, compared to 1.39% for the prior quarter.

The Company's annualized net interest spread, including the TBA position and interest rate swaps and excluding "catch-up" premium amortization, for the first quarter was 2.98%, compared to 3.08% for the prior quarter.

NET SPREAD AND DOLLAR ROLL INCOME
The Company recognized net spread and dollar roll income (a non-GAAP financial measure) for the first quarter of $0.58 per common share, compared to $0.60 per common share for the prior quarter. Net spread and dollar roll income excludes $0.01 and $0.05 per common share of estimated "catch-up" premium amortization benefit for the first quarter and prior quarter, respectively.

A reconciliation of the Company's total comprehensive income (loss) to net spread and dollar roll income and additional information regarding the Company's use of non-GAAP measures are included later in this release.

LEVERAGE
As of March 31, 2024, $48.1 billion of repurchase agreements, $8.4 billion of net TBA dollar roll positions (at cost) and $0.1 billion of other debt were used to fund the Company's investment portfolio. The remainder, or approximately $1.8 billion, of the Company's repurchase agreements was used to fund short-term purchases of U.S. Treasury securities ("U.S. Treasury repo") and is not included in the Company's leverage measurements. Inclusive of its TBA position and net payable/(receivable) for unsettled investment securities, the Company's tangible net book value "at risk" leverage ratio was 7.1x as of March 31, 2024, compared to 7.0x as of December 31, 2023. The Company's average "at risk" leverage ratio for the first quarter was 7.0x tangible net book value, compared to 7.4x for the prior quarter.

As of March 31, 2024, the Company's repurchase agreements used to fund its investment portfolio ("Investment Securities Repo") had a weighted average interest rate of 5.46%, compared to 5.60% as of December 31, 2023, and a weighted average remaining maturity of 22 days, compared to 19 days as of December 31, 2023. As of March 31, 2024, $23.2 billion, or 48%, of the Company's Investment Securities Repo was funded through the Company's captive broker-dealer subsidiary, Bethesda Securities, LLC.

HEDGING ACTIVITIES
As of March 31, 2024, interest rate swaps, swaptions, U.S. Treasury positions and other interest rate hedges equaled 99% of the Company's outstanding balance of Investment Securities Repo, TBA position and other debt, compared to 112% as of December 31, 2023.

As of March 31, 2024, the Company's pay fixed interest rate swap position totaled $44.4 billion in notional amount, had an average fixed pay rate of 0.97%, an average floating receive rate of 5.34% and an average maturity of 3.8 years, compared to $44.5 billion, 0.57%, 5.37% and 3.0 years, respectively, as of December 31, 2023. As of March 31, 2024, the Company's receive fixed interest rate swap position totaled $1.0 billion in notional amount, had an average fixed receive rate of 4.65%, an average floating pay rate of 5.34%, and an average maturity of 1.3 years, which were largely unchanged from December 31, 2023.

As of March 31, 2024, the Company had net payer (receiver) swaptions totaling $(0.2) billion, a two-year swap equivalent long SOFR futures position of $0.7 billion and a net short U.S. Treasury position of $13.8 billion outstanding, compared to $1.3 billion, $0.9 billion and $16.9 billion, respectively, as of December 31, 2023.

OTHER GAIN (LOSS), NET
For the first quarter, the Company recorded a net gain of $497 million in other gain (loss), net, or $0.71 per common share, compared to a net gain of $466 million, or $0.69 per common share, for the prior quarter. Other gain (loss), net for the first quarter was comprised of:

  • $(91) million of net realized losses on sales of investment securities;
  • $(471) million of net unrealized losses on investment securities measured at fair value through net income;
  • $536 million of interest rate swap periodic income;
  • $113 million of net gains on interest rate swaps;
  • $33 million of net gains on interest rate swaptions;
  • $(10) million of net losses on SOFR futures;
  • $481 million of net gains on U.S. Treasury positions;
  • $(58) million of net mark-to-market losses on TBA securities;
  • $(35) million of other interest income (expense), net; and
  • $(1) million of other miscellaneous losses.

OTHER COMPREHENSIVE LOSS
During the first quarter, the Company recorded other comprehensive loss of $(77) million, or $(0.11) per common share, consisting of net unrealized losses on the Company's Agency securities recognized through OCI, compared to $291 million, or $0.43 per common share, of other comprehensive income for the prior quarter.

COMMON STOCK DIVIDENDS
During the first quarter, the Company declared dividends of $0.12 per share to common stockholders of record as of January 31, February 29, and March 29, 2024, totaling $0.36 per share for the quarter. Since its May 2008 initial public offering through the first quarter of 2024, the Company has declared a total of $13.1 billion in common stock dividends, or $47.56 per common share.

FINANCIAL STATEMENTS, OPERATING PERFORMANCE AND PORTFOLIO STATISTICS
The following measures of operating performance include net spread and dollar roll income; economic interest income; economic interest expense; and the related per common share measures and financial metrics derived from such information, which are non-GAAP financial measures. Please refer to "Use of Non-GAAP Financial Information" later in this release for further discussion of non-GAAP measures.

 

AGNC INVESTMENT CORP

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)












March 31,
2024


December 31,
2023


September 30,
2023


June 30,
2023


March 31,
2023


(unaudited)




(unaudited)


(unaudited)


(unaudited)

Assets:










Agency securities, at fair value (including pledged securities of $48,461,
$49,575, $52,250, $41,185 and $41,852, respectively)

$                    53,615


$                    53,673


$                    55,758


$                    46,572


$                    44,925

Agency securities transferred to consolidated variable interest entities,
at fair value (pledged securities)

114


121


120


131


140

Credit risk transfer securities, at fair value (including pledged securities
of $722, $678, $709, $664 and $747, respectively)

753


723


736


711


769

Non-Agency securities, at fair value, and other mortgage credit
investments (including pledged securities of $245, $262, $253, $283
and $457, respectively)

353


351


353


353


530

U.S. Treasury securities, at fair value (including pledged securities of
$1,825, $1,530, $246, $1,523 and $6,481, respectively)

1,836


1,540


246


1,523


6,642

Cash and cash equivalents

505


518


493


716


975

Restricted cash

1,368


1,253


1,389


907


1,864

Derivative assets, at fair value

84


185


413


234


229

Receivable for investment securities sold (including pledged securities
of $5, $0, $273, $148 and $339, respectively)

5



311


148


346

Receivable under reverse repurchase agreements

12,424


11,618


8,900


7,990


8,929

Goodwill

526


526


526


526


526

Other assets

293


1,088


746


707


236

Total assets

$                    71,876


$                    71,596


$                    69,991


$                    60,518


$                    66,111

Liabilities:










Repurchase agreements

$                    49,971


$                    50,426


$                    52,107


$                    42,029


$                    48,384

Debt of consolidated variable interest entities, at fair value

76


80


80


87


92

Payable for investment securities purchased

636


210


701


1,901


Derivative liabilities, at fair value

65


362


80


117


326

Dividends payable

118


115


109


103


101

Obligation to return securities borrowed under reverse repurchase
agreements, at fair value

12,115


10,894


9,022


7,970


8,869

Accounts payable and other liabilities

317


1,252


442


433


547

Total liabilities

63,298


63,339


62,541


52,640


58,319

Stockholders' equity:










Preferred Stock - aggregate liquidation preference of $1,688

1,634


1,634


1,634


1,634


1,634

Common stock - $0.01 par value; 720.3, 694.3, 648.0, 603.3 and 592.5
shares issued and outstanding, respectively

7


7


6


6


6

Additional paid-in capital

15,521


15,281


14,901


14,466


14,356

Retained deficit

(7,990)


(8,148)


(8,283)


(7,633)


(7,674)

Accumulated other comprehensive loss

(594)


(517)


(808)


(595)


(530)

Total stockholders' equity

8,578


8,257


7,450


7,878


7,792

Total liabilities and stockholders' equity

$                    71,876


$                    71,596


$                    69,991


$                    60,518


$                    66,111











Tangible net book value per common share1

$                        8.84


$                        8.70


$                        8.08


$                        9.39


$                        9.41

 

AGNC INVESTMENT CORP

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)












Three Months Ended


March 31,
2024


December 31,
2023


September 30,
2023


June 30,
2023


March 31,
2023

Interest income:










Interest income

$                         642


$                         640


$                         593


$                         457


$                         351

Interest expense

672


666


646


526


449

Net interest income (expense)

(30)


(26)


(53)


(69)


(98)

Other gain (loss), net:










Realized loss on sale of investment securities, net

(91)


(697)

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FAQ

What was AGNC Investment Corp.'s comprehensive income per common share for the first quarter of 2024?

AGNC Investment Corp. reported a comprehensive income of $0.48 per common share for the first quarter of 2024.

What was the tangible net book value per common share as of March 31, 2024?

The tangible net book value per common share was $8.84 as of March 31, 2024, showing a 1.6% increase from the previous quarter.

What was the total investment portfolio value as of March 31, 2024?

As of March 31, 2024, AGNC Investment Corp.'s investment portfolio totaled $63.3 billion, consisting of various securities and mortgage credit investments.

What was the economic return on tangible common equity for the first quarter?

The economic return on tangible common equity for the quarter was 5.7% for AGNC Investment Corp.

How did AGNC Investment Corp. address recent market volatility?

Despite recent volatility, AGNC remains optimistic about the underlying fundamentals for Agency MBS, positioning itself well for evolving investment dynamics.

What was AGNC Investment Corp.'s leverage ratio as of March 31, 2024?

AGNC Investment Corp.'s leverage ratio was 7.1x as of March 31, 2024, showing a modest increase from the previous quarter.

AGNC Investment Corp.

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