AGNC Investment’s preliminary estimates Q3 22

AGNC Investment Corp ceo
(Peter Federico, AGNC Investment Corp CEO)

US-based AGNC Investment Corp, an internally-managed mortgage real estate investment trust, announced on Monday (Oct. 10) that its Board of Directors has declared a cash dividend of $0.12 per share of common stock for October 2022. The dividend is payable on November 9, 2022 to common stockholders of record as of October 31, 2022.

In light of recent market volatility, the company also announced preliminary estimates for certain financial measures for the third quarter 2022:

As of September 30, 2022, AGNC’s tangible net book value per common share was estimated to be between $9.06 and $9.10 per share, after deductions for common and preferred stock dividends declared through September 30, 2022. For the quarter ended September 30, 2022, AGNC’s comprehensive loss per common share was estimated to be between $1.99 and $2.03 per share. For the quarter ended September 30, 2022, AGNC’s net spread and dollar roll income (a non-GAAP financial measure) was estimated to be between $0.82 and $0.86 per common share, excluding approximately $0.03 per common share of estimated “catch-up” premium amortization benefit.

As of September 30, 2022, AGNC had approximately $3.6 billion of cash and unencumbered Agency MBS, which includes approximately $0.8 billion at the Company’s captive broker-dealer Bethesda Securities and excludes unencumbered CRT and non-Agency securities. Cash and unencumbered Agency MBS represented approximately 54% of the Company’s tangible equity as of September 30, 2022, largely unchanged from June 30, 2022.

For the quarter ended September 30, 2022, AGNC’s average “at risk” leverage was approximately 8.1x. As of September 30, 2022, the Company’s “at risk” leverage was approximately 8.7x.2. As of September 30, 2022, AGNC’s total investment portfolio was approximately $61.5 billion, which includes approximately $17.9 billion of To-Be-Announced (“TBA”) Agency MBS and approximately $1.7 billion of credit risk transfer and non-Agency securities. As of September 30, 2022, AGNC’s hedge portfolio covered approximately 118% of the Company’s funding liabilities, and its duration gap4 was approximately one year.

Founded in 2008, AGNC Investment Corp is headquartered in Bethesda, Maryland. The company’s common stock is traded on the Nasdaq Global Select Market. AGNC will report third quarter 2022 earnings after market close on October 24, 2022.