AGNC Investment (AGNC)

AGNC Investment Corp. is an internally-managed real estate investment trust that invests primarily in residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise or a U.S. Government agency.

Company profile

Gary Kain
Fiscal year end
Former names
American Capital Agency Corp
IRS number

AGNC stock data

Analyst ratings and price targets

Last 3 months


4 Aug 22
1 Oct 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Sep 20 Jun 20
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.24B 2.24B 2.24B 2.24B 2.24B 2.24B
Cash burn (monthly) (no burn) (no burn) 13.33M 13.83M (no burn) (no burn)
Cash used (since last report) n/a n/a 40.77M 42.3M n/a n/a
Cash remaining n/a n/a 2.2B 2.2B n/a n/a
Runway (months of cash) n/a n/a 164.9 158.8 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 May 22 Davis Morris A. Common Stock, par value $0.01 per share Sell Dispose S No No 11.795 7,520 88.7K 41,300.946
21 Apr 22 Larocca Prue Common Stock, par value $0.01 per share Grant Acquire A No No 0 12,426 0 85,857.58
21 Apr 22 Davis Morris A. Common Stock, par value $0.01 per share Grant Acquire A No No 0 12,426 0 48,820.946
21 Apr 22 Blank Donna Common Stock, par value $0.01 per share Grant Acquire A No No 0 12,426 0 43,358
21 Apr 22 Fisk John D Common Stock, par value $0.01 per share Grant Acquire A No No 0 12,426 0 49,578
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 2 2
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 12K 14K -14.3%
Total shares 1.1K 1.1K
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
AlphaMark Advisors 1.1K $12K 0.0%
Huntington National Bank 1 $0 0.0%
Largest transactions Shares Bought/sold Change
Huntington National Bank 1 0 0.0%
AlphaMark Advisors 1.1K 0 0.0%

Financial report summary

  • Spread risk is inherent to our business as a levered investor in Agency RMBS.
  • The Fed’s participation in the Agency mortgage market could have an adverse effect on our Agency RMBS investments.
  • The ongoing effects of Covid-19 on economic conditions and our business are uncertain
  • We may change our targeted investments, investment guidelines and other operational policies without stockholder consent.
  • Our active portfolio management strategy may expose us to greater losses and lower returns than compared to passive strategies.
  • A decline in the fair value of our assets may adversely affect our financial condition and make it costlier to finance our assets.
  • Changes in prepayment rates may adversely affect the return on our investments.
  • Prepayment rates are difficult to predict, and market conditions and other factors impacting mortgage origination channels may disrupt the historical correlation between interest rate changes and prepayment trends.
  • The analytical models and third-party data that we rely on to manage our portfolio and conduct our business objectives may be incorrect, misleading or incomplete.
  • The fair value of our investments may not be readily determinable or may be materially different from the value that we ultimately realize upon their disposal.
  • The mortgage loans referenced by our CRT securities or that underlie our non-Agency securities may be or could become subject to delinquency or foreclosure, which could result in significant losses to us.
  • Private mortgage insurance may not cover losses on loans referenced by our CRT securities and underlying our non-Agency RMBS.
  • Changes in credit spreads may adversely affect our profitability.
  • We may be unable to acquire desirable investments due to competition, a reduction in the supply of new production Agency RMBS having the specific attributes we seek, and other factors.
  • Our use of significant leverage increases the risk that we may incur substantial losses.
  • We may be unable to procure adequate financing or to renew or replace existing financing as it matures.
  • Our borrowing costs may increase at a faster pace than the yield on our investments.
  • It may be uneconomical to roll our TBA dollar roll transactions and we may be required to take physical delivery of the underlying securities and fund our obligations with cash or other financing sources.
  • Our funding and derivative agreements subject us to margin calls that could result in defaults or force us to sell assets under adverse market conditions or through foreclosure.
  • Our funding and derivative agreement counterparties may not fulfill their obligations to us as and when due.
  • Our rights under repurchase agreements in the event bankruptcy or insolvency may be limited.
  • Our hedging strategies may be ineffective.
  • The discontinuation of LIBOR could negatively impact the dividends we pay on our fixed-to-floating rate cumulative redeemable preferred stock and the value of our LIBOR-based financial instruments.
  • Our executive officers and other key personnel are critical to our success and the loss of any executive officer or key employee may materially adversely affect our business.
  • We are highly dependent on information systems and third-party service providers to conduct our operations, and system failures, cybersecurity incidents or failure of our providers to fulfill their obligations to us could significantly disrupt our ability to operate our business.
  • Our failure to qualify as a REIT would have adverse tax consequences.
  • REIT distribution requirements could adversely affect our ability to execute our business plan.
  • We may choose to pay dividends in our own stock, in which case stockholders may be required to pay income taxes in excess of cash dividends received.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Complying with REIT requirements may cause us to liquidate or forgo attractive investment opportunities.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Uncertainty exists with respect to the treatment of our TBAs for purposes of the REIT asset and income tests.
  • Qualifying as a REIT involves highly technical and complex provisions of the Internal Revenue Code.
  • The tax on prohibited transactions could limit our ability to engage in certain transactions.
  • Distributions to tax-exempt investors may be classified as unrelated business taxable income.
  • Loss of our exemption from regulation pursuant to the Investment Company Act would adversely affect us.
  • New legislation or administrative or judicial action could make it more difficult or impossible for us to remain qualified as a REIT or it could otherwise adversely affect REITs and their stockholders.
  • Actions of the U.S. Government, including the U.S. Congress, Fed, U.S. Treasury, Federal Housing Finance Administration ("FHFA") and other governmental and regulatory bodies may adversely affect our business.
  • Federal housing finance reform and potential changes to the Federal conservatorship of Fannie Mae and Freddie Mac or to laws or regulations affecting the relationship between the GSEs and the U.S. Government may adversely affect our business.
  • The market price and trading volume of our common stock may be volatile.
  • We have not established a minimum dividend payment level and may be unable to pay dividends in the future.
  • Our certificate of incorporation generally does not permit ownership of more than 9.8% of our common or capital stock and attempts to acquire amounts above this limit will be ineffective unless an exemption is granted by our Board of Directors.
Management Discussion
  • In addition to the results presented in accordance with GAAP, our results of operations discussed below include certain non-GAAP financial information, including "economic interest income," "economic interest expense," "net spread and dollar roll income," "net spread and dollar roll income, excluding 'catch-up' premium amortization," "estimated taxable income" and the related per common share measures and certain financial metrics derived from such non-GAAP information, such as "cost of funds" and "net interest spread."
  • "Economic interest income" is measured as interest income (GAAP measure), adjusted (i) to exclude "catch-up" premium amortization associated with changes in CPR estimates and (ii) to include TBA dollar roll implied interest income. "Economic interest expense" is measured as interest expense (GAAP measure) adjusted to include TBA dollar roll implied interest expense/(benefit) and interest rate swap periodic cost/(income). "Net spread and dollar roll income, excluding "catch-up" premium amortization" includes (i) the components of economic interest income and economic interest expense and other interest and dividend income (referred to as "adjusted net interest and dollar roll income"), less (ii) total operating expenses (GAAP measure).
  • By providing such measures, in addition to the related GAAP measures, we believe we give greater transparency into the information used by our management in its financial and operational decision-making. We also believe it is important for users of our financial information to consider information related to our current financial performance without the effects of certain measures and one-time events that are not necessarily indicative of our current investment portfolio performance and operations.

Content analysis

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