Workflow
AGNC Investment Corp. Announces Fourth Quarter 2024 Financial Results
AGNCAGNC(AGNC) Prnewswire·2025-01-27 21:01

Core Viewpoint - AGNC Investment Corp. reported its financial results for the fourth quarter of 2024, highlighting a positive economic return of 13.2% for the year, driven by favorable conditions in the Agency MBS market and a stable dividend payout [6][7]. Fourth Quarter 2024 Financial Highlights - The company issued 53.2 million shares of common equity through At-the-Market offerings, generating net proceeds of 511million[4].−Thetangiblenetbookvaluepercommonsharedecreasedby4.6511 million [4]. - The tangible net book value per common share decreased by 4.6% to 8.41 from 8.82inthepreviousquarter[8].−Theeconomicreturnontangiblecommonequityforthefourthquarterwas−0.68.82 in the previous quarter [8]. - The economic return on tangible common equity for the fourth quarter was -0.6%, consisting of 0.36 in dividends per common share and a decline of (0.41)intangiblenetbookvaluepercommonshare[7][9].FullYear2024Highlights−AGNCachievedatotaleconomicreturnof13.2(0.41) in tangible net book value per common share [7][9]. Full Year 2024 Highlights - AGNC achieved a total economic return of 13.2% for the year, with dividends declared totaling 1.44 per common share [9]. - The company issued 202.1 million shares of common equity through ATM offerings, raising net proceeds of 2.0billion[9].InvestmentPortfolio−AsofDecember31,2024,theinvestmentportfoliototaled2.0 billion [9]. Investment Portfolio - As of December 31, 2024, the investment portfolio totaled 73.3 billion, primarily composed of 65.5billioninAgencyMBS[9].−Theweightedaveragecouponforfixed−rateAgencyMBSandTBAsecuritieswas5.0265.5 billion in Agency MBS [9]. - The weighted average coupon for fixed-rate Agency MBS and TBA securities was 5.02%, up from 4.90% in the previous quarter [11]. - The average projected constant prepayment rate (CPR) for the portfolio decreased to 7.7% from 13.2% in the prior quarter [12]. Leverage and Liquidity - The company's leverage ratio remained stable at 7.2x as of December 31, 2024, with a significant liquidity position of 6.1 billion in unencumbered cash and Agency MBS [7][20]. - The weighted average interest rate on repurchase agreements decreased to 4.76% from 5.23% in the previous quarter [21]. Management Remarks - The CEO expressed a positive outlook for Agency MBS, citing a favorable investment environment due to the Federal Reserve's shift in monetary policy and declining inflationary pressures [6]. - The company anticipates continued attractive return opportunities in the Agency MBS market, supported by stable spreads to benchmark rates [6].