AGNC Q4 2021 Earnings Report
Key Takeaways
AGNC Investment Corp. announced financial results for the quarter ended December 31, 2021. The company reported a comprehensive loss per common share of $(0.31). The tangible net book value per common share decreased to $15.75. The economic return on tangible common equity was -1.8%.
$(0.31) comprehensive loss per common share, comprised of $(0.10) net loss per common share and $(0.21) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI
$0.75 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization cost
$15.75 tangible net book value per common share as of December 31, 2021, decreased $(0.66) per common share, or -4.0%, from $16.41 per common share as of September 30, 2021
$0.36 dividends declared per common share for the fourth quarter
-1.8% economic return on tangible common equity for the quarter, comprised of $0.36 dividends per common share and $(0.66) decrease in tangible net book value per common share
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Forward Guidance
Market conditions will likely remain challenging as the Fed pivots from near zero short term rates and quantitative easing to higher rates and quantitative tightening in 2022. Accordingly, we plan to continue to operate with a more defensive position, characterized by lower leverage and significant hedge protection, which provides AGNC with capacity and flexibility to take advantage of attractive investment opportunities as they arise.