Company Quick10K Filing
AGNC Investment
Price16.02 EPS-2
Shares546 P/E-9
MCap8,753 P/FCF11
Net Debt-1,640 EBIT1,099
TEV7,113 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
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10-K 2011-12-31 Filed 2012-02-23
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10-K 2010-12-31 Filed 2011-02-25
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10-K 2009-12-31 Filed 2010-02-24
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-04-29
8-K 2020-04-24
8-K 2020-04-08
8-K 2020-03-31
8-K 2020-02-14
8-K 2020-02-11
8-K 2020-02-06
8-K 2020-01-29
8-K 2019-12-13
8-K 2019-10-30
8-K 2019-10-25
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8-K 2019-09-30
8-K 2019-09-12
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8-K 2019-07-24
8-K 2019-04-24
8-K 2019-04-19
8-K 2019-03-29
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8-K 2019-02-27
8-K 2019-01-30
8-K 2019-01-25
8-K 2018-12-03
8-K 2018-11-19
8-K 2018-10-24
8-K 2018-08-03
8-K 2018-07-25
8-K 2018-06-14
8-K 2018-05-29
8-K 2018-04-25
8-K 2018-04-20
8-K 2018-01-31

AGNC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Organization
Note 3. Summary of Significant Accounting Policies
Note 4. Investment Securities
Note 5. Repurchase Agreements and Reverse Repurchase Agreements
Note 6. Derivative and Other Hedging Instruments
Note 7. Pledged Assets
Note 8. Fair Value Measurements
Note 9. Net Income (Loss) per Common Share
Note 10. Stockholders' Equity
Note 11. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits and Financial Statement Schedules
EX-31.1 agncexhibit3116302010-q.htm
EX-31.2 agncexhibit3126302010-q.htm
EX-32 agncexhibit326302010-q.htm

AGNC Investment Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

agnc-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-34057
agnc-20200630_g1.jpg
AGNC INVESTMENT CORP.
(Exact name of registrant as specified in its charter)
__________________________________________________
Delaware 26-1701984
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
2 Bethesda Metro Center, 12th Floor
Bethesda, Maryland 20814
(Address of principal executive offices)
(301) 968-9315
(Registrant’s telephone number, including area code)
 __________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  x    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller Reporting Company
Emerging growth company
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
Common Stock, par value $0.01 per shareAGNCThe Nasdaq Global Select Market
Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCNThe Nasdaq Global Select Market
Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCMThe Nasdaq Global Select Market
Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCOThe Nasdaq Global Select Market
Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCPThe Nasdaq Global Select Market
The number of shares of the issuer's common stock, $0.01 par value, outstanding as of July 31, 2020 was 555,517,135.



AGNC INVESTMENT CORP.
TABLE OF CONTENTS
 
Signatures
1


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

AGNC INVESTMENT CORP.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
 June 30, 2020December 31, 2019
(Unaudited)
Assets:
Agency securities, at fair value (including pledged securities of $69,956 and $92,608, respectively)
$75,488  $98,516  
Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities)344  371  
Credit risk transfer securities, at fair value (including pledged securities of $479 and $309, respectively)
712  976  
Non-Agency securities, at fair value (including pledged securities of $511 and $0, respectively)
599  579  
U.S. Treasury securities, at fair value (including pledged securities of $1,136 and $97, respectively)
1,181  97  
Cash and cash equivalents859  831  
Restricted cash1,306  451  
Derivative assets, at fair value140  190  
Receivable for investment securities sold (including pledged securities of $480 and $0, respectively)
489    
Receivable under reverse repurchase agreements7,944  10,181  
Goodwill526  526  
Other assets265  364  
Total assets$89,853  $113,082  
Liabilities:
Repurchase agreements$69,685  $89,182  
Debt of consolidated variable interest entities, at fair value204  228  
Payable for investment securities purchased1,468  2,554  
Derivative liabilities, at fair value3  6  
Dividends payable92  104  
Obligation to return securities borrowed under reverse repurchase agreements, at fair value7,929  9,543  
Accounts payable and other liabilities122  424  
Total liabilities79,503  102,041  
Stockholders' equity:
Preferred Stock - aggregate liquidation preference of $1,538 and $963, respectively
1,489  932  
Common stock - $0.01 par value; 1,500 and 900 shares authorized, respectively; 555.5 and 540.9 shares issued and outstanding, respectively
6  5  
Additional paid-in capital14,191  13,893  
Retained deficit(6,100) (3,886) 
Accumulated other comprehensive income
764  97  
Total stockholders' equity10,350  11,041  
Total liabilities and stockholders' equity$89,853  $113,082  
See accompanying notes to consolidated financial statements.
2


AGNC INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in millions, except per share data)
 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Interest income:
Interest income$429  $693  $920  $1,398  
Interest expense134  570  560  1,111  
Net interest income295  123  360  287  
Other gain (loss), net:
Gain on sale of investment securities, net153  132  647  192  
Unrealized gain on investment securities measured at fair value through net income, net679  759  876  1,819  
Loss on derivative instruments and other securities, net(385) (1,438) (3,539) (2,438) 
Total other gain (loss), net:447  (547) (2,016) (427) 
Expenses:
Compensation and benefits13  11  26  21  
Other operating expense11  9  21  18  
Total operating expense24  20  47  39  
Net income (loss)718  (444) (1,703) (179) 
Dividends on preferred stock25  13  46  23  
Net income (loss) available (attributable) to common stockholders$693  $(457) $(1,749) $(202) 
Net income (loss)$718  $(444) $(1,703) $(179) 
Unrealized gain on investment securities measured at fair value through other comprehensive income, net203  379  667  779  
Comprehensive income (loss)921  (65) (1,036) 600  
Dividends on preferred stock
25  13  46  23  
Comprehensive income (loss) available (attributable) to common stockholders$896  $(78) $(1,082) $577  
Weighted average number of common shares outstanding - basic
560.3  537.8  554.2  537.2  
Weighted average number of common shares outstanding - diluted
560.8  537.8  554.2  537.2  
Net income (loss) per common share - basic$1.24  $(0.85) $(3.16) $(0.38) 
Net income (loss) per common share - diluted$1.24  $(0.85) $(3.16) $(0.38) 
Dividends declared per common share$0.36  $0.50  $0.84  $1.04  
See accompanying notes to consolidated financial statements.
3


AGNC INVESTMENT CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in millions)
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
SharesAmount
Balance, March 31, 2019$711  536.3  $5  $13,795  $(3,467) $(543) $10,501  
Net loss—  —  —  —  (444) —  (444) 
Other comprehensive income:
Unrealized gain on available-for-sale securities, net —  —  —  —  —  379  379  
Stock-based compensation
—  0.1  —  3  —  —  3  
Issuance of common stock, net of offering cost
—  11.4  —  190  —  —  190  
Preferred dividends declared
—  —  —  —  (13) —  (13) 
Common dividends declared
—  —  —  —  (270) —  (270) 
Balance, June 30, 2019$711  547.8  $5  $13,988  $(4,194) $(164) $10,346  
Balance, March 31, 2020$1,489  567.7  $6  $14,334  $(6,592) $561  $9,798  
Net income—  —  —  —  718  —  718  
Other comprehensive income:
Unrealized gain on available-for-sale securities, net —  —  —  —  —  203  203  
Stock-based compensation
—  —  —  4  —  —  4  
Repurchase of common stock
—  (12.2) —  (147) —  —  (147) 
Preferred dividends declared
—  —  —  —  (25) —  (25) 
Common dividends declared
—  —  —  —  (201) —  (201) 
Balance, June 30, 2020$1,489  555.5  $6  $14,191  $(6,100) $764  $10,350  
Balance, December 31, 2018$484  536.3  $5  $13,793  $(3,433) $(943) $9,906  
Net loss—  —  —  —  (179) —  (179) 
Other comprehensive income:
Unrealized gain on available-for-sale securities, net —  —  —  —  —  779  779  
Stock-based compensation
—  0.1  —  5  —  —  5  
Issuance of common stock, net of offering cost
—  11.4  —  190  —  —  190  
Issuance of preferred stock, net of offering cost
227  —  —  —  —  —  227  
Preferred dividends declared
—  —  —  —  (23) —  (23) 
Common dividends declared
—  —  —  —  (559) —  (559) 
Balance, June 30, 2019$711  547.8  $5  $13,988  $(4,194) $(164) $10,346  
Balance, December 31, 2019$932  540.9  $5  $13,893  $(3,886) $97  $11,041  
Net loss—  —  —  —  (1,703) —  (1,703) 
Other comprehensive income:
Unrealized gain on available-for-sale securities, net —  —  —  —  —  667  667  
Stock-based compensation
—  0.1  —  7  —  —  7  
Issuance of preferred stock, net of offering cost
557  —  —  —  —  —  557  
Issuance of common stock, net of offering cost
—  26.7  1  438  —  —  439  
Repurchase of common stock
—  (12.2) —  (147) —  —  (147) 
Preferred dividends declared
—  —  —  —  (46)