AGNC Investment Corp. Q2 2024: Assets $55B, Net Income $647M

TL;DR

**AGNC Q2: $55B Assets, $647M Profit. Still a REIT giant.**

AI Summary

AGNC Investment Corp. reported its second quarter 2024 results, ending June 30, 2024. The company's total assets were $54.999 billion, with total liabilities at $49.575 billion. Net income for the period was $647 million, and earnings per share were $0.01. The company also reported $2.319 billion in net interest income.

Why It Matters

This filing provides insight into AGNC's financial health and performance in the second quarter of 2024, which can impact investor confidence and its ability to manage its substantial real estate investment portfolio.

Risk Assessment

Risk Level: medium — AGNC operates in the real estate investment trust sector, which is sensitive to interest rate fluctuations and market conditions, posing inherent risks.

Key Numbers

• $54.999B — Total Assets (As of June 30, 2024)
• $49.575B — Total Liabilities (As of June 30, 2024)
• $647M — Net Income (For the quarter ended June 30, 2024)
• $0.01 — Earnings Per Share (For the quarter ended June 30, 2024)
• $2.319B — Net Interest Income (For the period ended June 30, 2024)

Key Players & Entities

• AGNC Investment Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $54,999 (dollar_amount) — Total assets
• $49,575 (dollar_amount) — Total liabilities
• $647 (dollar_amount) — Net income
• $0.01 (dollar_amount) — Earnings per share
• $2,319 (dollar_amount) — Net interest income

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share AGNC The Nasdaq Global Select

Filing Documents

• agnc-20240630.htm (10-Q) — 2879KB
• agncexhibit146302410-q.htm (EX-14) — 83KB
• agncexhibit3116302410-q.htm (EX-31.1) — 12KB
• agncexhibit3126302410-q.htm (EX-31.2) — 12KB
• agncexhibit326302410-q.htm (EX-32) — 9KB
• agnc-20240630_g1.jpg (GRAPHIC) — 644KB
• 0001423689-24-000058.txt ( ) — 16047KB
• agnc-20240630.xsd (EX-101.SCH) — 102KB
• agnc-20240630_cal.xml (EX-101.CAL) — 51KB
• agnc-20240630_def.xml (EX-101.DEF) — 721KB
• agnc-20240630_lab.xml (EX-101.LAB) — 944KB
• agnc-20240630_pre.xml (EX-101.PRE) — 873KB
• agnc-20240630_htm.xml (XML) — 2885KB

Financial Statements

Financial Statements 2 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 47 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 48

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AGNC INVESTMENT CORP. CONSOLIDATED BALANCE SHEETS (in millions, except per share data) June 30, 2024 December 31, 2023 (Unaudited) Assets: Agency securities, at fair value (including pledged securities of $ 54,999 and $ 49,575 , respectively) $ 59,586 $ 53,673 Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities) 106 121 Credit risk transfer securities, at fair value (including pledged securities of $ 647 and $ 678 , respectively) 683 723 Non-Agency securities, at fair value, and other mortgage credit investments (including pledged securities of $ 213 and $ 262 , respectively) 317 351 U.S. Treasury securities, at fair value (including pledged securities of $ 2,319 and $ 1,530 , respectively) 2,441 1,540 Cash and cash equivalents 530 518 Restricted cash 1,376 1,253 Derivative assets, at fair value 131 185 Receivable under reverse repurchase agreements 13,662 11,618 Goodwill 526 526 Other assets 327 1,088 Total assets $ 79,685 $ 71,596 Liabilities: Repurchase agreements $ 56,947 $ 50,426 Debt of consolidated variable interest entities, at fair value 71 80 Payable for investment securities purchased 208 210 Derivative liabilities, at fair value 64 362 Dividends payable 125 115 Obligation to return securities borrowed under reverse repurchase agreements, at fair value 13,248 10,894 Other liabilities 370 1,252 Total liabilities 71,033 63,339 Stockholders' equity: Preferred Stock - aggregate liquidation preference of $ 1,688 1,634 1,634 Common stock - $ 0.01 par value; 1,500 shares authorized; 766.1 and 694.3 shares issued and outstanding, respectively 8 7 Additional paid-in capital 15,960 15,281 Retained deficit ( 8,338 ) ( 8,148 ) Accumulated other comprehensive loss ( 612 ) ( 517 ) Total stockholders' equity 8,652 8,257 Total liabilities and stockholders' equity $ 79,685 $ 71,596 See accompanying notes to consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1. Organization AGNC Investment Corp. (referred throughout this report as the "Company," "we," "us" and "our") was organized in Delaware on January 7, 2008 and commenced operations on May 20, 2008 following the completion of our initial public offering. Our common stock is traded on The Nasdaq Global Select Market under the symbol "AGNC." We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S. We invest primarily in Agency residential mortgage-backed securities ("Agency RMBS") for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise ("GSE") or a U.S. Government agency. We also invest in other types of mortgage and mortgage-related securities, such as credit risk transfer ("CRT") securities and non-Agency residential and commercial mortgage-backed securities ("non-Agency RMBS" and "CMBS," respectively), where repayment of principal and interest is not guaranteed by a GSE or U.S. Government agency, and other assets related to the housing, mortgage or real estate markets. We fund our investments primarily through collateralized borrowings structured as repurchase agreements. We operate to qualify to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). As a REIT, we are required to distribute annually 90 % of our taxable income, and we will generally not be subject to U.S. federal or state corporate income tax to the extent that we distribute our annual taxable income to our stockholders on a timely basis. It is our intention to distribute 100 % of our taxable income within the time limits prescribed by the Internal Revenue Code, which may extend into the subsequent tax year. We are internally managed with the principal objective of generatin

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