AGNC Investment Corp. Q3 2024: Assets $62.3B, Net Income $1.53B

TL;DR

AGNC Q3: Assets $62.3B, Liabilities $49.6B. Net income down YoY to $1.53B. EPS $4.33.

AI Summary

AGNC Investment Corp. reported its Q3 2024 results, with total assets of $62.331 billion and total liabilities of $49.575 billion. The company's net income for the nine months ended September 30, 2024, was $1.530 billion, compared to $1.688 billion for the same period in 2023. Earnings per share were $4.332 for the nine months ended September 30, 2024.

Why It Matters

This filing provides insight into the financial health and performance of AGNC Investment Corp., a significant player in the real estate investment trust sector, impacting investors and the broader mortgage market.

Risk Assessment

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

Key Numbers

• $62.331B — Total Assets (As of September 30, 2024)
• $49.575B — Total Liabilities (As of September 30, 2024)
• $1.530B — Net Income (Nine months ended September 30, 2024)
• $1.688B — Net Income (Nine months ended September 30, 2023)
• $4.332 — Earnings Per Share (Nine months ended September 30, 2024)

Key Players & Entities

• AGNC Investment Corp. (company) — Filer
• 20240930 (date) — Period of Report
• $62.331 billion (dollar_amount) — Total Assets
• $49.575 billion (dollar_amount) — Total Liabilities
• $1.530 billion (dollar_amount) — Net Income (9 months ended Sep 30, 2024)
• $1.688 billion (dollar_amount) — Net Income (9 months ended Sep 30, 2023)
• $4.332 (dollar_amount) — Earnings Per Share (9 months ended Sep 30, 2024)

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share AGNC The Nasdaq Global Select
• $0 — uding pledged securities of $ 1,612 and $0, respectively) 1,706 — Receivable und

Filing Documents

• agnc-20240930.htm (10-Q) — 2881KB
• agncexhibit3119302410-q.htm (EX-31.1) — 12KB
• agncexhibit3129302410-q.htm (EX-31.2) — 12KB
• agncexhibit329302410-q.htm (EX-32) — 9KB
• agnc-20240930_g1.jpg (GRAPHIC) — 644KB
• 0001423689-24-000076.txt ( ) — 16086KB
• agnc-20240930.xsd (EX-101.SCH) — 104KB
• agnc-20240930_cal.xml (EX-101.CAL) — 51KB
• agnc-20240930_def.xml (EX-101.DEF) — 743KB
• agnc-20240930_lab.xml (EX-101.LAB) — 952KB
• agnc-20240930_pre.xml (EX-101.PRE) — 897KB
• agnc-20240930_htm.xml (XML) — 2881KB

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) September 30, 2024 December 31, 2023 (Unaudited) Assets: Agency securities, at fair value (including pledged securities of $ 62,331 and $ 49,575 , respectively) $ 67,938 $ 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 $ 588 and $ 678 , respectively) 620 723 Non-Agency securities, at fair value, and other mortgage credit investments (including pledged securities of $ 224 and $ 262 , respectively) 334 351 U.S. Treasury securities, at fair value (including pledged securities of $ 2,527 and $ 1,530 , respectively) 2,570 1,540 Cash and cash equivalents 507 518 Restricted cash 1,279 1,253 Derivative assets, at fair value 157 185 Receivable for investment securities sold (including pledged securities of $ 1,612 and $0, respectively) 1,706 — Receivable under reverse repurchase agreements 13,494 11,618 Goodwill 526 526 Other assets 353 1,088 Total assets $ 89,590 $ 71,596 Liabilities: Repurchase agreements $ 65,979 $ 50,426 Debt of consolidated variable interest entities, at fair value 69 80 Payable for investment securities purchased 324 210 Derivative liabilities, at fair value 53 362 Dividends payable 134 115 Obligation to return securities borrowed under reverse repurchase agreements, at fair value 13,009 10,894 Other liabilities 366 1,252 Total liabilities 79,934 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; 844.2 and 694.3 shares issued and outstanding, respectively 8 7 Additional paid-in capital 16,746 15,281 Retained deficit ( 8,320 ) ( 8,148 ) Accumulated other comprehensive loss ( 412 ) ( 517 ) Total stockholders' equity 9,656 8,257 Total

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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