Summary by Futu AI
AGNC Investment Corp reported a net loss of $48 million, or $0.11 per share, for Q2 2024, compared to net income of $286 million in Q2 2023. The company's net book value per common share decreased to $9.09 from $9.46 at year-end 2023, resulting in an economic return of -0.9% for the quarter. Total investment portfolio grew to $66.0 billion from $60.2 billion at year-end.Net spread and dollar roll income was $0.53 per share for Q2 2024, down from $0.58 in Q1 2024, primarily due to higher swap costs. The company maintained a significant interest rate hedge position covering 98% of its investment securities repo and other debt. Average asset yield increased to 4.69% from 3.89% year-over-year, while average cost of funds rose to 2.00% from 0.63%.The company raised $434 million through common stock issuance during Q2 at an average price of $9.49 per share. Tangible net book value "at risk" leverage increased to 7.4x from 7.1x in Q1 2024. AGNC maintained strong liquidity with $5.3 billion in unencumbered assets, representing 65% of tangible stockholders' equity. The company declared dividends of $0.36 per common share for the quarter.
