AGNC Investment reports Q3 EPS (68c), consensus 62c

Reports Q3 ($1.02) comprehensive loss per common share, comprised of (68c) net loss per common share; and (34c) other comprehensive loss per common share on investments marked-to-market through OCI. Reports Q3 tangible net book value per common share $8.08 as of September 30, a decrease of 14.0% for the quarter compared to $9.39 per share as of June 30. “A complex set of domestic and global factors, including heightened geopolitical risks, Treasury supply concerns, and an approaching inflection point in the Federal Reserve’s monetary policy, drove the significant volatility and underperformance in the Treasury and other fixed income markets,” said Peter Federico, the Company’s President and CEO. “In environments in which Treasury securities experience considerable price instability and the market struggles to find a new equilibrium, Agency MBS typically underperform, which was indeed the case in the third quarter. As challenging as this period has been for all bond market participants, the current opportunity for both levered and unlevered investments in Agency MBS remains historically attractive on both an absolute and relative basis. Once the uncertainties associated with the current market environment subside, we believe that a durable and attractive investment environment will emerge.”