AGNC Investment Swings To Profit In Q4

(RTTNews) - AGNC Investment Corp. (AGNC) Monday reported fourth-quarter net income of $381 million or $0.57 per share, compared net loss of $423 million or $0.68 per share last year.

Net interest income was an expense of $26 million compared to $53 million last year.

"The fourth quarter of 2023 illustrated the importance of our active portfolio management strategy, as AGNC generated a very favorable 12.1% economic return despite significant intra-quarter volatility," said Peter Federico, the Company's President and Chief Executive Officer. "Over the last two years, the Federal Reserve has engineered one of the most aggressive tightening campaigns ever experienced, increasing the Federal Funds rate by 5.25% while simultaneously reducing its balance sheet by $1.3 trillion. Despite this challenging fixed income environment, AGNC generated a positive economic return of 3.0% in 2023, produced a total stock return of 10.0%, and, importantly, provided shareholders with a stable and compelling monthly dividend."