Didn't they sell off some of their sponsored debt investments to third parties early 1st q. I think they sold 850 million in debt so that would probably explain why the drop in interest payments. Check the news release from Jan 14 where they did all those refi's for their portfolio companies.
I think the management fees to to American Capital Asset Management, which is a separate entity from ACAS; which is perhaps why the fair value of ACAM appreciated so much? Then again, I recall from GAAP that if a company owns majority shares in another company, they have to consolidate the earnings. But if that is the case, then where did the increased valuation come from?
In Q4, Dividend Income from the LLC was only $21M, so earnings from AGNC and MTGE are still a minor portion of total revenues. Q4 had interest non accrual adjustments of a positive $13M, which will likely be negative in Q1 when the Shareholder presentation is released due to the new non accruing debt. On top of that, dividends were $38M in Q4, which was way higher than normal amounts, so that likely decreased significantly in Q1, which all led to a lower revenue amount, which was to be expected.