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American Capital Agency Corp. Message Board

  • xxavatarxx xxavatarxx Nov 6, 2012 4:24 PM Flag

    TWO Earnings

    Yup, they were next on deck.
    On the surface.. looking good.
    I think that book jump takes the cake.. that is the highest I have seen at 15.1%.

    • The company reported Comprehensive Income of $524.4 million, or $1.94 per diluted weighted average
    common share.
    • Book value increased 15.1% to $11.44 per diluted common share at September 30, 2012, due primarily to
    strong appreciation in the company's Agency and non-Agency RMBS holdings, net of hedges.
    • The Agency RMBS portfolio, inclusive of IIOs, experienced a low and stable three-month average Constant
    Prepayment Rate (CPR) of 6%, which contributed to the RMBS portfolio's aggregate yield of 4.2%.
    • The company reported Core Earnings of $84.4 million, or $0.31 per diluted weighted average common
    share. Third quarter Core Earnings were impacted by timing of the capital deployment from the company's
    July 2012 capital raise and lower yields on the company's Agency RMBS securities acquired in recent
    months.
    • The company declared a dividend of $0.36 per common

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    • That explains why NLY hit a new intraday 52-week low today.

    • Impressive that investment yield was only down 40 basis to 4.2%, Agency fell only 20 basis to 3.1% and non-agency held at 9.6%.

      Leverage was difficult to determine but looks like remained about the same.

      SPO of 57.5 million, leveraged and bought 3.7 billion in agency and 500 million in non-agency. With the SPO, TWO increased total agency holdings to 83%, up from 81% 2Q.

      CPR increase only slightly 40 basis to 6.0 %. Non-agency CPR was only 3.0%

      Core earnings down only slightly to 31 cents from 35 cents.

      Comprehensive Income was the story increasing to 1.94 from .66 the prior quarter. That included 1.80 unrealized gain on investments loss of 26 cents on hedges (and a core of 31 cents).

      The appreciation of the portfolio increased book 15% to 11.44 from 9.94 2Q. (NLY was 2%)

      Dividend 36 cents.

      Looks like plenty of undistributed taxable income!

    • This is really good to. 6% CPR... Portfolio is 108.2% of par.

      **************************
      The company experienced a three-month average CPR of 6.0% for Agency RMBS securities and Agency
      Derivatives held as of September 30, 2012, comparable to the prior quarter. The weighted average cost basis of the
      Agency portfolio was 108.2% of par as of September 30, 2012

 
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