American Capital beats estimates; grows book value

|By:, SA News Editor

Economic net income of $1.18 per share, with $0.71 net spread and dollar roll income vs. expectations of $0.68. Q1 dividend was $0.65.

Book value per share of $24.49 after $0.65 dividend is up from $23.93 at the end of last year.

Size of agency MBS portfolio is $70.5B, up from $68.2B at the end of last year. $352M invested in other mortgage REITs - produced $49M, or $0.14 per share gain from dividends and appreciation during Q.

7.6x "at risk" leverage as of the March 31 vs. 7.5x at end of 2013.

Portfolio CPR of 7% down from 8% a quarter ago. Adjusted net interest spread of 1.59% is up 17 basis points.

3.4M shares repurchased - 1% of the float - during quarter at average price of $22.10. Since the end of 2012, company has repurchased 46.3M shares, or 12% of the float.

CIO Kain: "We remain optimistic ... To this point, April has been a very good month."

CC tomorrow at 11 ET

Previously: American Capital Agency Corp. EPS of -$0.41

AGNC flat AH