The Company also announced today that in the fourth quarter of 2013, it made open market purchases of approximately 28.2 million shares of American Capital Agency common stock, or 7% of the Company's outstanding shares as of September 30, 2013. The shares were purchased at an average price of $20.82 per share, including expenses, totaling approximately $586 million. Since commencing a buyback program in the fourth quarter of 2012, the Company has purchased approximately 43.0 million shares of American Capital Agency common stock for total consideration of approximately $934 million, including expenses.
American Capital Agency is a real estate investment trust. Co. primarily invests in agency mortgage-backed securities. These investments consist of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by government-sponsored entities, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), or by a U.S. Government agency. Co. may also invest in agency debenture securities issued by Freddie Mac, Fannie Mae or the Federal Home Loan Bank.
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