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AGNC Investment (AGNC) investor relations material

AGNC Investment Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Achieved a 10.6% economic return in Q3 2025, driven by robust market performance, improved investor sentiment, and a less restrictive Fed policy.

  • Tangible net book value per share rose to $8.28, up 6% from the prior quarter, with comprehensive income of $0.78 per share.

  • Declared $0.36 in dividends per share, with a dividend yield of 14.7%.

  • Investment portfolio grew to $90.8B, with 95% in 30-year fixed-rate Agency MBS and TBA securities.

  • Agency MBS outperformed U.S. Treasuries for five consecutive months, supported by tighter spreads and favorable regulatory outlook.

Financial highlights

  • Net income available to common stockholders was $764M, with comprehensive income of $825M for Q3 2025.

  • Net spread and dollar roll income was $0.35 per share, mainly due to lower swap income and timing mismatches.

  • Net interest income was $148M, with interest income of $903M and interest expense of $755M.

  • Economic return on tangible common equity included $0.36 in dividends and a $0.47 increase in tangible net book value per share.

  • Unencumbered cash and Agency MBS stood at $7.2B, representing 66% of tangible equity.

Outlook and guidance

  • Management expects a constructive environment for Agency MBS, citing manageable supply, solid demand, and stable financing markets.

  • Anticipates moderate tailwinds to net spread and dollar roll income from lower funding costs and full capital deployment.

  • Expects robust bond fund inflows and potential increased bank demand for agency MBS as regulatory reforms are implemented.

  • Dividend sustainability and return on equity remain well aligned, with expected ROEs for current coupon mortgages in the 16–18% range.

  • GSE reform discussions are trending positively, supporting mortgage market stability.

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Frequently asked questions

AGNC Investment Corp invests in agency residential mortgage-backed securities (RMBS) on a leveraged basis; and non-agency RMBS, as well as markets its investment portfolios in the secondary market. The company qualifies to be taxed as a REIT under the Internal Revenue Code. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholder.

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