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AGNC Investment (AGNC) investor relations material
AGNC Investment Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Reported a comprehensive loss of $(0.13) per common share for Q2 2025, with an economic return of -1.0% and tangible net book value per share declining to $7.81 from $8.25.
Net spread and dollar roll income was $0.38 per share, while $0.36 per share was declared in dividends.
Raised $799 million in accretive capital through ATM offerings, with less than half deployed by quarter-end, mainly into higher-coupon specified pools.
Investment portfolio grew to $82.3 billion, primarily in 30-year fixed-rate Agency MBS, with a weighted average coupon of 5.13%.
Dividend yield stood at 15.7% as of June 30, 2025.
Financial highlights
Net loss attributable to common stockholders was $(178) million for Q2 2025; comprehensive loss was $(130) million.
Net interest income was $162 million for Q2 2025.
Tangible net book value per share decreased by $0.44 sequentially.
Leverage increased to 7.6x tangible equity at quarter end, with average leverage for the quarter at 7.5x.
Unencumbered cash and Agency MBS stood at $6.4 billion, representing 65% of tangible equity.
Outlook and guidance
Management maintains a favorable outlook for levered and hedged Agency MBS, expecting high-teen ROEs and stable or improving spreads.
Anticipates increased bank and foreign investor demand for Agency MBS as regulatory changes take effect and supply dynamics improve.
Portfolio and hedging strategies will remain dynamic in response to market conditions; duration gap at quarter-end was 0.2 years.
Net spread and dollar roll income expected to remain in the mid-to-high $0.30s to low $0.40s per share.
Confident in ability to operate with current or slightly higher leverage, given strong liquidity and risk management.
Explain the drivers of Q2's -1.0% economic return.
How will regulatory changes impact bank MBS?
Detail the composition of the $82.3B portfolio.
How did GSE reform affect Agency MBS credit quality?
Assess the optimal timing for ATM stock issuances.
Explain the drivers behind the lifetime CPR decline.
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Next AGNC Investment earnings date
Q3 202521 Oct, 2025
Next AGNC Investment earnings date
Q3 202521 Oct, 2025
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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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