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Visual22 Oct 2025
Epiroc's cash spent on M&A
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.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.
Q3 hedge ratio decline and strategy shift
Q3 cost of funds increase drivers?
Prepayment risk management strategy?
What drove TNBV increase despite spread compression?
Rationale for reduced hedge coverage this quarter?
Implications of CPR projection vs actual divergence?
Hedge ratio decrease: What's the $0.05 tailwind?
Refi speeds: How do tech and policy impact?
Preferred stock: What's optimal capital mix?
Quantify tailwind from lower hedge ratio
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Next AGNC Investment earnings date
Q4 202527 Jan, 2026
Next AGNC Investment earnings date
Q4 202527 Jan, 2026
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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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