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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.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Achieved a 10.6% economic return on tangible common equity for Q3 2025, driven by strong Agency MBS/RMBS performance, book value appreciation, and favorable market conditions, including Fed policy shifts and improved fiscal outlook.
Comprehensive income was $0.78 per common share, with tangible net book value per share rising to $8.28, and a declared dividend of $0.36 per share.
The investment portfolio grew to $90.8B, primarily in 30-year fixed-rate Agency MBS and TBA securities, with full deployment of raised capital.
Dividend yield remained high at 14.7%, supported by robust earnings and book value gains.
Management remains optimistic about Agency MBS, citing improved spreads, balanced supply-demand, and supportive policy developments.
Financial highlights
Net income available to common stockholders was $764M for Q3 2025, with comprehensive income of $825M, both rebounding sharply from prior quarters.
Net spread and dollar roll income per share was $0.35, down from $0.38 in Q2 2025.
Net interest income was $148M, with interest income of $903M and interest expense of $755M.
Tangible net book value per share increased by $0.47 sequentially.
Unencumbered cash and Agency MBS stood at $7.2B, representing 66% of tangible equity.
Outlook and guidance
Management expects lower funding costs from Fed rate cuts, full capital deployment, and swap-based hedges to provide a moderate tailwind to net spread and dollar roll income.
Robust bond fund inflows and increased bank demand for Agency MBS are anticipated as regulatory reforms are implemented.
Dividend sustainability is supported by current ROE levels aligning with the cost of capital, despite recent spread tightening.
GSE reform discussions and positive policy trends are expected to support mortgage market stability.
The Fed’s planned conclusion of securities portfolio reduction and potential repo market reforms are expected to strengthen funding markets.
Q3 hedge ratio decline and strategy shift
Q3 cost of funds increase drivers?
Prepayment risk management strategy?
Hedge ratio decrease: What's the $0.05 tailwind?
Refi speeds: How do tech and policy impact?
Preferred stock: What's optimal capital mix?
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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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