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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 in Q3 2025, driven by robust Agency MBS/RMBS performance, favorable market conditions, and a Fed policy pivot.
Tangible net book value per share rose to $8.28 as of September 30, 2025, up from $7.81 at June 30, 2025.
Comprehensive income was $0.78 per common share for Q3 2025, with $0.36 in dividends declared.
Investment portfolio grew to $90.8B, primarily in 30-year fixed-rate Agency MBS and TBA securities.
Dividend yield remained high at 14.7%.
Financial highlights
Net income available to common stockholders was $764M for Q3 2025, up from a loss of $178M in Q2 2025.
Comprehensive income available to common stockholders was $825M, up from a loss of $130M in the prior quarter.
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.
Outlook and guidance
Management expects lower funding costs from recent and anticipated Fed rate cuts to benefit net spread and dollar roll income.
Full deployment of recently raised capital and a shift toward more swap-based hedges are expected to enhance future earnings.
Robust bond fund inflows, potential regulatory reforms, and GSE reform discussions are likely to sustain or increase demand for Agency MBS.
The Fed’s planned conclusion of securities portfolio reduction and repo market reforms are expected to strengthen funding markets.
Focus remains on agency-guaranteed residential MBS investments paired with attractive funding.
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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