# AGNC – Nasdaq – Q2 2025 Financial Results
**Release Date: July 21, 2025**
AGNC Investment Corp. (Nasdaq: AGNC) has announced its financial results for the second quarter of 2025. Below is a summary of the key points from the report:
## Financial Highlights
– **Comprehensive Loss Per Common Share:**
– $(0.13)
– **Net Loss Per Common Share:** $(0.17)
– **Other Comprehensive Income (OCI) Per Common Share:** $0.05
– **Net Spread and Dollar Roll Income Per Common Share:**
– $0.38
– Excluding $0.01 per common share of estimated catch-up premium amortization benefit.
– **Tangible Net Book Value Per Common Share:**
– $7.81 as of June 30, 2025
– Decreased by $(0.44), or **-5.3%**, from $8.25 as of March 31, 2025.
– **Dividends Declared:**
– $0.36 per common share for the second quarter.
– **Economic Return on Tangible Common Equity:**
– -1.0% for the quarter, consisting of $0.36 dividends and a $(0.44) decrease in tangible net book value.
## Other Highlights
– **Investment Portfolio Value:**
– $82.3 billion as of June 30, 2025.
– **Agency MBS:** $73.3 billion
– **Net Forward Purchases/Sales of Agency MBS:** $8.3 billion
– **Credit Risk Transfer and Non-Agency Securities:** $0.7 billion
– **Tangible Net Book Value “At Risk” Leverage:**
– 7.6x as of June 30, 2025.
– **Liquidity Position:**
– Unencumbered cash and Agency MBS of $6.4 billion, representing **65%** of the company’s tangible equity.
– **Average Projected Portfolio Life CPR:**
– 7.8% as of June 30, 2025, decreased from **8.3%** as of March 31, 2025.
– Actual portfolio CPR for the quarter was **8.7%**, up from **7.0%** for the prior quarter.
– **Annualized Net Interest Spread:**
– 2.01%, down from **2.12%** for the previous quarter.
– **At-the-Market Offerings:**
– Issued 92.6 million shares of common equity for net proceeds of $799 million.
## Management Commentary
– Peter Federico, CEO, noted significant financial market volatility, leading to a negative economic return of -1.0% due to wider mortgage spreads.
– Bernice Bell, CFO, highlighted the company’s strong liquidity position and continuation of opportunistic asset acquisitions.
## Comprehensive Income (Loss)
– **Net Loss for Quarter:** $(274) million, or $(0.27) per common share (compared to a previous quarter loss of $(81) million).
– Breakdown of net loss included:
– $(177) million of net realized losses on sales of investment securities.
– $270 million of net unrealized gains on investment securities.
## Dividend Declaration
– AGNC declared a quarterly dividend of **$0.36** per common share for the second quarter, maintaining consistency with previous dividend payments.
## Conclusion
AGNC’s second quarter results reflect a challenging environment characterized by wider mortgage spreads and a decline in tangible net book value. However, the company maintains a robust liquidity position and has continued the practice of returning value to shareholders through dividends.
For further information, AGNC will hold a stockholder call on July 22, 2025, and encourages interested parties to participate.
| Assets | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
|---|---|---|---|---|---|
| Agency securities, at fair value (including pledged securities of $67,375, $63,275, $59,952, $62,331 and $54,999, respectively) | $73,232 | $70,363 | $65,367 | $67,938 | $59,586 |
| Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities) | 91 | 95 | 97 | 106 | 106 |
| Credit risk transfer securities, at fair value (including pledged securities of $558, $595, $590, $588 and $647, respectively) | 613 | 640 | 633 | 620 | 683 |
| Non-Agency securities, at fair value, and other mortgage credit investments (including pledged securities of $30, $173, $206, $224 and $213, respectively) | 109 | 290 | 315 | 334 | 317 |
| U.S. Treasury securities, at fair value (including pledged securities of $3,554, $3,268, $1,565, $2,527 and $2,319, respectively) | 3,565 | 3,280 | 1,575 | 2,570 | 2,441 |
| Cash and cash equivalents | 656 | 455 | 505 | 507 | 530 |
| Restricted cash | 1,216 | 1,263 | 1,266 | 1,279 | 1,376 |
| Derivative assets, at fair value | 155 | 98 | 205 | 157 | 131 |
| Receivable for investment securities sold (including pledged securities of $0, $908, $0, $1,612 and $0, respectively) | — | 909 | — | 1,706 | — |
| Receivable under reverse repurchase agreements | 21,362 | 17,604 | 17,137 | 13,494 | 13,662 |
| Goodwill | 526 | 526 | 526 | 526 | 526 |
| Other assets | 496 | 366 | 389 | 353 | 327 |
| Total assets | $102,021 | $95,889 | $88,015 | $89,590 | $79,685 |
| Liabilities: | |||||
| Repurchase agreements | $69,153 | $66,138 | $60,798 | $65,979 | $56,947 |
| Debt of consolidated variable interest entities, at fair value | 60 | 62 | 64 | 69 | 71 |
| Payable for investment securities purchased | 392 | 1,843 | 74 | 324 | 208 |
| Derivative liabilities, at fair value | 106 | 70 | 94 | 53 | 64 |
| Dividends payable | 164 | 148 | 143 | 134 | 125 |
| Obligation to return securities borrowed under reverse repurchase agreements, at fair value | 21,305 | 17,180 | 16,676 | 13,009 | 13,248 |
| Accounts payable and other liabilities | 494 | 406 | 404 | 366 | 370 |
| Total liabilities | 91,674 | 85,847 | 78,253 | 79,934 | 71,033 |
| Stockholders’ equity: | |||||
| Preferred Stock – aggregate liquidation preference of $1,688 | 1,634 | 1,634 | 1,634 | 1,634 | 1,634 |
| Common stock – $0.01 par value; 1,041.7, 949.0, 897.4, 844.2 and 766.1 shares issued and outstanding, respectively | 10 | 9 | 9 | 8 | 8 |
| Additional paid-in capital | 18,575 | 17,769 | 17,264 | 16,746 | 15,960 |
| Retained deficit | -9,422 | -8,872 | -8,554 | -8,320 | -8,338 |
| Accumulated other comprehensive loss | -450 | -498 | -591 | -412 | -612 |
| Total stockholders’ equity | 10,347 | 10,042 | 9,762 | 9,656 | 8,652 |
| Total liabilities and stockholders’ equity | $102,021 | $95,889 | $88,015 | $89,590 | $79,685 |
| Tangible net book value per common share | $7.81 | $8.25 | $8.41 | $8.82 | $8.40 |
| Interest income | Three Months Ended June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 |
|---|---|---|---|---|---|
| Interest income | $830 | $846 | $856 | $756 | $695 |
| Interest expense | 668 | 687 | 741 | 820 | 698 |
| Net interest income (expense) | 162 | 159 | 115 | -64 | -3 |
| Other gain (loss), net: | |||||
| Realized gain (loss) on sale of investment securities, net | -177 | -245 | -88 | 106 | -115 |
| Unrealized gain (loss) on investment securities measured at fair value through net income, net | 270 | 1,183 | -1,895 | 1,742 | -261 |
| Loss (gain) on derivative instruments and other securities, net | -367 | -1,019 | 2,022 | -1,408 | 355 |
| Total other gain (loss) | -274 | -81 | 39 | 440 | -21 |
| Expense: | |||||
| Compensation and benefits | 18 | 19 | 22 | 21 | 15 |
| Other operating expense | 10 | 9 | 10 | 9 | 9 |
| Total operating expense | 28 | 28 | 32 | 30 | 24 |
| Net income (loss) | -140 | 50 | 122 | 346 | -48 |
| Dividend on preferred stock | 38 | 35 | 36 | 33 | 32 |
| Net income (loss) available to common stockholders | -178 | 15 |
