Quarterly Results – Fourth Quarter 2025
For the quarter ended December 31, 2025, AGNC Investment Corp reported total comprehensive income of $0.89 per common share composed of net income of $0.83 per share and $0.06 per share of other comprehensive income from investments marked to market. Net spread and dollar roll income for the quarter was $0.35 per common share excluding estimated catch-up premium amortization. Tangible net book value per common share increased to $8.88 compared with $8.28 in the prior quarter. AGNC declared $0.36 in common stock dividends for the quarter. Economic return on tangible common equity for the period was 11.6%, combining dividends and the increase in tangible net book value.
At quarter end, AGNC’s investment portfolio totaled $94.8 billion, consisting of Agency mortgage-backed securities (MBS), to-be-announced (TBA) positions and credit risk transfer and non-Agency exposures. Tangible net book value “at risk” leverage was reported at 7.2 times tangible equity and the company held unencumbered cash and Agency MBS of $7.6 billion.
Revenue and Profit Growth (Quarterly)
For the fourth quarter, the company reported revenue components associated with mortgage-backed securities and related income, with net spread and dollar roll income indicating a continuation of core mortgage investment activities. On a year-over-year basis, annualized net interest spread for the quarter was 1.81%. AGNC declared dividends totaling $0.36 per common share for Q4 2025.
Full-Year 2025 Results
For the full fiscal year ending December 31, 2025, AGNC Investment Corp reported comprehensive income of $1.74 per common share, including net income of $1.47 per share and $0.27 per share of other comprehensive income. Net spread and dollar roll income for the full year was $1.50 per common share. The company declared $1.44 in dividends per common share for the year. Economic return on tangible common equity for 2025 was 22.7%, comprised of total dividends and an increase in tangible net book value relative to the prior year. Total stock return for 2025 was reported at 34.8%, incorporating share price movement and dividends.
Segment Highlights
Agency MBS and TBA Securities: The bulk of AGNC’s investment portfolio, including fixed-rate and forward positions, comprised Agency MBS and related securities, accounting for most portfolio assets.
Net Spread and Dollar Roll Income: Net spread and dollar roll income remained a key performance indicator for the company’s core mortgage investing activity.
Liquidity and Leverage: AGNC maintained a leverage ratio measured against tangible net book value, with significant unencumbered liquidity in cash and Agency securities.
Dividend
The company declared quarterly dividends totaling $0.36 per common share in the fourth quarter, paid in three installments of $0.12 per share to stockholders of record at the end of October, November, and December 2025.
From its May 2008 initial public offering through the fourth quarter of 2025, the company has declared $15.5 billion in common stock dividends, equal to $50.08 per common share.
The company also published the tax characteristics of 2025 distributions for common and preferred stock dividends on its website.
Market Reaction
AGNC’s stock performance on the day of the earnings release reflected these results with share price volatility accompanied by broader mortgage REIT sector trends.