On Oct 20, 2025, AGNC Investment Corp. announced its third‑quarter 2025 financial results. The company reported revenue of $836 million, up 122% year‑over‑year, and GAAP earnings of $0.72 per share, 31.5% above consensus. Economic return on tangible common equity rose to 10.6%.
Dividends for the quarter totaled $0.36 per share, while tangible net book value per share increased by $0.47 to $8.28, a 6.0% quarterly gain. Net spread and dollar roll income reached $0.35 per share. The company raised $345 million of Series H preferred stock and issued over $300 million of common stock at a premium to book value. At quarter‑end, tangible net book value at risk leverage stood at 7.6× and the firm held $7.2 billion of unencumbered cash and Agency MBS, representing 66% of tangible equity.
Management highlighted the favorable spread environment and the firm’s position as the largest levered Agency MBS REIT. CEO Peter Federico noted that mortgage‑backed securities outperformed Treasuries for five consecutive months and that the company’s 10.6% economic return reflects tighter mortgage spreads. CFO Bernice Bell emphasized the firm’s robust liquidity and the continued support for its constructive outlook on Agency MBS.
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