--- title: "AGNC INVESTMENT CORP DEP SHS REPSTG 1/1000TH PFD SER H | 8-K: FY2025 Q4 Revenue: USD 944 M" type: "news" locale: "en" url: "https://longbridge.com/en/news/273746503.md" published_at: "2026-01-26T21:07:47.000Z" --- # AGNC INVESTMENT CORP DEP SHS REPSTG 1/1000TH PFD SER H | 8-K: FY2025 Q4 Revenue: USD 944 M Revenue: As of FY2025 Q4, the actual value is USD 944 M. EPS: As of FY2025 Q4, the actual value is USD 0.83. EBIT: As of FY2025 Q4, the actual value is USD -41 M. #### Comprehensive Income - For the fourth quarter of 2025, comprehensive income per common share was $0.89, consisting of $0.83 net income per common share and $0.06 other comprehensive income (OCI) per common share on investments marked-to-market through OCI . - For the full year 2025, comprehensive income per common share was $1.74, including $1.47 net income per common share and $0.27 OCI per common share . - Total comprehensive income for the full year 2025 was $1,938 million . - Comprehensive income available to common stockholders for the full year 2025 was $1,777 million . #### Net Spread and Dollar Roll Income - Net spread and dollar roll income per common share for the fourth quarter was $0.35, excluding -$0.01 per common share of estimated “catch-up” premium amortization cost due to a change in projected constant prepayment rate (CPR) estimates . - For the full year, net spread and dollar roll income per common share was $1.50, excluding -$0.01 per common share of estimated “catch-up” premium amortization cost . #### Tangible Net Book Value - Tangible net book value per common share was $8.88 as of December 31, 2025 . - This represents an increase of $0.60 per common share, or 7.2%, from $8.28 per common share as of September 30, 2025 . - The tangible net book value of $8.88 per share of common stock as of December 31, 2025, excludes $526 million, or $0.47 per common share, of goodwill . #### Dividends - Dividends declared per common share for the fourth quarter totaled $0.36 . - Dividends declared per common share for the full year totaled $1.44 . #### Economic Return on Tangible Common Equity - Economic return on tangible common equity for the fourth quarter was 11.6%, comprising $0.36 dividends per common share and a $0.60 increase in tangible net book value per common share . - For the full year, the economic return on tangible common equity was 22.7%, comprised of $1.44 dividends per common share and a $0.47 increase in tangible net book value per common share, or 5.6%, from $8.41 per common share as of December 31, 2024 . #### Investment Portfolio - The investment portfolio totaled $94.8 billion as of December 31, 2025 . - It was comprised of $81.1 billion Agency mortgage-backed securities (Agency MBS), $13.0 billion net forward purchases/(sales) of Agency MBS in the “to-be-announced” market (TBA securities), and $0.7 billion credit risk transfer (CRT) and non-Agency securities and other mortgage credit investments . - The portfolio included $94.1 billion of Agency MBS and TBA securities, with $90.5 billion in fixed-rate securities and $3.6 billion of collateralized mortgage obligations (CMOs), adjustable-rate, and other Agency securities . - 30-year fixed-rate Agency MBS and TBA securities represented 95% of the Company’s investment portfolio as of December 31, 2025, unchanged from September 30, 2025 . - The weighted average coupon for fixed-rate Agency MBS and TBA securities was 5.12% as of December 31, 2025, slightly down from 5.14% as of September 30, 2025 . - The fair value of AGNC INVESTMENT CORP.’s investment portfolio was $94.8 billion as of December 31, 2025, inclusive of net forward purchases and sales of Agency mortgage-backed securities in the “to-be-announced” (TBA) market . #### Leverage - Tangible net book value “at risk” leverage was 7.2x as of December 31, 2025 . - The average tangible net book value “at risk” leverage for the fourth quarter was 7.4x . #### Liquidity - Unencumbered cash and Agency MBS totaled $7.6 billion as of December 31, 2025, representing 64% of the Company’s tangible equity . - Cash and unencumbered Agency MBS totaled $7.6 billion as of December 31, 2025 . #### Constant Prepayment Rate (CPR) - The average projected portfolio life CPR was 9.6% as of December 31, 2025 . - The actual portfolio CPR for the fourth quarter was 9.7% . - Net premium amortization cost was -$51 million, or -$0.05 per common share, for the fourth quarter, including -$7 million, or -$0.01 per common share, in “catch-up” premium amortization cost . #### Net Interest Spread - The annualized net interest spread for the fourth quarter was 1.81% . - The Company’s average asset yield on its investment portfolio (excluding TBA position) was 4.87% for the fourth quarter . - The combined weighted average cost of funds for the fourth quarter was 3.10% . #### Stock Return - Total stock return for the full year 2025 was 34.8% . #### Capital Markets Activity - AGNC INVESTMENT CORP. issued 34.9 million shares of common equity through At-the-Market (ATM) Offerings for net proceeds of $356 million during the fourth quarter . - For the full year, 208.2 million shares of common equity were issued through ATM Offerings for net proceeds of $2.0 billion . - The Company issued $345 million of 8.75% Series H Fixed-Rate preferred equity for the full year . #### Consolidated Statements of Operations (Full Year 2025) - Interest income was $3,523 million . - Interest expense was $2,848 million . - Net interest income was $675 million . - Total other gain (loss), net was $1,122 million . - Total operating expense was $127 million . - Net income was $1,670 million . - Net income available to common stockholders was $1,509 million . #### Outlook / Guidance Management anticipates continued lower interest rate and Agency MBS spread volatility in 2026, creating a favorable investment environment . Recent Agency MBS purchases and market initiatives could further tighten mortgage spreads . These factors, combined with a balanced supply-demand outlook, support an optimistic view for Agency MBS, enabling AGNC Investment Corp. to generate strong risk-adjusted returns and substantial yield for shareholders . ### Related Stocks - [AGNCZ.US - AGNC INVESTMENT CORP DEP SHS REPSTG 1/1000TH PFD SER H](https://longbridge.com/en/quote/AGNCZ.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Is AGNC Investment (AGNC) Attractively Priced After Strong One Year Share Price Performance? | AGNC Investment's share price closed at $11.36, reflecting a 26.0% return over the past year. 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