Financial Performance - Comprehensive income per common share for Q4 2025 was $0.89, consisting of $0.83 net income and $0.06 other comprehensive income [4] - The Company achieved a net income available to common stockholders of $908 million for Q4 2025, compared to $764 million in the prior quarter [37] - The Company recorded a net gain of $789 million in other gain (loss), net, or $0.72 per common share for Q4 2025, compared to a net gain of $688 million, or $0.65 per common share in the prior quarter [29] - The Company reported a comprehensive income available to common stockholders of $974 million for Q4 2025, compared to $825 million in the previous quarter [37] - Comprehensive income available to common stockholders for Q4 2025 was $974 million, up from $825 million in Q3 2025 [40] Asset and Liability Management - Total assets increased to $115,077 million as of December 31, 2025, up from $108,969 million in the prior quarter [35] - Total liabilities rose to $102,684 million as of December 31, 2025, compared to $97,525 million in the previous quarter [35] - Tangible net book value per common share increased to $8.88, a 7.2% rise from $8.28 as of September 30, 2025 [4] - The company maintained a leverage ratio of 7.2x tangible net book value as of December 31, 2025, down from 7.6x in the previous quarter [23] Investment Portfolio - The investment portfolio totaled $94.8 billion, with $81.1 billion in Agency mortgage-backed securities and $13.0 billion in net forward purchases/sales [4] - The average asset yield on the investment portfolio was 4.87% for Q4 2025, compared to 4.83% in the previous quarter [16] - Total investment securities at fair value increased to $81.719 billion as of December 31, 2025, up from $76.923 billion in September 2025, representing a 4.6% increase [44] Income and Expenses - Interest income for Q4 2025 was $944 million, while interest expense was $738 million, resulting in a net interest income of $206 million [37] - The annualized net interest spread for Q4 2025 was 1.81%, up from 1.78% in the prior quarter [19] - Average total cost of funds for Q4 2025 was 3.10%, down from 3.17% in Q3 2025 [42] - Average coupon for investment securities remained stable at 5.19% in Q4 2025, slightly down from 5.20% in Q3 2025 [44] Dividends - The Company declared dividends of $0.12 per share for Q4 2025, totaling $0.36 per share for the quarter, with a total of $15.5 billion in common stock dividends declared since its IPO in May 2008 [30] - AGNC Investment Corp. has paid over $15 billion in common stock dividends since its inception, demonstrating a strong track record of providing substantial monthly dividend income [52] Economic Metrics - Economic return on tangible common equity for Q4 2025 was 11.6%, driven by $0.36 dividends and a $0.60 increase in tangible net book value [10] - Economic return on tangible common equity includes the change in tangible net book value per common share and dividends declared, providing insight into the company's performance [56] Risk Management and Strategy - AGNC utilizes leveraged financing through repurchase agreements and employs dynamic risk management strategies to protect its portfolio from interest rate and market risks [51] - AGNC's strategy includes the use of TBA dollar roll income and interest rate swaps to hedge against fluctuations in borrowing costs, which are significant for its financial metrics [59] - Forward-looking statements indicate potential risks including changes in monetary policy, interest rates, and market conditions that could affect future performance [55] Shareholder Information - The weighted average number of common shares outstanding - basic for Q4 2025 was 1,089.3 million, up from 1,053.0 million in Q3 2025 [40] - AGNC encourages investors to monitor its website and social media channels for updates and material information regarding its operations [54]

Core Insights - AGNC Investment Corp. reported strong financial results for Q4 2025, with a comprehensive income of $0.89 per common share, driven by a net income of $0.83 per common share and a tangible net book value increase of 7.2% from the previous quarter [5][6][9]. Financial Highlights - The company declared dividends of $0.36 per common share for Q4 2025, contributing to an economic return on tangible common equity of 11.6% for the quarter [5][6]. - The total investment portfolio reached $94.8 billion as of December 31, 2025, primarily composed of $81.1 billion in Agency mortgage-backed securities (MBS) [5][10]. - The tangible net book value per common share increased to $8.88, up $0.60 from $8.28 as of September 30, 2025 [5][9]. Annual Performance - For the full year 2025, AGNC achieved a 22.7% economic return on tangible common equity, with a total stock return of 34.8%, significantly outperforming the S&P 500 Index [6][7]. - The average projected constant prepayment rate (CPR) for the portfolio was 9.6% as of December 31, 2025, reflecting an increase from 8.6% in the previous quarter [13]. Market Conditions - The fourth quarter saw Agency MBS as the best-performing domestic fixed income asset class, with an annual total return of 8.6%, the highest since 2002, attributed to favorable monetary policy and reduced volatility [7][8]. - The macroeconomic environment remains supportive for Agency MBS, with expectations of continued lower interest rates and potential further tightening of mortgage spreads [8]. Capital Markets Activity - AGNC issued 34.9 million shares of common equity through At-the-Market offerings, generating net proceeds of $356 million [5][6]. - The company also issued $345 million of 8.75% Series H Fixed-Rate preferred equity during the year [5]. Leverage and Liquidity - As of December 31, 2025, AGNC maintained a leverage ratio of 7.2x tangible net book value "at risk," with unencumbered cash and Agency MBS totaling $7.6 billion, representing 64% of tangible equity [5][22].

Core Viewpoint - AGNC Investment Corp. is a REIT focused on residential mortgage securities, backed by U.S. government entities, which provides security to its portfolio [1] Company Overview - AGNC primarily funds its investments through collateralized borrowings structured as repurchase agreements [1] Price Target and Analyst Sentiment - The consensus price target for AGNC has increased slightly from $10.50 to $10.75 over the past year, indicating a modest positive sentiment among analysts [2] - Barclays has set a more optimistic price target of $13 for AGNC, suggesting a favorable outlook compared to the consensus [5] Upcoming Earnings Release - AGNC's fourth quarter 2025 earnings release is scheduled for January 26, 2026, which will provide insights into the company's financial performance [3] - A stockholder call will follow the earnings release, allowing investors to engage with management and potentially influence future analyst price targets [3] Interest Rate Impact - Interest rate changes are critical for AGNC as they can affect borrowing costs and the value of mortgage-backed securities [4] - Investors should monitor shifts in interest rates and regulatory changes that could impact AGNC's operations and stock price [4]

Core Viewpoint - AGNC Investment offers a high dividend yield of 12.2%, but it is essential for investors to understand that it is a mortgage REIT (mREIT) focused on total returns rather than consistent dividend income, which may lead to disappointment if relied upon solely for yield [3][4][8][12] Group 1: Company Overview - AGNC Investment is a mortgage REIT that manages a portfolio of mortgage securities, similar to a mutual fund, and reports tangible book value per share [5] - Unlike traditional property-owning REITs, AGNC does not own physical properties but instead focuses on maximizing total returns through its mortgage security portfolio [4][6] Group 2: Dividend Comparison - Realty Income, a traditional property-owning REIT, has a reliable dividend yield of 5.3% and has increased its dividend annually for 30 consecutive years, making it suitable for investors seeking consistent income [2][3] - AGNC's dividend payouts have been highly volatile and have trended lower over the past decade, contrasting with Realty Income's stable dividend growth [10] Group 3: Investment Strategy - AGNC's strategy emphasizes total returns, which necessitates the reinvestment of dividends, potentially leading to lower income for shareholders who rely on dividends for living expenses [8][11] - Investors seeking total return may find AGNC appealing, but those prioritizing reliable and growing dividends should consider property-owning REITs like Realty Income [12]

Core Insights - Arkadios Wealth Advisors increased its stake in AGNC Investment Corp. by 79.9% in Q3, owning 121,595 shares valued at $1,190,000 [2] - Several institutional investors have also adjusted their positions in AGNC, with notable increases from Brighton Jones LLC (7.2%), Compass Financial Group (5.3%), KG&L Capital Management (2.4%), and Nwam LLC (4.5%) [3] - CEO Peter J. Federico sold 45,798 shares at an average price of $10.27, reducing his ownership by 2.86% [4] Institutional Holdings - 38.28% of AGNC's stock is currently owned by institutional investors [3] Price Performance - AGNC shares opened at $11.85, with a market cap of $12.71 billion, a PE ratio of 17.69, and a beta of 1.36 [5] - The stock has a 52-week low of $7.85 and a high of $11.93, with a debt-to-equity ratio of 0.01 [5] Dividend Information - AGNC announced a monthly dividend of $0.12, with an annualized yield of 12.2% and a payout ratio of 214.93% [6] Analyst Ratings - Keefe, Bruyette & Woods raised their target price for AGNC from $10.50 to $11.00, while BTIG Research downgraded it from "buy" to "neutral" [7] - The consensus rating for AGNC is "Hold" with a target price of $10.41 [7] Company Profile - AGNC Investment Corp. is a self-managed REIT focused on acquiring and managing residential mortgage-backed securities guaranteed by U.S. government-sponsored enterprises [8] - The company employs a leveraged total return strategy to enhance income potential while managing risk through interest rate hedges [8]

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Core Viewpoint - AGNC Investment Corp. is expected to report earnings per share of $0.37 and revenue of $358.7 million for Q4 2025, benefiting from lower mortgage rates and increased refinancing activity [1][6] Financial Performance - Analysts project that AGNC will see enhanced interest income and book value due to lower mortgage rates, which have led to increased refinancing activity and origination volumes [2] - In the previous quarter, AGNC experienced a decline in tangible net book value per share and net interest spread, but there was an increase in the average asset yield on the portfolio [3] - Historically, AGNC has surpassed the Zacks Consensus Estimate in one of the last four quarters, missing expectations in the other three, resulting in an average negative surprise of 5.5% [3] Market Position - AGNC has a price-to-earnings (P/E) ratio of approximately 14.81, a price-to-sales ratio of about 12.36, and an enterprise value to sales ratio of around 11.98, indicating its market value relative to earnings and sales [4] - The company's earnings yield is about 6.75%, reflecting the return on investment for shareholders [5] - AGNC maintains a very low debt-to-equity ratio of approximately 0.005, suggesting minimal debt usage compared to equity, which can reduce financial risk and interest expenses [5][6]

Core Viewpoint - AGNC Investment Corp. is expected to report its fourth-quarter 2025 earnings on January 26, with earnings per share estimated at 37 cents, unchanged from the prior-year quarter [1][3][8] Group 1: Q3 2025 Performance - The third-quarter 2025 results showed a decline in tangible net book value per share and net interest spread, although there was a positive rise in average asset yield on the portfolio [1] - AGNC's earnings have outpaced the Zacks Consensus Estimate in one of the last four quarters, missing three times with an average negative surprise of 5.50% [1] Group 2: Factors Influencing Q4 Performance - Mortgage rates declined significantly in Q4 2025 after the Federal Reserve lowered interest rates, leading to reduced borrowing costs for homebuyers and a modest improvement in refinancing activity and mortgage origination volumes [4] - A large portion of AGNC's mortgage-backed securities portfolio is expected to have stable constant prepayment rates, positively influencing net premium amortization and supporting growth in interest income, with the estimate for interest income at $959.7 million, a 6.3% increase from the prior quarter [5] - Low fixed-income volatility during Q4 is likely to have supported tighter mortgage spreads and steadier book value performance, with banks and foreign investors reemerging as buyers of agency MBS, providing incremental demand support [6] Group 3: Earnings Prediction Model - The current model does not predict an earnings beat for AGNC, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [9][10]

Company Overview - AGNC Investment Corp. is a real estate investment trust (REIT) primarily investing in mortgages, categorized as a mortgage REIT (mREIT) [1] - The company offers high-yielding common shares along with five different preferred shares [1] Investment Focus - The focus is on income investing through common shares, preferred shares, or bonds, with occasional insights on the broader economy or specific company situations [1] Background Information - The company has a leadership team with a strong academic background, including a Bachelor's in history/political science and a Master's in Business Administration with a specialization in Finance and Economics [1] - The CEO has been investing since 2000 and currently manages an independent living retirement community in Illinois [1]

Company Overview - AGNC Investment Corp. is a real estate investment trust (REIT) primarily investing in mortgages, categorized as a mortgage REIT (mREIT) [1] - The company offers high-yielding common shares along with five different preferred shares [1] Investment Focus - The focus is on income investing through common shares, preferred shares, or bonds, with occasional insights into the broader economy or specific company situations [1] Background Information - The company is led by a CEO with a background in history/political science and an MBA specializing in Finance and Economics, indicating a strong analytical foundation [1] - The CEO has been investing since 2000 and currently manages an independent living retirement community in Illinois [1]