UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-34057 AGNC INVESTMENT CORP. (Exact name of registrant as specified in its charter) _________________________________________________________ Delaware 26-1701984 (State or Other Jurisdic ...

Exhibit 99.1 FOR IMMEDIATE RELEASE January 26, 2026 CONTACT: Investors - (301) 968-9300 Media - (301) 968-9303 AGNC INVESTMENT CORP. ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTS Bethesda, MD - January 26, 2026 - AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended December 31, 2025. FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS OTHER FOURTH QUARTER HIGHLIGHTS • $0.89 comprehensive income per common share, comprised of: ◦ $0.83 net income per co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-34057 AGNC INVESTMENT CORP. (Exact name of registrant as specified in its charter) _________________________________________________________ Delaware 26-1701984 (State or O ...

Exhibit 99.1 FOR IMMEDIATE RELEASE October 20, 2025 CONTACT: Investors - (301) 968-9300 Media - (301) 968-9303 AGNC INVESTMENT CORP. ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS Bethesda, MD - October 20, 2025 - AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended September 30, 2025. THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS OTHER THIRD QUARTER HIGHLIGHTS • $0.78 comprehensive income per common share, comprised of: ◦ $0.72 net income per comm ...

Financial Performance - AGNC reported a total comprehensive loss of $(0.13) per diluted common share for Q2 2025, with an economic return of -1.0% on tangible common equity[128]. - Net income available to common stockholders for the three months ended June 30, 2025, was a loss of $178 million, compared to a loss of $80 million in the same period of 2024[154]. - Comprehensive loss attributable to common stockholders for Q2 2025 was $(130) million, compared to a loss of $(98) million in Q2 2024[183]. - Economic interest income for the three months ended June 30, 2025, was $973 million, up 26% from $774 million in the same period of 2024[161]. - The economic return on tangible common equity was (1.0)% for the three months ended June 30, 2025, compared to (0.9)% in the same period of 2024[154]. - Total gain (loss) on investment securities for the first half of 2025 was $1,172 million, a significant improvement from a loss of $(1,033) million in the same period of 2024[185]. Investment Portfolio - The investment portfolio increased by $3.4 billion to $82.3 billion as of June 30, 2025, with tangible "at risk" leverage of 7.6x[129]. - As of June 30, 2025, the investment portfolio totaled $82.3 billion, up from $73.3 billion as of December 31, 2024[137]. - The fair value of Agency RMBS increased to $73.3 billion as of June 30, 2025, compared to $65.5 billion at the end of 2024[137]. - The total investment securities (including TBA securities) amounted to $82.2 billion as of June 30, 2025, compared to $73.2 billion at the end of 2024[137]. - The average investment securities at par increased to $66,876 million for the three months ended June 30, 2025, compared to $58,066 million in the same period of 2024, reflecting a growth of 15%[154]. Market Conditions - The yield on the 10-year U.S. Treasury fluctuated by more than 100 basis points during Q2 2025, contributing to significant market volatility[123]. - Agency RMBS spreads to benchmark rates ended the quarter moderately wider, attributed to significant rate volatility and weak demand[123]. - Key policymakers reaffirmed the government's commitment to preserving the credit quality of Agency RMBS, which is expected to contribute to tighter mortgage spreads over time[126]. - The company anticipates favorable conditions for Agency RMBS performance due to expected bank regulatory reforms and stable mortgage spreads[124]. Interest Rates and Spreads - The 30-Year Mortgage Rate was 6.67% as of June 30, 2025, reflecting an increase of 7 basis points from the previous quarter[137]. - The 30-Year Agency Current Coupon Yield was 5.48% as of June 30, 2025, down 3 basis points from the previous quarter[137]. - The credit spread for CRT M2 was 155 basis points as of June 30, 2025, a decrease of 8 basis points from the previous quarter[137]. - The average yield on the investment portfolio increased by 18 basis points for the three months ended June 30, 2025, due to a shift towards higher coupon holdings[166]. - Average net interest spread for Q2 2025 was 2.01%, down from 2.69% in Q2 2024[182]. Liquidity and Capital Management - The liquidity position stood at $6.4 billion in unencumbered cash and Agency RMBS, representing 65% of tangible equity, up from 63% in the previous quarter[129]. - Unencumbered assets totaled approximately $6.5 billion, or 66% of tangible equity, as of June 30, 2025, compared to $6.2 billion, or 67% of tangible equity, as of December 31, 2024[205]. - The company maintains adequate liquidity and capital resources to meet obligations and execute business strategy, with primary sources including unencumbered cash and securities, borrowings under repurchase agreements, and TBA dollar roll financing[190]. - The maximum amount at risk with any repurchase agreement counterparties was less than 2% of tangible stockholders' equity as of June 30, 2025[208]. Borrowings and Leverage - Total mortgage borrowings as of June 30, 2025, amounted to $74,214 million, an increase from $66,313 million at the end of 2024[192]. - The tangible net book value "at risk" leverage ratio as of June 30, 2025, was 7.5:1, reflecting a slight increase from 7.3:1 as of March 31, 2025[168]. - The tangible net book value "at risk" leverage ratio was 7.6x as of June 30, 2025, compared to 7.2x at the end of 2024[191]. Derivative Instruments and Hedging - Hedge performance varied, with longer-dated Treasury-based hedges outperforming shorter-term swap-based hedges amid a steepening yield curve[129]. - Interest rate swaps generated periodic income of $282 million in Q2 2025, down from $494 million in Q2 2024[188]. - The average notional amount of interest rate swaps outstanding was $45.8 billion for the three months ended June 30, 2025, with a ratio of 64% to mortgage borrowings[181]. - Interest rate swap periodic income declined primarily due to higher pay rates on pay-fixed swaps and lower receive rates[179]. Economic Indicators - The target federal funds rate was 4.50% as of June 30, 2025, unchanged from the previous quarter[133]. - The SOFR rate was 4.45% as of June 30, 2025, reflecting a 4 basis point increase from the previous quarter[133]. - The company provides non-GAAP financial measures to enhance transparency regarding its financial performance, including economic interest income and net spread income available to common stockholders[146]. Forward-Looking Statements - Forward-looking statements are based on management's assumptions and involve risks and uncertainties that could cause actual results to differ materially from those anticipated[213].

Financial Performance - Comprehensive loss per common share for Q2 2025 was $(0.13), consisting of $(0.17) net loss and $0.05 other comprehensive income[4] - Net income (loss) for the quarter ended June 30, 2025, was $(140) million, a decrease from $50 million in the previous quarter, indicating a significant decline[34] - The company reported a net income (loss) available to common stockholders of $(178) million for the quarter, compared to $15 million in the previous quarter[34] - Comprehensive income (loss) for the quarter was $(92) million, down from $143 million in the previous quarter, reflecting a decrease of 164.3%[34] - Economic return on tangible common equity for the quarter was -1.0%, driven by $0.36 dividends and a $(0.44) decrease in tangible net book value[6] - Economic return on tangible common equity was -1.0% in June 2025, compared to 2.4% in March 2025, indicating a significant decline[41] Dividends - Dividends declared per common share for the second quarter totaled $0.36[4] - Dividends declared per common share remained stable at $0.36 for the last four quarters[34] - AGNC Investment Corp. has paid over $14 billion in common stock dividends since its inception, indicating a strong commitment to returning value to shareholders[49] Assets and Liabilities - Total assets increased to $102,021 million as of June 30, 2025, up from $95,889 million in March 2025, representing an increase of 1.18%[32] - Total liabilities increased to $91,674 million as of June 30, 2025, from $85,847 million in March 2025, marking an increase of 4.3%[32] - The investment portfolio as of June 30, 2025, was $82.3 billion, including $73.3 billion in Agency MBS[4] - Unencumbered cash and Agency MBS totaled $6.4 billion, representing 65% of the company's tangible equity[8] Book Value and Equity - Tangible net book value per common share decreased to $7.81, a decline of $(0.44) or -5.3% from $8.25 as of March 31, 2025[4] - The tangible net book value per common share was $7.81 as of June 30, 2025, compared to $8.25 in March 2025, indicating a decrease of 5.3%[32] - Average stockholders' equity grew to $10,118 million in June 2025, up from $9,935 million in March 2025, reflecting a 1.8% increase[41] Income and Expenses - Net interest income for the three months ended June 30, 2025, was $162 million, compared to $159 million in the previous quarter, showing a slight increase of 1.3%[34] - Interest income for the quarter was $830 million, a decrease from $846 million in the previous quarter, reflecting a decline of 1.9%[34] - Average total cost of funds in Q2 2025 was 2.86%, compared to 2.75% in Q1 2025[39] - Expenses as a percentage of average stockholders' equity were annualized at 1.11% for the period ending June 30, 2025, slightly down from 1.13% in March 2025[41] Investment Performance - Average projected portfolio life CPR was 7.8% as of June 30, 2025, with an actual portfolio CPR of 8.7% for the quarter[8] - Net spread and dollar roll income for Q2 2025 was $0.38 per common share, down from $0.44 in the prior quarter[18] - Net spread and dollar roll income available to common stockholders was $388 million in Q2 2025, a decrease from $403 million in Q1 2025[37] - Adjusted net interest and dollar roll income for Q2 2025 was $457 million, compared to $477 million in Q1 2025[39] - Average asset yield on the investment portfolio was 4.89% for Q2 2025, compared to 4.78% for the prior quarter[15] - Average asset yield increased to 4.89% in June 2025, compared to 4.78% in March 2025[41] Risk Management - The company utilizes dynamic risk management strategies to protect its portfolio from interest rate and market risks, which is crucial for maintaining asset value[48] - Forward-looking statements indicate potential risks including changes in monetary policy and market conditions that could impact future performance[52] Non-GAAP Measures - Non-GAAP financial measures such as "net spread and dollar roll income" provide additional transparency into the company's financial performance beyond GAAP results[53] - The company believes that including TBA dollar roll income in non-GAAP measures is significant as it reflects the economic equivalence of holding Agency MBS[56] - A reconciliation of GAAP comprehensive income to non-GAAP "net spread and dollar roll income" is provided, highlighting the differences in financial performance metrics[58]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-34057 AGNC INVESTMENT CORP. (Exact name of registrant as specified in its charter) _________________________________________________________ Delaware 26-1701984 (State or Ot ...

Executive Summary & Highlights [Q1 2025 Financial Highlights](index=1&type=section&id=FIRST%20QUARTER%202025%20FINANCIAL%20HIGHLIGHTS) AGNC reported **$0.12** comprehensive income per common share and **$0.02** net income per common share for Q1 2025, with net spread and dollar roll income at **$0.44** per common share, while tangible net book value decreased by **1.9%** to **$8.25** and economic return on tangible common equity was **2.4%** | Metric | Q1 2025 | | :-------------------------------- | :------ | | Comprehensive Income per Share | $0.12 | | Net Income per Share | $0.02 | | OCI per Share | $0.10 | | Net Spread & Dollar Roll Income per Share | $0.44 | | Tangible Net Book Value per Share | $8.25 | | Dividends Declared per Share | $0.36 | | Economic Return on Tangible Common Equity | 2.4% | | Investment Portfolio | $78.9 billion | | Agency MBS | $70.5 billion | | Net TBA securities | $7.5 billion | | CRT & Non-Agency securities | $0.9 billion | - Tangible net book value per common share decreased **$(0.16)** or **-1.9%** from **$8.41** as of December 31, 2024[5](index=5&type=chunk) [Other Q1 Highlights](index=1&type=section&id=OTHER%20FIRST%20QUARTER%20HIGHLIGHTS) The company maintained a conservative leverage profile with **7.5x** tangible net book value 'at risk' leverage and substantial liquidity of **$6.0 billion**, also issuing **$509 million** in common equity through At-the-Market (ATM) offerings - Tangible net book value 'at risk' leverage was **7.5x** as of March 31, 2025, with an average of **7.3x** for the quarter[9](index=9&type=chunk) - Unencumbered cash and Agency MBS totaled **$6.0 billion** as of March 31, 2025, representing **63%** of the Company's tangible equity[9](index=9&type=chunk) - Issued **49.7 million** shares of common equity through ATM Offerings for net proceeds of **$509 million**[9](index=9&type=chunk) - Annualized net interest spread for the quarter was **2.12%**[9](index=9&type=chunk) [Management Remarks](index=2&type=section&id=MANAGEMENT%20REMARKS) Management noted increased financial market volatility and widening Agency MBS spreads due to concerns over economic growth and inflation, yet AGNC achieved a **2.4%** economic return on tangible common equity and a **7.8%** total stock return, attributing resilience to its conservative leverage and ample liquidity, seeing compelling return opportunities in Agency MBS at current valuations - Investor sentiment turned decidedly more cautious due to potential governmental policy actions impacting economic growth and accelerating inflationary pressures, driving a flight to high quality assets[7](index=7&type=chunk) - AGNC generated a favorable economic return of **2.4%** on tangible common equity and a total stock return of **7.8%** (with dividends reinvested) for the first quarter[7](index=7&type=chunk)[8](index=8&type=chunk) - Widening of Agency MBS spreads drove a modest decline in tangible book value, but anticipated portfolio returns have increased commensurately[8](index=8&type=chunk) - AGNC was well-positioned for instability with a conservative leverage profile and ample liquidity at quarter end[8](index=8&type=chunk) Financial Performance Overview [Tangible Net Book Value Per Common Share](index=2&type=section&id=TANGIBLE%20NET%20BOOK%20VALUE%20PER%20COMMON%20SHARE) Tangible net book value per common share decreased by **1.9%** to **$8.25** as of March 31, 2025, from **$8.41** at the end of the prior quarter, primarily due to the moderate increase in mortgage spreads | Metric | March 31, 2025 | December 31, 2024 | Change | % Change | | :----------------------------- | :------------- | :---------------- | :----- | :------- | | Tangible Net Book Value per Share | $8.25 | $8.41 | $(0.16) | -1.9% | - The decline was a result of the moderate increase in mortgage spreads to benchmark rates quarter-over-quarter[8](index=8&type=chunk) [Investment Portfolio](index=3&type=section&id=INVESTMENT%20PORTFOLIO) AGNC's investment portfolio totaled **$78.9 billion** as of March 31, 2025, primarily composed of Agency MBS and TBA securities, with the weighted average coupon slightly increasing to **5.03%** | Portfolio Component | March 31, 2025 (Billions) | | :-------------------------------- | :------------------------ | | Total Investment Portfolio | $78.9 | | Agency MBS and TBA securities | $77.9 | | Fixed-rate securities | $75.9 | | 30-year MBS | $67.9 | | 30-year TBA securities, net | $7.5 | | 15-year MBS | $0.1 | | 20-year MBS | $0.5 | | CMOs, adjustable-rate and other Agency securities | $2.0 | | CRT and non-Agency securities and other mortgage credit investments | $0.9 | - **30-year** and **15-year** fixed-rate Agency MBS and TBA securities represented **96%** and less than **1%**, respectively, of the investment portfolio, unchanged from December 31, 2024[11](index=11&type=chunk) - The weighted average coupon for fixed-rate Agency MBS and TBA securities was **5.03%**, a slight increase from **5.02%** as of December 31, 2024[12](index=12&type=chunk) [Constant Prepayment Rates (CPR)](index=3&type=section&id=CONSTANT%20PREPAYMENT%20RATES) The projected portfolio life CPR increased to **8.3%** from **7.7%** in the prior quarter, while the actual portfolio CPR for Q1 2025 decreased to **7.0%** from **9.6%** in the prior quarter | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Weighted Average Projected CPR (life) | 8.3% | 7.7% | | Weighted Average Actual CPR (Q1) | 7.0% | 9.6% | [Premium Amortization](index=3&type=section&id=Premium%20Amortization) The company incurred a net premium amortization cost of **$(39) million**, or **$(0.04)** per common share, for Q1 2025, including a 'catch-up' cost of **$(2) million**, contrasting with a net premium amortization benefit of **$11 million** in the prior quarter | Metric | Q1 2025 | Q4 2024 | | :-------------------------------- | :------ | :------ | | Net Premium Amortization Cost (Benefit) | $(39) million | $11 million | | Per Common Share | $(0.04) | $0.01 | | "Catch-up" Premium Amortization Cost (Benefit) | $(2) million | $51 million | | "Catch-up" Per Common Share | <$(0.01) | $0.06 | [Asset Yields, Cost of Funds and Net Interest Rate Spread](index=4&type=section&id=ASSET%20YIELDS%20%2C%20COST%20OF%20FUNDS%20AND%20NET%20INTEREST%20RATE%20SPREAD) The average asset yield (excluding 'catch-up' premium amortization and including TBA) increased to **4.87%** from **4.80%** in the prior quarter, while the combined weighted average cost of funds decreased to **2.75%** from **2.89%**, resulting in an improved annualized net interest spread of **2.12%** for Q1 2025, up from **1.91%** | Metric | Q1 2025 | Q4 2024 | Change | | :---------------------------------------------------------------- | :------ | :------ | :----- | | Average Asset Yield (incl. TBA, excl. "catch-up" premium amort.) | 4.87% | 4.80% | +0.07% | | Weighted Average Interest Rate on Repurchase Agreements | 4.45% | 4.86% | -0.41% | | TBA Implied Financing Cost | 4.34% | 4.74% | -0.40% | | Combined Weighted Average Cost of Funds (incl. swaps) | 2.75% | 2.89% | -0.14% | | Annualized Net Interest Spread (incl. TBA & swaps, excl. "catch-up") | 2.12% | 1.91% | +0.21% | [Net Spread and Dollar Roll Income](index=4&type=section&id=NET%20SPREAD%20AND%20DOLLAR%20ROLL%20INCOME) Net spread and dollar roll income increased to **$0.44** per common share in Q1 2025, up from **$0.37** per common share in the prior quarter, excluding 'catch-up' premium amortization adjustments | Metric | Q1 2025 | Q4 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Net Spread & Dollar Roll Income per Share | $0.44 | $0.37 | +$0.07 | [Leverage](index=5&type=section&id=LEVERAGE) The company's tangible net book value 'at risk' leverage ratio increased to **7.5x** as of March 31, 2025, from **7.2x** in the prior quarter, with repurchase agreements used to fund the investment portfolio having a weighted average interest rate of **4.47%** and a remaining maturity of **19 days** | Metric | March 31, 2025 | December 31, 2024 | Change | | :------------------------------------ | :------------- | :---------------- | :----- | | Tangible Net Book Value "at risk" Leverage Ratio | 7.5x | 7.2x | +0.3x | | Average "at risk" Leverage Ratio (Q1) | 7.3x | 7.2x | +0.1x | | Weighted Average Interest Rate (Investment Securities Repo) | 4.47% | 4.76% | -0.29% | | Weighted Average Remaining Maturity (Investment Securities Repo) | 19 days | 11 days | +8 days | - **$63.3 billion** of repurchase agreements, **$7.4 billion** of net TBA dollar roll positions, and **$0.1 billion** of other debt were used to fund the investment portfolio[23](index=23&type=chunk) [Hedging Activities](index=5&type=section&id=HEDGING%20ACTIVITIES) Hedging activities, including interest rate swaps, U.S. Treasury positions, and swaptions, covered **91%** of the company's outstanding debt and TBA position, unchanged from the prior quarter, with the notional amount of pay fixed interest rate swaps increasing to **$47.8 billion** - Interest rate swaps, U.S. Treasury positions, swaptions, and other interest rate hedges equaled **91%** of the Company's outstanding balance of Investment Securities Repo, TBA position, and other debt, unchanged from December 31, 2024[25](index=25&type=chunk) Interest Rate Swaps | Metric (Interest Rate Swaps) | March 31, 2025 | December 31, 2024 | | :--------------------------- | :------------- | :---------------- | | Notional Amount | $47.8 billion | $39.6 billion | | Average Fixed Pay Rate | 1.91% | 1.46% | | Average Floating Receive Rate | 4.40% | 4.46% | | Average Maturity | 5.0 years | 4.4 years | U.S. Treasury Positions | Metric (U.S. Treasury Positions) | March 31, 2025 | December 31, 2024 | | :------------------------------- | :------------- | :---------------- | | Net Short U.S. Treasury Position | $15.7 billion | $20.0 billion | | Net Payer Swaptions | $1.9 billion | $1.9 billion | | Two-year Swap Equivalent Long SOFR Futures | $1.2 billion | $1.2 billion | [Other Gain (Loss), Net](index=5&type=section&id=OTHER%20GAIN%20(LOSS)%2C%20NET) The company recorded a net loss of **$(81) million**, or **$(0.09)** per common share, in other gain (loss), net for Q1 2025, a significant change from a net gain of **$39 million** in the prior quarter, primarily driven by net unrealized gains on investment securities measured at fair value through net income, offset by net losses on interest rate swaps and U.S. Treasury positions | Component | Q1 2025 (Millions) | Q4 2024 (Millions) | | :---------------------------------------------------- | :----------------- | :----------------- | | Total Other Gain (Loss), Net | $(81) | $39 | | Per Common Share | $(0.09) | $0.04 | | Net Realized Losses on Sales of Investment Securities | $(245) | $(88) | | Net Unrealized Gains on Investment Securities (FV through NI) | $1,183 | $(1,895) | | Interest Rate Swap Periodic Income | $293 | N/A | | Net Losses on Interest Rate Swaps | $(862) | N/A | | Net Losses on U.S. Treasury Positions | $(500) | N/A | | TBA Dollar Roll Income | $23 | N/A | | Net Mark-to-Market Gains on TBA Securities | $54 | N/A | [Other Comprehensive Income](index=6&type=section&id=OTHER%20COMPREHENSIVE%20INCOME) AGNC recorded other comprehensive income of **$93 million**, or **$0.10** per common share, in Q1 2025, a positive shift from an other comprehensive loss of **$(179) million** in the prior quarter, due to net unrealized gains on Agency securities | Metric | Q1 2025 (Millions) | Q4 2024 (Millions) | | :-------------------------------- | :----------------- | :----------------- | | Other Comprehensive Income (Loss) | $93 | $(179) | | Per Common Share | $0.10 | $(0.20) | [Common Stock Dividends](index=6&type=section&id=COMMON%20STOCK%20DIVIDENDS) The company declared total dividends of **$0.36** per common share for Q1 2025, maintaining its consistent dividend payout, and has declared **$14.3 billion** in common stock dividends, or **$49.00** per common share, since its IPO in May 2008 | Metric | Q1 2025 | Since IPO (May 2008) | | :-------------------------- | :------ | :------------------- | | Dividends Declared per Share | $0.36 | $49.00 | | Total Common Stock Dividends | N/A | $14.3 billion | Financial Statements & Key Statistics [Consolidated Balance Sheets](index=7&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets increased to **$95.889 billion** from **$88.015 billion** at December 31, 2024, driven by an increase in Agency securities and receivable under reverse repurchase agreements, with total liabilities also increasing to **$85.847 billion**, primarily due to higher repurchase agreements | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | Change (Millions) | | :---------------------------------------------------- | :------------------------ | :------------------------- | :---------------- | | Total Assets | $95,889 | $88,015 | +$7,874 | | Agency Securities, at fair value | $70,363 | $65,367 | +$4,996 | | U.S. Treasury Securities, at fair value | $3,280 | $1,575 | +$1,705 | | Receivable under Reverse Repurchase Agreements | $17,604 | $17,137 | +$467 | | Total Liabilities | $85,847 | $78,253 | +$7,594 | | Repurchase Agreements | $66,138 | $60,798 | +$5,340 | | Obligation to return securities borrowed under reverse repurchase agreements | $17,180 | $16,676 | +$504 | | Total Stockholders' Equity | $10,042 | $9,762 | +$280 | [Consolidated Statements of Operations](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 2025, net interest income was **$159 million**, a significant improvement from **$115 million** in the prior quarter, while net income available to common stockholders was **$15 million**, or **$0.02** per common share, down from **$86 million** in Q4 2024, primarily due to a net loss in other gain (loss) despite higher net interest income | Metric | Q1 2025 (Millions) | Q4 2024 (Millions) | Change (Millions) | | :---------------------------------------------------- | :----------------- | :----------------- | :---------------- | | Interest Income | $846 | $856 | $(10) | | Interest Expense | $687 | $741 | $(54) | | Net Interest Income (Expense) | $159 | $115 | +$44 | | Total Other (Loss) Gain, Net | $(81) | $39 | $(120) | | Net Income (Loss) | $50 | $122 | $(72) | | Net Income (Loss) Available to Common Stockholders | $15 | $86 | $(71) | | Net Income (Loss) per Common Share - Diluted | $0.02 | $0.10 | $(0.08) | | Comprehensive Income (Loss) | $143 | $(57) | +$200 | | Comprehensive Income (Loss) Available to Common Stockholders | $108 | $(93) | +$201 | | Comprehensive Income (Loss) per Common Share - Diluted | $0.12 | $(0.11) | +$0.23 | [Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income (Non-GAAP Measure)](index=9&type=section&id=RECONCILIATION%20OF%20GAAP%20COMPREHENSIVE%20INCOME%20(LOSS)%20TO%20NET%20SPREAD%20AND%20DOLLAR%20ROLL%20INCOME%20(NON-GAAP%20MEASURE)) The reconciliation shows that Net Spread and Dollar Roll Income available to common stockholders was **$403 million**, or **$0.44** per common share, for Q1 2025, an increase from **$329 million** (**$0.37** per share) in the prior quarter, after various adjustments for realized/unrealized gains/losses and specific income/expense items | Metric | Q1 2025 (Millions) | Q4 2024 (Millions) | Change (Millions) | | :---------------------------------------------------------------- | :----------------- | :----------------- | :---------------- | | Comprehensive Income (Loss) Available to Common Stockholders | $108 | $(93) | +$201 | | Adjustments (Net) | $295 | $422 | $(127) | | Net Spread and Dollar Roll Income Available to Common Stockholders | $403 | $329 | +$74 | | Net Spread and Dollar Roll Income per Common Share - Diluted | $0.44 | $0.37 | +$0.07 | [Net Interest Spread Components by Funding Source](index=10&type=section&id=NET%20INTEREST%20SPREAD%20COMPONENTS%20BY%20FUNDING%20SOURCE) Adjusted net interest and dollar roll income increased to **$477 million** in Q1 2025 from **$405 million** in the prior quarter, with the average net interest spread improving to **2.12%** from **1.91%**, driven by a higher average asset yield and lower average total cost of funds | Metric | Q1 2025 | Q4 2024 | Change | | :---------------------------------------------------------------- | :------ | :------ | :----- | | Economic Interest Income | $952 million | $889 million | +$63 million | | Economic Interest Expense | $(475) million | $(484) million | +$9 million | | Adjusted Net Interest and Dollar Roll Income | $477 million | $405 million | +$72 million | | Average Asset Yield | 4.87% | 4.80% | +0.07% | | Average Total Cost of Funds | 2.75% | 2.89% | -0.14% | | Average Net Interest Spread | 2.12% | 1.91% | +0.21% | [Key Statistics](index=11&type=section&id=KEY%20STATISTICS) This section provides a detailed breakdown of key balance sheet, performance, and interest rate hedge statistics, showing trends over the past five quarters [Key Balance Sheet Statistics](index=11&type=section&id=Key%20Balance%20Sheet%20Statistics) Total investment securities at fair value increased to **$71.325 billion**, net TBA portfolio at fair value also increased to **$7.473 billion**, and average tangible net book value 'at risk' leverage increased to **7.3:1** for the quarter | Metric | March 31, 2025 (Millions) | December 31, 2024 (Millions) | | :------------------------------------ | :------------------------ | :------------------------- | | Total Investment Securities, at fair value | $71,325 | $66,348 | | Net TBA Portfolio, at fair value | $7,473 | $6,861 | | Average Repurchase Agreements and Other Debt | $61,707 | $59,690 | | Tangible Net Book Value "at risk" Leverage - average | 7.3:1 | 7.2:1 | | Tangible Net Book Value "at risk" Leverage - as of period end | 7.5:1 | 7.2:1 | [Key Performance Statistics](index=11&type=section&id=Key%20Performance%20Statistics) Average asset yield (excluding 'catch-up' premium amortization) increased to **4.80%**, while average actual CPR decreased to **7.0%**, and the economic return on tangible common equity was **2.4%** | Metric | Q1 2025 | Q4 2024 | | :---------------------------------------------------- | :------ | :------ | | Average Asset Yield (excl. "catch-up" premium amort.) | 4.80% | 4.72% | | Average Actual CPR for Securities Held | 7.0% | 9.6% | | Average Forecasted CPR - as of period end | 8.3% | 7.7% | | Total Premium Amortization Benefit (Cost) | $(39) million | $11 million | | Average Total Cost of Funds | 2.75% | 2.89% | | Economic Return (Loss) on Tangible Common Equity - unannualized | 2.4% | (0.6)% | [Key Interest Rate Hedge Statistics](index=12&type=section&id=Key%20Interest%20Rate%20Hedge%20Statistics) Average interest rate swaps notional amount increased to **$44,179 million**, with the average pay-fixed rate rising to **1.73%** and average receive-floating rate decreasing to **4.38%**, while average short U.S. Treasury securities also increased | Metric | Q1 2025 (Millions) | Q4 2024 (Millions) | | :---------------------------------------------------- | :----------------- | :----------------- | | Average Interest Rate Swaps, Notional Amount (net) | $44,179 | $39,483 | | Average Pay-Fixed Rate (Swaps) | 1.73% | 1.45% | | Average Receive-Floating Rate (Swaps) | 4.38% | 4.71% | | Average Short U.S. Treasury Securities, at cost | $18,677 | $15,731 | | Average Short U.S. Treasury Securities Yield | 3.98% | 3.78% | Additional Information [Stockholder Call Information](index=13&type=section&id=STOCKHOLDER%20CALL) AGNC announced a stockholder call on **April 22, 2025**, at **8:30 am ET** to discuss Q1 2025 financial results, with webcast and dial-in options available, along with an accompanying slide presentation and archived audio - Stockholder call scheduled for **April 22, 2025**, at **8:30 am ET**[46](index=46&type=chunk) - Webcast available at www.AGNC.com; dial-in options for Q&A participants[46](index=46&type=chunk) - A slide presentation and an archived audio of the call will be available on the AGNC website[47](index=47&type=chunk)[48](index=48&type=chunk) [About AGNC Investment Corp.](index=13&type=section&id=ABOUT%20AGNC%20INVESTMENT%20CORP.) AGNC Investment Corp. is a leading investor in Agency residential mortgage-backed securities (Agency MBS), founded in **2008**, investing on a leveraged basis, financing assets through repurchase agreements, and employing dynamic risk management, having paid over **$14 billion** in common stock dividends since inception and serving as a significant source of private capital for the U.S. residential housing market - AGNC Investment Corp. (Nasdaq: AGNC), founded in **2008**, is a leading investor in Agency residential mortgage-backed securities (Agency MBS)[50](index=50&type=chunk) - The company invests on a leveraged basis, financing Agency MBS assets primarily through repurchase agreements, and utilizes dynamic risk management strategies[50](index=50&type=chunk) - AGNC has declared a total of **$14.3 billion** in common stock dividends, or **$49.00** per common share, since its **May 2008** initial public offering through the first quarter of **2025**[30](index=30&type=chunk)[51](index=51&type=chunk) - The company's business is a significant source of private capital for the U.S. residential housing market[51](index=51&type=chunk) - Information about the Company is distributed via its website (www.AGNC.com) and AGNC's LinkedIn and X accounts[53](index=53&type=chunk) [Forward Looking Statements](index=14&type=section&id=FORWARD%20LOOKING%20STATEMENTS) This section contains a standard disclaimer regarding forward-looking statements, noting that actual results may differ materially due to various factors such as changes in monetary policy, interest rates, MBS spreads, financing availability, market values, economic conditions, and regulatory changes, with the company disclaiming any obligation to update these statements - Forward-looking statements are based on management's estimates, projections, beliefs, and assumptions and are not guarantees of future performance[54](index=54&type=chunk) - Actual results could differ materially due to factors including changes in monetary policy, interest rates, MBS spreads, financing availability, market value of assets, economic/geopolitical conditions, and legislative/regulatory changes[54](index=54&type=chunk) - The Company disclaims any obligation to update or revise any forward-looking statements[54](index=54&type=chunk) [Use of Non-GAAP Financial Information](index=14&type=section&id=USE%20OF%20NON-GAAP%20FINANCIAL%20INFORMATION) This section explains the company's use of non-GAAP financial measures like 'net spread and dollar roll income,' 'economic interest income,' and 'economic interest expense,' clarifying that these measures provide greater transparency into management's decision-making by adjusting GAAP figures to include/exclude certain items that better reflect current investment portfolio performance, while cautioning that these are supplementary and not substitutes for GAAP results - Non-GAAP financial information, such as 'net spread and dollar roll income,' provides greater transparency into management's financial and operational decision-making[55](index=55&type=chunk)[57](index=57&type=chunk) - Net spread and dollar roll income adjusts GAAP comprehensive income by excluding gains/losses on investment securities and derivatives, excluding 'catch-up' premium amortization, and including interest rate swap periodic income, TBA dollar roll income, and other miscellaneous interest income/expense[55](index=55&type=chunk)[58](index=58&type=chunk) - Inclusion of TBA dollar roll income and periodic interest rate swap settlements is meaningful as they are economically equivalent to holding/financing Agency MBS and hedging borrowing costs, respectively[58](index=58&type=chunk) - Exclusion of 'catch-up' adjustments to premium amortization cost is meaningful as it better indicates the current earnings potential of the investment portfolio[58](index=58&type=chunk) - Non-GAAP measures are supplementary to, not substitutes for, GAAP results and may not be comparable to other companies' similarly-titled measures[59](index=59&type=chunk)