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American Capital Agency Corp.(AGNCP) - 2025 Q4 - Annual Report
2026-02-23 21:13
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 ...
American Capital Agency Corp.(AGNCP) - 2025 Q4 - Annual Results
2026-01-26 21:05
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 ...
American Capital Agency Corp.(AGNCP) - 2025 Q3 - Quarterly Report
2025-10-31 20:05
Financial Performance - AGNC generated total comprehensive income of $0.78 per diluted common share and an economic return of 10.6% on tangible common equity for Q3 2025[134]. - Net income available to common stockholders for the three months ended September 30, 2025, was $764 million, compared to $313 million for the same period in 2024, reflecting a significant increase of 143.5%[170]. - Economic interest income for the three months ended September 30, 2025, was $1,052 million, up from $819 million in the same period of 2024, marking a rise of 28.4%[177]. - Comprehensive income available to common stockholders for the three months ended September 30, 2025, was $825 million, up from $513 million in the same period of 2024, an increase of 60.8%[170]. - Economic return on tangible common equity for the three months ended September 30, 2025, was 10.6%, compared to 9.3% in the same period of 2024, indicating improved performance[170]. Investment Portfolio - The investment portfolio totaled $90.8 billion as of September 30, 2025, an increase of $8.5 billion from the prior quarter[136]. - As of September 30, 2025, the company's investment portfolio totaled $90.8 billion, up from $73.3 billion as of December 31, 2024, representing a growth of approximately 23.5%[152]. - The fair value of Agency RMBS increased to $76.3 billion as of September 30, 2025, compared to $65.5 billion at the end of 2024, reflecting a growth of 16.5%[152]. - The total investment securities, including TBA securities, had a fair value of $90.1 billion as of September 30, 2025, compared to $73.2 billion as of December 31, 2024[152]. - The average investment portfolio increased by 23% for the three months ended September 30, 2025, compared to the prior year, primarily due to an increase in the capital base[182]. Leverage and Liquidity - Tangible "at risk" leverage remained at 7.6x, with a liquidity position of $7.2 billion in unencumbered cash and Agency RMBS, representing 66% of tangible equity[138]. - The tangible net book value "at risk" leverage ratio as of September 30, 2025, was 7.6:1, consistent with the previous quarter[184]. - Unencumbered assets totaled approximately $7.3 billion, or 66% of tangible equity, compared to $6.2 billion, or 67% of tangible equity, as of December 31, 2024[221]. - The company maintains excess liquidity by holding unencumbered liquid assets to satisfy collateral requirements[221]. - The maximum amount at risk with any repurchase agreement counterparties was less than 2% of tangible stockholders' equity as of September 30, 2025[224]. Interest Rates and Yield - The weighted average coupon of the portfolio, excluding TBAs, increased to 5.17% as of quarter end, compared to 5.14% as of June 30, 2025[137]. - The 30-Year Agency Current Coupon Yield was 5.20% as of September 30, 2025, down 28 basis points from 5.48% in June 2025[150]. - The 30-Year Mortgage Rate decreased to 6.32% as of September 30, 2025, a reduction of 35 basis points from 6.67% in June 2025[150]. - The weighted average yield on investment securities (excluding TBA and forward settling securities) was 4.94% as of September 30, 2025, compared to 4.77% as of December 31, 2024[155]. - The average asset yield for Q3 2025 was 4.95%, an increase from 4.73% in Q3 2024[198]. Risk Management - The interest rate hedge ratio, excluding option-based hedges, declined to 77% of total funding liabilities as of September 30, 2025[143]. - The company actively monitors collateral positions to manage counterparty risk and limits counterparties to those with acceptable credit ratings[223]. - The company does not maintain relationships with unconsolidated entities or financial partnerships for off-balance sheet arrangements as of September 30, 2025[227]. - The company aims to maintain excess liquidity by holding unencumbered liquid assets[221]. - The vitality of the Agency RMBS and TBA markets allows the company to generate liquidity through asset sales under most conditions[225]. Economic Environment - The Fed lowered the federal funds rate and signaled further monetary policy accommodation, contributing to a favorable investment environment for Agency RMBS[128]. - The supply of Agency RMBS is expected to total approximately $200 billion in 2025, with demand outlook improving due to anticipated regulatory reforms[130]. - The Target Federal Funds Rate decreased to 4.25% as of September 30, 2025, down from 4.50% in the previous quarter[148]. - The SOFR Rate decreased to 4.24% as of September 30, 2025, down from 4.45% in the previous quarter[148]. - The average one-year CPR forecast for Agency RMBS indicates a stable prepayment activity outlook[218].
American Capital Agency Corp.(AGNCP) - 2025 Q3 - Quarterly Results
2025-10-20 20:06
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 ...
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American Capital Agency Corp.(AGNCP) - 2025 Q2 - Quarterly Report
2025-08-01 20:02
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 June 30, 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 Oth ...
American Capital Agency Corp.(AGNCP) - 2025 Q2 - Quarterly Results
2025-07-21 20:06
Financial Performance - Comprehensive loss per common share 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, showing a decline of 164.3%[34] - The company reported a loss on derivative instruments and other investments of $(367) million for the quarter, compared to a loss of $(1,019) million in the previous quarter, indicating an improvement[34] - Comprehensive income available to common stockholders for June 30, 2025, was $(130) million, compared to $108 million for March 31, 2025[37] 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, compared to $85,847 million in March 2025, marking an increase of 4.3%[32] - Unencumbered cash and Agency MBS totaled $6.4 billion, representing 65% of the Company's tangible equity[8] Investment Portfolio - Investment portfolio totaled $82.3 billion, with $73.3 billion in Agency MBS and $8.3 billion in net forward purchases/sales of Agency MBS[4] - The company primarily invests in Agency residential mortgage-backed securities (Agency MBS), which are backed by guarantees from Fannie Mae, Freddie Mac, or Ginnie Mae[48] - Total investment securities at fair value increased to $73,979 million as of June 30, 2025, up from $71,325 million in March 2025, representing a growth of 2.3%[41] Income and Interest Rates - Net interest income for the three months ended June 30, 2025, was $162 million, compared to $159 million in the previous quarter, reflecting 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] - Annualized net interest spread for the quarter was 2.01%, down from 2.12% in the prior quarter[17] - Average total cost of funds was 2.86% for June 30, 2025, compared to 2.75% for March 31, 2025[39] - Average net interest spread decreased to 2.01% for June 30, 2025, from 2.12% for March 31, 2025[39] Stockholders' Equity - Average stockholders' equity reached $10,118 million in June 2025, compared to $9,935 million in March 2025, marking an increase of 1.8%[41] - Weighted average number of common shares outstanding - basic was 1,017.3 million for June 30, 2025, compared to 918.3 million for March 31, 2025[37] Economic Returns - Economic return on tangible common equity for the quarter was -1.0%, driven by $0.36 dividends and $(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] - Economic interest income for June 30, 2025, was $973 million, an increase from $952 million for March 31, 2025[39] 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 its 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 measures[58]
American Capital Agency Corp.(AGNCP) - 2025 Q1 - Quarterly Report
2025-05-02 20:03
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 ...
American Capital Agency Corp.(AGNCP) - 2025 Q1 - Quarterly Results
2025-04-21 20:04
Exhibit 99.1 FOR IMMEDIATE RELEASE April 21, 2025 CONTACT: Investors - (301) 968-9300 Media - (301) 968-9303 AGNC INVESTMENT CORP. ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS Bethesda, MD - April 21, 2025 - AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2025. FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS OTHER FIRST QUARTER HIGHLIGHTS • $0.12 comprehensive income per common share, comprised of: ◦ $0.02 net income per common share ...