AGNC(US:AGNC)2026-01-26 21:05Financial 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]