Key Takeaways AGNC's Q3 net spread and dollar roll income of 35 cents per share missed estimates and fell y/y. Tangible net book value per share declined 6.1% to $8.28, while asset yields improved to 4.95%.Economic return on tangible equity was 10.6%, while the total investment portfolio was $90.8 billion. AGNC Investment Corp.’s (AGNC) third-quarter 2025 net spread and dollar roll income per common share (excluding estimated "catch-up" premium amortization benefit) of 35 cents missed the Zacks Consensus Es ...

Core Insights - AGNC Investment Corp. reported a second-quarter 2025 net spread and dollar roll income per common share of 38 cents, missing the Zacks Consensus Estimate of 42 cents and declining from 53 cents in the same quarter last year [2][10] - The company experienced a comprehensive loss per common share of 13 cents, remaining relatively flat compared to the previous year, impacted by a decline in tangible net book value per share and net interest spread, although average asset yield increased [3][12] - The average asset yield on AGNC's portfolio rose to 4.87% in Q2 2025, up from 4.69% in Q2 2024, while the combined weighted average cost of funds increased to 2.86% from 2% year-over-year [4][10] Financial Performance - Net interest income was reported at $162 million, missing the Zacks Consensus Estimate by 36.2%, with net interest expenses of $3 million in the prior-year quarter [4] - The average net interest spread, excluding estimated "catch-up" premium amortization benefits, decreased to 2.01% from 2.69% in the year-ago quarter [5] - As of June 30, 2025, tangible net book value per share was $7.81, down 7% year-over-year, with an economic return on tangible common equity of negative 1% compared to negative 0.9% in the previous year [6][10] Investment Portfolio - AGNC's investment portfolio totaled $82.3 billion, consisting of $73.3 billion in Agency mortgage-backed securities, $8.3 billion in net forward purchases/sales of Agency MBS, and $0.7 billion in CRT and non-Agency securities [7] - The average actual constant prepayment rate for the investment portfolio was 7.8%, down from 9.2% in the year-ago quarter [5] Cash Position - As of June 30, 2025, AGNC's cash and cash equivalents amounted to $656 million, reflecting a 44.2% decrease from the prior quarter [8] Dividend Information - AGNC declared a dividend of 36 cents per share for the second quarter, with total dividends of $14.7 billion or $49.36 per share since its IPO in May 2008 through Q2 2025 [11]