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AGNC Investment Corp. Announces Second Quarter 2025 Financial Results

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AGNC Investment Corp. (Nasdaq: AGNC) reported Q2 2025 financial results, posting a comprehensive loss of $(0.13) per share. The company's tangible net book value decreased by $(0.44) to $7.81 per share, resulting in a -1.0% economic return for the quarter.

The investment portfolio totaled $82.3 billion, primarily consisting of $73.3 billion in Agency MBS and $8.3 billion in TBA securities. The company maintained a 7.6x tangible net book value leverage and held $6.4 billion in unencumbered cash and Agency MBS, representing 65% of tangible equity.

AGNC issued 92.6 million shares through ATM offerings, raising $799 million in net proceeds. The company's net spread and dollar roll income was $0.38 per share, and it declared dividends of $0.36 per share for the quarter.

AGNC Investment Corp. (Nasdaq: AGNC) ha comunicato i risultati finanziari del secondo trimestre 2025, registrando una perdita complessiva di $(0,13) per azione. Il valore contabile netto tangibile della società è diminuito di $(0,44), attestandosi a $7,81 per azione, con un rendimento economico del -1,0% nel trimestre.

Il portafoglio investimenti ammontava a 82,3 miliardi di dollari, composto principalmente da 73,3 miliardi di dollari in Agency MBS e 8,3 miliardi in titoli TBA. La società ha mantenuto una leva sul valore contabile netto tangibile di 7,6x e deteneva 6,4 miliardi di dollari in liquidità e Agency MBS non vincolati, pari al 65% del patrimonio netto tangibile.

AGNC ha emesso 92,6 milioni di azioni tramite offerte ATM, raccogliendo 799 milioni di dollari di proventi netti. Il reddito netto da spread e dollar roll è stato di 0,38 dollari per azione, e la società ha dichiarato dividendi di 0,36 dollari per azione per il trimestre.

AGNC Investment Corp. (Nasdaq: AGNC) reportó los resultados financieros del segundo trimestre de 2025, registrando una pérdida integral de $(0.13) por acción. El valor neto contable tangible de la compañía disminuyó en $(0.44) hasta $7.81 por acción, resultando en un rendimiento económico del -1.0% para el trimestre.

La cartera de inversiones totalizó $82.3 mil millones, compuesta principalmente por $73.3 mil millones en Agency MBS y $8.3 mil millones en valores TBA. La compañía mantuvo un apalancamiento del valor neto contable tangible de 7.6x y poseía $6.4 mil millones en efectivo y Agency MBS sin gravámenes, representando el 65% del patrimonio tangible.

AGNC emitió 92.6 millones de acciones a través de ofertas ATM, recaudando $799 millones en ingresos netos. Los ingresos netos por spread y dollar roll fueron de $0.38 por acción, y declaró dividendos de $0.36 por acción para el trimestre.

AGNC Investment Corp. (Nasdaq: AGNC)는 2025년 2분기 재무 실적을 발표하며 주당 $(0.13)의 포괄손실을 기록했습니다. 회사의 유형 순자산 장부가치는 $(0.44) 감소한 주당 $7.81로, 분기 경제적 수익률은 -1.0%를 나타냈습니다.

투자 포트폴리오는 총 823억 달러로, 주로 733억 달러의 에이전시 MBS와 83억 달러의 TBA 증권으로 구성되어 있습니다. 회사는 유형 순자산 장부가치 레버리지 7.6배를 유지했으며, 유형 자본의 65%에 해당하는 64억 달러의 담보 없는 현금 및 에이전시 MBS를 보유하고 있습니다.

AGNC는 ATM 공모를 통해 9260만 주를 발행하여 7억 9900만 달러의 순수익을 조달했습니다. 순 스프레드 및 달러 롤 수익은 주당 $0.38였으며, 분기 배당금은 주당 $0.36로 선언했습니다.

AGNC Investment Corp. (Nasdaq : AGNC) a publié ses résultats financiers du deuxième trimestre 2025, enregistrant une perte globale de $(0,13) par action. La valeur comptable nette tangible de la société a diminué de $(0,44) pour s'établir à 7,81 $ par action, ce qui a entraîné un rendement économique de -1,0 % pour le trimestre.

Le portefeuille d'investissement s'élevait à 82,3 milliards de dollars, composé principalement de 73,3 milliards de dollars en MBS Agency et de 8,3 milliards de dollars en titres TBA. La société a maintenu un effet de levier de 7,6x sur la valeur comptable nette tangible et détenait 6,4 milliards de dollars en liquidités et MBS Agency non grevés, représentant 65 % des capitaux propres tangibles.

AGNC a émis 92,6 millions d'actions via des offres ATM, levant 799 millions de dollars de produits nets. Le revenu net des écarts de taux et des opérations de dollar roll s'est élevé à 0,38 $ par action, et la société a déclaré des dividendes de 0,36 $ par action pour le trimestre.

AGNC Investment Corp. (Nasdaq: AGNC) meldete die Finanzergebnisse für das zweite Quartal 2025 und verzeichnete einen umfassenden Verlust von $(0,13) je Aktie. Der materielle Netto-Buchwert des Unternehmens sank um $(0,44) auf $7,81 je Aktie, was zu einer wirtschaftlichen Rendite von -1,0 % im Quartal führte.

Das Anlageportfolio belief sich auf 82,3 Milliarden US-Dollar, hauptsächlich bestehend aus 73,3 Milliarden US-Dollar in Agency MBS und 8,3 Milliarden US-Dollar in TBA-Wertpapieren. Das Unternehmen hielt eine 7,6-fache Hebelwirkung des materiellen Netto-Buchwerts und verfügte über 6,4 Milliarden US-Dollar an unbelastetem Bargeld und Agency MBS, was 65 % des materiellen Eigenkapitals entspricht.

AGNC gab 92,6 Millionen Aktien durch ATM-Angebote aus und erzielte einen Nettoerlös von 799 Millionen US-Dollar. Der Nettospread- und Dollar-Roll-Ertrag betrug 0,38 US-Dollar je Aktie, und es wurden Dividenden von 0,36 US-Dollar je Aktie für das Quartal ausgeschüttet.

Positive
  • Substantial liquidity position of $6.4 billion in unencumbered cash and Agency MBS (65% of tangible equity)
  • Successfully raised $799 million through ATM offerings
  • Maintained stable net spread and dollar roll income of $0.38 per share
  • 96% of investment portfolio in stable 30-year fixed-rate Agency MBS and TBA securities
  • 53% of repo funding through captive broker-dealer subsidiary, enhancing funding efficiency
Negative
  • Comprehensive loss of $(0.13) per share in Q2 2025
  • 5.3% decrease in tangible net book value per share to $7.81
  • Negative economic return of -1.0% for the quarter
  • Net loss of $(274) million in other gain/loss
  • Wider mortgage spreads impacting portfolio performance

Insights

AGNC posted negative economic return (-1.0%) due to Agency MBS spread widening despite solid net spread income of $0.38 per share.

AGNC Investment Corp. reported a -1.0% economic return for Q2 2025, consisting of $0.36 in dividends offset by a $0.44 decrease in tangible net book value (TNBV) per share. The TNBV declined from $8.25 to $7.81, representing a 5.3% drop quarter-over-quarter. This reduction was primarily driven by wider mortgage spreads relative to benchmark rates.

The company posted a comprehensive loss of $0.13 per share, comprised of a $0.17 net loss partially offset by $0.05 in other comprehensive income. Despite the book value decline, AGNC maintained strong net spread and dollar roll income of $0.38 per share, which remains well above the quarterly dividend of $0.36.

AGNC's investment portfolio grew to $82.3 billion, up from the previous quarter, with the company taking advantage of market volatility to deploy capital raised through ATM equity offerings. During the quarter, AGNC issued 92.6 million shares raising $799 million in net proceeds. The company maintained a relatively stable leverage ratio of 7.6x tangible equity, slightly up from 7.5x in the previous quarter.

The portfolio yield improved slightly to 4.89% from 4.78%, while the cost of funds increased modestly to 2.86% from 2.75%, resulting in a net interest spread of 2.01%, down from 2.12% in Q1. The portfolio's constant prepayment rate decreased to 7.8% from 8.3%, reflecting slowing refinancing activity.

Management attributed the negative performance to April's "Liberation Day" tariff announcement, which triggered significant market repricing and increased interest rate volatility. Despite these headwinds, management maintains a favorable outlook for Agency MBS investments, citing elevated spreads, balanced supply-demand dynamics, potential increased bank participation, and administration support for the Agency MBS market.

AGNC maintained a strong liquidity position of $6.4 billion in unencumbered cash and Agency MBS, representing 65% of tangible equity, providing significant financial flexibility despite the challenging quarter.

BETHESDA, Md., July 21, 2025 /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2025.

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS 

  • $(0.13) comprehensive loss per common share, comprised of:
    • $(0.17) net loss per common share
    • $0.05 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI
  • $0.38 net spread and dollar roll income per common share1
    • Excludes $0.01 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates
  • $7.81 tangible net book value per common share as of June 30, 2025
    • Decreased $(0.44) per common share, or -5.3%, from $8.25 per common share as of March 31, 2025
  • $0.36 dividends declared per common share for the second quarter
  • -1.0% economic return on tangible common equity for the quarter
    • Comprised of $0.36 dividends per common share and $(0.44) decrease in tangible net book value per common share

OTHER SECOND QUARTER HIGHLIGHTS 

  • $82.3 billion investment portfolio as of June 30, 2025, comprised of:
    • $73.3 billion Agency MBS
    • $8.3 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")
    • $0.7 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments
  • 7.6x tangible net book value "at risk" leverage as of June 30, 2025
    • 7.5x average tangible net book value "at risk" leverage for the quarter
  • Unencumbered cash and Agency MBS totaled $6.4 billion as of June 30, 2025
    • Excludes unencumbered CRT and non-Agency securities
    • Represents 65% of the Company's tangible equity as of June 30, 2025
  • 7.8% average projected portfolio life CPR as of June 30, 2025
    • 8.7% actual portfolio CPR for the quarter
  • 2.01% annualized net interest spread for the quarter2
  • Issued 92.6 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $799 million

___________

1.

Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.

Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

MANAGEMENT REMARKS
"Following the administration's 'Liberation Day' tariff announcement in early April, financial markets repriced significantly to reflect greater governmental policy risk and its potentially adverse impact on the economy and monetary policy. Interest rate volatility also increased notably, and investor sentiment turned sharply negative," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "Although most asset class valuations retraced the April losses and ultimately increased quarter-over-quarter, Agency MBS were an exception, as spreads to benchmark rates widened moderately during the second quarter. As a result of this underperformance, AGNC's economic return for the second quarter was -1.0%.

"Looking ahead, we continue to have a favorable outlook for levered and hedged Agency MBS investments. Mortgage spreads to benchmark rates remain elevated by historical standards and range-bound, an extremely favorable return environment. Supply dynamics remain in balance with demand, and bank participation in the Agency MBS markets appears poised to increase following the adoption of anticipated regulatory changes. Finally, and perhaps most importantly, the administration has reiterated its intent to preserve Agency MBS' pristine credit profile and to maintain or reduce current mortgage spreads to benchmark rates. Collectively, we believe these dynamics provide a very positive backdrop for AGNC's investment activities."

"AGNC's -1.0% economic return on tangible common equity in the second quarter was comprised of $0.36 of dividends per common share and a $(0.44) decline in tangible net book value per common share, driven by moderately wider mortgage spreads to benchmark rates," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "AGNC's net spread and dollar roll income was $0.38 per common share for the second quarter. As a result of our risk management positioning and ample liquidity at the end of the first quarter, AGNC was able to navigate the substantial financial market volatility in April with our portfolio intact, and we opportunistically added assets at attractive levels using accretive capital raised through our At-the-Market program. Finally, AGNC concluded the second quarter with tangible 'at risk' leverage of 7.6x and a substantial liquidity position of $6.4 billion of unencumbered cash and Agency MBS, which constituted 65% of our tangible equity."

TANGIBLE NET BOOK VALUE PER COMMON SHARE
As of June 30, 2025, the Company's tangible net book value per common share was $7.81 per share, a decrease of -5.3% for the quarter compared to $8.25 per share as of March 31, 2025. The Company's tangible net book value per common share excludes $526 million, or $0.50 and $0.55 per share, of goodwill as of June 30 and March 31, 2025, respectively.

INVESTMENT PORTFOLIO
As of June 30, 2025, the Company's investment portfolio totaled $82.3 billion, comprised of:

  • $81.6 billion of Agency MBS and TBA securities, including:
    • $79.4 billion of fixed-rate securities, comprised of:
      • $70.5 billion 30-year MBS,
      • $8.1 billion 30-year TBA securities, net, and
      • $0.8 billion 15 and 20-year MBS and TBA securities; and
    • $2.2 billion of collateralized mortgage obligations ("CMOs"), adjustable-rate and other Agency securities; and
  • $0.7 billion of CRT and non-Agency securities and other mortgage credit investments.

As of June 30, 2025, 30-year fixed-rate Agency MBS and TBA securities represented 96% of the Company's investment portfolio, unchanged from March 31, 2025.

As of June 30, 2025, the Company's fixed-rate Agency MBS and TBA securities' weighted average coupon was 5.13%, compared to 5.03% as of March 31, 2025, comprised of the following weighted average coupons:

  • 5.14% for 30-year fixed-rate securities;
  • 4.33% for 15-year fixed-rate securities; and
  • 3.11% for 20-year fixed-rate securities.

The Company accounts for TBA securities and other forward settling securities as derivative instruments and recognizes TBA dollar roll income in other gain (loss), net on the Company's financial statements. As of June 30, 2025, such positions had a fair value of $8.3 billion and a GAAP net carrying value of $101 million reported in derivative assets/(liabilities) on the Company's balance sheet, compared to $7.5 billion and $44 million, respectively, as of March 31, 2025.

CONSTANT PREPAYMENT RATES
The Company's weighted average projected CPR for the remaining life of its Agency securities held as of June 30, 2025 decreased to 7.8% from 8.3% as of March 31, 2025. The Company's weighted average CPR for the second quarter was 8.7%, compared to 7.0% for the prior quarter.

The weighted average cost basis of the Company's investment portfolio was 101.2% of par value as of June 30, 2025. The Company's investment portfolio generated net premium amortization cost of $(30) million, or $(0.03) per common share, for the second quarter, which includes a "catch-up" premium amortization benefit of $11 million, or $0.01 per common share, due to a decrease in the Company's CPR projections for certain securities acquired prior to the second quarter. This compares to net a premium amortization cost for the prior quarter of $(39) million, or $(0.04) per common share, including a "catch-up" premium amortization (cost) of $(2) million, or less than $(0.01) per common share.

ASSET YIELDS, COST OF FUNDS AND NET INTEREST RATE SPREAD
The Company's average asset yield on its investment portfolio, excluding the TBA position, was 4.89% for the second quarter, compared to 4.78% for the prior quarter. Excluding "catch-up" premium amortization, the Company's average asset yield was 4.83% for the second quarter, compared to 4.80% for the prior quarter. Including the TBA position and excluding "catch-up" premium amortization, the Company's average asset yield for the second quarter was 4.87%, unchanged from the prior quarter.

For the second quarter, the weighted average interest rate on the Company's repurchase agreements was 4.44%, compared to 4.45% for the prior quarter. For the second quarter, the Company's TBA position had an implied financing cost of 4.29%, compared to 4.34% for the prior quarter. Inclusive of interest rate swaps, the Company's combined weighted average cost of funds for the second quarter was 2.86%, compared to 2.75% for the prior quarter.

The Company's annualized net interest spread, including the TBA position and interest rate swaps and excluding "catch-up" premium amortization, for the second quarter was 2.01%, compared to 2.12% for the prior quarter.

NET SPREAD AND DOLLAR ROLL INCOME
The Company recognized net spread and dollar roll income (a non-GAAP financial measure) for the second quarter of $0.38 per common share, compared to $0.44 per common share for the prior quarter. Net spread and dollar roll income excludes $0.01 and less than $(0.01) per common share of estimated "catch-up" premium amortization benefit / (cost) for the second quarter and prior quarter, respectively.

The Company's cost of funds, net interest rate spread and net spread and dollar income excludes the impact of the Company's U.S. Treasury hedges and other supplemental interest rate hedges. For additional information regarding the Company's U.S. Treasury hedges, please refer to the schedule of Key Statistics included in this release. 

A reconciliation of the Company's total comprehensive income (loss) to net spread and dollar roll income and additional information regarding the Company's use of non-GAAP measures are included later in this release. 

LEVERAGE
As of June 30, 2025, $66.0 billion of repurchase agreements, $8.2 billion of net TBA dollar roll positions (at cost) and $0.1 billion of other debt were used to fund the Company's investment portfolio. The remainder, or approximately $3.2 billion, of the Company's repurchase agreements was used to fund short-term purchases of U.S. Treasury securities ("U.S. Treasury Repo") and is not included in the Company's leverage measurements. Inclusive of its TBA position and net payable/(receivable) for unsettled investment securities, the Company's tangible net book value "at risk" leverage ratio was 7.6x as of June 30, 2025, compared to 7.5x as of March 31, 2025. The Company's average "at risk" leverage ratio for the second quarter was 7.5x tangible net book value, compared to 7.3x for the prior quarter.

As of June 30, 2025, the Company's repurchase agreements used to fund its investment portfolio ("Investment Securities Repo") had a weighted average interest rate of 4.49%, compared to 4.47% as of March 31, 2025, and a weighted average remaining maturity of 16 days, compared to 19 days as of March 31, 2025. As of June 30, 2025, $34.7 billion, or 53%, of the Company's Investment Securities Repo was funded through the Company's captive broker-dealer subsidiary, Bethesda Securities, LLC.

HEDGING ACTIVITIES
As of June 30, 2025, interest rate swaps, U.S. Treasury positions, swaptions and other interest rate hedges equaled 89% of the Company's outstanding balance of Investment Securities Repo, TBA position and other debt, compared to 91% as of March 31, 2025.

As of June 30, 2025, the Company's pay fixed interest rate swap position totaled $45.1 billion in notional amount, had an average fixed pay rate of 2.10%, an average floating receive rate of 4.44% and an average maturity of 5.0 years, compared to $47.8 billion, 1.91%, 4.40% and 5.0 years, respectively, as of March 31, 2025. 

As of June 30, 2025, the Company had a net short U.S. Treasury position of $20.0 billion, net payer swaptions totaling $1.9 billion and a two-year swap equivalent long SOFR futures position of $1.2 billion outstanding, compared to $15.7 billion, $1.9 billion and $1.2 billion, respectively, as of March 31, 2025.

OTHER GAIN (LOSS), NET
For the second quarter, the Company recorded a net loss of $(274) million in other gain (loss), net, or $(0.27) per common share, compared to a net loss of $(81) million, or $(0.09) per common share, for the prior quarter. Other gain (loss), net for the second quarter was comprised of:

  • $(177) million of net realized losses on sales of investment securities;
  • $270 million of net unrealized gains on investment securities measured at fair value through net income;
  • $282 million of interest rate swap periodic income;
  • $(518) million of net losses on interest rate swaps;
  • $(9) million of net losses on interest rate swaptions;
  • $3 million of net gains on SOFR futures;
  • $(135) million of net losses on U.S. Treasury positions;
  • $24 million of TBA dollar roll income;
  • $(13) million of net mark-to-market losses on TBA securities;
  • $(3) million of other interest income (expense), net; and
  • $2 million of other miscellaneous gains.

OTHER COMPREHENSIVE INCOME
During the second quarter, the Company recorded other comprehensive income of $48 million, or $0.05 per common share, consisting of net unrealized gains on the Company's Agency securities recognized through OCI, compared to $93 million, or $0.10 per common share, of other comprehensive income for the prior quarter.

COMMON STOCK DIVIDENDS
During the second quarter, the Company declared dividends of $0.12 per share to common stockholders of record as of April 30, May 30, and June 30, 2025, totaling $0.36 per share for the quarter. Since its May 2008 initial public offering through the second quarter of 2025, the Company has declared a total of $14.7 billion in common stock dividends, or $49.36 per common share.

FINANCIAL STATEMENTS, OPERATING PERFORMANCE AND PORTFOLIO STATISTICS
The following measures of operating performance include net spread and dollar roll income; economic interest income; economic interest expense; and the related per common share measures and financial metrics derived from such information, which are non-GAAP financial measures. Please refer to "Use of Non-GAAP Financial Information" later in this release for further discussion of non-GAAP measures.

 

AGNC INVESTMENT CORP.

CONSOLIDATED BALANCE SHEETS

(in millions, except per share data)












June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


June 30,
2024


(unaudited)


(unaudited)




(unaudited)


(unaudited)

Assets:










Agency securities, at fair value (including pledged securities of $67,375,
$63,275, $59,952, $62,331 and $54,999, respectively)

$        73,232


$       70,363


$             65,367


$              67,938


$       59,586

Agency securities transferred to consolidated variable interest entities,
at fair value (pledged securities)

91


95


97


106


106

Credit risk transfer securities, at fair value (including pledged securities
of $558, $595, $590, $588 and $647, respectively)

613


640


633


620


683

Non-Agency securities, at fair value, and other mortgage credit
investments (including pledged securities of $30, $173, $206, $224 and
$213, respectively)

109


290


315


334


317

U.S. Treasury securities, at fair value (including pledged securities of
$3,554, $3,268, $1,565, $2,527 and $2,319, respectively)

3,565


3,280


1,575


2,570


2,441

Cash and cash equivalents

656


455


505


507


530

Restricted cash

1,216


1,263


1,266


1,279


1,376

Derivative assets, at fair value

155


98


205


157


131

Receivable for investment securities sold (including pledged securities
of $0, $908, $0, $1,612 and $0, respectively)


909



1,706


Receivable under reverse repurchase agreements

21,362


17,604


17,137


13,494


13,662

Goodwill

526


526


526


526


526

Other assets

496


366


389


353


327

  Total assets

$      102,021


$       95,889


$             88,015


$              89,590


$       79,685

Liabilities:










Repurchase agreements

$        69,153


$       66,138


$             60,798


$              65,979


$       56,947

Debt of consolidated variable interest entities, at fair value

60


62


64


69


71

Payable for investment securities purchased

392


1,843


74


324


208

Derivative liabilities, at fair value

106


70


94


53


64

Dividends payable

164


148


143


134


125

Obligation to return securities borrowed under reverse repurchase
agreements, at fair value

21,305


17,180


16,676


13,009


13,248

Accounts payable and other liabilities

494


406


404


366


370

  Total liabilities

91,674


85,847


78,253


79,934


71,033

Stockholders' equity:










Preferred Stock - aggregate liquidation preference of $1,688

1,634


1,634


1,634


1,634


1,634

Common stock - $0.01 par value; 1,041.7, 949.0, 897.4, 844.2 and
766.1 shares issued and outstanding, respectively

10


9


9


8


8

Additional paid-in capital

18,575


17,769


17,264


16,746


15,960

Retained deficit

(9,422)


(8,872)


(8,554)


(8,320)


(8,338)

Accumulated other comprehensive loss

(450)


(498)


(591)


(412)


(612)

  Total stockholders' equity

10,347


10,042


9,762


9,656


8,652

  Total liabilities and stockholders' equity

$      102,021


$       95,889


$             88,015


$              89,590


$       79,685











Tangible net book value per common share 1

$            7.81


$           8.25


$                 8.41


$                  8.82


$           8.40

 

AGNC INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)












Three Months Ended


June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


June 30,
2024

Interest income:










Interest income

$      830


$          846


$                  856


$                    756


$       695

Interest expense

668


687


741


820


698

Net interest income (expense)

162


159


115


(64)


(3)

Other gain (loss), net:










Realized (loss) gain on sale of investment securities, net

(177)


(245)


(88)


106


(115)

Unrealized gain (loss) on investment securities measured at fair value
through net income, net

270


1,183


(1,895)


1,742


(261)

(Loss) gain on derivative instruments and other investments, net

(367)


(1,019)


2,022


(1,408)


355

Total other (loss) gain, net

(274)


(81)


39


440


(21)

Expenses:










Compensation and benefits

18


19


22


21


15

Other operating expense

10


9


10


9


9

Total operating expense

28


28


32


30


24

Net income (loss)

(140)


50


122


346


(48)

Dividend on preferred stock

38


35


36


33


32

Net income (loss) available (attributable) to common stockholders

$     (178)


$            15


$                    86


$                    313


$        (80)











Net income (loss)

$     (140)


$            50


$                  122


$                    346


$        (48)

Unrealized gain (loss) on investment securities measured at fair value
through other comprehensive income (loss), net

48


93


(179)


200


(18)

Comprehensive income (loss)

(92)


143


(57)


546


(66)

Dividend on preferred stock

38


35


36


33


32

Comprehensive income (loss) available (attributable) to common
stockholders

$     (130)


$          108


$                  (93)


$                    513


$        (98)











Weighted average number of common shares outstanding - basic

1,017.3


918.3


882.8


807.2


740.0

Weighted average number of common shares outstanding - diluted

1,017.3


921.9


886.5


810.1


740.0

Net income (loss) per common share - basic

$    (0.17)


$         0.02


$                 0.10


$                  0.39


$     (0.11)

Net income (loss) per common share - diluted

$    (0.17)


$         0.02


$                 0.10


$                  0.39


$     (0.11)

Comprehensive income (loss) per common share - basic

$    (0.13)


$         0.12


$                (0.11)


$                  0.64


$     (0.13)

Comprehensive income (loss) per common share - diluted

$    (0.13)


$         0.12


$                (0.11)


$                  0.63


$     (0.13)

Dividends declared per common share

$     0.36


$         0.36


$                 0.36


$                  0.36


$      0.36

 

AGNC INVESTMENT CORP.

RECONCILIATION OF GAAP COMPREHENSIVE INCOME (LOSS) TO NET SPREAD AND DOLLAR ROLL INCOME (NON-GAAP MEASURE) 2

(in millions, except per share data)

(unaudited)












Three Months Ended


June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


June 30,
2024

Comprehensive income (loss) available (attributable) to common
stockholders

$     (130)


$          108


$                 (93)


$                    513


$       (98)

Adjustments to exclude realized and unrealized (gains) losses
reported through net income:










Realized (gain) loss on sale of investment securities, net

177


245


88


(106)


115

Unrealized (gain) loss on investment securities measured at fair value
through net income, net

(270)


(1,183)


1,895


(1,742)


261

(Gain) loss on derivative instruments and other securities, net

367


1,019


(2,022)


1,408


(355)

Adjustment to exclude unrealized (gain) loss reported through other
comprehensive income:










Unrealized (gain) loss on available-for-sale securities measure at fair
value through other comprehensive income, net

(48)


(93)


179


(200)


18

Other adjustments:










Estimated "catch up" premium amortization cost (benefit) due to change
in CPR forecast 3

(11)


2


(51)


24


(14)

TBA dollar roll income 4,5

24


23


12


4


5

Interest rate swap periodic income, net 4,6

282


293


329


456


494

Other interest income (expense), net 4,7

(3)


(11)


(8)


(12)


(32)

Net spread and dollar roll income available to common stockholders

$      388


$         403


$                 329


$                   345


$      394











Weighted average number of common shares outstanding - basic

1,017.3


918.3


882.8


807.2


740.0

Weighted average number of common shares outstanding - diluted

1,019.6


921.9


886.5


810.1


741.9

Net spread and dollar roll income per common share - basic

$     0.38


$        0.44


$                0.37


$                  0.43


$     0.53

Net spread and dollar roll income per common share - diluted

$     0.38


$        0.44


$                0.37


$                  0.43


$     0.53

 

AGNC INVESTMENT CORP.

NET INTEREST SPREAD COMPONENTS BY FUNDING SOURCE 2

(in millions, except per share data)

(unaudited)












Three Months Ended


June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


June 30,
2024

Adjusted net interest and dollar roll income:










Economic interest income:










  Investment securities - GAAP interest income 8

$      830


$         846


$                 856


$                   756


$      695

  Estimated "catch-up" premium amortization cost (benefit) due to
  change in CPR forecast 3

(11)


2


(51)


24


(14)

  TBA dollar roll income - implied interest income 4,9

154


104


84


39


93

Economic interest income

973


952


889


819


774

Economic interest expense:










  Repurchase agreements and other debt - GAAP interest expense

(668)


(687)


(741)


(820)


(698)

  TBA dollar roll income - implied interest expense 4,10

(130)


(81)


(72)


(35)


(88)

  Interest rate swap periodic income, net 4,6

282


293


329


456


494

Economic interest expense

(516)


(475)


(484)


(399)


(292)

Adjusted net interest and dollar roll income

$      457


$         477


$                 405


$                   420


$      482











Net interest spread:










Average asset yield:










  Investment securities - average asset yield

4.89 %


4.78 %


5.02 %


4.54 %


4.70 %

  Estimated "catch-up" premium amortization cost (benefit) due to
  change in CPR forecast

(0.06) %


0.02 %


(0.30) %


0.14 %


(0.10) %

  Investment securities average asset yield, excluding "catch-up"
  premium amortization

4.83 %


4.80 %


4.72 %


4.68 %


4.60 %

  TBA securities - average implied asset yield 9

5.14 %


5.58 %


5.66 %


5.82 %


5.47 %

Average asset yield 11

4.87 %


4.87 %


4.80 %


4.73 %


4.69 %

Average total cost of funds:










  Repurchase agreements and other debt - average funding cost

4.44 %


4.45 %


4.86 %


5.41 %


5.44 %

  TBA securities - average implied funding cost 10

4.29 %


4.34 %


4.74 %


5.10 %


5.11 %

  Average cost of funds, before interest rate swap periodic income,
  net 11

4.42 %


4.44 %


4.85 %


5.40 %


5.39 %

  Interest rate swap periodic income, net 12

(1.56) %


(1.69) %


(1.96) %


(2.88) %


(3.39) %

Average total cost of funds 13

2.86 %


2.75 %


2.89 %


2.52 %


2.00 %

Average net interest spread

2.01 %


2.12 %


1.91 %


2.21 %


2.69 %

 

AGNC INVESTMENT CORP.

KEY STATISTICS*

(in millions, except per share data)

(unaudited)












Three Months Ended

Key Balance Sheet Statistics:

June 30,
2025


March 31,
2025


December 31,
2024


September 30,
2024


June 30,
2024

Investment securities: 8










Fixed-rate Agency MBS, at fair value - as of period end

$    71,104


$    68,468


$             64,049


$               66,668


$   58,729

Other Agency MBS, at fair value - as of period end

$      2,219


$      1,990


$               1,415


$                 1,376


$        963

Credit risk transfer securities, at fair value - as of period end

$         613


$         640


$                  633


$                    620


$        683

Non-Agency MBS, at fair value - as of period end 14

$           43


$         227


$                  251


$                    273


$        257

Total investment securities, at fair value - as of period end

$    73,979


$    71,325


$             66,348


$               68,937


$   60,632

Total investment securities, at cost - as of period end

$    75,484


$    73,148


$             69,446


$               69,961


$   63,599

Total investment securities, at par - as of period end

$    74,572


$    72,130


$             68,431


$               69,032


$   62,549

Average investment securities, at cost

$    67,887


$    70,725


$             68,188


$               66,674


$   59,198

Average investment securities, at par

$    66,876


$    69,704


$             67,181


$               65,748


$   58,066

TBA securities: 15










Net TBA portfolio - as of period end, at fair value

$      8,263


$      7,473


$               6,861


$                 4,068


$     5,348

Net TBA portfolio - as of period end, at cost

$      8,162


$      7,429


$               6,887


$                 4,067


$     5,318

Net TBA portfolio - as of period end, carrying value

$         101


$           44


$                   (26)


$                        1


$          30

Average net TBA portfolio, at cost

$    11,996


$      7,428


$               5,936


$                 2,650


$     6,805

Average repurchase agreements and other debt 16

$    59,469


$    61,707


$             59,690


$               59,322


$   50,784

Average stockholders' equity 17

$    10,118


$      9,935


$               9,637


$                 9,151


$     8,481

Tangible net book value per common share 1

$        7.81


$        8.25


$                 8.41


$                   8.82


$       8.40

Tangible net book value "at risk" leverage - average 18

7.5 :1


7.3 :1


7.2 :1


7.2 :1


7.2 :1

Tangible net book value "at risk" leverage - as of period end 19

7.6 :1


7.5 :1


7.2 :1


7.2 :1


7.4 :1











Key Performance Statistics:










Investment securities: 8










Average coupon

5.14 %


5.08 %


5.03 %


5.02 %


4.98 %

Average asset yield

4.89 %


4.78 %


5.02 %


4.54 %


4.70 %

Average asset yield, excluding "catch-up" premium amortization

4.83 %


4.80 %


4.72 %


4.68 %


4.60 %

Average coupon - as of period end

5.14 %


5.12 %


5.03 %


5.01 %


5.01 %

Average asset yield - as of period end

4.92 %


4.87 %


4.77 %


4.68 %


4.70 %

Average actual CPR for securities held during the period

8.7 %


7.0 %


9.6 %


7.3 %


7.1 %

Average forecasted CPR - as of period end

7.8 %


8.3 %


7.7 %


13.2 %


9.2 %

Total premium amortization benefit (cost)

$          (30)


$          (39)


$                     11


$                     (69)


$         (28)

TBA securities:










Average coupon - as of period end 20

5.22 %


4.98 %


5.29 %


4.78 %


5.27 %

Average implied asset yield 9

5.14 %


5.58 %


5.66 %


5.82 %


5.47 %

Combined investment and TBA securities - average asset yield, excluding
"catch-up" premium amortization 11

4.87 %


4.87 %


4.80 %


4.73 %


4.69 %

Cost of funds: 13










Repurchase agreements - average funding cost

4.44 %


4.45 %


4.86 %


5.41 %


5.44 %

TBA securities - average implied funding cost 10

4.29 %


4.34 %


4.74 %


5.10 %


5.11 %

Interest rate swaps - average periodic income 12

(1.56) %


(1.69) %


(1.96) %


(2.88) %


(3.39) %

Average total cost of funds, inclusive of TBAs and interest rate swap
periodic income, net 11

2.86 %


2.75 %


2.89 %


2.52 %


2.00 %

Repurchase agreements - average funding cost as of period end

4.49 %


4.47 %


4.76 %


5.23 %


5.50 %

Interest rate swaps - average net pay/(receive) rate as of period end 21

(2.34) %


(2.49) %


(3.00) %


(3.51) %


(3.90) %

Net interest spread:










Combined investment and TBA securities average net interest spread,
excluding "catch-up" premium amortization

2.01 %


2.12 %


1.91 %


2.21 %


2.69 %

Expenses % of average stockholders' equity - annualized

1.11 %


1.13 %


1.33 %


1.31 %


1.13 %

Economic return (loss) on tangible common equity - unannualized 22

(1.0) %


2.4 %


(0.6) %


9.3 %


(0.9) %











Key Interest Rate Hedge Statistics










Interest rate swaps:










Average interest rate swaps, notional amount (excluding forward
starting swaps), net

$    45,849


$    44,179


$             39,483


$               44,781


$   45,263

Average pay-fixed rate

1.94 %


1.73 %


1.45 %


1.38 %


1.18 %

Average receive-floating rate

4.38 %


4.38 %


4.71 %


5.36 %


5.50 %

U.S. Treasury securities:










Average short U.S. Treasury securities, at cost

$    19,754


$    18,677


$             15,731


$               13,259


$   13,105

Average short U.S. Treasury securities yield

4.16 %


3.98 %


3.78 %


3.70 %


3.77 %

Average long U.S. Treasury securities, at cost

$      2,044


$      2,828


$               2,113


$                 2,616


$     2,073

Average long U.S. Treasury securities yield

4.45 %


4.37 %


4.13 %


4.05 %


4.41 %

U.S. Treasury futures:










Average short U.S. Treasury futures, at cost

$      1,208


$      3,195


$               2,873


$                    791


$     1,528

Average short U.S. Treasury futures implied yield 23

4.53 %


4.50 %


4.40 %


4.35 %


4.41 %

Average long U.S. Treasury futures, at cost

$           —


$      1,843


$                    —


$                    750


$         118

Average long U.S. Treasury futures implied yield 23

— %


4.21 %


— %


4.03 %


4.22 %

Average reverse repurchase agreement rate

4.33 %


4.34 %


4.65 %


5.47 %


5.35 %

*Except as noted below, average numbers for each period are weighted based on days on the Company's books and records. All percentages are annualized, unless otherwise noted.
Numbers in financial tables may not total due to rounding.

  1. Tangible net book value per common share excludes preferred stock liquidation preference and goodwill.
  2. Table includes non-GAAP financial measures and/or amounts derived from non-GAAP measures. Refer to "Use of Non-GAAP Financial Information" for additional discussion of non-GAAP financial measures.
  3. "Catch-up" premium amortization cost/benefit is reported in interest income on the accompanying consolidated statements of operations.
  4. Amount reported in gain (loss) on derivatives instruments and other securities, net in the accompanying consolidated statements of operations.
  5. Dollar roll income represents the price differential, or "price drop," between the TBA price for current month settlement versus the TBA price for forward month settlement. Amount includes dollar roll income (loss) on long and short TBA securities. Amount excludes TBA mark-to-market adjustments.
  6. Represents periodic interest rate swap settlements. Amount excludes interest rate swap termination fees, mark-to-market adjustments and price alignment interest income (expense) on margin deposits.
  7. Other interest income (expense), net includes interest income on cash and cash equivalents, price alignment interest income (expense) on margin deposits, and other miscellaneous interest income (expense).
  8. Investment securities include Agency MBS, CRT and non-Agency securities. Amounts exclude TBA and forward settling securities accounted for as derivative instruments in the accompanying consolidated balance sheets and statements of operations.
  9. The average implied asset yield for TBA dollar roll transactions is extrapolated by adding the average TBA implied funding cost (Note 10) to the net dollar roll yield. The net dollar roll yield is calculated by dividing dollar roll income (Note 5) by the average net TBA balance (cost basis) outstanding for the period.
  10. The implied funding cost/benefit of TBA dollar roll transactions is determined using the "price drop" (Note 5) and market-based assumptions regarding the "cheapest-to-deliver" collateral that can be delivered to satisfy the TBA contract, such as the anticipated collateral's weighted average coupon, weighted average maturity and projected 1-month CPR. The average implied funding cost/benefit for all TBA transactions is weighted based on the Company's daily average TBA balance outstanding for the period.
  11. Amount calculated on a weighted average basis based on average balances outstanding during the period and their respective asset yield/funding cost.
  12. Represents interest rate swap periodic cost/income measured as a percent of total mortgage funding (Investment Securities Repo, other debt and net TBA securities (at cost)).
  13. Cost of funds excludes U.S. Treasury and other supplemental hedges used to hedge a portion of the Company's interest rate risk (such as swaptions and SOFR futures) and U.S. Treasury Repo.
  14. Non-Agency MBS, at fair value, excludes $66 million, $63 million, $64 million, $61 million and $60 million of other mortgage credit investments held as of June 30 and March 31, 2025 and December 31, September 30 and June 30, 2024, respectively.
  15. Includes TBA dollar roll position and, if applicable, forward settling securities accounted for as derivative instruments in the accompanying consolidated balance sheets and statements of operations. Amount is net of short TBA securities.
  16. Average repurchase agreements and other debt excludes U.S. Treasury Repo.
  17. Average stockholders' equity calculated as the average month-ended stockholders' equity during the quarter.
  18. Average tangible net book value "at risk" leverage during the period was calculated by dividing the sum of the daily weighted average Investment Securities Repo, other debt, and TBA and forward settling securities (at cost) outstanding for the period by the sum of average stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury Repo.
  19. Tangible net book value "at risk" leverage as of period end was calculated by dividing the sum of the amount outstanding under Investment Securities Repo, other debt, net TBA position and forward settling securities (at cost), and net receivable / payable for unsettled investment securities outstanding by the sum of total stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury Repo.
  20. Average TBA coupon is for the long TBA position only.
  21. Includes forward starting swaps not yet in effect as of reported period-end.
  22. Economic return (loss) on tangible common equity represents the sum of the change in tangible net book value per common share and dividends declared on common stock during the period over the beginning tangible net book value per common share.
  23. The implied yields for Treasury futures are calculated based on the "cheapest-to-deliver" security that can be delivered to satisfy the futures contract identified at the time the futures contract was initiated using data sourced from a third-party model.

STOCKHOLDER CALL
AGNC invites stockholders, prospective stockholders and analysts to attend the AGNC stockholder call on July 22, 2025 at 8:30 am ET. Interested persons who do not plan on asking a question and have internet access are encouraged to utilize the webcast at www.AGNC.com. Those who plan on participating in the Q&A or do not have internet available may access the call by dialing (877) 300-5922 (U.S. domestic) or (412) 902-6621 (international). Please advise the operator you are dialing in for the AGNC Investment Corp. stockholder call.

A slide presentation will accompany the call and will be available in the Investors section of the Company's website at www.AGNC.com. Select the Q2 2025 Stockholder Presentation link to download the presentation in advance of the stockholder call.

An archived audio of the stockholder call combined with the slide presentation will be available on the AGNC website after the call on July 22, 2025. In addition, there will be a phone recording available one hour after the call on July 22, 2025 through August 5, 2025. Those who are interested in hearing the recording of the presentation, can access it by dialing (877) 344-7529 (U.S. domestic) or (412) 317-0088 (international), passcode 8543380.

For further information, please contact Investor Relations at (301) 968-9300 or IR@AGNC.com

ABOUT AGNC INVESTMENT CORP.
Founded in 2008, AGNC Investment Corp. (Nasdaq: AGNC) is a leading investor in Agency residential mortgage-backed securities (Agency MBS), which benefit from a guarantee against credit losses by Fannie Mae, Freddie Mac, or Ginnie Mae. We invest on a leveraged basis, financing our Agency MBS assets primarily through repurchase agreements, and utilize dynamic risk management strategies intended to protect the value of our portfolio from interest rate and other market risks.

AGNC has a track record of providing favorable long-term returns for our stockholders through substantial monthly dividend income, with over $14 billion of common stock dividends paid since inception. Our business is a significant source of private capital for the U.S. residential housing market, and our team has extensive experience managing mortgage assets across market cycles.

We use our website (www.AGNC.com) and AGNC's LinkedIn and X accounts to distribute information about the Company. Investors should monitor these channels in addition to our press releases, filings with the U.S. Securities and Exchange Commission ("SEC"), public conference calls and webcasts, as information posted through them may be deemed material. Our website, alerts and social media channels are not incorporated by reference into, and are not a part of, this document or any report filed with the SEC. To learn more about The Premier Agency Residential Mortgage REIT, please visit www.AGNC.com, follow us on LinkedIn and X, and sign up for Investor Alerts.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements or from our historic performance due to a variety of important factors, including, without limitation, changes in monetary policy and other factors that affect interest rates, MBS spreads to benchmark interest rates, the forward yield curve, or prepayment rates; the availability and terms of financing; changes in the market value of the Company's assets; general economic or geopolitical conditions; liquidity and other conditions in the market for Agency securities and other financial markets; and legislative and regulatory changes that could adversely affect the business of the Company. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Company's periodic reports filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with GAAP, the Company's results of operations discussed in this release include certain non-GAAP financial information, including "net spread and dollar roll income"; "economic interest income" and "economic interest expense"; and the related per common share measures and certain financial metrics derived from such non-GAAP information, such as "cost of funds" and "net interest spread."

Net spread and dollar roll income available to common stockholders is measured as comprehensive income (loss) available (attributable) to common stockholders (GAAP measure) adjusted to: (i) exclude gains/losses on investment securities recognized through net income or other comprehensive income and gains/losses on derivative instruments and other securities (GAAP measures), (ii) exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and (iii) include interest rate swap periodic income/cost, TBA dollar roll income and other miscellaneous interest income/expense. As defined, net spread and dollar roll income available to common stockholders represents net interest income/expense (GAAP measure) adjusted to exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and to include TBA dollar roll income, interest rate swap periodic income/cost and other miscellaneous interest income/expense, less total operating expense (GAAP measure) and dividends on preferred stock (GAAP measure).

By providing users of the Company's financial information with such measures in addition to the related GAAP measures, the Company believes users have greater transparency into the information used by the Company's management in its financial and operational decision-making. The Company also believes that it is important for users of its financial information to consider information related to the Company's current financial performance without the effects of certain transactions that are not necessarily indicative of its current investment portfolio performance and operations.

Specifically, the Company believes the inclusion of TBA dollar roll income in its non-GAAP measures is meaningful as TBAs are economically equivalent to holding and financing generic Agency MBS using short-term repurchase agreements but are recognized under GAAP in gain/loss on derivative instruments in the Company's statement of operations. Similarly, the Company believes that the inclusion of periodic interest rate swap settlements in such measures, which are recognized under GAAP in gain/loss on derivative instruments, is meaningful as interest rate swaps are the primary instrument the Company uses to economically hedge against fluctuations in the Company's borrowing costs and inclusion of periodic interest rate swap settlements is more indicative of the Company's total cost of funds than interest expense alone. Finally, the Company believes the exclusion of "catch-up" adjustments to premium amortization cost is meaningful as it excludes the cumulative effect from prior reporting periods due to current changes in future prepayment expectations and, therefore, exclusion of such "catch-up" cost or benefit is more indicative of the current earnings potential of the Company's investment portfolio.

However, because such measures are incomplete measures of the Company's financial performance and involve differences from results computed in accordance with GAAP, they should be considered as supplementary to, and not as a substitute for, results computed in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of such non-GAAP measures may not be comparable to other similarly-titled measures of other companies.

A reconciliation of GAAP comprehensive income (loss) to non-GAAP "net spread and dollar roll income" is included in this release.

CONTACT:
Investors - (301) 968-9300
Media - (301) 968-9303

Cision View original content:https://www.prnewswire.com/news-releases/agnc-investment-corp-announces-second-quarter-2025-financial-results-302509916.html

SOURCE AGNC Investment Corp.

FAQ

What was AGNC Investment Corp's (AGNC) financial performance in Q2 2025?

AGNC reported a comprehensive loss of $(0.13) per share, with tangible net book value declining 5.3% to $7.81 per share and a negative economic return of -1.0% for the quarter.

How large is AGNC's investment portfolio and what is its composition?

AGNC's investment portfolio totaled $82.3 billion, comprising $73.3 billion in Agency MBS, $8.3 billion in TBA securities, and $0.7 billion in CRT and non-Agency securities.

What dividend did AGNC declare for Q2 2025?

AGNC declared monthly dividends totaling $0.36 per share for Q2 2025, paid as $0.12 per share to stockholders of record as of April 30, May 30, and June 30, 2025.

How much capital did AGNC raise through its ATM offering in Q2 2025?

AGNC raised $799 million in net proceeds through its At-the-Market (ATM) offerings, issuing 92.6 million shares of common equity.

What is AGNC's leverage and liquidity position as of Q2 2025?

AGNC maintained a 7.6x tangible net book value leverage and held $6.4 billion in unencumbered cash and Agency MBS, representing 65% of tangible equity.
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