AGNC reports $90.8B portfolio and 7.6x leverage

Rhea-AI Filing Summary

AGNC Investment Corp. reported third‑quarter 2025 results, highlighting $0.78 total comprehensive income per common share, made up of $0.72 net income and $0.06 other comprehensive income. Tangible net book value was $8.28 per share as of September 30, 2025, excluding $526 million of goodwill.

The investment portfolio carried a $90.8 billion fair value, including TBA positions. Tangible net book value at‑risk leverage was 7.6x. Economic return on tangible common equity was 10.6%, reflecting a $0.36 dividend and a $0.47 increase in tangible book value per share. Cash and unencumbered Agency MBS totaled $7.2 billion.

Capital actions included issuing $345 million of 8.75% Series H preferred equity and selling 31.0 million shares of common stock via at‑the‑market offerings for net proceeds of $309 million.

Insights

Mortgage REIT Analyst

Solid quarter with higher book value, moderate leverage, and fresh capital raised.

AGNC posted total comprehensive income of $0.78 per share, split between $0.72 net income and $0.06 OCI. Tangible book value ended at $8.28 per share on September 30, 2025, indicating book value accretion within the quarter.

The investment portfolio stood at $90.8B, and tangible net book value at‑risk leverage measured 7.6% x (a multiple, not a percentage). Economic return on tangible common equity was 10.6%, combining the $0.36 dividend and a $0.47 increase in tangible book per share.

Liquidity remained meaningful with $7.2B in cash and unencumbered Agency MBS. The company issued $345M of 8.75% Series H preferred and 31.0 million common shares via ATM for net proceeds of $309M. Actual impact depends on portfolio performance and financing costs disclosed in subsequent reports.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________ 

FORM 8-K

 __________________________________________________

 CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2025

__________________________________________________

AGNC INVESTMENT CORP.

(Exact name of registrant as specified in its charter)

__________________________________________________

Delaware			001-34057			26-1701984
(State or Other Jurisdiction of Incorporation or Organization)			(Commission File Number)			(I.R.S. Employer Identification No.)

7373 Wisconsin Avenue, 22nd Floor

Bethesda, Maryland 20814

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(301) 968-9300

N/A

(Former name or former address, if changed since last report)

 __________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: 

☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, par value $0.01 per share

AGNC

The Nasdaq Global Select Market

Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

AGNCN

The Nasdaq Global Select Market

Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

AGNCM

The Nasdaq Global Select Market

Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

AGNCO

The Nasdaq Global Select Market

Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

AGNCP

The Nasdaq Global Select Market

Depositary shares of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock

AGNCL

The Nasdaq Global Select Market

Depositary shares of 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock

AGNCZ

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     o

Item 2.02 Results of Operations and Financial Condition

On October 20, 2025, AGNC Investment Corp. issued a press release announcing its financial results for the quarter ended September 30, 2025. The text of the aforementioned press release is included as exhibit 99.1 to this Form 8-K. The press release included the following financial information for the quarter:

•Total comprehensive income for the third quarter of 2025 of $0.78 per share of common stock, comprised of $0.72 net income per common share and $0.06 other comprehensive income (“OCI”) per common share on investments marked-to-market through OCI;

•Tangible net book value of $8.28 per share of common stock as of September 30, 2025, which amount excludes $526 million, or $0.49 per common share, of goodwill as of September 30, 2025;

•$90.8 billion fair value of its investment portfolio as of September 30, 2025, inclusive of net forward purchases and sales of Agency mortgage-backed securities, in the “to-be-announced” (“TBA”) market;

•Tangible net book value “at risk” leverage ratio was 7.6x as of September 30, 2025. Tangible net book value “at risk” leverage represents the ratio of the amount outstanding under its investment securities’ repurchase agreements, debt of consolidated variable interest entities, net TBA position (at cost) and net receivable / payable for unsettled investment securities outstanding to the sum of total stockholders’ equity adjusted to exclude goodwill as of period end (repurchase agreements used to fund U.S. Treasury securities are excluded from the Company’s leverage measurement);

•Economic return on tangible common equity of 10.6% for the third quarter, comprised of $0.36 dividend per share of common stock declared during the third quarter and $0.47 increase in tangible net book value per common share;

•Cash and unencumbered Agency MBS of $7.2 billion as of September 30, 2025; and

•Issued $345 million of 8.75% Series H Fixed-Rate preferred equity and 31.0 million shares of common equity through At-the-Market Offerings for net proceeds of $309 million.

Pursuant to the rules and regulations of the Securities and Exchange Commission, exhibit 99.1 to this Form 8-K and the information set forth therein, shall be deemed “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. Pursuant to the rules and regulations of the SEC, the information provided in this Item 2.02 of this Form 8-K shall be deemed “filed” for purposes of Section 18 of the Exchange Act, and shall be deemed to be incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(a) None.

(b) None.

(c) Exhibits

Exhibit No.						Description
99.1						Press Release dated			October 20, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

									AGNC INVESTMENT CORP.
Dated:			October 20, 2025			By:			/s/ BERNICE E. BELL
									Bernice E. Bell
									Executive Vice President and Chief Financial Officer

FAQ

What were AGNC (AGNC) earnings per share metrics for Q3 2025?

Total comprehensive income was $0.78 per share, comprising $0.72 net income and $0.06 OCI.

What was AGNC’s tangible net book value per share as of September 30, 2025?

Tangible net book value was $8.28 per common share as of September 30, 2025, excluding $526 million of goodwill.

How large was AGNC’s investment portfolio at quarter end?

The portfolio had a $90.8 billion fair value, inclusive of net TBA positions.

What leverage did AGNC report for Q3 2025?

Tangible net book value at‑risk leverage was 7.6x as of September 30, 2025.

What was AGNC’s economic return on tangible common equity for the quarter?

Economic return was 10.6%, combining a $0.36 dividend and a $0.47 increase in tangible book value per share.

What liquidity did AGNC report at quarter end?

AGNC held $7.2 billion in cash and unencumbered Agency MBS.

What capital did AGNC raise during Q3 2025?

AGNC issued $345 million of 8.75% Series H preferred and sold 31.0 million common shares via ATM for $309 million in net proceeds.