AGNC Investment Corp. reported its financial results for the second quarter of 2025, revealing a total comprehensive loss of $140 million, or $(0.17) per diluted common share, compared to a loss of $48 million, or $(0.11) per diluted common share, in the same period last year. The company's interest income increased to $830 million from $695 million year-over-year, while interest expense decreased slightly to $668 million from $698 million. The net interest income for the quarter was $162 million, a significant improvement from a net loss of $3 million in the prior year. However, the company experienced a net loss attributable to common stockholders of $178 million, compared to a profit of $80 million in the previous year.
AGNC's total assets rose to $102.0 billion as of June 30, 2025, up from $88.0 billion at the end of 2024. This increase was primarily driven by a rise in agency securities, which reached $73.2 billion, compared to $65.4 billion at the end of the previous fiscal year. The company's liabilities also increased, with total liabilities amounting to $91.7 billion, up from $78.3 billion. The stockholders' equity stood at $10.3 billion, reflecting a slight increase from $9.8 billion at the end of 2024.
In terms of operational developments, AGNC's investment portfolio expanded by $3.4 billion during the quarter, reaching $82.3 billion. The company raised $799 million through its At-the-Market offering program, which was utilized to invest in higher-coupon specified pools with favorable prepayment attributes. The company maintained a tangible "at risk" leverage ratio of 7.6x, slightly up from 7.5x in the previous quarter, and reported a liquidity position of $6.4 billion in unencumbered cash and Agency RMBS, representing 65% of tangible equity.
Looking ahead, AGNC expressed a constructive outlook for Agency RMBS performance, citing anticipated bank regulatory reforms that could increase demand, improved supply dynamics, and stable mortgage spreads. The company noted that the economic return for the quarter was -1.0%, but it remains optimistic about the potential for tighter mortgage spreads over time, bolstered by government commitments to preserve the credit quality of Agency RMBS. The company plans to continue its active management strategy, adjusting its portfolio in response to evolving market conditions.
About AGNC Investment Corp.
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