AGNC Investment Corp. reported significant financial performance for the third quarter of 2025, with net income reaching $806 million, or $0.72 per diluted share, compared to $346 million, or $0.39 per diluted share, in the same period last year. The company’s interest income increased to $903 million from $756 million year-over-year, while interest expense rose to $755 million from $820 million. This resulted in a net interest income of $148 million, a notable recovery from a net interest expense of $64 million in the prior year. The total comprehensive income available to common stockholders was $825 million, reflecting a substantial increase from $513 million in the previous year.
AGNC's total assets grew to $108.97 billion as of September 30, 2025, up from $88.02 billion at the end of 2024. This increase was primarily driven by a rise in agency securities, which reached $76.2 billion, compared to $65.4 billion at the end of the previous fiscal year. The company also reported a significant increase in its investment portfolio, which totaled $90.8 billion, up from $73.3 billion at the end of 2024. The growth in assets was supported by the issuance of common and preferred stock, with net proceeds from common stock issuances amounting to $1.617 billion during the nine months ended September 30, 2025.
Operationally, AGNC's investment strategy remains focused on Agency residential mortgage-backed securities (RMBS), with a weighted average coupon of 5.17% as of the end of the quarter. The company’s tangible net book value per common share was reported at $8.77, down from $9.00 at the end of 2024. The company maintained a leverage ratio of 7.6x, consistent with the previous quarter, and reported a liquidity position of $7.2 billion in unencumbered cash and Agency RMBS, representing 66% of tangible equity.
Looking ahead, AGNC expressed a positive outlook for the Agency RMBS market, citing favorable macroeconomic conditions and a balanced supply-demand dynamic. The company anticipates that the Federal Reserve's recent monetary policy adjustments will continue to support the performance of Agency RMBS. However, AGNC also acknowledged potential risks, including market volatility and changes in interest rates, which could impact its financial performance. The company remains committed to its disciplined investment strategy and risk management practices to navigate these challenges effectively.
About AGNC Investment Corp.
AGNC Investment Corp. is a leading provider of private capital to the U.S. housing market, primarily investing in Agency residential mortgage-backed securities (RMBS). With a focus on enhancing liquidity in the mortgage market, AGNC targets homeowners and investors. The company employs an active management strategy to optimize returns while maintaining REIT status. AGNC aims to distribute 100% of its taxable income, ensuring attractive yields for stockholders.
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