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Sep 30
AGNC Q3 2025 Earnings Report
AGNC reported strong Q3 2025 results with solid profitability and an increase in tangible book value.
Key Takeaways
AGNC Investment Corp. posted net income of $764 million and net interest income of $148 million in Q3 2025. The company delivered a 10.6% economic return on tangible common equity and a $0.47 per share increase in tangible book value, supported by strong Agency MBS performance.
Net income reached $764 million for the quarter.
EPS was $0.72; adjusted (non-GAAP) EPS came in at $0.35.
Net interest income totaled $148 million, reflecting core operating performance.
Delivered a 10.6% economic return on tangible common equity and increased tangible book value to $8.28 per share.
AGNC
AGNC
Forward Guidance
AGNC management maintains a constructive outlook for the Agency MBS market, supported by favorable spreads, strong financing conditions, and macro stability.
Positive Outlook
- Agency MBS outperformed Treasuries for five consecutive months.
- Mortgage spreads to benchmark rates remain attractive.
- Agency MBS supply remains manageable.
- Financing market remains strong despite elevated Treasury issuance.
- GSE reform discussions continue to emphasize mortgage market stability.
Challenges Ahead
- Federal Reserve balance sheet runoff continues.
- Significant U.S. Treasury issuance may pressure market liquidity.
- Variability in prepayment rates could affect asset yields.
- Interest rate volatility remains a concern.
- Hedge coverage declined compared to the prior quarter.