In Q4 2025 AGNC generated comprehensive income of $0.89 per share, including net income of $0.83 and other comprehensive income of $0.06. Net spread and dollar roll income held steady at $0.35 per share, while tangible book value per share rose 7.2% sequentially to $8.88. The company delivered an economic return on tangible common equity of 11.6%, comprising $0.36 in dividends and a $0.60 increase in book value. Net interest income surged 79% year-over-year, driven by higher agency MBS yields and disciplined hedging strategies.

As of December 31, 2025, AGNC’s investment portfolio totaled $94.8 billion, with 95% allocated to 30-year fixed-rate Agency MBS and TBA securities. The weighted average coupon on fixed-rate holdings was 5.12%, down marginally from 5.14% the prior quarter. ‘At-risk’ leverage stood at 7.2x tangible equity, while unencumbered cash and Agency MBS represented $7.6 billion or 64% of tangible equity. Activity in the quarter included issuing 34.9 million shares via ATM offerings for net proceeds of $356 million, bolstering liquidity and accreting book value.

Management anticipates a favorable backdrop for Agency MBS in 2026 as interest rate volatility remains low and market expectations solidify around additional rate cuts. Recent purchases of Agency MBS by GSEs and supportive policy signals are expected to tighten spreads further. With a robust liquidity cushion, active balance-sheet management and a track record of generating 22.7% economic return on tangible equity in 2025, AGNC is positioned to deliver attractive risk-adjusted returns and sustain its dividend yield for shareholders.