AGNC reported net income of $0.83 per common share and $0.06 of other comprehensive income, totaling comprehensive income of $0.89 per share for Q4 2025. Net spread and dollar roll income was $0.35 per share, in line with the prior quarter but below the Zacks Consensus Estimate of $0.37. Excluding a $(0.01) catch-up premium amortization adjustment, net spread income remained steady, reflecting stable mortgage spread performance despite evolving prepayment expectations.

As of December 31, 2025, AGNC’s investment portfolio stood at $94.8 billion, with $81.1 billion in Agency MBS and $13.0 billion in TBA commitments. Unencumbered cash and Agency MBS totaled $7.6 billion, representing 64% of tangible common equity. The company maintained 7.2× tangible net book value at-risk leverage at quarter-end (7.4× on average during the quarter), well within its target range, supporting liquidity and risk management.

For the full year, AGNC generated $1.47 of net income per share and $0.27 of OCI, for comprehensive income of $1.74 per share. The board declared $1.44 in dividends, delivering a 22.7% economic return on tangible common equity (comprised of dividends plus a $0.47 increase in book value) and a total stock return of 34.8% with reinvestment. During 2025, the company raised $2.0 billion of common equity through AT-the-Market offerings and issued $345 million of 8.75% Series H preferred equity, broadening its capital base and supporting future portfolio investments.