Agnc Investment Corp. · NASDAQ:AGNC
Agnc Investment — Q4 2025 Earnings Presentation
29 slides from Agnc Investment's earnings presentation, Jan 27, 2026
Slide 1: Q4 Stockholder Presentation
02 Q4 STOCKHOLDER PRESENTATION JANUARY 27, 2026 THE PREMIER AGENCY RESIDENTIAL MORTGAGE REIT © 2026 AGNC Investment Corp. All Rights Reserved.
Slide 2: Important Notices
IMPORTANT NOTICES Safe harbor statement under the private securities litigation reform act of 1995 This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Re
Slide 3: Capital Structure Highlights
CAPITAL STRUCTURE HIGHLIGHTS AGNC Common Stock THE OBJECTIVE Favorable long-term stockholder returns with a Ticker Nasdaq: AGNC substantial dividend yield component IPO Date May 2008 THE OPPORTUNITY Market Capitalization $11.9 B Agency-guaranteed residential MBS investments paired with highly attrac
Slide 4: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS Key Metrics $8.88 $0.89 $0.35 Tangible Net Book Comprehensive Net Spread and Dollar Roll Value Per Share1 Income Per Share Income Per Share2 Performance 11.6% $0.36 $0.60 Economic Dividends Declared Change in Tangible Return3 Per Share Net Book Value Per Share Capital Highlights 1
Slide 5: Q4 2025 Other Highlights
Q4 2025 OTHER HIGHLIGHTS Portfolio1 Average Asset Yield2 Assets 9.6% 9.7% Avg. Projected Actual Q4 Portfolio Life CPR Portfolio CPR Leverage3 Average Repo Cost4 Average Cost of Funds5 Funding and Leverage Hedge Ratio6 Duration Gap7 Risk $7.6 B 64% Management Unencumbered % of Tangible Cash & Agency
Slide 6: 2025 Full Year Highlights
2025 FULL YEAR HIGHLIGHTS Key Metrics $1.74 $1.50 1.19% Comprehensive Net Spread and Dollar Roll Operating Expense Income Per Share Income Per Share1 Structure2 Performance 22.7% $1.44 $0.47 Economic Dividends Declared Change in Tangible Return3 Per Share Net Book Value Per Share Capital Highlights
Slide 7: Market Highlights
MARKET HIGHLIGHTS1 Asset Yields: Current Coupon (CC) Agency MBS Spreads: CC Agency MBS Spread to UST and Swaps (bps Q4 Change: 30 year CC Yield -16 bps Q4 Change: 5/10 Yr Swap Spread -27 bps ) Q4 Change: 15 year CC Yield -8 bps Q4 Change: 5/10 Yr UST Spread -16 bps Interest Rates: Select UST Yields
Slide 8: Market Update
MARKET UPDATE Q4 2025 x Q4 2025 Security 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 ∆ Rate % / Price2 x Security 12/31/24 3/31/25 6/30/25 9/30/25 12/31/25 ∆ Rate % / Price2 SOFR Swap Rates1 x Treasury Rates1 2 Yr Swap 4.08% 3.72% 3.49% 3.40% 3.31% -0.09 % / +0.16 x 2 Yr UST 4.24% 3.89% 3.72% 3.61% 3.
Slide 9: Portfolio Summary
PORTFOLIO SUMMARY Investment Securities 1 Investment Securities December 31, 2025 September 30, 2025 ($ In Millions) ▪ $94.7 B investment portfolio as of Dec 31, 2025, an Security Type FMV % FMV % increase of $3.9 B from Sep 30, 2025, primarily 30 Year MBS $77,008 81% $72,980 80% consisting of 30 ye
Slide 10: Financing Summary
FINANCING SUMMARY Investment Securities Repurchase Agreements1 As of Dec 31, 2025 Repo Funding1 ▪ As of Dec 31, 2025, our repo cost was 3.98%, Maturity Amount Interest Days to (Months) % ($ MM) Rate Maturity compared to 4.38% as of Sep 30, 2025, and the ≤3 100% $72,946 3.98% 12 average maturity was
Slide 11: Hedging Portfolio
HEDGING PORTFOLIO Hedge Portfolio Summary Hedge Portfolio Amount % of Total $ in MM (Long)/Short Duration2 Amount ▪ Our hedge portfolio totaled $59.1 B and covered Swap and Treasury Hedges: 69% of our funding liabilities1 as of Dec 31, 2025, Interest Rate Swaps $64,632 (4.1) 109% compared to 68% as
Slide 12: Financial Results
FINANCIAL RESULTS
Slide 13: Balance Sheets
BALANCE SHEETS ($ in millions, except per share data, unaudited except 12/31/24) 12/31/25 9/30/25 6/30/25 3/31/25 12/31/24 Agency Securities, at Fair Value $81,003 $76,198 $73,232 $70,363 $65,367 Agency Securities Transferred to Consolidated Variable Interest Entities, at Fair Value 85 88 91 95 97 C
Slide 14: Income Statements
INCOME STATEMENTS ($ in millions, except per share data) (Unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Year 2025 Interest Income $944 $903 $830 $846 $3,523 Interest Expense (738) (755) (668) (687) (2,848) Net Interest Income 206 148 162 159 675 Realized Loss on Sale of Investment Securities, Net (26)
Slide 15: Reconciliation of GAAP Comprehensive Income to Net Spread and Dollar Roll Income
RECONCILIATION OF GAAP COMPREHENSIVE INCOME (LOSS) TO NET SPREAD AND DOLLAR ROLL INCOME (A NON-GAAP MEASURE) ($ in millions, except per share data) (Unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Year 2025 Comprehensive Income (Loss) Available (Attributable) to Common Stockholders $974 $825 $(130) $108
Slide 16: Net Interest Spread Components by Funding Source
NET INTEREST SPREAD COMPONENTS BY FUNDING SOURCE $ in millions (Unaudited) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Year 2025 Adjusted Net Interest and Dollar Roll Income: Economic Interest Income: x x x x x Investment Securities - GAAP Interest Income $944 $903 $830 $846 $3,523 Estimated "Catch-Up" Premium
Slide 17: Supplemental Slides
SUPPLEMENTAL SLIDES
Slide 18: AGNC Historical Overview
AGNC HISTORICAL OVERVIEW Asset Composition ($ B)1 Tangible Net Book Value "At Risk" Leverage2 Agency MBS Fixed Rate Securities3 Hedge Ratio4 18 Detailed endnotes are included at the end of this presentation.
Slide 19: AGNC Historical Overview (Continued)
AGNC HISTORICAL OVERVIEW (CONTINUED) Comprehensive Income (Loss) per Common Share Dividends per Common Share Tangible Net Book Value per Common Share1 Economic Return2 19 Detailed endnotes are included at the end of this presentation.
Slide 20: AGNC Historical Overview (Continued)
AGNC HISTORICAL OVERVIEW (CONTINUED) Average Asset Yield1 Average Cost of Funds2 Net Spread and TBA Dollar Roll Income per Net Interest Spread1,2 Share3 20 Detailed endnotes are included at the end of this presentation.
Slide 21: Fixed Rate Agency Securities – MBS and Net TBA Position
FIXED RATE AGENCY SECURITIES – MBS AND NET TBA POSITION $ in millions – as of Dec 31, 2025 Weighted MBS MBS MBS Duration MBS Coupon Par Value1 Market Value1 Specified Pools2 Average Amortized Cost WALA Actual 1 Month (Years)1,6 Coupon1 Basis3 (Months)3,4 CPR3,5 ≤15 Year Mortgage Securities 2.0% $29
Slide 22: U.S. Treasury Hedges
U.S. TREASURY HEDGES U.S. Treasury Position Net Long / (Short) As of Dec 31, 2025 ($ MM) U.S. Treasury Position as of Dec 31, 2025 Years to Maturity Face Amount Market Value ▪ $3.0 B short U.S. Treasury securities, net ≤5 $12,470 $12,467 ▪ $1.5 B long U.S. Treasury futures, net >5 to ≤7 3,768 4,404
Slide 23: Duration Risk
DURATION RISK Duration Gap Sensitivity1,2 As of Dec 31, 2025 Rates Duration Rates - 100 bps 12/31/2025 + 100 bps Mortgage Assets: 3 30-Year MBS 2.0 4.3 5.8 15-Year MBS and Other Securities 3.9 4.2 4.5 Total Mortgage Assets 2.1 4.3 5.7 Liabilities and Hedges (3.8) (3.9) (3.9) Net Duration Gap (1.7) 0
Slide 24: NAV Sensitivity to Rates and MBS Spreads
NAV SENSITIVITY TO RATES AND MBS SPREADS Changes in interest rates and MBS spreads relative to our hedges can impact the market value of our portfolio and tangible common equity Interest Rate Sensitivity MBS Spread Sensitivity (“Basis Risk”) ▪ The estimated sensitivity of our assets, net of hedges,
Slide 25: Endnotes
ENDNOTES Slide 3 Slide 5 (Cont.) 1. As of Jan 15, 2026. 2. Total stock return includes common stock price appreciation and dividend reinvestment. 4. Average Repo Cost includes Investment Securities Repo. Amount excludes U.S. Treasury Dividends assumed to be reinvested at the closing price on the ex-
Slide 26: Endnotes (Continued)
ENDNOTES (CONTINUED) Slide 9 Slide 15 1. Amounts exclude AGNC's limited partnership interest in a mortgage credit investment fund 1. "Catch-up" premium amortization (cost)/benefit is reported in interest income on the totaling $70 million and $69 million as of Dec 31, 2025 and Sep 30, 2025, respecti
Slide 27: Endnotes (Continued)
ENDNOTES (CONTINUED) Slide 18 Slide 22 1. MBS includes CRT securities and other credit investments; TBA includes forward settling non- 1. The average U.S. Treasury securities and futures positions represent their average cost basis, Agency securities. weighted by the number of days outstanding durin
Slide 28: Use of Non-GAAP Financial Information
USE OF NON-GAAP FINANCIAL INFORMATION In addition to the results presented in accordance with GAAP, the Company's results of operations discussed in this presentation include certain non-GAAP financial information, including "net spread and dollar roll income"; "economic interest income" and "econom
Slide 29: Contact Us
Contact Us 7373 Wisconsin Avenue (301) 968-9315 www.AGNC.com 22nd Floor IR@AGNC.com Nasdaq: AGNC Bethesda, MD 20814 Media@AGNC.com Connect With Us Connect With Us