AGNC Investment Pref Share AGNCL 7.75 Perp 10/15/27 | 10-Q: FY2025 Q2 EPS: USD -0.17

EPS: As of FY2025 Q2, the actual value is USD -0.17.

Segment Revenue

• Agency RMBS: $73.3 billion (June 30, 2025) vs. $65.5 billion (December 31, 2024).
• Net TBA Securities: $8.3 billion (June 30, 2025) vs. $6.9 billion (December 31, 2024).
• CRT, Non-Agency RMBS, and CMBS: $0.7 billion (June 30, 2025) vs. $0.9 billion (December 31, 2024).
• Other Mortgage Credit Investments: $66 million (June 30, 2025) vs. $64 million (December 31, 2024).

Operational Metrics

• Net Income: - $140 million for Q2 2025 vs. - $48 million for Q2 2024.
• Total Comprehensive Income: - $92 million for Q2 2025 vs. - $66 million for Q2 2024.
• Net Income Available to Common Stockholders: - $178 million for Q2 2025 vs. - $80 million for Q2 2024.
• Net Income Per Common Share - Basic: - $0.17 for Q2 2025 vs. - $0.11 for Q2 2024.
• Net Income Per Common Share - Diluted: - $0.17 for Q2 2025 vs. - $0.11 for Q2 2024.

Cash Flow

• Net Cash Provided by Operating Activities: $372 million for the six months ended June 30, 2025 vs. $0 million for the six months ended June 30, 2024.
• Net Cash Used in Investing Activities: - $9,171 million for the six months ended June 30, 2025 vs. - $6,479 million for the six months ended June 30, 2024.
• Net Cash Provided by Financing Activities: $8,900 million for the six months ended June 30, 2025 vs. $6,614 million for the six months ended June 30, 2024.

Unique Metrics

• Weighted Average Yield on Investment Securities: 4.92% (June 30, 2025) vs. 4.77% (December 31, 2024).
• Average Projected Life CPR: 7.8% (June 30, 2025) vs. 8.3% (March 31, 2025).
• Actual CPRs: 8.7% for Q2 2025 vs. 7.0% for Q1 2025.

Future Outlook and Strategy

Core Business Focus

• Capital Deployment: Raised $799 million of accretive capital through the At-the-Market offering program during Q2 2025.
• Investment Portfolio: Increased by $3.4 billion during Q2 2025 to $82.3 billion as of June 30, 2025.
• Leverage: Tangible ‘at risk’ leverage of 7.6x as of June 30, 2025 vs. 7.5x as of March 31, 2025.
• Liquidity Position: $6.4 billion in unencumbered cash and Agency RMBS, representing 65% of tangible equity as of June 30, 2025.

Non-Core Business

• Hedge Performance: Longer-dated Treasury-based hedges outperformed shorter-term swap-based hedges amid the steepening yield curve.
• Interest Rate Hedges: 89% of the outstanding balance of repurchase agreements used to fund the investment portfolio, TBA position, and other debt as of June 30, 2025 vs. 91% as of March 31, 2025.
• Duration Gap: 0.2 years at quarter-end vs. 0.4 years as of March 31, 2025.

Priority

• Net Spread and Dollar Roll Income: Decreased by $0.06 to $0.38 per common share for Q2 2025.
• Projected Life CPR: Declined to 7.8% at quarter-end from 8.3% as of March 31, 2025.