AGNC Investment

BETHESDA, Md. , April 10, 2025 /PRNewswire/ -- AGNC Investment Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced preliminary estimates for certain financial measures for the first quarter 2025: As of March 31, 2025, AGNC's tangible net book value was estimated to be $8.25 per common share; For the first quarter 2025, AGNC's total comprehensive income was estimated to be $0.12 per common share; For the first quarter 2025, AGNC's net spread and dollar roll income (a non-GAAP financial measure) was estimated to be $0.44 per common share, excluding less than $(0.01) per common share of estimated "catch-up" premium amortization cost;1 As of March 31, 2025, AGNC's total investment portfolio was approximately $78.9 billion, which includes approximately $7.5 billion of To-Be-Announced ("TBA") Agency MBS and $0.9 billion of credit risk transfer and non-Agency securities and other mortgage credit investments; As of March 31, 2025, AGNC's tangible net book value "at risk" leverage ratio was approximately 7.5x;2 For the first quarter 2025, AGNC's estimated economic return on tangible common equity was 2.4%, comprised of $0.36 of dividends declared per common share and an estimated $(0.16) decrease in tangible net book value per common share; As of March 31, 2025, AGNC had approximately $6.0 billion of cash and unencumbered Agency MBS, which represented approximately 63% of the Company's tangible equity; As of March 31, 2025, AGNC's hedge portfolio covered approximately 91% of the Company's funding liabilities,3 and its duration gap4 was approximately 0.4 years; and During the first quarter 2025, the Company issued 49.7 million shares of common stock for net proceeds of $509 million.» Mehr auf prnewswire.com

AGNC's focus on agency securities largely isolates it from weakness in U.S. economic growth. Preferred dividends were well covered in 2024, with book values likely to rise in Q1 2025. The Series C shares offer an attractive value proposition marginally below par value, allowing investors to achieve a long-term return close to 8%.» Mehr auf seekingalpha.com

We warned investors against high price-to-book ratios, especially in agency mortgage REITs. We've got a new batch of charts as of market close on 04/08/2025. Unfortunately, they tend to get outdated within hours. Tariffs on China drastically increased, creating uncertainty and challenges, especially for industrial REITs.» Mehr auf seekingalpha.com