The earnings call reflects a positive full-year performance with a 13.2% economic return, successful capital raising, and a strong unencumbered asset position. However, the fourth quarter experienced challenges with a comprehensive loss and negative economic return due to interest rate volatility and wider spreads. The investment outlook remains favorable with balanced supply and demand for agency MBS and stable spreads.

Company Guidance

In the AGNC Investment Corp. Fourth Quarter 2024 Shareholder Call, the company provided guidance indicating a positive economic return of 13.2% for the year, driven by a monthly dividend totaling $1.44 per common share, despite a slightly negative return of 0.6% in the fourth quarter due to higher interest rates and wider agency spreads. AGNC's portfolio witnessed additions of approximately $2 billion in agency MBS during the quarter, totaling $73.3 billion by year-end. Leverage remained steady at 7.2 times tangible equity, and unencumbered cash and agency MBS accounted for 66% of tangible equity. The CPR for the portfolio decreased to 7.7%, reflecting higher interest rates, while net spread and dollar roll income declined by $0.06 to $0.37 per share. The company anticipates a well-balanced supply and demand outlook for agency MBS in 2025, with the expectation that agency spreads will remain in an attractive trading range, supported by stable longer-term interest rates and potential increased bank demand.

Positive Full-Year Economic Return

AGNC generated a positive economic return of 13.2% in 2024, driven by their monthly dividend.

Successful Capital Raising

AGNC raised $511 million of common stock through the at-the-market offering program at a considerable premium, totaling $2 billion for the year.

Strong Unencumbered Asset Position

AGNC concluded the quarter with unencumbered cash and agency MBS of $6.1 billion or 66% of tangible equity.

Favorable Investment Outlook

The supply and demand outlook for agency MBS is balanced, with potential upside in demand and stable agency spreads expected to remain in their attractive trading range.

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AGNC Investment (AGNC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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AGNC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 28, 2025	2025 (Q1)	0.41 / -	0.58	―	―	―
Jan 27, 2025	2024 (Q4)	0.42 / 0.37	0.6	-38.33% (-0.23)
Oct 21, 2024	2024 (Q3)	0.50 / 0.43	0.65	-33.85% (-0.22)
Jul 22, 2024	2024 (Q2)	0.54 / 0.53	0.67	-20.90% (-0.14)
Apr 22, 2024	2024 (Q1)	0.57 / 0.58	0.7	-17.14% (-0.12)
Jan 22, 2024	2023 (Q4)	0.59 / 0.60	0.74	-18.92% (-0.14)
Oct 30, 2023	2023 (Q3)	0.62 / 0.65	0.84	-22.62% (-0.19)
Jul 24, 2023	2023 (Q2)	0.63 / 0.67	0.83	-19.28% (-0.16)
Apr 24, 2023	2023 (Q1)	0.65 / 0.70	0.72	-2.78% (-0.02)
Jan 30, 2023	2022 (Q4)	0.66 / 0.74	0.75	-1.33% (-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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AGNC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 27, 2025	$9.67	$9.75	+0.83%
Oct 21, 2024	$9.87	$9.52	-3.55%
Jul 22, 2024	$9.41	$9.48	+0.74%
Apr 22, 2024	$8.13	$8.28	+1.85%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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