Fri, Feb 21, 9:04 PM (64 days ago)
AGNC Investment Corp. (AGNC) reported a total comprehensive income of $0.84 per diluted common share for the fiscal year ending December 31, 2024, a significant increase from $0.30 in 2023. The company generated net income of $863 million, compared to $155 million in the previous year, driven by a robust economic return of 13.2%. Total assets rose to $88.0 billion from $71.6 billion, with investment securities valued at $66.3 billion. The net interest income decreased to $18 million, impacted by a narrower net interest spread of 2.42%, down from 3.06% in 2023, primarily due to higher borrowing costs. AGNC maintained a leverage ratio of 7.2x tangible stockholders' equity. The company anticipates favorable market conditions for Agency RMBS in 2025, supported by wide spreads and stable demand. Key risks include interest rate fluctuations, regulatory changes, and credit risks associated with mortgage-backed securities. The firm continues to qualify as a REIT, distributing 100% of taxable income to avoid corporate taxes.