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THE PREMIER AGENCY RESIDENTIAL MORTGAGE REIT © 2025 AGNC Investment Corp. All Rights Reserved. 2025 STOCKHOLDER PRESENTATION OCTOBER 21, 2025 Q3
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2 Safe harbor statement under the private securities litigation reform act of 1995 IMPORTANT NOTICES 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 Reform Act of 1995 (the “Reform Act”). All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. Actual outcomes and results could differ materially from such forecasts due to the impact of many factors beyond the control of AGNC Investment Corp. (“AGNC” or the “Company”). All forward-looking statements included in this presentation are made only as of the date of this presentation and are subject to change without notice. Certain important factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our periodic reports filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website at www.sec.gov. AGNC disclaims any obligation to update such forward-looking statements unless required by law. The following slides contain summaries of certain financial and statistical information about AGNC. They should be read in conjunction with our periodic reports that are filed from time to time with the SEC. Historical results discussed in this presentation are not indicative of future results.
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3 CAPITAL STRUCTURE HIGHLIGHTS AGNC Preferred Stock Preferred Stock3 Structure Issue Date Ticker Annual Dividend Rate1 Depositary Shares Outstanding6 Aggregate Liquidation Preference Series C4 Fixed-to-Floating Rate Aug 22, 2017 AGNCN 9.26624% 13.0 Million $325 Million Series D4 Fixed-to-Floating Rate Mar 6, 2019 AGNCM 8.48724% 9.4 Million $235 Million Series E4 Fixed-to-Floating Rate Oct 3, 2019 AGNCO 9.14824% 16.1 Million $403 Million Series F4 Fixed-to-Floating Rate Feb 11, 2020 AGNCP 8.85224% 23.0 Million $575 Million Series G5 Fixed-Rate Reset Sept 14, 2022 AGNCL 7.750% 6.0 Million $150 Million Series H Fixed-Rate Sept 10, 2025 AGNCZ 8.750% 13.8 Million $345 Million AGNC Common Stock Ticker Nasdaq: AGNC IPO Date May 2008 Market Capitalization $10.5 B Total Dividends Paid Since IPO1 $15.1 B Total Stock Return Since IPO2 482% Dividend Yield 14.7% THE OBJECTIVE Favorable long-term stockholder returns with a substantial dividend yield component THE OPPORTUNITY Agency-guaranteed residential MBS investments paired with highly attractive funding THE IMPACT Permanent capital supporting American homeownership across generations Note: Information as of Sep 30, 2025 unless otherwise indicated. Detailed endnotes are included at the end of this presentation.
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4 Q3 2025 HIGHLIGHTS Note: Per share amounts included throughout this presentation are per share of common stock, unless otherwise indicated. Income and loss per share amounts included throughout this presentation are per diluted common share, unless otherwise indicated. Detailed endnotes are included at the end of this presentation. Key Metrics $8.28 $0.78 $0.35 Tangible Net Book Value Per Share1 Comprehensive Income Per Share Net Spread and Dollar Roll Income Per Share2 Performance 10.6% $0.36 $0.47 Economic Return3 Dividends Declared Per Share Change in Tangible Net Book Value Per Share Capital Highlights 14.7% $309 MM $345 MM Dividend Yield4 Common Equity Issued ATM Offerings 8.75% Series H Fixed-Rate Preferred Equity Issued
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5 Assets Q3 2025 OTHER HIGHLIGHTS Funding and Leverage Risk Management 8.6% 8.3% Avg. Projected Portfolio Life CPR Actual Q3 Portfolio CPR Average Asset Yield2Portfolio1 Average Repo Cost4Leverage3 Hedge Ratio6 Duration Gap7 $7.2 B 66% Unencumbered Cash & Agency MBS % of Tangible Equity Average Cost of Funds5 Note: Amounts on slide are as of period end unless otherwise noted. Detailed endnotes are included at the end of this presentation.
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6 MARKET HIGHLIGHTS1 Asset Yields: Current Coupon (CC) Agency MBS Spreads: CC Agency MBS Spread to UST and Swaps Interest Rates: Select UST Yields Interest Rate Volatility: MOVE Index Detailed endnotes are included at the end of this presentation. (bps )Q3 Change: 30 year CC Yield -28 bps Q3 Change: 15 year CC Yield -18 bps Q3 Change: 5/10 Yr Swap Spread -24 bps Q3 Change: 5/10 Yr UST Spread -21 bps Q3 Change: 30 year UST -5 bps Q3 Change: 10 year UST -8 bps Q3 Change -12 Q3 Change: 2 year UST -11 bps
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7 MARKET UPDATE Q3 2025 x Q3 2025 Security 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 ∆ Rate % / Price2 x Security 9/30/24 12/31/24 3/31/25 6/30/25 9/30/25 ∆ Rate % / Price2 SOFR Swap Rates1 x Treasury Rates1 2 Yr Swap 3.44% 4.08% 3.72% 3.49% 3.40% -0.09 % / +0.18 x 2 Yr UST 3.64% 4.24% 3.89% 3.72% 3.61% -0.11 % / +0.21 5 Yr Swap 3.25% 4.04% 3.65% 3.43% 3.39% -0.04 % / +0.18 x 5 Yr UST 3.56% 4.38% 3.95% 3.80% 3.74% -0.06 % / +0.25 10 Yr Swap 3.32% 4.07% 3.76% 3.69% 3.66% -0.03 % / +0.25 x 10 Yr UST 3.78% 4.57% 4.21% 4.23% 4.15% -0.08 % / +0.64 30 Yr Swap 3.30% 3.93% 3.79% 3.90% 3.93% +0.03 % / -0.60 x 30 Yr UST 4.12% 4.78% 4.57% 4.78% 4.73% -0.05 % / +0.70 x x x Agency 30 Year Fixed Rate MBS Price3 x Mortgage Rates and Spreads4 2.50% 86.22 81.38 83.05 82.98 84.25 +1.27 CC to 5 Yr UST 140 145 156 168 146 -22 3.00% 89.68 84.88 86.58 86.55 87.85 +1.30 CC to 10 Yr UST 118 126 130 125 105 -20 3.50% 93.09 88.38 90.11 90.07 91.40 +1.33 x CC to 3/5/10 Yr UST 133 142 150 157 137 -20 4.00% 95.98 91.32 93.10 93.02 94.27 +1.25 x CC to 3/5/10 Yr Swap 167 177 183 197 174 -23 4.50% 98.27 93.98 95.55 95.67 97.02 +1.35 x 30 Yr Agency CC 4.96% 5.83% 5.51% 5.48% 5.20% -0.28% 5.00% 99.90 96.44 97.89 98.03 99.19 +1.16 30 Yr Mortgage Rate 6.14% 6.86% 6.60% 6.67% 6.32% -0.35% 5.50% 101.15 98.61 99.79 99.99 100.84 +0.85 CMBS AAA 91 72 94 86 77 -9 6.00% 102.19 100.45 101.49 101.63 102.16 +0.53 CDX IG 53 50 61 51 52 +1 6.50% 103.10 102.10 103.08 103.22 103.34 +0.12 x CDX HY 326 310 373 316 318 +2 Note: Price information is provided for illustrative purposes only, is for generic instruments and is not meant to be reflective of securities held by AGNC. Prices can vary materially depending on the source. Detailed endnotes are included at the end of this presentation.
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8 30 Year - $86.6 B Portfolio (95% of Total) as of 9/30/25 ($ In Millions) Coupon FMV % Specified Pool %2 WALA5 Oct '25 1 M Actual CPR4 12 M Forecast CPR6 Life Forecast CPR6 ≤ 3.0% $1,793 2% 73% 51 7% 6% 6% 3.5% 3,825 4% 84% 119 8% 7% 7% 4.0% 4,812 6% 90% 102 8% 8% 7% 4.5% 5,483 6% 61% 62 8% 8% 8% 5.0% 15,994 18% 31% 20 6% 6% 7% 5.5% 22,947 26% 40% 18 8% 9% 8% 6.0% 14,078 16% 42% 16 11% 13% 11% ≥ 6.5% 4,048 5% 45% 16 16% 19% 15% 30 Year MBS 72,980 84% 47% 34 9% 10% 9% Net TBA 13,639 16% N/A N/A N/A N/A N/A Total 30 Year $86,619 100% 39% N/A N/A N/A N/A PORTFOLIO SUMMARY Investment Securities 1 September 30, 2025 June 30, 2025 Security Type FMV % FMV % Fixed Rate Agency MBS & TBA 30 Year MBS $72,980 80% $70,544 86% 30 Year TBA 13,639 15% 8,062 10% 15 & 20 Year MBS & TBA 505 1% 761 1% Total 87,124 96% 79,367 97% Other Agency MBS Multifamily 1,915 2% 1,264 2% ARM 894 1% 764 1% CMO 194 —% 191 —% Total 3,003 3% 2,219 3% Credit Securities CRT 609 1% 613 1% CMBS 14 —% 28 —% Non-Agency RMBS 14 —% 15 —% Total 637 1% 656 1% Total Investment Securities $90,764 100% $82,242 100% Investment Securities ▪ $90.8 B investment portfolio as of Sep 30, 2025, an increase of $8.5 B from Jun 30, 2025, primarily consisting of 30 year fixed rate Agency MBS and TBA securities 1 ▪ As of Sep 30, 2025, fixed rate Agency MBS and TBA securities had a weighted average coupon of 5.14%, compared to 5.13% as of Jun 30, 2025 ▪ High quality specified pools and other pools with favorable prepayment attributes represented 39% and 37%, respectively, of the Agency fixed rate portfolio as of Sep 30, 2025, compared to 41% and 40%, respectively, as of Jun 30, 2025 2,3 Detailed endnotes are included at the end of this presentation. AGNC Actual CPR4
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9 FINANCING SUMMARY Investment Securities Repurchase Agreements1 As of Sep 30, 2025 Maturity (Months) % Amount ($ MM) Interest Rate Days to Maturity ≤ 3 99% $68,444 4.38% 12 > 3 to ≤ 6 1% 555 4.46% 114 Total / Wtd Avg 100% $68,999 4.38% 13 Average Cost of Funds2 For Q3 2025 % Amount ($ MM) Interest Rate Investment Securities Repo 87% $66,654 4.43% TBA Funding 13% 10,163 4.31% Total Funding Liabilities 100% $76,817 4.42% Interest Rate Swaps 59% $45,656 (1.25)% Total Avg. Cost of Funds N/A N/A 3.17% Repo Funding1 ▪ As of Sep 30, 2025, our repo cost was 4.38%, compared to 4.49% as of Jun 30, 2025, and the average maturity was 13 days compared to 16 days, respectively ▪ Our average repo cost was 4.43% for the third quarter, compared to 4.44% for the second quarter Broker-Dealer Funding ▪ $33.3 B of repo funded through captive broker - dealer subsidiary, Bethesda Securities, as of Sep 30, 2025, compared to $34.7 B as of Jun 30, 2025 Cost of Funds ▪ Our total cost of funds, inclusive of our TBA dollar roll funding and interest rate swaps, for the third quarter was 3.17%, compared to 2.86% for the second quarter Detailed endnotes are included at the end of this presentation.
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10 HEDGING PORTFOLIO Interest Rate Swaps Years to Maturity Notional Amt ($ MM) Pay Rate Receive Rate Avg Maturity (Years) ≤ 1 $7,550 0.20% 4.20% 0.6 > 1 to ≤ 3 9,100 1.27% 4.23% 2.2 > 3 to ≤ 5 4,350 1.17% 4.21% 4.4 > 5 to ≤ 7 3,650 3.88% 4.24% 6.0 > 7 to ≤ 10 21,946 3.69% 4.24% 8.7 > 10 1,500 3.67% 4.24% 10.0 Total Pay Fixed $48,096 2.47% 4.23% 5.6 Note: Information as of Sep 30, 2025 unless otherwise indicated. Detailed endnotes are included at the end of this presentation. Option Hedges Option Notional Amt ($ MM) Strike Rate Expiration (Years) Swap Term (Years) Receiver Swaptions $7,000 3.04% 1.0 9.2 Hedge Portfolio Summary $ in MM Amount (Long)/Short Duration2 % of Total Amount Swap and Treasury Hedges: Interest Rate Swaps $48,096 (4.9) 85% U.S. Treasuries, Net 16,728 (9.2) 30% SOFR Futures3 (1,194) 1.9 (2)% Total 63,630 (6.1) 112% Option Hedges: Payer Swaptions — — —% Receiver Swaptions (7,000) 1.7 (12)% Total (7,000) 1.7 (12)% Total Hedge Portfolio4 $56,630 (4.1) 100% Hedge Portfolio ▪ Our hedge portfolio totaled $56.6 B and covered 68% of our funding liabilities 1 as of Sep 30, 2025, compared to 89% as of Jun 30, 2025 ▪ Excluding option-based hedges, our hedge portfolio covered 77% of our funding liabilities as of Sep 30, 2025, compared to 86% as of Jun 30, 2025 Interest Rate Swaps ▪ $48.1 B pay fixed swaps as of Sep 30, 2025, an increase of $3.0 B from Jun 30, 2025 ▪ On a duration dollar basis, swap hedges, including swaption and SOFR futures hedges, represented 59% of hedge portfolio as of Sep 30, 2025, compared to 54% as of Jun 30, 2025 U.S. Treasury Securities and Futures ▪ $16.7 B net short Treasury position as of Sep 30, 2025, a decrease of $3.3 B from Jun 30, 2025 Receiver Swaptions ▪ $7.0 B receiver swaptions as of Sep 30, 2025, compared to $1.9 B net payer swaptions as of Jun 30, 2025
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FINANCIAL RESULTS
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12 BALANCE SHEETS ($ in millions, except per share data, unaudited except 12/31/24) 9/30/25 6/30/25 3/31/25 12/31/24 9/30/24 Agency Securities, at Fair Value $76,198 $73,232 $70,363 $65,367 $67,938 Agency Securities Transferred to Consolidated Variable Interest Entities, at Fair Value 88 91 95 97 106 Credit Risk Transfer Securities, at Fair Value 609 613 640 633 620 Non-Agency Securities, at Fair Value, and Other Mortgage Credit Investments 97 109 290 315 334 U.S. Treasury Securities, at Fair Value 5,927 3,565 3,280 1,575 2,570 Cash and Cash Equivalents 450 656 455 505 507 Restricted Cash 1,461 1,216 1,263 1,266 1,279 Derivative Assets, at Fair Value 145 155 98 205 157 Receivable for Investment Securities Sold 1,502 — 909 — 1,706 Receivable under Reverse Repurchase Agreements 21,399 21,362 17,604 17,137 13,494 Goodwill 526 526 526 526 526 Other Assets 567 496 366 389 353 Total Assets $108,969 $102,021 $95,889 $88,015 $89,590 Repurchase Agreements $74,152 $69,153 $66,138 $60,798 $65,979 Debt of Consolidated Variable Interest Entities, at Fair Value 58 60 62 64 69 Payable for Investment Securities Purchased 1,225 392 1,843 74 324 Derivative Liabilities, at Fair Value 87 106 70 94 53 Dividends Payable 170 164 148 143 134 Obligation to Return Securities Borrowed under Reverse Repurchase Agreements, at Fair Value 20,802 21,305 17,180 16,676 13,009 Accounts Payable and Other Liabilities 1,031 494 406 404 366 Total Liabilities 97,525 91,674 85,847 78,253 79,934 Preferred Equity at Aggregate Liquidation Preference 2,033 1,688 1,688 1,688 1,688 Common Equity 9,411 8,659 8,354 8,074 7,968 Total Stockholders’ Equity 11,444 10,347 10,042 9,762 9,656 Total Liabilities and Stockholders’ Equity $108,969 $102,021 $95,889 $88,015 $89,590 x x x x x x Other Supplemental Data: x x x x x Net Long TBA and Forward Settling Securities, at Fair Value 1 $13,841 $8,263 $7,473 $6,861 $4,068 Tangible Net Book Value “At Risk” Leverage 2 7.6x 7.6x 7.5x 7.2x 7.2x Tangible Net Book Value Per Common Share 3 $8.28 $7.81 $8.25 $8.41 $8.82 Detailed endnotes are included at the end of this presentation.
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13 ($ in millions, except per share data) (Unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Interest Income $903 $830 $846 $856 $756 Interest Expense (755) (668) (687) (741) (820) Net Interest Income (Expense) 148 162 159 115 (64) Realized (Loss) Gain on Sale of Investment Securities, Net (81) (177) (245) (88) 106 Unrealized Gain (Loss) on Investment Securities Measured at Fair Value through Net Income, Net 805 270 1,183 (1,895) 1,742 (Loss) Gain on Derivative Instruments and Other Investments, Net (36) (367) (1,019) 2,022 (1,408) Total Other Gain (Loss), Net 688 (274) (81) 39 440 Compensation and Benefits (20) (18) (19) (22) (21) Other Operating Expenses (10) (10) (9) (10) (9) Total Operating Expenses (30) (28) (28) (32) (30) Net Income (Loss) 806 (140) 50 122 346 Dividend on Preferred Stock (42) (38) (35) (36) (33) Net Income (Loss) Available (Attributable) to Common Stockholders $764 $(178) $15 $86 $313 x x x x x x Net Income (Loss) $806 $(140) $50 $122 $346 Unrealized Gain (Loss) on Available-for-Sale Securities Measured at Fair Value through Other Comprehensive Income, Net 61 48 93 (179) 200 Comprehensive Income (Loss) $867 $(92) $143 $(57) $546 Dividend on Preferred Stock (42) (38) (35) (36) (33) Comprehensive Income (Loss) Available (Attributable) to Common Stockholders $825 $(130) $108 $(93) $513 x x x x x x Weighted Average Common Shares Outstanding – Basic 1,053.0 1,017.3 918.3 882.8 807.2 Weighted Average Common Shares Outstanding – Diluted 1,056.6 1,017.3 921.9 886.5 810.1 Net Income (Loss) per Common Share – Basic $0.73 $(0.17) $0.02 $0.10 $0.39 Net Income (Loss) per Common Share – Diluted $0.72 $(0.17) $0.02 $0.10 $0.39 Comprehensive Income (Loss) per Common Share – Basic $0.78 $(0.13) $0.12 $(0.11) $0.64 Comprehensive Income (Loss) per Common Share – Diluted $0.78 $(0.13) $0.12 $(0.11) $0.63 Dividends Declared per Common Share $0.36 $0.36 $0.36 $0.36 $0.36 INCOME STATEMENTS
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14 RECONCILIATION OF GAAP COMPREHENSIVE INCOME (LOSS) TO NET SPREAD AND DOLLAR ROLL INCOME (A NON-GAAP MEASURE) ($ in millions, except per share data) (Unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Comprehensive Income (Loss) Available (Attributable) to Common Stockholders $825 $(130) $108 $(93) $513 Adjustments to Exclude Realized and Unrealized (Gains) Losses Reported Through Net Income: Realized (Gain) Loss on Sale of Investment Securities, Net 81 177 245 88 (106) Unrealized (Gain) Loss on Investment Securities Measured at Fair Value through Net Income, Net (805) (270) (1,183) 1,895 (1,742) (Gain) Loss on Derivative Instruments and Other Investments, Net 36 367 1,019 (2,022) 1,408 Adjustment to Exclude Unrealized (Gains) Losses Reported Through Other Comprehensive Income: Unrealized (Gain) Loss on Available-for-Sale Securities Measured at Fair Value through Other Comprehensive Income, Net (61) (48) (93) 179 (200) Other Adjustments: Estimated “Catch Up” Premium Amortization Cost (Benefit) due to Change in CPR Forecast1 14 (11) 2 (51) 24 TBA Dollar Roll Income2 23 24 23 12 4 Interest Rate Swap Periodic Income2 245 282 293 329 456 Other Interest Income (Expense), Net2,3 7 (3) (11) (8) (12) Net Spread and Dollar Roll Income Available to Common Stockholders 4 365 388 403 329 345 Weighted Average Common Shares Outstanding – Basic 1,053.0 1,017.3 918.3 882.8 807.2 Weighted Average Common Shares Outstanding – Diluted 1,056.6 1,019.6 921.9 886.5 810.1 Net Spread and Dollar Roll Income per Common Share – Basic $0.35 $0.38 $0.44 $0.37 $0.43 Net Spread and Dollar Roll Income per Common Share – Diluted $0.35 $0.38 $0.44 $0.37 $0.43 Note: Table includes non-GAAP financial measures. Please refer to additional information regarding non-GAAP financial measures at the end of this presentation. Detailed endnotes are included at the end of this presentation.
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15 NET INTEREST SPREAD COMPONENTS BY FUNDING SOURCE $ in millions (Unaudited) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Adjusted Net Interest and Dollar Roll Income: Economic Interest Income: x x x x x Investment Securities - GAAP Interest Income $903 $830 $846 $856 $756 Estimated "Catch-Up" Premium Amortization Cost (Benefit) due to Change in CPR Forecast 1 14 (11) 2 (51) 24 TBA Dollar Roll Income - Implied Interest Income2,3 135 154 104 84 39 Economic Interest Income $1,052 $973 $952 $889 $819 Economic Interest Expense:4 Repurchase Agreements and Other Debt - GAAP Interest Expense $(755) $(668) $(687) $(741) $(820) TBA Dollar Roll Income - Implied Interest Expense2,3 (112) (130) (81) (72) (35) Interest Rate Swap Periodic Income2 245 282 293 329 456 Economic Interest Expense $(622) $(516) $(475) $(484) $(399) Adjusted Net Interest and Dollar Roll Income $430 $457 $477 $405 $420 Net Interest Spread: Average Asset Yield: x x x x x Investment Securities - Average Asset Yield 4.83% 4.89% 4.78% 5.02% 4.54% Estimated "Catch-Up" Premium Amortization Cost (Benefit) due to Change in CPR Forecast 0.08% (0.06)% 0.02% (0.30)% 0.14% Investment Securities Average Asset Yield, Excluding "Catch-Up" Amortization 4.91% 4.83% 4.80% 4.72% 4.68% TBA Securities - Average Implied Asset Yield 5.31% 5.14% 5.58% 5.66% 5.82% Average Asset Yield5 4.95% 4.87% 4.87% 4.80% 4.73% Average Total Cost of Funds: 4 Repurchase Agreements and Other Debt - Average Funding Cost 4.43% 4.44% 4.45% 4.86% 5.41% TBA Securities - Average Implied Funding Cost 4.31% 4.29% 4.34% 4.74% 5.10% Average Cost of Funds, Before Interest Rate Swap Periodic Income5 4.42% 4.42% 4.44% 4.85% 5.40% Interest Rate Swap Periodic Income6 (1.25)% (1.56)% (1.69)% (1.96)% (2.88)% Average Total Cost of Funds 3.17% 2.86% 2.75% 2.89% 2.52% Net Interest Spread 1.78% 2.01% 2.12% 1.91% 2.21% Note: Table includes non-GAAP financial measures. Please refer to additional information regarding non-GAAP financial measures at the end of this presentation. Detailed endnotes are included at the end of this presentation.
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SUPPLEMENTAL SLIDES
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17 AGNC HISTORICAL OVERVIEW Tangible Net Book Value "At Risk" Leverage2 Agency MBS Fixed Rate Securities3 Hedge Ratio4 Asset Composition ($ B)1 Detailed endnotes are included at the end of this presentation.
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18 Comprehensive Income (Loss) per Common Share Dividends per Common Share Tangible Net Book Value per Common Share1 Economic Return2 AGNC HISTORICAL OVERVIEW (CONTINUED) Detailed endnotes are included at the end of this presentation.
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19 Average Asset Yield1 Average Cost of Funds2 Net Interest Spread1,2 Net Spread and TBA Dollar Roll Income per Share3 Detailed endnotes are included at the end of this presentation. AGNC HISTORICAL OVERVIEW (CONTINUED)
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20 $ in millions – as of Sep 30, 2025 FIXED RATE AGENCY SECURITIES – MBS AND NET TBA POSITION MBS Coupon Par Value1 Market Value1 Specified Pools2 Weighted Average Coupon1 MBS Amortized Cost Basis3 MBS WALA (Months)3,4 MBS Actual 1 Month CPR3,5 Duration (Years)1,6 ≤15 Year Mortgage Securities 2.0% $31 $28 100% 2.00% 102.4% 57 10% 3.5 2.5% 8 8 100% 2.50% 99.5% 151 18% 1.0 3.0% 23 23 100% 3.00% 100.7% 145 18% 1.1 3.5% 6 6 99% 3.50% 100.9% 145 13% 1.1 4.0% 2 2 16% 4.00% 100.7% 169 29% 0.4 4.5% 200 202 —% 5.00% 100.4% 173 37% 2.4 Subtotal ≤15 Year $270 $269 24% 4.37% 101.3% 107 15% 2.3 20 Year Mortgage Securities 2.5% $24 $22 —% 2.50% 104.1% 67 8% 5.2 3.0% 22 20 97% 3.00% 103.3% 74 1% 4.5 3.5% 83 81 77% 3.50% 101.5% 145 9% 2.8 4.0% 51 51 92% 4.00% 103.5% 101 5% 3.7 ≥ 4.5% 61 62 97% 4.63% 104.6% 95 16% 3.5 Subtotal 20 Year $241 $236 80% 3.75% 103.1% 108 10% 3.5 30 Year Mortgage Securities ≤ 3.0% $2,080 $1,793 73% 2.57% 98.2% 51 7% 6.9 3.5% 4,074 3,825 84% 3.50% 104.0% 119 8% 5.8 4.0% 4,987 4,812 90% 4.00% 105.7% 102 8% 5.7 4.5% 10,791 10,545 32% 4.50% 103.1% 62 8% 5.9 5.0% 21,066 21,006 24% 5.00% 98.8% 20 6% 5.1 5.5% 23,313 23,711 39% 5.50% 100.5% 18 8% 4.1 6.0% 15,409 15,882 37% 6.00% 101.8% 16 11% 3.0 ≥ 6.5% 4,828 5,045 36% 6.51% 103.2% 16 16% 2.2 Subtotal 30 Year $86,548 $86,619 39% 5.15% 101.2% 34 9% 4.5 Total Fixed $87,059 $87,124 39% 5.14% 101.2% 34 9% 4.5 Detailed endnotes are included at the end of this presentation.
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21 U.S. TREASURY HEDGES U.S. Treasury Position Net Long / (Short) As of Sep 30, 2025 ($ MM) Years to Maturity Face Amount Market Value ≤5 $3,146 $3,138 >5 to ≤7 (865) (817) >7 to ≤10 (15,237) (15,348) >10 (3,459) (3,701) Total $(16,415) $(16,728) U.S. Treasury Position as of Sep 30, 2025 ▪ $14.9 B short U.S. Treasury securities, net ▪ $1.9 B short U.S. Treasury futures, net Q3 Average U.S. Treasury Securities Position 1 ▪ $21.5 B average short U.S. Treasury securities, with an average yield of 4.21% ▪ $4.7 B average long U.S. Treasury securities, with an average yield of 4.01% Q3 Average U.S. Treasury Futures Position 1 ▪ $1.8 B average short U.S. Treasury futures, with an average implied yield of 4.60% 2 Q3 Average Implied U.S. Treasury Funding Cost ▪ 4.34% average implied funding costs 3 U.S. Treasury Position As of Sep 30, 2025 ($ MM) Long / (Short) Face Amount Market Value Yield 2 Securities: Short $(20,714) $(20,802) 4.22% Long 5,896 5,927 4.02% Total $(14,818) $(14,875) 4.31% Futures Contracts: Short $(1,597) $(1,853) 4.56% Long — — —% Total $(1,597) $(1,853) 4.56% Total $(16,415) $(16,728) 4.33% Detailed endnotes are included at the end of this presentation.
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22 DURATION RISK Duration Gap Sensitivity1,2 As of Sep 30, 2025 Rates Duration Rates - 100 bps 9/30/2025 + 100 bps Mortgage Assets: 3 30-Year MBS 2.2 4.5 5.8 15-Year MBS and Other Securities 3.9 4.2 4.4 Total Mortgage Assets 2.3 4.5 5.8 Liabilities and Hedges (4.1) (4.2) (4.2) Net Duration Gap (1.8) 0.3 1.6 Detailed endnotes are included at the end of this presentation.
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23 Changes in interest rates and MBS spreads relative to our hedges can impact the market value of our portfolio and tangible common equity NAV SENSITIVITY TO RATES AND MBS SPREADS Interest Rate Sensitivity1 As of Sep 30, 2025 (based on instantaneous parallel shift in interest rates) Interest Rate Shock (bps) Estimated Change in Portfolio Market Value2 Estimated Change in Tangible Common Equity -75 (0.3)% (3.4)% -50 (0.1)% (0.8)% -25 0.0% 0.3% +25 (0.1)% (1.4)% +50 (0.4)% (3.8)% +75 (0.7)% (7.0)% MBS Spread Sensitivity (“Basis Risk”)1 As of Sep 30, 2025 MBS Spread Shock (bps) Estimated Change in Portfolio Market Value2 Estimated Change in Tangible Common Equity -50 2.5% 25.9% -25 1.3% 12.9% -10 0.5% 5.2% +10 (0.5)% (5.2)% +25 (1.3)% (12.9)% +50 (2.5)% (25.9)% Interest Rate Sensitivity MBS Spread Sensitivity (“Basis Risk”) ▪ The estimated sensitivity of our assets, net of hedges, to changes in interest rates ▪ The estimated sensitivity of our assets, net of hedges, to changes in Agency MBS spreads ▪ Based on model predictions assuming an instantaneous parallel shift in interest rates, no portfolio rebalancing actions, and interest rates and MBS prices as of Sep 30, 2025 ▪ Based on model predictions assuming a spread duration of 5.1 years, and interest rates and MBS prices as of Sep 30, 2025 Detailed endnotes are included at the end of this presentation.
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24 ENDNOTES Slide 3 1. As of Oct 15, 2025. 2. Total stock return includes common stock price appreciation and dividend reinvestment. Dividends assumed to be reinvested at the closing price on the ex-dividend date. Source Bloomberg. 3. Series C, D, E, F, G and H preferred stock are redeemable at the Company's option, in whole or in part, at their liquidation preference of $25 per depositary share, plus any accumulated and unpaid dividends, on or after Oct 15, 2022, Apr 15, 2024, Oct 15, 2024, Apr 15, 2025, Oct 15, 2027 and Oct 15, 2030, respectively. 4. The Series C, D, E and F annualized dividend rate is as of the most recent dividend determination date. The Series C, D,E and F accrue at a floating rate equal to 3-Month CME Term SOFR plus 0.26161%, plus a spread of 5.111%, 4.332%, 4.993% and 4.697% respectively, per annum. 5. At the conclusion of the Series G initial fixed rate period on Oct 15, 2027, and every five years thereafter, the Series G dividend rate will reset to a rate equal to the five-year US Treasury rate plus a spread of 4.39%, per annum. 6. Each depositary share outstanding represents a 1/1,000th interest in a share of preferred stock. Slide 4 1. As of Sep 30, 2025. Tangible Net Book Value Per Share is net of the preferred stock liquidation preference and excludes goodwill. 2. Net Spread and Dollar Roll Income Per Share represents a non-GAAP measure. Refer to supplemental slides 14 and 27 in this presentation for a reconciliation and further discussion of non-GAAP measures. 3. Economic Return represents the sum of the change in tangible net book value per common share and dividends declared on common stock during the period over the beginning tangible net book value per common share. 4. Dividend yield as of Sep 30, 2025. Slide 5 1. Portfolio includes net long position in forward purchases and sales of Agency MBS in the “to- be-announced” (“TBA”) market as of quarter-end. 2. Average Asset Yield includes the average implied asset yield on TBA securities and excludes "catch-up" premium amortization cost/benefit for the period. Refer to slide 15 and related footnotes for additional information. 3. Leverage represents "at risk" leverage as of period end calculated as the sum of repurchase agreements used to fund Agency and non-Agency MBS and CRT investments (collectively "Investment Securities Repo”), net TBA position (at cost), net payable/receivable for investment securities not yet settled, and other debt divided by the sum of total stockholders’ equity less goodwill. Leverage excludes Treasury securities repurchase agreements. 4. Average Repo Cost includes Investment Securities Repo. Amount excludes U.S. Treasury repurchase agreements. 5. Average Cost of Funds includes Average Repo Cost, average implied funding costs of TBA securities and interest rate swap periodic income for the period. Amount excludes other supplemental hedges used to hedge a portion of the Company's interest rate risk (such as swaptions, SOFR futures, and U.S. Treasury positions) and U.S. Treasury repurchase agreements. Refer to slide 15 and related footnotes for additional information. 6. Hedge Ratio calculated as the ratio of interest rate hedges, including option-based hedges, to Investment Securities Repo, net TBA position and other debt as of quarter-end. 7. Duration Gap is a model estimate of the difference between the interest rate sensitivity of our assets and liabilities, inclusive of interest rate hedges, measured in years as of point in time. Slide 6 1. Source: Bloomberg. Slide 7 1. Source: Bloomberg. 2. Change in Treasury and swap prices derived from Constant Maturity Treasury and Constant Maturity Swap and DV01 from JP Morgan. 3. Source: Barclays. 4. CC represents the current coupon yield sourced from Bloomberg. 30 Yr Mortgage Rates are sourced from Optimal Blue. CMBS spreads are spreads to the Treasury curve and are averages of JP Morgan, Wells Fargo and Bank of America. CDX spreads are sourced from JP Morgan.
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25 ENDNOTES (CONTINUED) Slide 8 1. Amounts exclude AGNC's limited partnership interest in a mortgage credit investment fund totaling $69 million and $66 million as of Sep 30, 2025 and Jun 30, 2025, respectively, reported in Non-Agency Securities, at Fair Value, and Other Mortgage Credit Investments on the accompanying Consolidated Balance Sheet. 2. Specified pools include pools backed by lower balance loans with original loan balances of up to $200K, HARP pools (defined as pools that were issued between May 2009 and Dec 2018 and backed by 100% refinance loans with original LTVs ≥ 80%) and pools backed by loans 100% originated in N.Y. and Puerto Rico. Lower balance pools have a wtd. avg. original loan balance of $188 K for ≤15-year and $141 K for 30-year securities as of Sep 30, 2025. HARP pools have a wtd. avg. original LTV of 128% for ≤15-year and 142% for 30-year securities as of Sep 30, 2025. 3. Other pools with favorable prepayment attributes include those backed by loans with credit, loan balances, geographies, occupancy types, and other characteristics that exhibit favorable prepayment behavior. 4. Weighted average actual 1 month annualized CPR released at the beginning of each month based on securities held as of the preceding month-end, excludes net TBA position. 5. WALA represents the weighted average loan age presented in months, excluding net TBA position. 6. Average projected CPR as of Sep 30, 2025 excludes net TBA position. Slide 9 1. Amounts include Investment Securities Repo and exclude U.S. Treasury repurchase agreements and debt of consolidated VIE's. 2. Refer to slide 15 for additional information regarding our average cost of funds. Slide 10 1. Funding liabilities consists of Investment Securities Repo, other debt and net TBA position. 2. Duration is a model estimate of interest rate sensitivity measured in years as of a point in time. 3. SOFR Futures notional amount based on 2-year swap equivalent. 4. Total duration is expressed in the asset unit equivalent. Slide 12 1. Net Long TBA and Forward Settling Securities are reported in derivative assets/liabilities at net carrying value (fair value less cost basis). 2. Tangible Net Book Value "At Risk" Leverage calculated as the sum of Investment Securities Repo, net payable/receivable for investment securities not yet settled, net TBA dollar roll position (at cost) and debt of consolidated variable interest entities divided by the sum of total stockholders’ equity less goodwill. Leverage excludes Treasury securities repurchase agreements. 3. Tangible Net Book Value Per Common Share calculated as stockholders’ equity, less the preferred stock liquidation preference and goodwill, divided by total common shares outstanding. Slide 14 1. "Catch-up" premium amortization (cost)/benefit is reported in interest income on the accompanying income statement. 2. Reported in gain (loss) on derivative instruments and other securities, net in the accompanying income statement. 3. Other interest income (expense), net includes interest income on cash and cash equivalents; price alignment interest income (expense) ("PAI") on interest rate swap margin deposits posted by or (to) the Company; and other miscellaneous interest income (expense). 4. Net spread and dollar roll income exclude other supplemental hedges used to hedge a portion of the Company's interest rate risk (such as U.S. Treasury positions, swaptions, and SOFR futures ) and U.S. Treasury Repo. For details on the Company’s average U.S. Treasury position, yields, and cost of carry for Q3 2025 refer to slide 21. Slide 15 1. "Catch-up" premium amortization cost/(benefit) is reported in interest income on the accompanying income statement. 2. Reported in gain (loss) on derivative instruments and other securities, net in the accompanying income statement. 3. TBA implied cost of funds derived from the Company's executed TBA roll levels and TBA delivery assumptions sourced from JP Morgan for the associated weighted average coupon, weighted average maturity and 1 month projected CPR. TBA implied asset yields derived from the implied funding costs and gross executed TBA roll levels. 4. Economic interest expense and cost of funds exclude other supplemental hedges used to hedge a portion of the Company's interest rate risk (such as U.S. Treasury positions, swaptions, and SOFR futures ) and U.S. Treasury Repo. For details on the Company’s average U.S. Treasury position, yields, and cost of carry for Q3 2025 refer to slide 21. 5. Calculated on a weighted basis relative to the average TBA balance and, as applicable, the average investment securities balance or average Investment Securities Repo balance outstanding. 6. Represents interest rate swap periodic (income) cost measured as a percent of total mortgage funding (Investment Securities Repo, other debt and TBA securities).
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26 ENDNOTES (CONTINUED) Slide 17 1. MBS includes CRT securities and other credit investments; TBA includes forward settling non- Agency securities. 2. Tangible net book value “at risk” leverage calculated as sum of Investment Securities Repo, other debt, net payable/receivable for investment securities not yet settled and net TBA and forward settling non-Agency positions (at cost) divided by the sum of total stockholders’ equity less goodwill. Leverage excludes U.S. Treasury repurchase agreements. 3. Chart excludes 20 Yr fixed rate MBS . 4. Measured as the ratio of interest rate swaps, net U.S. Treasury position, SOFR futures, and option-based hedges (e.g., swaptions) over Investment Securities Repo, other debt, net TBA and forward settling securities positions (at cost). Slide 18 1. Tangible net book value per common share excludes goodwill. 2. Economic return represents the change in tangible net book value per common share plus dividends per common share declared. Slide 19 1. Asset yields include actual and implied yields on investment securities and net TBA position calculated on a weighted average basis. Amounts exclude "catch-up" premium amortization. 2. Cost of funds include Investment Securities Repo, implied funding costs for the net TBA position and periodic swap costs calculated on a weighted average basis. TBA implied fund cost is derived from AGNC's executed roll levels and TBA delivery assumptions sourced from JP Morgan for the associated weighted average coupon, weighted average maturity and 1 month projected CPR. 3. Represents a non-GAAP measure. Please refer to the supplemental slides within this presentation for a reconciliation and further discussion of non-GAAP measures. Slide 20 1. Total fixed-rate MBS, excluding net TBA position, had a par value of $73,092, market value of $73,282, average duration of 4.5 years and average coupon of 5.16% as of Sep 30, 2025. 2. Specified pools include pools backed by lower balance loans with original loan balances of up to $200K, HARP pools (defined as pools that were issued between May 2009 and Dec 2018 and backed by 100% refinance loans with original LTVs ≥ 80%), and pools backed by loans 100% originated in N.Y. and Puerto Rico. Lower balance pools have a wtd/avg original loan balance of $188 K for ≤15-year and $141 K for 30-year securities as of Sep 30, 2025. HARP pools have a wtd/avg original LTV of 128% for ≤15-year and 142% for 30-year securities as of Sep 30, 2025. 3. Average MBS cost basis, WALA and CPR exclude net TBA position. 4. WALA represents the weighted average loan age presented in months. 5. Actual 1 month annualized CPR published during Oct 2025 for Agency securities held as of Sep 30, 2025 6. Duration is a model estimate of interest rate sensitivity measured in years as of a point in time. Slide 21 1. The average U.S. Treasury securities and futures positions represent their average cost basis, weighted by the number of days outstanding during the quarter. 2. The implied yields for Treasury futures are calculated based on the "cheapest-to-deliver" security that can be delivered to satisfy the futures contract identified at the time the futures contract was initiated using data sourced from a third-party model. 3. The average implied funding costs for U.S. Treasury securities and futures position represents the average rate received on the Company's reverse repurchase agreements for the quarter. Slide 22 1. Duration is a model estimate of interest rate sensitivity measured in years as of a point in time. The sensitivity analysis assumes an instantaneous parallel shift in interest rates and, consequently, does not include the potential impact of ongoing portfolio rebalancing actions. 2. Durations are expressed in years. Liability and hedge durations are expressed in asset unit equivalents. 3. Mortgage assets include net TBA position. Slide 23 1. Interest rate and MBS spread sensitivity are derived from models that are dependent on inputs and assumptions provided by third parties as well as by our investment team and, accordingly, actual results could differ materially from these estimates. Rates are floored at zero percent. 2. Estimated dollar change in value expressed as a percentage of the total market value of “at risk” assets.
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27 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 "economic interest expense"; and the related per common share measures and certain financial metrics derived from such non-GAAP information, such as "cost of funds" and "net interest spread." Net spread and dollar roll income available to common stockholders is measured as comprehensive income (loss) available (attributable) to common stockholders (GAAP measure) adjusted to: (i) exclude gains/losses on investment securities recognized through net income or other comprehensive income and gains/losses on derivative instruments and other securities (GAAP measures), (ii) exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and (iii) include interest rate swap periodic income/cost, TBA dollar roll income and other miscellaneous interest income/expense. As defined, net spread and dollar roll income available to common stockholders represents net interest income/expense (GAAP measure) adjusted to exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and to include TBA dollar roll income, interest rate swap periodic income/cost and other miscellaneous interest income/expense, less total operating expense (GAAP measure) and dividends on preferred stock (GAAP measure). By providing users of our financial information with such measures in addition to the related GAAP measures, we believe users have greater transparency into the information used by our management in its financial and operational decision-making. We also believe that it is important for users of our financial information to consider information related to our current financial performance without the effects of certain transactions that are not necessarily indicative of our current investment portfolio performance and operations. Specifically, the Company believes the inclusion of TBA dollar roll income in its non-GAAP measures is meaningful as TBAs are economically equivalent to holding and financing generic Agency MBS using short-term repurchase agreements but are recognized under GAAP in gain/loss on derivative instruments in the Company’s statement of operations. Similarly, the Company believes that the inclusion of periodic interest rate swap settlements in such measure, which are recognized under GAAP in gain/loss on derivative instruments, is meaningful as interest rate swaps are the primary instrument the Company uses to economically hedge against fluctuations in the Company’s borrowing costs and inclusion of periodic interest rate swap settlements is more indicative of the Company’s total cost of funds than interest expense alone. Finally, the Company believes the exclusion of "catch-up" adjustments to premium amortization cost is meaningful as it excludes the cumulative effect from prior reporting periods due to current changes in future prepayment expectations and, therefore, exclusion of such "catch-up" cost or benefit is more indicative of the current earnings potential of the Company’s investment portfolio. However, because such measures are incomplete measures of the Company's financial performance and involve differences from results computed in accordance with GAAP, they should be considered as supplementary to, and not as a substitute for, results computed in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of such non-GAAP measures may not be comparable to other similarly- titled measures of other companies. A reconciliation of GAAP comprehensive income (loss) to non-GAAP net spread and dollar roll income is included in this presentation.
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