Strong Liquidity Position
AGNC started the second quarter with a strong liquidity position, ending with $6.4 billion in cash and unencumbered Agency MBS, representing 65% of tangible equity, up from 63% in the previous quarter.
Accretive Capital Raising
AGNC raised nearly $800 million of common equity through its at-the-market offering program at a significant premium to tangible net book value.
Positive Statements on GSE Reform
Key policymakers, including President Trump and Treasury Secretary Bessent, affirmed their commitment to the implicit guarantee for Agency MBS, which is expected to support tighter mortgage spreads over time.
Portfolio Growth
AGNC's asset portfolio grew by $3.5 billion to a total of $82 billion, with a focus on higher coupon specified pools with favorable prepayment characteristics.
Improved Book Value Since Quarter End
As of late July, AGNC reported a 1% increase in tangible net book value per common share after accounting for the monthly dividend accrual.