The company's financial profile appears increasingly vulnerable, evidenced by a surge in the debt-to-equity ratio from 0.01 in 2025Q4 to 8.59 in 2026Q1, signaling heightened exposure to repo market dislocations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Assets | 118.9B | 115.08B | 88.02B | 71.6B | 51.75B | 68.15B | 81.82B | 113.08B | 109.24B | 70.38B | 56.88B | 57.02B | 67.77B | 76.25B | 100.45B | 57.97B | 14.48B | 4.63B | 1.66B |
| Asset Growth % | 104.4% | 30.75% | 22.93% | 38.36% | -24.07% | -16.71% | -27.65% | 3.52% | 55.22% | 23.73% | -0.25% | -15.86% | -11.13% | -24.09% | 73.28% | 300.48% | 212.94% | 179.27% | - |
| Real Estate & Other Assets | 108.35B | -526M | -6.1B | -4.77B | -526M | -526M | -526M | -526M | 1.65B | -32.94B | -45.3B | -50.45B | -54.76B | -63.27B | -83.74B | -53.45B | -13.51B | -4.3B | -1.57B |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -109.24B | -70.38B | -56.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 2.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.73B | 45.66B | 54.94B | 54.94B | 63.28B | 69.53B | 98.95B | 56.63B | 229.74M | 293.22M | 63.86M |
| Cash & Equivalents | 493M | 1.74B | 505M | 518M | 2.33B | 1.52B | 2.32B | 1.28B | 921M | 1.05B | 1.21B | 1.11B | 1.72B | 2.14B | 2.43B | 1.37B | 173.26M | 202.8M | 56.01M |
| Receivables | 0 | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 1.86B | -18.51B | -505M | -518M | -9.08B | -12B | -14.28B | -11.46B | 20.84B | 44.61B | 53.71B | 53.83B | 61.33B | 66.73B | 96.52B | 54.04B | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25M | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 106.72B | 102.68B | 78.25B | 63.34B | 43.88B | 57.86B | 70.74B | 102.04B | 99.33B | 61.62B | 49.52B | 49.05B | 58.34B | 67.56B | 89.56B | 51.76B | 12.9B | 4.08B | 1.4B |
| Total Debt | 104.65B | 64M | 64M | 80M | 42.89B | 57.2B | 64.27B | 275M | 275M | 357M | 3.5B | 4.35B | 761M | 910M | 937M | 54.06M | 72.93M | 3.84B | 1.35B |
| Net Debt | 104.16B | -1.68B | -441M | -438M | 40.56B | 55.68B | 61.95B | -1.01B | -646M | -689M | 2.29B | 3.24B | -959M | -1.23B | -1.49B | -1.31B | -100.33M | 3.64B | 1.29B |
| Long-Term Debt | 0 | 56M | 64M | 80M | 95M | 126M | 177M | 2.65B | 275M | 357M | 0 | 0 | 761M | 910M | 937M | 0 | 0 | 0 | 0 |
| Short-Term Borrowings | 104.65B | 101.74B | 0 | 0 | 42.8B | 57.08B | 64.09B | 96.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.06M | 72.93M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 105.76B | 102.62B | 0 | 0 | 43.68B | 57.65B | 70.56B | 99.39B | 99.06B | 61.27B | 49.06B | 48.45B | 57.58B | 66.65B | 133M | 1.97B | 800.3M | 118.95M | 3.66M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 518M | 299M | 211M | 61M | 100M | 492M | 132M | 40M | 727.37M | 180.34M | 3.66M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.1B | -4.88B | -5.79B | -40.4B | -48.08B | -59.59B | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 513M | -56M | -64M | -80M | -95M | -126M | -177M | -2.65B | 2.83B | 4.53B | 0 | 0 | 3.1B | 4.36B | -937M | 0 | 0 | 0 | 0 |
| Total Equity | 12.18B | 12.39B | 9.76B | 8.26B | 7.87B | 10.29B | 11.08B | 11.04B | 105.81B | 68.51B | 55.06B | 7.97B | 9.43B | 8.7B | 10.89B | 6.21B | 1.57B | 546.82M | 258.15M |
| Equity Growth % | 86.36% | 26.95% | 18.23% | 4.92% | -23.53% | -7.11% | 0.34% | -89.57% | 54.44% | 24.42% | 590.82% | -15.45% | 8.41% | -20.17% | 75.39% | 295.14% | 187.49% | 111.82% | - |
| Shareholders Equity | 12.18B | 12.39B | 9.76B | 8.26B | 7.87B | 10.29B | 11.08B | 11.04B | 9.91B | 8.75B | 7.36B | 7.97B | 9.43B | 8.7B | 10.89B | 6.21B | 1.57B | 546.82M | 258.15M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95.9B | 59.76B | 47.71B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 11M | 11M | 9M | 7M | 6M | 5M | 5M | 5M | 5M | 4M | 3M | 3M | 4M | 4M | 3M | 2.24M | 649K | 243K | 150K |
| Additional Paid-in Capital | 19.66B | 19.26B | 17.26B | 15.28B | 14.19B | 13.71B | 13.97B | 13.89B | 13.79B | 11.17B | 9.93B | 10.05B | 10.33B | 10.41B | 9.46B | 5.94B | 1.56B | 507.46M | 285.92M |
| Retained Earnings | -9.12B | -8.52B | -8.55B | -8.15B | -7.28B | -5.21B | -5.11B | -3.89B | -3.43B | -2.56B | -2.52B | -2.35B | -1.67B | -497M | -289M | -37.92M | 78.12M | 19.94M | -2.31M |
| Preferred Stock | 1.97B | 1.97B | 1.63B | 1.63B | 1.63B | 1.49B | 1.49B | 932M | 484M | 484M | 336M | 336M | 336M | 167M | 167M | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.32% | 1.64% | 1.08% | 0.25% | -1.98% | 1% | -0.27% | 0.62% | 0.14% | 1.21% | 1.09% | 0.34% | -0.32% | 1.42% | 1.61% | 2.13% | 3.02% | 3.78% | 2.13% |
| Return on Equity (ROE) | 12.7% | 15.08% | 9.58% | 1.92% | -13.11% | 7.01% | -2.41% | 1.18% | 0.15% | 1.25% | 1.98% | 2.47% | -2.57% | 12.85% | 14.93% | 19.8% | 27.2% | 29.47% | 13.69% |
| Debt / Assets | 88.02% | 0.06% | 0.07% | 0.11% | 82.88% | 83.94% | 78.55% | 0.24% | 0.25% | 0.51% | 6.15% | 7.63% | 1.12% | 1.19% | 0.93% | 0.09% | 0.5% | 83.06% | 81.26% |
| Debt / Equity | 8.59x | 0.01x | 0.01x | 0.01x | 5.45x | 5.56x | 5.80x | 0.02x | 0.00x | 0.01x | 0.06x | 0.55x | 0.08x | 0.10x | 0.09x | 0.01x | 0.05x | 7.03x | 5.21x |
| Net Debt / EBITDA | 23.23x | -0.36x | -0.12x | -0.18x | - | 46.67x | 37.86x | -0.29x | -0.49x | -0.53x | 2.31x | 3.40x | -1.57x | -0.53x | -0.56x | -0.90x | -0.21x | 19.30x | 21.43x |
| Book Value per Share | 10.85 | 12.11 | 12.42 | 13.33 | 14.66 | 19.42 | 20.09 | 20.39 | 239.71 | 191.00 | 165.91 | 22.87 | 26.69 | 22.94 | 35.85 | 40.51 | 43.08 | 31.23 | 17.21 |
Repo market liquidity sensitivity
As reported in financial statements, AGNC's total assets grew from $71.6 billion in 2023Q4 to $118.9 billion by 2026Q1, yet this expansion appears largely decoupled from equity growth, which only increased from $8.3 billion to $12.2 billion over the same period, suggesting a reliance on aggressive leverage.
The rapid scaling of the asset base indicates a strategy focused on capturing spread income through increased volume, but the disproportionate growth in liabilities relative to equity warrants caution. Investors should monitor whether this trajectory reflects a sustainable scaling of the investment portfolio or an attempt to offset margin compression through higher balance sheet utilization.
Based on AGNC's reported figures, the debt-to-equity ratio surged from 0.01 in 2025Q4 to 8.59 in 2026Q1, signaling a dramatic shift in the company's financing posture that likely exposes the firm to heightened margin call risks during periods of market volatility.
This sudden spike in leverage suggests that the company may be responding to shifting repo market conditions or attempting to maintain yield targets in a challenging interest rate environment. Such a high degree of leverage leaves little room for error, and the firm's sensitivity to collateral valuation changes appears significantly elevated compared to previous quarters.
According to recent SEC filings, AGNC's cash position fluctuated from $1.8 billion in 2023Q4 to $493.0 million in 2026Q1, indicating that the company maintains a relatively thin liquidity buffer relative to its $104.6 billion debt load, which may limit its flexibility during repo market dislocations.
The reduction in cash reserves while debt levels have expanded suggests that the company is prioritizing capital deployment into MBS assets over maintaining a robust liquidity cushion. This approach appears to prioritize immediate yield generation, but it may leave the firm vulnerable if financing costs spike or if collateral requirements tighten unexpectedly.
As indicated by the provided financial data, the company's reliance on short-term collateralized borrowings, which reached $104.6 billion in 2026Q1, creates a structural dependency on the repo market that is not fully captured by traditional balance sheet metrics like current ratios or standard leverage.
The reliance on short-term funding to finance long-term mortgage assets creates a duration mismatch that is inherently risky, especially when the yield curve remains inverted. Investors should monitor the maturity ladder of these repo agreements, as any disruption in the ability to roll this debt could force the company to liquidate assets at unfavorable prices.
Quick answers to the most common questions about buying AGNC stock.
As of 2025, AGNC Investment Corp. (AGNC) had total assets of $115.08B including $0.0M in current assets.
AGNC Investment Corp. (AGNC) carries total debt of $64.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AGNC Investment Corp. (AGNC) has total shareholders' equity (book value) of $12.39B ($12.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.