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Tangible Net Book Value at Risk Leverage
Shows how much leverage is applied relative to the company’s tangible net book value and how exposed shareholders are to market moves; higher leverage can amplify returns but increases vulnerability to rate shocks and asset losses.Leverage has been kept in a narrow, mid‑7x band with only brief tactical upticks during market stress; management reiterated they’re deliberately keeping leverage steady and will flex it as markets evolve. Paired with strong liquidity and an accretive ATM equity raise, this conservative posture limits mark‑to‑market swings and protects the dividend but also constrains upside from a spread recovery — future NAV gains will hinge on whether they raise leverage or tighten hedges as conditions normalize.
Date | Tangible Net Book Value at Risk Leverage |
|---|---|
Jun 30, 2026 | 7.40 |
Mar 31, 2026 | 7.40 |
Dec 31, 2025 | 7.20 |
Sep 30, 2025 | 7.60 |
Jun 30, 2025 | 7.60 |
Mar 31, 2025 | 7.50 |
Dec 31, 2024 | 7.20 |
Sep 30, 2024 | 7.20 |
Jun 30, 2024 | 7.40 |
Mar 31, 2024 | 7.10 |