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AGNC Investment Corp. Announces First Quarter 2026 Financial Results

AGNC
  • AGNC Investment Corp. reported a comprehensive loss of $0.18 per common share for the quarter ended March 31, 2026, consisting of a $0.17 net loss and $0.01 other comprehensive loss.
  • Tangible net book value per common share decreased 5.6% to $8.38 as of March 31, 2026, down from $8.88 at the end of December 2025.
  • The company declared $0.36 in dividends per common share for the first quarter, resulting in a negative 1.6% economic return on tangible common equity.
  • Net spread and dollar roll income per common share reached $0.42, an increase of $0.07 from the prior quarter, driven by a 25 basis point rise in the net interest spread.
  • The investment portfolio totaled $94.7 billion, comprised of $84.4 billion in Agency MBS, $9.5 billion in net forward TBA positions, and $0.7 billion in CRT and non-Agency securities.
  • Tangible net book value "at risk" leverage remained stable at 7.4x, while unencumbered cash and Agency MBS totaled $7.0 billion, representing 60% of tangible equity.
  • The company issued 38.0 million common shares through At-the-Market offerings, generating $401 million in net proceeds.
  • Management attributed the negative economic return to spread widening caused by geopolitical tensions in the Middle East, specifically the war in Iran, which began in March 2026.
  • Average projected portfolio CPR was 10.3% as of March 31, 2026, while actual CPR for the quarter was 13.2%.
  • The annualized net interest spread for the quarter was 2.06%, up from 1.81% in the prior quarter.
  • Other gain (loss), net recorded a loss of $433 million, primarily driven by $889 million in unrealized losses on investment securities measured at fair value through net income.
  • The weighted average cost basis of the investment portfolio was 101.4% of par value, with net premium amortization cost of $52 million for the quarter.
  • Interest rate swaps, U.S. Treasury positions, and other hedges covered 75% of funding liabilities as of March 31, 2026, up from 69% in the previous quarter.