Q1 2026 AGNC Investment Corp Earnings Call Transcript
Key Points
- AGNC Investment Corp (AGNC) reported a recovery in tangible net book value per common share, up approximately 6% for April, reversing the first quarter decline.
- The company maintained a significant liquidity position with $7 billion of unencumbered cash and Agency MBS, representing 60% of tangible equity.
- Net spread and dollar roll income increased to $0.42 per common share, up $0.07 from the fourth quarter, driven by a 25-basis-point increase in net interest spread.
- AGNC Investment Corp (AGNC) issued $401 million of common equity at a significant premium to tangible net book value per share, generating meaningful accretion for common stockholders.
- The demand outlook for Agency MBS improved, with money manager demand increasing materially due to bond fund inflows doubling the pace of the previous two years.
- AGNC Investment Corp (AGNC) reported a comprehensive loss of $0.18 per common share for the first quarter.
- The economic return on tangible common equity was negative 1.6% for the quarter, driven by wider mortgage spreads to benchmark rates.
- Interest rate volatility increased due to geopolitical uncertainties, particularly the conflict in the Middle East, impacting investor sentiment negatively.
- The company's leverage increased slightly to 7.4 times tangible equity from 7.2 times in the previous quarter.
- The average projected life CPR of the portfolio increased to 10.3% from 9.6% in the previous quarter, indicating higher prepayment risk.
Good morning, and welcome to the AGNC Investment Corp., first quarter 2026 shareholder call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Katie Turlington in Investor Relations. Please go ahead.
Thank you all for joining AGNC Investment Corp.'s first quarter 2026 earnings call.
Before we begin, I'd like to review the Safe Harbor statement. This conference call and corresponding slide presentation contain 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.
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 those forecasts due to the impact of many factors beyond the control of AGNC. All forward-looking statements included in this presentation are
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