Agnc Investment . Depositary Shares Each Representing A 1/1000th Interest In A Share Of 7.00% Series C Fixed-to-floating Rate Cumulative Redeemable Preferre Stock Earnings Reports

Q1 2026 highlights: AGNC reported an economic return on tangible common equity of negative 1.6% and a comprehensive loss of $0.18 per common share for the quarter, driven primarily by wider Agency MBS spreads in March amid Middle East geopolitical uncertainty. Agency MBS still outperformed U.S. Treasuries and IG corporates in Q1. The firm entered the quarter with $95 billion portfolio market value, leverage of ~7.4x (average for the quarter 7.4x), and strong liquidity (~$7 billion of unencumbered cash and Agency MBS, ~60% of tangible equity). Net spread and dollar roll income improved to $0.42 per share (up $0.07 Q/Q), driven by a 25 bp increase in net interest spread, favorable TBA implied financing, lower repo funding costs and a larger allocation to interest rate swaps. AGNC purchased $1.7 billion (predominantly low-coupon specified pools) during Q1 and rotated the portfolio down in coupon (weighted average coupon 4.95% vs. 5.12% prior quarter); about 77% of assets have favorable prepayment characteristics. The company raised $401 million of common equity via ATM at a premium to tangible book value, which management says was accretive to book value and earnings as proceeds were deployed at attractive returns. Management views current spread levels (current coupon to swap/curve in the ~150–175 bp range) as compelling value and expects that a resolution of geopolitical risk and more accommodative Fed policy would materially improve mortgage spread and MBS performance. Hedge positioning was modestly increased (swap hedge duration share rose to 78% of hedges) and AGNC continues to operate with a positive duration gap for prepayment protection. Outlook/risks: near-term volatility from geopolitical events and monetary policy uncertainty could persist, but structural technicals — lower expected MBS supply, improved demand (fund inflows, potential bank demand from capital rule changes), and possible administration/GSE actions — support a favorable medium-term view on Agency MBS.