AGNC Investment Corp. Earnings Summary — Q2 FY2026

• Delivered a strong economic return on tangible common equity of 6.7% for the quarter, driven by dividend payments and a 2.4% increase in tangible net book value.
• Tangible net book value per common share rose to $8.58 at quarter-end, up from $8.38 in the prior quarter, reflecting resilient portfolio performance despite macro volatility.
• Investment portfolio remained stable at $97.2 billion, with 30-year fixed-rate Agency MBS and TBA securities comprising 94% of the total holdings.
• Net spread and dollar roll income per share saw a slight decline to $0.40 from $0.42, attributed to a modest compression in the annualized net interest spread to 2.00%.
• Maintained a conservative leverage profile with tangible 'at risk' leverage steady at 7.4x and high liquidity of $7.5 billion in unencumbered cash and Agency MBS.
• Macroeconomic impacts from U.S.-Iran hostilities led to increased Treasury yields and yield curve flattening, shifting market expectations toward rate hikes.

Management expects favorable technical dynamics for Agency MBS to continue as elevated mortgage rates reduce supply while demand remains robust. They believe Agency MBS offer compelling value relative to corporate bonds, positioning the company for strong risk-adjusted returns in the near to intermediate term.

Improving

A return to positive net income and comprehensive income per share, coupled with growth in tangible book value, marks a significant recovery from the prior quarter's losses despite geopolitical headwinds.

The outlook is cautiously optimistic based on supportive market technicals and attractive valuation of Agency MBS relative to benchmark rates and other fixed-income alternatives. The company intends to maintain its monthly dividend policy while navigating potential volatility in the rate environment.