US Market News
2月前
AGNC Investment Corp. Announces First Quarter 2026 Financial ResultsApril 20, 2026 4:01 PM
PR Newswire (US)
BETHESDA, Md., April 20, 2026 /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2026. FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS $(0.18) comprehensive loss per common share, comprised of:$(0.17) net loss per common share$(0.01) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI$0.42 net spread and dollar roll income per common share1Excludes less than $0.01 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates$8.38 tangible net book value per common share as of March 31, 2026Decreased $(0.50) per common share, or -5.6%, from $8.88 per common share as of December 31, 2025$0.36 dividends declared per common share for the first quarter -1.6% economic return on tangible common equity for the quarterComprised of $0.36 dividends per common share and $(0.50) decrease in tangible net book value per common shareOTHER FIRST QUARTER HIGHLIGHTS $94.7 billion investment portfolio as of March 31, 2026, comprised of:$84.4 billion Agency mortgage-backed securities ("Agency MBS")$9.5 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")$0.7 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments7.4x tangible net book value "at risk" leverage as of March 31, 20267.4x average tangible net book value "at risk" leverage for the quarterUnencumbered cash and Agency MBS totaled $7.0 billion as of March 31, 2026 Excludes unencumbered CRT and non-Agency securitiesRepresents 60% of the Company's tangible equity as of March 31, 202610.3% average projected portfolio life CPR as of March 31, 202613.2% actual portfolio CPR for the quarter 2.06% annualized net interest spread for the quarter2 Issued 38.0 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $401 million___________1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.MANAGEMENT REMARKS
"Agency MBS performance in the first quarter was driven by two divergent macroeconomic themes," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "In January and February, the Administration's focus on reducing interest rate volatility, maintaining mortgage spread stability, and improving housing affordability drove strong performance across the broader fixed income complex and Agency MBS specifically. This favorable investment environment was, however, quickly eclipsed in March by the war in Iran and the potential for more widespread conflict in the Middle East. The associated increase in volatility and negative shift in investor sentiment caused Agency MBS spreads to benchmark rates to widen, and, as a result, AGNC's economic return on tangible common equity in the first quarter was negative 1.6%. Despite the quarter-over-quarter spread widening, Agency MBS generated a positive excess return to both US Treasuries and investment grade corporate bonds in the first quarter, again demonstrating the diversification benefit of this high credit quality, fixed income asset class. "We continue to believe that many of the factors we cited at the beginning of the year remain positive catalysts for Agency MBS performance. First, mortgage spreads to benchmark rates widened significantly in March and provide investors with compelling value on both an absolute and relative basis at these levels. Second, supply-demand technicals have improved as a result of higher mortgage rates, increased bond fund inflows, and proposed regulatory capital changes. Third, the higher rate environment also increases the likelihood of actions by the administration to stabilize or reduce mortgage spreads as a means to mitigate housing affordability issues. Finally, although interest rate volatility has increased and the path of future Federal Reserve monetary policy actions has become a bit more uncertain, we believe that, with some form of resolution or easing of tensions in the Middle East, these factors could quickly revert to positive catalysts for Agency MBS. As a result, our longer-term outlook for Agency MBS remains constructive, despite near-term challenges associated with heightened geopolitical and macroeconomic risks. Moreover, AGNC is well-positioned to capitalize on these favorable conditions and build upon our lengthy track-record of generating strong risk-adjusted returns over market cycles for our stockholders.""AGNC's negative 1.6% economic return on tangible common equity in the first quarter was comprised of $0.36 of dividends per common share and a $0.50 decrease in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "AGNC's net spread and dollar roll income per common share was $0.42 for the first quarter, an increase of $0.07 per common share from the prior quarter that was driven by a 25 basis point increase in our net interest spread. During the quarter, AGNC issued over $400 million of common stock under our at-the-market issuance program, continuing our active capital management strategy to generate meaningful accretion for our common shareholders. Finally, AGNC concluded the first quarter with tangible 'at risk' leverage of 7.4x and a significant liquidity position of $7.0 billion of unencumbered cash and Agency MBS, which constituted 60% of our tangible equity at quarter end."TANGIBLE NET BOOK VALUE PER COMMON SHARE
As of March 31, 2026, the Company's tangible net book value per common share was $8.38 per share, a decrease of -5.6% for the quarter compared to $8.88 per share as of December 31, 2025. The Company's tangible net book value per common share excludes $526 million, or $0.46 and $0.47 per share, of goodwill as of March 31, 2026 and December 31, 2025, respectively.INVESTMENT PORTFOLIO
As of March 31, 2026, the Company's investment portfolio totaled $94.7 billion, comprised of:$94.0 billion of Agency MBS and TBA securities, including:$90.0 billion of fixed-rate securities, comprised of:$80.0 billion 30-year MBS,$8.9 billion 30-year TBA securities, net, and$1.1 billion 15 and 20-year MBS and TBA securities; and$4.0 billion of collateralized mortgage obligations ("CMOs"), adjustable-rate and other Agency securities; and$0.7 billion of CRT and non-Agency securities and other mortgage credit investments.As of March 31, 2026, 30-year fixed-rate Agency MBS and TBA securities represented 94% of the Company's investment portfolio, compared to 95% as of December 31, 2025.As of March 31, 2026, the Company's fixed-rate Agency MBS and TBA securities' weighted average coupon was 4.95%, compared to 5.12% as of December 31, 2025, comprised of the following weighted average coupons:4.96% for 30-year fixed-rate securities;4.18% for 15-year fixed-rate securities; and3.75% for 20-year fixed-rate securities.The Company accounts for TBA securities and other forward settling securities as derivative instruments and recognizes TBA dollar roll income in other gain (loss), net on the Company's financial statements. As of March 31, 2026, such positions had a fair value of $9.5 billion and a GAAP net carrying value of $(194) million reported in derivative assets/(liabilities) on the Company's balance sheet, compared to $13.0 billion and $71 million, respectively, as of December 31, 2025.CONSTANT PREPAYMENT RATES
The Company's weighted average projected CPR for the remaining life of its Agency securities held as of March 31, 2026 increased to 10.3% from 9.6% as of December 31, 2025. The Company's weighted average actual CPR for the first quarter was 13.2%, compared to 9.7% for the prior quarter.The weighted average cost basis of the Company's investment portfolio was 101.4% of par value as of March 31, 2026. The Company's investment portfolio generated net premium amortization cost of $(52) million, or $(0.05) per common share, for the first quarter, which includes a "catch-up" premium amortization benefit of $5 million, or less than $0.01 per common share, due to changes in the Company's CPR projections for certain securities acquired prior to the first quarter. This compares to net premium amortization cost for the prior quarter of $(51) million, or $(0.05) per common share, including a "catch-up" premium amortization cost of $(7) million, or $(0.01) per common share. ASSET YIELDS, COST OF FUNDS AND NET INTEREST RATE SPREAD
The Company's average asset yield on its investment portfolio, excluding the TBA position, was 4.95% for the first quarter, compared to 4.87% for the prior quarter. Excluding "catch-up" premium amortization, the Company's average asset yield was 4.93% for the first quarter, compared to 4.90% for the prior quarter. Including the TBA position and excluding "catch-up" premium amortization, the Company's average asset yield for the first quarter was 4.98%, compared to 4.91% for the prior quarter. For the first quarter, the weighted average interest rate on the Company's repurchase agreements was 3.79%, compared to 4.13% for the prior quarter. For the first quarter, the Company's TBA position had an implied financing cost of 3.45%, compared to 4.03% for the prior quarter. Inclusive of interest rate swaps, the Company's combined weighted average cost of funds for the first quarter was 2.92%, compared to 3.10% for the prior quarter.The Company's annualized net interest spread, including the TBA position and interest rate swaps and excluding "catch-up" premium amortization, for the first quarter was 2.06%, compared to 1.81% for the prior quarter.NET SPREAD AND DOLLAR ROLL INCOME
The Company recognized net spread and dollar roll income (a non-GAAP financial measure) for the first quarter of $0.42 per common share, compared to $0.35 per common share for the prior quarter. Net spread and dollar roll income excludes less than $0.01 and $(0.01) per common share of estimated "catch-up" premium amortization benefit / (cost) for the first quarter and prior quarter, respectively. The Company's cost of funds, net interest rate spread and net spread and dollar income excludes the impact of the Company's U.S. Treasury hedges, option-based hedges, and other supplemental interest rate hedges. For additional information regarding the Company's U.S. Treasury hedges, please refer to the schedule of Key Statistics included in this release. A reconciliation of the Company's total comprehensive income (loss) to net spread and dollar roll income and additional information regarding the Company's use of non-GAAP measures are included later in this release. LEVERAGE
As of March 31, 2026, $75.8 billion of repurchase agreements and $9.7 billion of net TBA dollar roll positions (at cost) were used to fund the Company's investment portfolio. The remainder, or approximately $11.8 billion, of the Company's repurchase agreements was used to fund short-term purchases of U.S. Treasury securities ("U.S. Treasury Repo") and is not included in the Company's leverage measurements. Inclusive of its net TBA position and net payable/(receivable) for unsettled investment securities, the Company's tangible net book value "at risk" leverage ratio was 7.4x as of March 31, 2026, compared to 7.2x as of December 31, 2025. The Company's average "at risk" leverage ratio for the first quarter was 7.4x tangible net book value, unchanged from the prior quarter. As of March 31, 2026, the Company's repurchase agreements used to fund its investment portfolio ("Investment Securities Repo") had a weighted average interest rate of 3.77%, compared to 3.98% as of December 31, 2025, and a weighted average remaining maturity of 20 days, compared to 12 days as of December 31, 2025. As of March 31, 2026, $38.3 billion, or 51%, of the Company's Investment Securities Repo was funded through the Company's captive broker-dealer subsidiary, Bethesda Securities, LLC. HEDGING ACTIVITIES
As of March 31, 2026, interest rate swaps, U.S. Treasury positions, option-based hedges (swaptions), and other interest rate hedges equaled 75% of the Company's outstanding balance of Investment Securities Repo, net TBA position, and other debt (collectively, "funding liabilities"), compared to 69% as of December 31, 2025. Excluding option-based hedges, the Company's hedge portfolio covered 83% of its funding liabilities as of March 31, 2026, compared to 77% as of December 31, 2025.As of March 31, 2026, the Company's pay fixed interest rate swap position totaled $76.5 billion in notional amount, with an average fixed pay rate of 2.67%, an average floating receive rate of 3.68% and an average maturity of 4.1 years, compared to $64.6 billion, 2.57%, 3.86% and 4.7 years, respectively, as of December 31, 2025. As of March 31, 2026, the Company had a net long U.S. Treasury position of $5.4 billion and receiver swaptions of $7.0 billion outstanding, compared to a $1.5 billion net short U.S. Treasury position and net receiver swaptions of $7.0 billion as of December 31, 2025.OTHER GAIN (LOSS), NET
For the first quarter, the Company recorded a net loss of $(433) million in other gain (loss), net, or $(0.39) per common share, compared to a net gain of $789 million, or $0.72 per common share, for the prior quarter. Other gain (loss), net for the first quarter was comprised of:$74 million of net realized gains on sales of investment securities;$(889) million of net unrealized losses on investment securities measured at fair value through net income;$182 million of interest rate swap periodic income;$273 million of net gains on interest rate swaps;$(6) million of net losses on interest rate swaptions;$(13) million of net losses on U.S. Treasury positions;$51 million of TBA dollar roll income;$(105) million of net mark-to-market losses on TBA securities; and$6 million of other interest income (expense), net; and$(6) million of other miscellaneous losses.OTHER COMPREHENSIVE LOSS
During the first quarter, the Company recorded other comprehensive income (loss) of $(8) million, or $(0.01) per common share, consisting of net unrealized losses on its Agency securities recognized through OCI, compared to $66 million, or $0.06 per common share, in the prior quarter.COMMON STOCK DIVIDENDS
During the first quarter, the Company declared dividends of $0.12 per share to common stockholders of record as of January 30, February 27, and March 31, 2026, totaling $0.36 per share for the quarter. Since its May 2008 initial public offering through the first quarter of 2026, the Company has declared a total of $15.9 billion in common stock dividends, or $50.44 per common share.FINANCIAL STATEMENTS, OPERATING PERFORMANCE AND PORTFOLIO STATISTICS
The following measures of operating performance include net spread and dollar roll income; economic interest income; economic interest expense; and the related per common share measures and financial metrics derived from such information, which are non-GAAP financial measures. Please refer to "Use of Non-GAAP Financial Information" later in this release for further discussion of non-GAAP measures.AGNC INVESTMENT CORP.CONSOLIDATED BALANCE SHEETS(in millions, except per share data)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
(unaudited)
(unaudited)
(unaudited)
(unaudited)Assets:
Agency securities, at fair value (including pledged securities of $77,364, $74,149, $68,821,
$67,375 and $63,275, respectively)$ 84,447
$ 81,003
$ 76,198
$ 73,232
$ 70,363Agency securities transferred to consolidated variable interest entities, at fair value (pledged
securities)—
85
88
91
95Credit risk transfer securities, at fair value (including pledged securities of $545, $558, $554,
$558 and $595, respectively)593
606
609
613
640Non-Agency securities, at fair value, and other mortgage credit investments (including pledged
securities of $8, $13, $15, $30 and $173, respectively)93
95
97
109
290U.S. Treasury securities, at fair value (including pledged securities of $12,313, $13,056, $5,431,
$3,554 and $3,268, respectively)12,582
13,477
5,927
3,565
3,280Cash and cash equivalents493
450
450
656
455Restricted cash1,864
1,292
1,461
1,216
1,263Derivative assets, at fair value178
169
145
155
98Receivable for investment securities sold (including pledged securities of $0, $149, $1,340, $0
and $908, respectively)—
152
1,502
—
909Receivable under reverse repurchase agreements17,644
16,615
21,399
21,362
17,604Goodwill526
526
526
526
526Other assets (including pledged securities of $0, $0, $74, $0 and $0, respectively)477
607
567
496
366Total assets$ 118,897
$ 115,077
$ 108,969
$ 102,021
$ 95,889Liabilities:
Repurchase agreements$ 87,616
$ 85,286
$ 74,152
$ 69,153
$ 66,138Debt of consolidated variable interest entities, at fair value—
56
58
60
62Payable for investment securities purchased933
193
1,225
392
1,843Derivative liabilities, at fair value440
6
87
106
70Dividends payable182
182
170
164
148Obligation to return securities borrowed under reverse repurchase agreements, at fair value17,032
16,452
20,802
21,305
17,180Accounts payable and other liabilities513
509
1,031
494
406Total liabilities106,716
102,684
97,525
91,674
85,847Stockholders' equity:
Preferred Stock - aggregate liquidation preference of $2,033, $2,033, $2,033, $1,688 and $1,688,
respectively1,968
1,968
1,968
1,634
1,634Common stock - $0.01 par value; 1,147.8, 1,107.6, 1,072.7, 1,041.7 and 949.0 shares issued
and outstanding, respectively11
11
11
10
9Additional paid-in capital19,656
19,261
18,892
18,575
17,769Retained deficit(9,123)
(8,524)
(9,038)
(9,422)
(8,872)Accumulated other comprehensive loss(331)
(323)
(389)
(450)
(498)Total stockholders' equity12,181
12,393
11,444
10,347
10,042Total liabilities and stockholders' equity$ 118,897
$ 115,077
$ 108,969
$ 102,021
$ 95,889
Tangible net book value per common share 1$ 8.38
$ 8.88
$ 8.28
$ 7.81
$ 8.25 AGNC INVESTMENT CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share data)(unaudited)
Three Months Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025Interest income:
Interest income$ 1,050
$ 944
$ 903
$ 830
$ 846Interest expense731
738
755
668
687Net interest income319
206
148
162
159Other gain (loss), net:
Realized gain (loss) on sale of investment securities, net74
(26)
(81)
(177)
(245)Unrealized (loss) gain on investment securities measured at fair value through net income, net(889)
475
805
270
1,183Gain (loss) on derivative instruments and other investments, net382
340
(36)
(367)
(1,019)Total other (loss) gain, net(433)
789
688
(274)
(81)Expenses:
Compensation and benefits23
30
20
18
19Other operating expense11
11
10
10
9Total operating expense34
41
30
28
28Net income (loss)(148)
954
806
(140)
50Dividend on preferred stock44
46
42
38
35Net income (loss) available (attributable) to common stockholders$ (192)
$ 908
$ 764
$ (178)
$ 15
Net income (loss)$ (148)
$ 954
$ 806
$ (140)
$ 50Unrealized gain (loss) on investment securities measured at fair value through other
comprehensive income (loss), net(8)
66
61
48
93Comprehensive income (loss)(156)
1,020
867
(92)
143Dividend on preferred stock44
46
42
38
35Comprehensive income (loss) available (attributable) to common stockholders$ (200)
$ 974
$ 825
$ (130)
$ 108
Weighted average number of common shares outstanding - basic1,122.6
1,089.3
1,053.0
1,017.3
918.3Weighted average number of common shares outstanding - diluted1,122.6
1,094.6
1056.6
1017.3
921.9Net income (loss) per common share - basic$ (0.17)
$ 0.83
$ 0.73
$ (0.17)
$ 0.02Net income (loss) per common share - diluted$ (0.17)
$ 0.83
$ 0.72
$ (0.17)
$ 0.02Comprehensive income (loss) per common share - basic$ (0.18)
$ 0.89
$ 0.78
$ (0.13)
$ 0.12Comprehensive income (loss) per common share - diluted$ (0.18)
$ 0.89
$ 0.78
$ (0.13)
$ 0.12Dividends declared per common share$ 0.36
$ 0.36
$ 0.36
$ 0.36
$ 0.36 AGNC INVESTMENT CORP.RECONCILIATION OF GAAP COMPREHENSIVE INCOME (LOSS) TO NET SPREAD AND DOLLAR ROLL INCOME (NON-GAAP MEASURE) 2(in millions, except per share data)(unaudited)
Three Months Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025Comprehensive income (loss) available (attributable) to common stockholders$ (200)
$ 974
$ 825
$ (130)
$ 108Adjustments to exclude realized and unrealized (gains) losses reported through net income:
Realized (gain) loss on sale of investment securities, net(74)
26
81
177
245Unrealized (gain) loss on investment securities measured at fair value through net income, net889
(475)
(805)
(270)
(1,183)(Gain) loss on derivative instruments and other securities, net(382)
(340)
36
367
1,019Adjustment to exclude unrealized (gain) loss reported through other comprehensive income:
Unrealized (gain) loss on available-for-sale securities measure at fair value through other
comprehensive income, net8
(66)
(61)
(48)
(93)Other adjustments:
Estimated "catch up" premium amortization cost (benefit) due to change in CPR forecast 3(5)
7
14
(11)
2TBA dollar roll income 4,551
27
23
24
23Interest rate swap periodic income, net 4,6182
217
245
282
293Other interest income (expense), net 4,76
9
7
(3)
(11)Net spread and dollar roll income available to common stockholders$ 475
$ 379
$ 365
$ 388
$ 403
Weighted average number of common shares outstanding - basic1,122.6
1,089.3
1,053.0
1,017.3
918.3Weighted average number of common shares outstanding - diluted1,127.3
1,094.6
1,056.6
1,019.6
921.9Net spread and dollar roll income per common share - basic$ 0.42
$ 0.35
$ 0.35
$ 0.38
$ 0.44Net spread and dollar roll income per common share - diluted$ 0.42
$ 0.35
$ 0.35
$ 0.38
$ 0.44 AGNC INVESTMENT CORP.NET INTEREST SPREAD COMPONENTS BY FUNDING SOURCE 2(in millions, except per share data)(unaudited)
Three Months Ended
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025Adjusted net interest and dollar roll income:
Economic interest income:
Investment securities - GAAP interest income 8$ 1,050
$ 944
$ 903
$ 830
$ 846Estimated "catch-up" premium amortization cost (benefit) due to change in CPR forecast 3(5)
7
14
(11)
2TBA dollar roll income - implied interest income 4,9140
169
135
154
104Economic interest income1,185
1,120
1,052
973
952Economic interest expense:
Repurchase agreements and other debt - GAAP interest expense(731)
(738)
(755)
(668)
(687)TBA dollar roll income - implied interest expense 4,10(89)
(142)
(112)
(130)
(81)Interest rate swap periodic income, net 4,6182
217
245
282
293Economic interest expense(638)
(663)
(622)
(516)
(475)Adjusted net interest and dollar roll income$ 547
$ 457
$ 430
$ 457
$ 477
Net interest spread:
Average asset yield:
Investment securities - average asset yield4.95 %
4.87 %
4.83 %
4.89 %
4.78 %Estimated "catch-up" premium amortization cost (benefit) due to change in CPR forecast(0.02) %
0.03 %
0.08 %
(0.06) %
0.02 %Investment securities average asset yield, excluding "catch-up" premium amortization4.93 %
4.90 %
4.91 %
4.83 %
4.80 %TBA securities - average implied asset yield 95.42 %
4.91 %
5.31 %
5.14 %
5.58 %Average asset yield 114.98 %
4.91 %
4.95 %
4.87 %
4.87 %Average total cost of funds:
Repurchase agreements and other debt - average funding cost3.79 %
4.13 %
4.43 %
4.44 %
4.45 %TBA securities - average implied funding cost 103.45 %
4.03 %
4.31 %
4.29 %
4.34 %Average cost of funds, before interest rate swap periodic income, net 113.75 %
4.11 %
4.42 %
4.42 %
4.44 %Interest rate swap periodic income, net 12(0.83) %
(1.01) %
(1.25) %
(1.56) %
(1.69) %Average total cost of funds 132.92 %
3.10 %
3.17 %
2.86 %
2.75 %Average net interest spread2.06 %
1.81 %
1.78 %
2.01 %
2.12 % AGNC INVESTMENT CORP.KEY STATISTICS*(in millions, except per share data)(unaudited)
Three Months EndedKey Balance Sheet Statistics:March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025Investment securities: 8
Fixed-rate Agency MBS, at fair value - as of period end$ 80,466
$ 77,483
$ 73,283
$ 71,104
$ 68,468Other Agency MBS, at fair value - as of period end$ 3,981
$ 3,605
$ 3,003
$ 2,219
$ 1,990Credit risk transfer securities, at fair value - as of period end$ 593
$ 606
$ 609
$ 613
$ 640Non-Agency MBS, at fair value - as of period end 14$ 24
$ 25
$ 28
$ 43
$ 227Total investment securities, at fair value - as of period end$ 85,064
$ 81,719
$ 76,923
$ 73,979
$ 71,325Total investment securities, at cost - as of period end$ 86,058
$ 81,817
$ 77,563
$ 75,484
$ 73,148Total investment securities, at par - as of period end$ 84,847
$ 80,830
$ 76,625
$ 74,572
$ 72,130Average investment securities, at cost$ 84,814
$ 77,562
$ 74,783
$ 67,887
$ 70,725Average investment securities, at par$ 83,659
$ 76,647
$ 73,836
$ 66,876
$ 69,704TBA securities: 15
Net TBA portfolio - as of period end, at fair value$ 9,548
$ 12,988
$ 13,841
$ 8,263
$ 7,473Net TBA portfolio - as of period end, at cost$ 9,742
$ 12,917
$ 13,805
$ 8,162
$ 7,429Net TBA portfolio - as of period end, carrying value$ (194)
$ 71
$ 36
$ 101
$ 44Average net TBA portfolio, at cost$ 10,343
$ 13,764
$ 10,163
$ 11,996
$ 7,428Average repurchase agreements and other debt 16$ 77,120
$ 69,943
$ 66,654
$ 59,469
$ 61,707Average stockholders' equity 17$ 12,405
$ 11,828
$ 10,732
$ 10,118
$ 9,935Tangible net book value per common share 1$ 8.38
$ 8.88
$ 8.28
$ 7.81
$ 8.25Tangible net book value "at risk" leverage - average 187.4 :1
7.4 :1
7.5 :1
7.5 :1
7.3 :1Tangible net book value "at risk" leverage - as of period end 197.4 :1
7.2 :1
7.6 :1
7.6 :1
7.5 :1
Key Performance Statistics:
Investment securities: 8
Average coupon5.27 %
5.19 %
5.20 %
5.14 %
5.08 %Average asset yield4.95 %
4.87 %
4.83 %
4.89 %
4.78 %Average asset yield, excluding "catch-up" premium amortization4.93 %
4.90 %
4.91 %
4.83 %
4.80 %Average coupon - as of period end5.25 %
5.19 %
5.17 %
5.14 %
5.12 %Average asset yield - as of period end4.93 %
4.93 %
4.94 %
4.92 %
4.87 %Average actual CPR for securities held during the period13.2 %
9.7 %
8.3 %
8.7 %
7.0 %Average forecasted CPR - as of period end10.3 %
9.6 %
8.6 %
7.8 %
8.3 %Total premium amortization benefit (cost)$ (52)
$ (51)
$ (57)
$ (30)
$ (39)TBA securities:
Average coupon - as of period end 204.11 %
4.98 %
5.11 %
5.22 %
4.98 %Average implied asset yield 95.42 %
4.91 %
5.31 %
5.14 %
5.58 %Combined investment and TBA securities - average asset yield, excluding "catch-up" premium
amortization 114.98 %
4.91 %
4.95 %
4.87 %
4.87 %Cost of funds: 13
Repurchase agreements - average funding cost3.79 %
4.13 %
4.43 %
4.44 %
4.45 %TBA securities - average implied funding cost 103.45 %
4.03 %
4.31 %
4.29 %
4.34 %Interest rate swaps - average periodic income 12(0.83) %
(1.01) %
(1.25) %
(1.56) %
(1.69) %Average total cost of funds, inclusive of TBAs and interest rate swap periodic income, net 112.92 %
3.10 %
3.17 %
2.86 %
2.75 %Repurchase agreements - average funding cost as of period end3.77 %
3.98 %
4.38 %
4.49 %
4.47 %Interest rate swaps - average net pay/(receive) rate as of period end 21(1.01) %
(1.29) %
(1.76) %
(2.34) %
(2.49) %Net interest spread:
Combined investment and TBA securities average net interest spread, excluding "catch-up"
premium amortization2.06 %
1.81 %
1.78 %
2.01 %
2.12 %Expenses % of average stockholders' equity - annualized1.10 %
1.39 %
1.12 %
1.11 %
1.13 %Economic return (loss) on tangible common equity - unannualized 22(1.6) %
11.6 %
10.6 %
(1.0) %
2.4 %
Key Interest Rate Hedge Statistics
Interest rate swaps:
Average interest rate swaps, notional amount (excluding forward starting swaps), net$ 71,607
$ 59,863
$ 45,656
$ 45,849
$ 44,179Average pay-fixed rate2.65 %
2.56 %
2.25 %
1.94 %
1.73 %Average receive-floating rate3.67 %
3.98 %
4.35 %
4.38 %
4.38 %U.S. Treasury securities:
Average short U.S. Treasury securities, at cost$ 16,772
$ 18,414
$ 21,466
$ 19,754
$ 18,677Average short U.S. Treasury securities yield4.25 %
4.18 %
4.21 %
4.16 %
3.98 %Average long U.S. Treasury securities, at cost$ 12,033
$ 12,964
$ 4,749
$ 2,044
$ 2,828Average long U.S. Treasury securities yield3.71 %
3.74 %
4.01 %
4.45 %
4.37 %U.S. Treasury futures:
Average short U.S. Treasury futures, at cost$ 3,210
$ 1,901
$ 1,834
$ 1,208
$ 3,195Average short U.S. Treasury futures implied yield 234.64 %
4.71 %
4.60 %
4.53 %
4.50 %Average long U.S. Treasury futures, at cost$ 11,147
$ 708
$ —
$ —
$ 1,843Average long U.S. Treasury futures implied yield 233.71 %
3.92 %
— %
— %
4.21 %Average reverse repurchase agreement rate3.68 %
4.00 %
4.34 %
4.33 %
4.34 % *Except as noted below, average numbers for each period are weighted based on days on the Company's books and records. All percentages are annualized, unless otherwise noted.Numbers in financial tables may not total due to rounding.
1.Tangible net book value per common share excludes preferred stock liquidation preference and goodwill.2.Table includes non-GAAP financial measures and/or amounts derived from non-GAAP measures. Refer to "Use of Non-GAAP Financial Information" for additional discussion of non-GAAP financial measures.3."Catch-up" premium amortization cost/benefit is reported in interest income on the accompanying consolidated statements of operations.4.Amount reported in gain (loss) on derivatives instruments and other securities, net in the accompanying consolidated statements of operations.5.Dollar roll income represents the price differential, or "price drop," between the TBA price for current month settlement versus the TBA price for forward month settlement. Amount includes dollar roll income (loss) on long and short TBA securities. Amount excludes TBA mark-to-market adjustments.6.Represents periodic interest rate swap settlements. Amount excludes interest rate swap termination fees, mark-to-market adjustments and price alignment interest income (expense) on margin deposits.7.Other interest income (expense), net includes interest income on cash and cash equivalents, price alignment interest income (expense) on margin deposits, and other miscellaneous interest income (expense).8.Investment securities include Agency MBS, CRT and non-Agency securities. Amounts exclude TBA and forward settling securities accounted for as derivative instruments in the accompanying consolidated balance sheets and statements of operations.9.The average implied asset yield and associated gross income for TBA dollar roll transactions is extrapolated by adding the average TBA implied funding cost (Note 10) to the net dollar roll yield. The net dollar roll yield is calculated by dividing dollar roll income (Note 5) by the average net TBA balance (cost basis) outstanding for the period.10.The implied funding cost/benefit of TBA dollar roll transactions is determined using the "price drop" (Note 5) and market-based assumptions regarding the "cheapest-to-deliver" collateral that can be delivered to satisfy the TBA contract, such as the anticipated collateral's weighted average coupon, weighted average maturity and projected 1-month CPR. The average implied funding cost/benefit for TBA transactions represents the Company's long TBA position only, weighted based on the Company's daily average long TBA position outstanding for the period.11.Amount calculated on a weighted average basis based on average balances outstanding during the period and their respective asset yield/funding cost.12.Represents interest rate swap periodic cost/income measured as a percent of total mortgage funding (Investment Securities Repo, other debt and net TBA securities (at cost)).13.Cost of funds excludes U.S. Treasury, option-based, and other supplemental hedges used to hedge a portion of the Company's interest rate risk and U.S. Treasury Repo.14.Non-Agency MBS, at fair value, excludes $69 million, $70 million, $69 million, $66 million and $63 million of other mortgage credit investments held as of March 31, 2026 and December 31, September 30, June 30 and March 31, 2025, respectively.15.Includes TBA dollar roll position and, if applicable, forward settling securities accounted for as derivative instruments in the accompanying consolidated balance sheets and statements of operations. Amount is net of short TBA securities.16.Average repurchase agreements and other debt excludes U.S. Treasury Repo.17.Average stockholders' equity calculated as the average month-ended stockholders' equity during the quarter.18.Average tangible net book value "at risk" leverage during the period was calculated by dividing the sum of the daily weighted average Investment Securities Repo, other debt, and TBA and forward settling securities (at cost) outstanding for the period by the sum of average stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury Repo.19.Tangible net book value "at risk" leverage as of period end was calculated by dividing the sum of the amount outstanding under Investment Securities Repo, other debt, net TBA position and forward settling securities (at cost), and net receivable / payable for unsettled investment securities outstanding by the sum of total stockholders' equity adjusted to exclude goodwill. Leverage excludes U.S. Treasury Repo.20.Average TBA coupon is for the long TBA position only.21.Includes forward starting swaps not yet in effect as of reported period-end.22.Economic return (loss) on tangible common equity represents the sum of the change in tangible net book value per common share and dividends declared on common stock during the period over the beginning tangible net book value per common share.23.The implied yields for Treasury futures are calculated based on the "cheapest-to-deliver" security that can be delivered to satisfy the futures contract identified at the time the futures contract was initiated using data sourced from a third-party model.STOCKHOLDER CALL
AGNC invites stockholders, prospective stockholders and analysts to attend the AGNC stockholder call on April 21, 2026 at 8:30 am ET. Interested persons who do not plan on asking a question and have internet access are encouraged to utilize the webcast at www.AGNC.com. Those who plan on participating in the Q&A or do not have internet available may access the call by dialing (877) 300-5922 (U.S. domestic) or (412) 902-6621 (international). Please advise the operator you are dialing in for the AGNC Investment Corp. stockholder call.A slide presentation will accompany the call and will be available in the Investors section of the Company's website at www.AGNC.com. Select the Q1 2026 Stockholder Presentation link to download the presentation in advance of the stockholder call.An archived audio of the stockholder call combined with the slide presentation will be available on the AGNC website after the call on April 21, 2026. In addition, there will be a phone recording available one hour after the call on April 21, 2026 through May 5, 2026. Those who are interested in hearing the recording of the presentation, can access it by dialing (855) 669-9658 (U.S. domestic) or (412) 317-0088 (international), passcode 2273022.For further information, please contact Investor Relations at (301) 968-9300 or IR@AGNC.com.ABOUT AGNC INVESTMENT CORP.
Founded in 2008, AGNC Investment Corp. (Nasdaq: AGNC) is a leading investor in Agency residential mortgage-backed securities (Agency MBS), which benefit from a guarantee against credit losses by Fannie Mae, Freddie Mac, or Ginnie Mae. We invest on a leveraged basis, financing our Agency MBS assets primarily through repurchase agreements, and utilize dynamic risk management strategies intended to protect the value of our portfolio from interest rate and other market risks.AGNC has a track record of providing favorable long-term returns for our stockholders through substantial monthly dividend income, with over $15 billion of common stock dividends paid since inception. Our business is a significant source of private capital for the U.S. residential housing market, and our team has extensive experience managing mortgage assets across market cycles.We use our website (www.AGNC.com) and AGNC's LinkedIn and X accounts to distribute information about the Company. Investors should monitor these channels in addition to our press releases, filings with the U.S. Securities and Exchange Commission ("SEC"), public conference calls and webcasts, as information posted through them may be deemed material. Our website, alerts and social media channels are not incorporated by reference into, and are not a part of, this document or any report filed with the SEC. To learn more about The Premier Agency Residential Mortgage REIT, please visit www.AGNC.com, follow us on LinkedIn and X, and sign up for Investor Alerts.FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements or from our historic performance due to a variety of important factors, including, without limitation, changes in monetary policy and other factors that affect interest rates, MBS spreads to benchmark interest rates, the forward yield curve, or prepayment rates; the availability and terms of financing; changes in the market value of the Company's assets; general economic or geopolitical conditions; liquidity and other conditions in Agency MBS and other financial markets; and legislative and regulatory changes that could adversely affect the business of the Company. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Company's periodic reports filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.USE OF NON-GAAP FINANCIAL INFORMATION
In addition to the results presented in accordance with GAAP, the Company's results of operations discussed in this release include certain non-GAAP financial information, including "net spread and dollar roll income"; "economic interest income" and "economic interest expense"; and the related per common share measures and certain financial metrics derived from such non-GAAP information, such as "cost of funds" and "net interest spread."Net spread and dollar roll income available to common stockholders is measured as comprehensive income (loss) available (attributable) to common stockholders (GAAP measure) adjusted to: (i) exclude gains/losses on investment securities recognized through net income or other comprehensive income and gains/losses on derivative instruments and other securities (GAAP measures), (ii) exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and (iii) include interest rate swap periodic income/cost, TBA dollar roll income and other miscellaneous interest income/expense. As defined, net spread and dollar roll income available to common stockholders represents net interest income/expense (GAAP measure) adjusted to exclude retrospective "catch-up" adjustments to premium amortization cost due to changes in projected CPR estimates and to include TBA dollar roll income, interest rate swap periodic income/cost and other miscellaneous interest income/expense, less total operating expense (GAAP measure) and dividends on preferred stock (GAAP measure).By providing users of the Company's financial information with such measures in addition to the related GAAP measures, the Company believes users have greater transparency into the information used by the Company's management in its financial and operational decision-making. The Company also believes that it is important for users of its financial information to consider information related to the Company's current financial performance without the effects of certain transactions that are not necessarily indicative of its current investment portfolio performance and operations.Specifically, the Company believes the inclusion of TBA dollar roll income in its non-GAAP measures is meaningful as TBAs are economically equivalent to holding and financing generic Agency MBS using short-term repurchase agreements but are recognized under GAAP in gain/loss on derivative instruments in the Company's statement of operations. Similarly, the Company believes that the inclusion of periodic interest rate swap settlements in such measures, which are recognized under GAAP in gain/loss on derivative instruments, is meaningful as interest rate swaps are the primary instrument the Company uses to economically hedge against fluctuations in the Company's borrowing costs and inclusion of periodic interest rate swap settlements is more indicative of the Company's total cost of funds than interest expense alone. Finally, the Company believes the exclusion of "catch-up" adjustments to premium amortization cost is meaningful as it excludes the cumulative effect from prior reporting periods due to current changes in future prepayment expectations and, therefore, exclusion of such "catch-up" cost or benefit is more indicative of the current earnings potential of the Company's investment portfolio.However, because such measures are incomplete measures of the Company's financial performance and involve differences from results computed in accordance with GAAP, they should be considered as supplementary to, and not as a substitute for, results computed in accordance with GAAP. In addition, because not all companies use identical calculations, the Company's presentation of such non-GAAP measures may not be comparable to other similarly-titled measures of other companies.A reconciliation of GAAP comprehensive income (loss) to non-GAAP "net spread and dollar roll income" is included in this release.CONTACT:
Investors - (301) 968-9300
Media - (301) 968-9303
View original content:https://www.prnewswire.com/news-releases/agnc-investment-corp-announces-first-quarter-2026-financial-results-302747709.htmlSOURCE AGNC Investment Corp.
Original: AGNC Investment Corp. Announces First Quarter 2026 Financial Results
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
Lime Time
5月前
Nelson2
6月前
JMCK6193
1年前
not one red cent ~NORC~
1年前
Lokotony
1年前
trglaa
3年前
GO4AWILDRIDE
4年前
shanak10
4年前
メールアドレスで登録
