AGNC Investment Corp. reported a net loss of $148 million for the first quarter of 2026, while its adjusted earnings per share of $0.42 beat the consensus estimate of $0.36–$0.37. The company also announced a quarterly dividend of $0.36 per share.
Total revenue for the quarter was $1.05 billion, up from $1.00 billion in the same period last year, but the adjusted revenue of $319 million fell short of the $431.1 million estimate. The revenue miss reflects a decline in the agency mortgage‑backed securities segment, offset by a modest increase in the cash‑equity portion.
The EPS beat was driven by a $0.07 increase in net spread and dollar roll income, which rose to $0.42 per share from $0.35 in Q4 2025. Management attributed the improvement to a higher mix of high‑yield MBS and tighter hedging costs, which helped offset the $0.50 decline in tangible net book value per share.
Tangible net book value per share declined 5.6 % to $8.38 from $8.88 at the end of Q4 2025, and the tangible net book value leverage ratio rose to 7.4× from 7.2×. CFO Bernice Bell noted that the decline was “driven by wider mortgage spreads to benchmark rates.”
CFO Bell also highlighted a rebound in April, stating that the company’s tangible net book value had largely reversed the first‑quarter decline. CEO Peter Federico said that “the war in Iran and the resulting market volatility widened MBS spreads, leading to a negative economic return on tangible common equity.” The company remains “very well positioned to generate compelling risk‑adjusted returns with a substantial yield component for our shareholders,” according to Federico.
Investors reacted positively to the results, with the EPS beat cited as the primary driver of the market’s favorable response.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.