AGNC Investment Corp. (AGNC) Earnings Call Transcripts
AGNC Investment Corp.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, AGNC Investment Corp. reported a comprehensive loss of $0.18 per share, with an economic return on tangible common equity of negative 1.6%. The company noted a significant increase in net spread and dollar roll income to $0.42 per share, up from $0.35 in the previous quarter. Management indicated that while geopolitical risks have created volatility, the outlook for Agency MBS remains favorable, supported by improved demand and supply dynamics. The tangible net book value per share has shown recovery in April, suggesting positive momentum going forward.
Reported metrics
| Metric | Value |
|---|---|
| Comprehensive Loss per Share | $0.18 (miss) |
| Economic Return on Tangible Common Equity | -1.6% (miss) |
| Net Spread and Dollar Roll Income | $0.42 (beat) |
| Tangible Net Book Value per Share | N/A (positive) |
| Leverage Ratio | 7.4x (neutral) |
| Liquidity Position | $7 billion (positive) |
Guidance from management
Management indicated that the return profile for Agency MBS is more attractive at current spread levels, suggesting a favorable outlook for the remainder of 2026. They expect continued improvements in housing affordability and potential actions from the administration to support the market.
What analysts pressed on
Analysts expressed concerns regarding the geopolitical risks impacting interest rate volatility and the potential for further spread widening. There were also questions about the sustainability of the recent gains in net spread income and how AGNC plans to manage leverage in a volatile environment.
Main topics on the call
- Geopolitical Impact on Agency MBS — Management highlighted that the Middle East conflict led to increased interest rate volatility, resulting in a negative economic return of 1.6% for the quarter. However, they noted that 'recent developments are encouragi...
- Improved Demand and Supply Dynamics — The demand outlook for Agency MBS improved, with bond fund inflows doubling compared to the previous two years. Management stated, 'the supply outlook for Agency MBS also improved,' suggesting a potential decrease in sup...
- Net Spread and Dollar Roll Income — AGNC reported net spread and dollar roll income of $0.42 per share, up $0.07 from the previous quarter. This increase was attributed to a 25 basis point rise in the net interest spread, reflecting favorable market condit...
- Tangible Net Book Value Recovery — The tangible net book value per share was reported to be up approximately 6% for April, indicating a recovery from the first quarter decline. Management noted that this recovery has largely reversed the previous quarter'...
Read the full AGNC Investment Corp. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About AGNC Investment Corp.
AGNC Investment Corp. (AGNC) is a publicly listed company in the Mortgage Real Estate Investment Trusts (REITs) industry, within the Real Estate sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 33 calls on record spanning January 30, 2020 to July 21, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 33 AGNC Investment Corp. earnings call transcripts on record, spanning January 30, 2020 to July 21, 2026. Based on this history, AGNC Investment Corp. reports quarterly. The most recent call on file is dated July 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- AGNC
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Real Estate
- Calls on record
- 33
- First call
- January 30, 2020
- Most recent
- July 21, 2026
- Reporting cadence
- quarterly