AGNC Investment (AGNC) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Real Estate· Apr 21, 2026

Source: earnings call transcript

AGNC navigated a volatile Q1 FY26 marked by geopolitical tensions and widening mortgage spreads, resulting in a negative economic return. However, the company's book value largely recovered in April, supported by improved net spread income and strategic capital raises. Management maintains a favorable outlook for Agency MBS, anticipating tighter spreads and lower rates.

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AGNC operating KPIs by quarter

AGNC operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Leverage ratio	7.4 x Both ending and average leverage were unchanged at 7.4x tangible equity for the quarter. Source: earnings call transcript	7.9 x Even with this growth, leverage increased only modestly to 7.9x tangible equity at quarter end from 7.4x as of Q2. Source: earnings call transcript	+6.8%
Duration gap	0.7 years Lastly, we ended the quarter with a duration gap of 0.7 years, unchanged from the prior quarter. Source: earnings call transcript	0.8 years Through these actions, our duration gap at quarter end was little changed at 0.8 years. Source: earnings call transcript	+14.3%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.