AGNC Investment Corp. recently released its 10-Q report. The Bethesda, Maryland-based company invests primarily in residential mortgage pass-through securities and collateralized mortgage obligations backed by U.S. government-sponsored enterprises or U.S. government agencies, and it is structured as a real estate investment trust. As a REIT, it generally avoids federal and state corporate income taxes if it distributes at least 90% of taxable income to stockholders.
For the quarter ended March 31, 2026, AGNC reported total assets of $118.897 billion, up from $115.077 billion at Dec. 31, 2025. Investment securities and other mortgage credit investments were $85.133 billion, compared with $81.789 billion at year-end, while repurchase agreements and other debt rose to $87.616 billion from $85.342 billion. Total liabilities increased to $106.716 billion from $102.684 billion, and stockholders’ equity slipped to $12.181 billion from $12.393 billion.
Net book value per common share fell to $8.84 from $9.35, and tangible net book value per common share declined to $8.38 from $8.88. Average tangible net book value “at risk” leverage was 7.4:1 for the quarter, compared with 7.3:1 a year earlier, and the period-end ratio was also 7.4:1 versus 7.5:1 in the prior-year quarter.
Interest income rose to $1.050 billion from $846 million a year earlier, while interest expense increased to $731 million from $687 million. That left net interest income at $319 million, up from $159 million. Other loss, net widened to $433 million from $81 million, and the company posted a net loss of $148 million versus net income of $50 million in the prior-year quarter.
Net income available to common stockholders was a loss of $192 million, compared with income of $15 million a year earlier. Basic and diluted loss per common share were both 17 cents, versus earnings of 2 cents per share in the prior-year quarter. Dividends declared per common share were 36 cents in both periods.
Economic interest income, a non-GAAP measure, increased to $1.185 billion from $952 million. Cash/coupon interest income rose to $1.102 billion from $885 million, and TBA dollar roll implied interest income increased to $1.214 billion from $104 million. The combined economic interest income yield was 4.98%, up from 4.87%.
Average investment securities at cost climbed to $84.814 billion from $70.725 billion, and average total assets at fair value increased to $118.469 billion from $92.683 billion. Average repurchase agreements and other debt outstanding rose to $77.120 billion from $61.707 billion, while average stockholders’ equity increased to $12.405 billion from $9.935 billion.
Economic interest expense and aggregate cost of funds increased to $638 million from $475 million. The cost of funds on investment securities repurchase agreements and other debt fell to 3.79% from 4.45%, but TBA dollar roll implied interest expense rose to $389 million from $81 million. Interest rate swap periodic income improved to a negative $182 million from negative $293 million, and total economic interest expense as a percentage of funds rose to 2.92% from 2.75%.
The company said its average mortgage borrowings, including TBAs, increased 27% year over year, while the average interest rate on those borrowings, excluding swap periodic income, declined 69 basis points. Average tangible net book value “at risk” leverage during the quarter was 7.4:1, compared with 7.3:1 in the first quarter of 2025. The market has reacted to these announcements by moving the company's shares 1.47% to a price of $11.02. For the full picture, make sure to review 's 10-Q report.
