Agnc Investment Corp. · NASDAQ:AGNC
Agnc Investment — Q1 2026 Earnings Presentation
27 slides from Agnc Investment's earnings presentation, Apr 21, 2026
Slide 1: Q1 Stockholder Presentation
02 Q1 STOCKHOLDER PRESENTATION APRIL 21, 2026 THE PREMIER AGENCY RESIDENTIAL MORTGAGE REIT © 2026 AGNC Investment Corp. All Rights Reserved.
Slide 2: Important Notices
IMPORTANT NOTICES Safe harbor statement under the private securities litigation reform act of 1995 This presentation contains statements that, to the extent they are not recitations of historical fact, constitute ”forward-looking statements” within the meaning of the Private Securities Litigation Re
Slide 3: Capital Structure Highlights
CAPITAL STRUCTURE HIGHLIGHTS AGNC Common Stock THE OBJECTIVE Favorable long-term stockholder returns with a Ticker Nasdaq: AGNC substantial dividend yield component IPO Date May 2008 THE OPPORTUNITY Market Capitalization $11.5 B Agency-guaranteed residential MBS investments paired with highly attrac
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Key Metrics $8.38 $(0.18) $0.42 Tangible Net Book Comprehensive Net Spread and Dollar Roll Value Per Share1 Loss Per Share Income Per Share2 Performance (1.6)% $0.36 $(0.50) Economic Dividends Declared Change in Tangible Return3 Per Share Net Book Value Per Share Capital Highlight
Slide 5: Q1 2026 Other Highlights
Q1 2026 OTHER HIGHLIGHTS Portfolio1 Average Asset Yield2 $94.8 B $94.7 B 4.91% 4.98% Assets 10.3% 13.2% Avg. Projected Actual Q1 Portfolio Life CPR Portfolio CPR 12/31/25 3/31/26 4Q25 1Q26 Leverage3 Average Repo Cost4 Average Cost of Funds5 3.10% Funding and 7.2x 7.4x 2.92% 4.13% Leverage 3.79% 12/3
Slide 6: Market Highlights
MARKET HIGHLIGHTS1 Asset Yields: Current Coupon (CC) Agency MBS Spreads: CC Agency MBS Spread to UST and Swaps 7.0% (bps) Q1 Change: 30 year CC Yield +34 bps Q1 Change: 5/10 Yr Swap Spread +22 bps 225 Q1 Change: 5/10 Yr UST Spread +14 bps Q1 Change: 15 year CC Yield +32 bps 6.5% 200 6.0% 175 5.5% 5.
Slide 7: Market Update
MARKET UPDATE Q1 2026 x Q1 2026 Security 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 ∆ Rate % / Price 2 x Security 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 ∆ Rate % / Price2 SOFR Swap Rates1 x Treasury Rates1 2 Yr Swap 3.72% 3.49% 3.40% 3.31% 3.62% +0.31% / -0.60 x 2 Yr UST 3.89% 3.72% 3.61% 3.48% 3.80
Slide 8: Portfolio Summary
PORTFOLIO SUMMARY Investment Securities 1 Investment Securities ($ In Millions) March 31, 2026 December 31, 2025 Security Type FMV % FMV % ▪ $94.6 B investment portfolio as of Mar 31, 2026, a 30 Year MBS $80,020 85% $77,008 81% decrease of $(0.1) B from Dec 31, 2025 1 Fixed Rate 30 Year TBA 8,939 9%
Slide 9: Financing Summary
FINANCING SUMMARY Investment Securities Repurchase Agreements1 As of Mar 31, 2026 Repo Funding1 ▪ As of Mar 31, 2026, our repo cost was 3.77%, Maturity Amount Interest Days to (Months) % ($ MM) Rate Maturity compared to 3.98% as of Dec 31, 2025, and the average maturity was 20 days compared to 12 da
Slide 10: Hedging Portfolio
HEDGING PORTFOLIO Hedge Portfolio Summary Hedge Portfolio Amount % of Total $ in MM (Long)/Short Duration2 Amount ▪ Our hedge portfolio totaled $64.1 B and covered Swap and Treasury Hedges: 75% of our funding liabilities1 as of Mar 31, 2026, Interest Rate Swaps $76,502 (3.6) 119% compared to 69% as
Slide 11: Financial Results
FINANCIAL RESULTS
Slide 12: Balance Sheets
BALANCE SHEETS ($ in millions, except per share data, unaudited except 12/31/25) 3/31/26 12/31/25 9/30/25 6/30/25 3/31/25 Agency Securities, at Fair Value $84,447 $81,003 $76,198 $73,232 $70,363 Agency Securities Transferred to Consolidated Variable Interest Entities, at Fair Value — 85 88 91 95 Cre
Slide 13: Income Statements
INCOME STATEMENTS ($ in millions, except per share data) (Unaudited) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Interest Income $1,050 $944 $903 $830 $846 Interest Expense (731) (738) (755) (668) (687) Net Interest Income 319 206 148 162 159 Realized Gain (Loss) on Sale of Investment Securities, Net 74
Slide 14: Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income
RECONCILIATION OF GAAP COMPREHENSIVE INCOME (LOSS) TO NET SPREAD AND DOLLAR ROLL INCOME (A NON-GAAP MEASURE) ($ in millions, except per share data) (Unaudited) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Comprehensive Income (Loss) Available (Attributable) to Common Stockholders $(200) $974 $825 $(130)
Slide 15: Net Interest Spread Components by Funding Source
NET INTEREST SPREAD COMPONENTS BY FUNDING SOURCE $ in millions (Unaudited) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Adjusted Net Interest and Dollar Roll Income: Economic Interest Income: x x x x x Investment Securities - GAAP Interest Income $1,050 $944 $903 $830 $846 Estimated “Catch-Up“ Premium Am
Slide 16: Supplemental Slides
SUPPLEMENTAL SLIDES
Slide 17: AGNC Historical Overview
AGNC HISTORICAL OVERVIEW Asset Composition ($ B)1 Tangible Net Book Value “At Risk“ Leverage2 MBS TBA $100 $94.8 $94.7 $90.8 8.0x $82.3 $13.0 $9.5 7.6x 7.6x $78.9 $13.8 7.5x $80 $73.1 $73.3 7.4x 7.4x $8.3 7.2x 7.2x 7.2x $66.0 $7.5 7.1x $63.3 $4.1 $6.9 $60 $5.3 7.0x $8.4 $40 $81.8 $85.1 $71.4 $74.0 $
Slide 18: AGNC Historical Overview (Continued)
AGNC HISTORICAL OVERVIEW (CONTINUED) Comprehensive Income (Loss) per Common Share Dividends per Common Share 2.00 0.50 0.40 1.00 $0.78 $0.89 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.63 $0.48 $0.12 0.30 0.00 $(0.13) $(0.11) $(0.13) $(0.18) 0.20 (1.00) 0.10 (2.00) 0.00 Q1-24 Q2-24 Q3-2
Slide 19: AGNC Historical Overview (Continued)
AGNC HISTORICAL OVERVIEW (CONTINUED) Average Asset Yield1 Average Cost of Funds2 5.5% 3.5% 4.98% 3.17% 3.10% 4.87% 4.87% 4.95% 4.91% 5.0% 4.69% 4.73% 4.80% 2.89% 2.86% 2.92% 4.56% 3.0% 2.75% 4.5% 2.52% 2.5% 4.0% 2.00% 3.5% 2.0% 1.58% 3.0% 1.5% 2.5% 1.0% 2.0% 0.5% 1.5% 1.0% 0.0% Q1-24 Q2-24 Q3-24 Q4-
Slide 20: Fixed Rate Agency Securities – MBS and Net TBA Position
FIXED RATE AGENCY SECURITIES – MBS AND NET TBA POSITION $ in millions – as of Mar 31, 2026 Weighted MBS MBS MBS Duration MBS Coupon Par Value1 Market Value1 Specified Pools2 Average Amortized Cost WALA Actual 1 Month (Years)1,6 Coupon1 Basis3 (Months)3,4 CPR3,5 ≤15 Year Mortgage Securities 2.0% $28
Slide 21: U.S. Treasury Hedges
U.S. TREASURY HEDGES U.S. Treasury Position Net Long / (Short) As of Mar 31, 2026 ($ MM) U.S. Treasury Position as of Mar 31, 2026 Years to Maturity Face Amount Market Value ▪ $4.5 B short U.S. Treasury securities, net ≤5 $15,678 $15,819 ▪ $9.9 B long U.S. Treasury futures, net >5 to ≤7 6,622 7,502
Slide 22: Duration Risk
DURATION RISK Duration Gap Sensitivity1,2 As of Mar 31, 2026 Rates Duration Rates - 100 bps 3/31/2026 + 100 bps Mortgage Assets: 3 30-Year MBS 2.5 4.4 5.7 15-Year MBS and Other Securities 4.4 4.7 5.0 Total Mortgage Assets 2.6 4.5 5.6 Liabilities and Hedges (3.6) (3.8) (3.8) Net Duration Gap (1.0) 0.
Slide 23: NAV Sensitivity to Rates and MBS Spreads
NAV SENSITIVITY TO RATES AND MBS SPREADS Changes in interest rates and MBS spreads relative to our hedges can impact the market value of our portfolio and tangible common equity Interest Rate Sensitivity MBS Spread Sensitivity (“Basis Risk”) ▪ The estimated sensitivity of our assets, net of hedges,
Slide 24: Endnotes
ENDNOTES Slide 3 Slide 5 1. As of Apr 15, 2026. 1. Portfolio includes net long position in forward purchases and sales of Agency MBS in the “to- 2. Total stock return includes common stock price appreciation and dividend reinvestment. be-announced” (“TBA”) market as of quarter-end. Dividends assumed
Slide 25: Endnotes (Continued)
ENDNOTES (CONTINUED) Slide 8 Slide 14 1. Amounts exclude AGNC’s limited partnership interest in a mortgage credit investment fund 1. “Catch-up“ premium amortization (cost)/benefit is reported in interest income on the totaling $69 million and $70 million as of Mar 31, 2026 and Dec 31, 2025, respecti
Slide 26: Endnotes (Continued)
ENDNOTES (CONTINUED) Slide 17 Slide 21 1. MBS includes CRT securities and other credit investments; TBA includes forward settling non- 1. The average U.S. Treasury securities and futures positions represent their average cost basis, Agency securities. weighted by the number of days outstanding durin
Slide 27: Use of Non-GAAP Financial Information
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 presentation include certain non-GAAP financial information, including “net spread and dollar roll income“; “economic interest income“ and “econom