AGNC Investment (AGNC) investor relations material

Executive summary

• Generated a 6.7% economic return for Q2 2026, driven by $0.52 comprehensive income per share, $0.36 in monthly dividends, and a $0.20 increase in tangible net book value to $8.58.

• Maintained a 75-month streak of $0.12/share monthly dividends, reflecting disciplined risk management.

• Investment portfolio totaled $97.2 billion, with 94% in 30-year fixed-rate Agency MBS and TBA securities.

• Agency MBS outperformed Treasuries for the fifth consecutive quarter, supported by favorable technical factors and strong demand.

• Navigated a challenging macro environment marked by geopolitical tensions, higher energy prices, and shifting monetary policy expectations.

Financial highlights

• Net income available to common stockholders was $610 million, or $0.52 per share, reversing a loss in Q1 2026.

• Comprehensive income per share was $0.52, with net spread and dollar roll income per share at $0.40, slightly down from Q1.

• Tangible net book value per share increased by $0.20 to $8.58.

• Total stock return for the quarter was 12.3% with dividends reinvested; one-year total stock return reached 36.1%.

• Unencumbered cash and agency MBS totaled $7.5 billion, representing 62% of tangible equity.

Outlook and guidance

• Expects favorable supply and demand dynamics for agency MBS to persist, benefiting performance in H2 2026.

• Management anticipates continued strong demand for high-quality fixed income assets amid deteriorating private credit outlook and stretched equity valuations.

• Agency MBS seen as offering compelling value relative to corporate bonds, with spreads remaining wide by historical standards.

• Underlying mortgage market fundamentals have improved, with lower supply and robust demand expected to continue.

• Focus remains on generating favorable long-term stockholder returns with a substantial dividend yield.