Perspectives
-
The Earnings Extract: Q1 2026
Read More- Agency MBS performance in the first quarter was driven by two divergent macroeconomic themes. In January and February, the administration’s focus on reducing interest rate volatility, maintaining mortgage spread stability, and improving housing affordability drove strong performance across the broader fixed income complex and Agency MBS specifically. This favorable investment environment was, however, quickly eclipsed in March by the war in Iran and the potential for more widespread conflict in the Middle East.
- The associated increase in volatility and negative shift in investor sentiment caused Agency MBS spreads to benchmark rates to widen, and, as a result, AGNC’s economic return on tangible common equity in the first quarter was (1.6)%.
- Despite the quarter-over-quarter spread widening, Agency MBS generated a positive excess return to both U.S. Treasuries and investment grade corporate bonds in the first quarter, again demonstrating the diversification benefit of this high credit quality, fixed income asset class.
- We continue to believe that many of the factors we cited at the beginning of the year remain positive catalysts for Agency MBS performance. As a result, our longer-term outlook for Agency MBS remains constructive, despite near-term challenges associated with heightened geopolitical and macroeconomic risks. Moreover, AGNC is well-positioned to capitalize on these favorable conditions and build upon our lengthy track record of generating strong risk-adjusted returns over market cycles for our stockholders.
-
Why Agency MBS: Market Snapshot
Read MoreAgency MBS assets benefit from compelling fundamentals and favorable attributes that make them a critical building block of any investment portfolio.
-
The Earnings Extract: Q1 2026
Read MoreCommentary from our quarterly earnings call covering the macroeconomic landscape, the Agency MBS market environment, and our quarterly performance.
-
Monthly Macro Monitor: March 2026
Read MoreA quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.
-
The Fed Report: March 2026
Read MoreKey highlights from the March 2026 FOMC policy update along with our insights and takeaways.
-
Monthly Macro Monitor: February 2026
Read MoreA quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.
-
2025 Letter to Stockholders
Read MoreIn his annual letter to stockholders, President, CEO & CIO Peter Federico provides a recap of 2025 performance and the outlook for AGNC in the year ahead.
-
Monthly Macro Monitor: January 2026
Read MoreA quick update on the market environment, including key rate and spread trends that are top of mind for Agency MBS investors.
-
The Fed Report: January 2026
Read MoreKey highlights from the January 2026 FOMC policy update along with our insights and takeaways.
-
The Earnings Extract: Q4 2025
Read MoreCommentary from our quarterly earnings call covering the macroeconomic landscape, the Agency MBS market environment, and our quarterly performance.
