AGNC Investment Q2 2026 Earnings Call: Complete Transcript

AGNC Investment (NASDAQ: AGNC ) reported second-quarter financial results on Tuesday.

The transcript from the company's second-quarter earnings call has been provided below.

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View the webcast at Summary AGNC Investment Corp reported a strong economic return of 6.7% for Q2 2026, driven by a stable dividend and an increase in tangible book value per share.

The company highlighted the outperformance of agency MBS against U.S.

Treasuries for the fifth consecutive quarter, attributing it to improved technical factors and reduced net new supply.

AGNC's strategic focus remains on disciplined risk management and capital allocation, with a cautious approach to capital raising amidst market volatility.

The company maintains a positive outlook on agency MBS, expecting favorable supply and demand dynamics to enhance performance in the second half of the year.

Management noted the impact of geopolitical uncertainties and potential Fed rate hikes on the investment environment but remains optimistic about the underlying fundamentals of the mortgage market.

Full Transcript OPERATOR Good morning and welcome to the AGNC Investment Corp. second quarter 2026 shareholder call.

All participants will be in listen-only mode.

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to ask questions.

To ask a question, you may press star then one on your touchtone phone.

To withdraw your question, please press star then two.

Please note this event is being recorded.

I would now like to turn the conference over to Katie Turlington in Investor Relations.

Please go ahead.

Katie Turlington, Investor Relations Thank you all for joining AGNC Investment Corp's second quarter 2026 earnings call.

Before we begin, I'd like to review the Safe Harbor Statement.

This conference call and corresponding slide presentation contain statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act.

Actual outcomes and results could differ materially from those forecasts due to the impact of many factors beyond the control of AGNC.

All forward-looking statements included in this presentation are made only as of the date of this presentation and are subject to change without notice.

Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in AGNC's periodic reports filed with the Securities and Exchange Commission.

Copies are available on the SEC's website at SEC.gov.

We disclaim any obligation to update our forward-looking statements unless required by law.

Participants on the call: Peter Federico, President, Chief Executive Officer and Chief Investment Officer; Bernie Bell, Senior Vice President and Chief Financial Officer; and Sean Reid, Executive Vice President - Strategy and Corporate Development.

With that, I'll turn the call over to Peter Federico.

Peter Federico, President, Chief Executive Officer and Chief Investment Officer Good morning and thank you all for joining our second quarter earnings conference call.

The investment environment in the second quarter continued to be challenging as escalating rhetoric and hostilities between the United States and Iran largely dictated financial market performance.

With ship traffic through the Strait of Hormuz severely constrained, elevated energy prices and supply chain disruptions were the dominant macroeconomic concerns for the quarter.

These concerns caused Treasury yields to increase, the yield curve to flatten and the market's outlook for monetary policy to pivot from rate cuts to rate hikes by year end.

Despite the elevated geopolitical and macroeconomic uncertainty and the bearish shift in fixed income sentiment during the quarter, AGNC generated a strong economic return of 6.7% comprised of our attractive monthly dividend and improvement in our tangible book value per common share.

Also notable, the monthly common stock dividend that we paid at the beginning of this month marked the 75th consecutive monthly dividend payment of $0.12 per share, a track record of performance that we believe illustrates the value of AGNC's disciplined approach to risk management and portfolio construction over a wide range of investment environments.