AGNC delivered a quarterly loss of $0.18 per share amid increased spread volatility driven by geopolitical risks, but showed signs of recovery in April with a 6% rebound in tangible book value.

• First-quarter economic return was negative 1.6%, impacted by wider mortgage spreads and market volatility.
• Despite headwinds, Agency MBS outperformed Treasuries and investment-grade corporates, underscoring diversification benefits.
• Spread levels improved in early 2026, with current ranges of 150–175 basis points offering attractive risk-adjusted value.
• Supply was lower than initial expectations, with estimated MBS issuance reduced by $50–$70 billion due to higher mortgage rates.
• Funding conditions and demand dynamics remain favorable, supported by increased institutional appetite and potential regulatory easing for mortgage credit.