New York, Feb 23, 2026, 07:42 EST — Premarket
- AGNC shares ticked up in early Monday trading, bucking a more hesitant market mood.
- Treasury yields pulled back, investors grappling with renewed questions over U.S. tariffs and fiscal outlook.
- Eyes are turning to AGNC’s dividend record date coming up late in the week, with traders also weighing what’s next for rate bets.
AGNC Investment Corp jumped roughly 1.1% before the bell Monday, ticking up to $11.45 after closing out the prior session near $11.33.
This is key for AGNC, a mortgage REIT that holds agency mortgage-backed securities—these are bonds tied to home loans, guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. AGNC leans on short-term borrowing to finance most of its portfolio. Shifts in interest rates can hit the value of those assets fast, and with them, the company’s book value, which investors track closely as net assets per share.
Treasuries steadied, though the tape stayed twitchy after the Supreme Court tossed out most of President Donald Trump’s tariffs. The White House responded fast, moving to slap on replacement levies—leaving traders sorting through fresh questions around potential refunds and what this means for future borrowing. Benchmark 10-year yields faded by roughly 1.4 basis points to 4.071%, according to Reuters. ING analysts summed it up: “Uncertainty is back.” (Reuters)
Risk appetite faded. U.S. stock index futures edged lower, with Arthur Laffer Jr., president of Laffer Tengler Investments, pointing to the uncertainty from changing tariff policies. “It just complicates planning for businesses,” he said. (Reuters)
Early on, mortgage REITs split directions. Annaly Capital Management barely budged. Shares of the VanEck Mortgage REIT Income ETF ticked up roughly 0.2%.
Earlier this month, AGNC set its February common dividend at $0.12 per share, with a payout scheduled for March 10 to shareholders registered by Feb. 27, according to the company. (PR Newswire)
Income investors see the appeal—big payouts—but the reality isn’t so straightforward. The stock’s path usually mirrors moves in mortgage bond prices, shifts in funding costs, and changes in the gap between mortgage yields and Treasuries.
The risk isn’t new. A sudden jump in long-term yields or wider mortgage spreads can dent book value, with leverage making the pain worse. That’s when the dividend conversation heats up—bulls and bears both get louder.
Funding remains a headache. AGNC leans hard on repurchase agreements—short-term loans backed by securities. A shift in short-term rates or a squeeze in market liquidity can hit fast, regardless of how the mortgage portfolio is performing.
