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Structural Spread Compression - Agency mREIT ROE Regime Shift
AGNCO Q4 2025 earnings call revealed a structural regime shift in agency mREIT economics that materially changes the forward return profile. 1. Spread Compression into New Range Management explicitly stated they've broken out of the 120-160 bps spread range (held for ~3 years) into a new 90-130 bps
AGNC Investment Corp Reports Structural Spread Compression to 90-130 bps Range, Forward ROE Falls to 13-15%
AGNC Investment Corp disclosed a structural regime shift in its Q4 2025 earnings call, with net interest spreads compressing from a 120-160 basis point range maintained over the prior three years to a new 90-130 basis point regime. Management currently positions the portfolio at approximately 110 ba