The REIT had $130.3 million of net income in the first quarter, down 72.5% compared with the previous quarter.

“A decline in interest rates resulted in higher valuations,” Redwood noted.

The House Financial Services Committee moved a bill forward that would reduce the budget for the Consumer Financial Protection Bureau by close to 70%.

Pulte reiterated that movements in interest rates on mortgages will help to guide GSE reform.

The data the Federal Reserve relies on shows a slowing economy but also increased risk of inflation.

There was also a slight year-over-year decline in Fannie servicing.

The REIT also had a $98.8 million loss during the quarter on interest rate swap and swaption agreements, which are used for hedging.

Much of the swing was tied to a decline in the value of mortgage servicing rights.

PrimeLending took an $8.3 million pre-tax loss in the first quarter of 2025.

“We were able to navigate that by basically just doing nothing and allowing the market to sort of go through what it had to go through,” said Peter Federico, president, CEO and chief investment officer of AGNC Investment.