AGNC Investment passed Annaly Capital Management during the first quarter of 2026 as the largest real estate investment trust in terms of holdings of MBS.

An analysis of earnings reports from 18 lenders showed combined income from production and secondary market rose to $2.75 billion in the first quarter, a 5.0% increase from the previous period.

Production-related income rose in the first quarter despite slowing origination volume, while MSR hedges performed better. (Includes one data table.)

Annaly Capital Management slipped to second in REIT agency MBS investors as it diversifies into MSR and non-agency. AGNC Investment rose to the top, focused almost exclusively on agency MBS. (Includes two data tables.)

Analysts at Bank of America Global Research suggest that proposed changes to regulatory capital requirements could spur more bank CLO investment. (Includes one data table.)

The agencies securitized $30.31 billion of rate-term refis in May, a 32.6% decline from April.

Some $12.26 million of mortgages originated using VantageScore were included in GSE MBS issued in May.

Agency purchase-mortgage volume was up modestly in May, while refinance activity, especially rate-term transactions, slowed dramatically. Total agency business may see another decline in June. (Includes two data tables.)

JPMorgan Chase held the largest trading-account portfolio of residential MBS, CMBS and ABS at the end of the first quarter. (Includes two data tables.)

Bank ABS holdings rose in the first quarter thanks to sizable gains in securities backed by consumer and auto loans. TD Bank accounted for much of the increase. (Includes two data tables.)