AGNC Investment Corp. Announces Third Quarter 2026 Financial Results

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AGNC Investment Corp. Announces Third Quarter 2026 Financial Results

BETHESDA, Md., Oct. 19, 2026 /PRNewswire/ — AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended September 30, 2026.

THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS

• $(1.28) comprehensive loss per common share, comprised of:

  • $(1.17) net loss per common share

  • $(0.11) other comprehensive loss (“OCI”) per common share on investments marked-to-market through OCI

• $0.37 net spread and dollar roll income per common share1

  • Excludes $0.05 per common share of estimated “catch-up” premium amortization benefit due to change in projected constant prepayment rate (“CPR”) estimates

• $7.13 tangible net book value per common share as of September 30, 2026

  • Decreased $1.45 per common share, or 16.9%, from $8.58 per common share as of June 30, 2026

• $0.36 dividends declared per common share for the third quarter

• -12.7% economic return on tangible common equity for the quarter

  • Comprised of $0.36 dividends per common share and $1.45 decrease in tangible net book value per common share

OTHER THIRD QUARTER HIGHLIGHTS

• $94.4 billion investment portfolio as of September 30, 2026, comprised of:

  • $91.4 billion Agency mortgage-backed securities (“Agency MBS”)

  • $2.4 billion net forward purchases/(sales) of Agency MBS in the “to-be-announced” market (“TBA securities”)

  • $0.6 billion credit risk transfer (“CRT”) and non-Agency securities and other mortgage credit investments

• 7.9x tangible net book value “at risk” leverage as of September 30, 2026

  • 7.6x average tangible net book value “at risk” leverage for the quarter

• Unencumbered cash and Agency MBS totaled $6.3 billion as of September 30, 2026

  • Excludes unencumbered CRT and non-Agency securities

  • Represents 57% of the Company’s tangible equity as of September 30, 2026

• 6.7% average projected portfolio life CPR as of September 30, 2026

• 1.86% annualized net interest spread for the quarter2

• Issued 97.6 million shares of common equity through At-the-Market (“ATM”) Offerings for net proceeds of $992 million

MANAGEMENT REMARKS
“Fixed income markets experienced significant pressure in the third quarter, particularly in the final weeks of September, as fixed income investor sentiment turned decidedly bearish, interest rates increased sharply, and interest rate volatility spiked,” said Peter Federico, the Company’s President, Chief Executive Officer and Chief Investment Officer. “The instability in the Treasury market drove pronounced weakness in the Agency MBS market, and, as a result, Agency MBS was the worst performing sector of the Bloomberg U.S. Aggregate Bond Index during the quarter. Consistent with this material underperformance of our underlying asset class, AGNC’s economic return on tangible common equity in the third quarter was -12.7%.

“Despite the challenging macroeconomic environment, there are a number of reasons for optimism with respect to the outlook for Agency MBS once volatility in the Treasury market subsides. First, the return profile of Agency MBS is more attractive at current valuation levels, as mortgage spreads to benchmark rates are approaching the upper end of their multi-year trading range. Second, the fundamentals for Agency MBS are more favorable today than they were at the start of the third quarter. At current rate levels, most of the duration extension for the mortgage universe has already occurred, while prepayment risk has declined as a result of the increase in rates and the resulting reduction in the share of mortgages with a meaningful incentive to refinance. Third, supply-demand technicals remain in balance as mortgage originations remain low at these elevated rate levels and demand has been resilient. Together, these factors support a constructive outlook for Agency MBS performance.”

“AGNC’s -12.7% economic return on tangible common equity in the third quarter consisted of $0.36 of dividends declared per common share and a $1.45 decline in tangible net book value per common share,” said Bernice Bell, the Company’s Executive Vice President and Chief Financial Officer. “AGNC’s net spread and dollar roll income per common share was $0.37 for the third quarter, and AGNC concluded the third quarter with tangible net book value ‘at risk’ leverage of 7.9x and a liquidity position of $6.3 billion of unencumbered cash and Agency MBS, or 57% of our tangible equity at quarter end. Finally, AGNC was added to the S&P MidCap 400 Index during the third quarter, an important milestone for the Company and a testament to the scale that AGNC has attained over our 18-year history. This announcement and subsequent index rebalancing activity drove elevated trading volumes in AGNC’s common stock, and we took advantage of this outsized liquidity to issue $992 million of common stock through our ATM offering program at a significant premium to tangible net book value per common share.”