AGNC Investment Corp. reports third-quarter 2026 financial results

AGNC Investment Corp. reported financial results for the third quarter ended September 30, 2026. The company, listed on the Nasdaq under the ticker AGNC, released the results on October 19, 2026, from its headquarters in Bethesda, Maryland.

Tangible net book value per common share decreased to $7.13 as of September 30, 2026, down 16.9% from $8.58 per share at the end of the second quarter. This decline represented a reduction of $1.45 per share. The company declared dividends of $0.36 per common share for the period. Consequently, the economic return on tangible common equity for the third quarter was -12.7%.

Peter Federico, President, Chief Executive Officer and Chief Investment Officer, attributed the performance to significant pressure in fixed income markets during the quarter. He noted that investor sentiment turned bearish in the final weeks of September, causing interest rates to increase sharply and volatility to spike. This instability in the Treasury market drove pronounced weakness in the Agency mortgage-backed securities market, making it the worst-performing sector of the Bloomberg U.S. Aggregate Bond Index during the quarter.

Bernice Bell, Executive Vice President and Chief Financial Officer, stated that the company’s net spread and dollar roll income was $0.37 per common share for the third quarter. This figure excludes a $0.05 per share estimated benefit from catch-up premium amortization due to changes in projected constant prepayment rate estimates. At quarter end, AGNC held tangible net book value at risk leverage of 7.9x and maintained a liquidity position of $6.3 billion in unencumbered cash and Agency mortgage-backed securities.

The investment portfolio totaled $94.4 billion as of September 30, 2026. This comprised $91.4 billion in Agency mortgage-backed securities, $2.4 billion in net forward purchases or sales of Agency mortgage-backed securities in the to-be-announced market, and $0.6 billion in credit risk transfer and non-Agency securities. Thirty-year fixed-rate Agency mortgage-backed securities and to-be-announced securities represented 94% of the portfolio, a level unchanged from June 30, 2026.

The weighted average projected constant prepayment rate for the remaining life of Agency securities decreased to 6.7% from 8.6% as of June 30, 2026. The weighted average actual constant prepayment rate for the third quarter was 8.2%, compared to 13.0% for the prior quarter.

AGNC issued 97.6 million shares of common equity through At-the-Market offerings during the quarter, generating net proceeds of $992 million. The company was added to the S&P MidCap 400 Index during this period, which management noted contributed to elevated trading volumes in its common stock.