AGNC Investment Corp. Reports Q3 2026 Loss as Book Value Falls 16.9%

AGNC Investment Corp. (AGNC) posted a comprehensive loss of $1.28 per common share and a net loss of $1.17 per common share for the third quarter of 2026. Tangible net book value per common share fell 16.9% to $7.13 at the end of September, down from $8.58 at the end of June. The decline was largely driven by $5.015 billion in net unrealized losses on investment securities, which offset $2.052 billion in net gains from interest rate swaps. Following the release, shares fell 3.21% to $8.44.

Despite the quarterly loss, the mortgage real estate investment trust generated non-GAAP net spread and dollar roll income of $0.37 per common share, fully covering its $0.36 quarterly dividend distributed across three monthly payments of $0.12. AGNC also reinforced its liquidity by raising $992 million in net proceeds through the issuance of 97.6 million common shares during the quarter, supported by its inclusion in the S&P MidCap 400 index. The company finished September with $6.3 billion in unencumbered cash and Agency mortgage-backed securities, representing roughly 57% of its tangible equity.

Investors will be watching how AGNC manages interest rate risk and leverage going forward. At quarter end, 94% of the firm's $94.4 billion investment portfolio was concentrated in 30-year fixed-rate Agency securities with a weighted average coupon of 5.13%. To mitigate interest rate exposure, hedging positions covered 90% of funding liabilities, while tangible net book value at-risk leverage stood at 7.9x.