AGNC reported third-quarter comprehensive loss of $1.28 per diluted share and -12.7% economic return on tangible common equity. Separately, S&P MidCap 400 inclusion enabled a 97.6 million-share issuance for $992 million net proceeds amid elevated trading liquidity.
AGNCM · AGNC Investment Corp.
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AGNC Investment Corp. reported a Q3 2026 net loss of $(1.17) per common share and total comprehensive loss of $(1.28) per share, with economic return on tangible common equity of -12.7%. Tangible net book value was $7.13 per share, and the company issued 97.6 million shares for $992 million.
Technicals
trend & momentum for long-term holders illustrative — not investment adviceIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| actual portfolio CPR | 8.2% | third quarter | — |
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| Adjusted net interest and dollar roll income non-GAAP | $517M | Three Months Ended September 30, 2026 | — |
| annualized net interest spread | 1.86% | third quarter | — |
| Average asset yield | 5.21% | Three Months Ended September 30, 2026 | — |
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| Average asset yield - as of period end | 4.99% | Three Months Ended September 30, 2026 | — |
| Average asset yield, excluding “catch-up” premium amortization | 4.92% | Three Months Ended September 30, 2026 | — |
| Average cost of funds, before interest rate swap periodic income, net | 3.76% | Three Months Ended September 30, 2026 | — |
| Average coupon | 5.08% | Three Months Ended September 30, 2026 | — |
| average fixed pay rate | 2.96% | As of September 30, 2026 | — |
| average floating receive rate | 3.9% | As of September 30, 2026 | — |
| Average interest rate swaps, notional amount (excluding forward starting swaps), net | 73.62B | Three Months Ended September 30, 2026 | — |
| Average investment securities, at cost | 91.91B | Three Months Ended September 30, 2026 | — |
| Average investment securities, at par | 91.47B | Three Months Ended September 30, 2026 | — |
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| Average long U.S. Treasury futures implied yield | 4.32% | Three Months Ended September 30, 2026 | — |
| Average long U.S. Treasury securities yield | 3.71% | Three Months Ended September 30, 2026 | — |
| average maturity | 4.3 | As of September 30, 2026 | — |
| Average net TBA portfolio, at cost | 6.81B | Three Months Ended September 30, 2026 | — |
| Average pay-fixed rate | 2.89% | Three Months Ended September 30, 2026 | — |
| average projected portfolio life CPR | 6.7% | as of September 30, 2026 | — |
| Average receive-floating rate | 3.71% | Three Months Ended September 30, 2026 | — |
| Average repurchase agreements and other debt | 82.36B | Three Months Ended September 30, 2026 | — |
| Average reverse repurchase agreement rate | 3.67% | Three Months Ended September 30, 2026 | — |
| Average short U.S. Treasury futures implied yield | 4.91% | Three Months Ended September 30, 2026 | — |
| Average short U.S. Treasury securities yield | 4.29% | Three Months Ended September 30, 2026 | — |
| Average total cost of funds | 3.09% | Three Months Ended September 30, 2026 | — |
| Combined investment and TBA securities - average asset yield, excluding “catch-up” premium amort non-GAAP | 4.95% | Three Months Ended September 30, 2026 | — |
| common stock dividends | $0.36 | the quarter | — |
| Economic interest expense non-GAAP | -$704M | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Repurchase agreements and other debt - GAAP interest expense -794M
-63M TBA dollar roll income - implied interest expense
+153M Interest rate swap periodic income, net
= Economic interest expense -704M
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| Economic interest income non-GAAP | $1.22B | Three Months Ended September 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Investment securities - GAAP interest income 1.2B
-66M Estimated “catch-up” premium amortization cost (benefit) due to change in CPR forecast
+91M TBA dollar roll income - implied interest income
= Economic interest income 1.22B
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| Economic return on tangible common equity | -12.7% | third quarter | — |
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| Expenses % of average stockholders’ equity - annualized | 0.92% | Three Months Ended September 30, 2026 | — |
| funding liabilities covered excluding option-based hedges | 97% | As of September 30, 2026 | — |
| funding liabilities hedged | 90% | As of September 30, 2026 | — |
| Interest rate swaps - average net pay/(receive) rate as of period end non-GAAP | -0.94% | Three Months Ended September 30, 2026 | — |
| Interest rate swaps - average periodic income non-GAAP | -0.67% | Three Months Ended September 30, 2026 | — |
| investment portfolio | 94.4B | as of September 30, 2026 | — |
| Investment Securities Repo funded through the Company’s captive broker-dealer subsidiary | 53% | As of September 30, 2026 | — |
| Investment Securities Repo weighted average interest rate | 3.95% | As of September 30, 2026 | — |
| Investment Securities Repo weighted average remaining maturity | 10 | As of September 30, 2026 | — |
| net proceeds | $992M | third quarter | — |
| net short U.S. Treasury position | 11.1B | As of September 30, 2026 | — |
| Net spread and dollar roll income non-GAAP | $0.37 | third quarter | — |
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| Net spread and dollar roll income available to common stockholders non-GAAP | $444M | Three Months Ended September 30, 2026 | — |
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| Net spread and dollar roll income per common share - basic non-GAAP | $0.37 | Three Months Ended September 30, 2026 | — |
| Net spread and dollar roll income per common share - diluted non-GAAP | $0.37 | Three Months Ended September 30, 2026 | — |
| net TBA dollar roll positions (at cost) | 2.4B | As of September 30, 2026 | — |
| Net TBA portfolio - as of period end, at cost | 2.44B | September 30, 2026 | — |
| pay fixed interest rate swap position | 74.6B | As of September 30, 2026 | — |
| receiver swaptions outstanding | 6.3B | As of September 30, 2026 | — |
| repurchase agreements | 85.7B | As of September 30, 2026 | — |
| Repurchase agreements - average funding cost non-GAAP | 3.77% | Three Months Ended September 30, 2026 | — |
| repurchase agreements used to fund short-term purchases of U.S. Treasury securities | 11B | As of September 30, 2026 | — |
| shares of common equity through At-the-Market Offerings | 97.6M | third quarter | — |
| Tangible net book value per common share non-GAAP | $7.13 | as of September 30, 2026 | — |
| Tangible net book value “at risk” leverage - as of period end | 7.9 | Three Months Ended September 30, 2026 | — |
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| Tangible net book value “at risk” leverage - average | 7.6 | Three Months Ended September 30, 2026 | — |
| Total investment securities, at fair value - as of period end | 91.93B | September 30, 2026 | — |
| Unencumbered cash and Agency MBS | 6.3B | as of September 30, 2026 | — |
| ATM net proceeds | $167M | the three months ended June 30, 2026 filing | — |
| Average net TBA dollar roll position - at cost | 12.73B | the three months ended June 30, 2026 filing | — |
| Average repurchase agreements and other debt outstanding | 75.07B | the three months ended June 30, 2026 filing | — |
| Average stockholders' equity | 12.45B | the three months ended June 30, 2026 filing | — |
| Average tangible net book value "at risk" leverage | 7.4 | the three months ended June 30, 2026 filing | — |
| Common shares issued under ATM offerings | 16.2M | the three months ended June 30, 2026 filing | — |
| Expenses % of average total assets - annualized | 0.1% | the three months ended June 30, 2026 filing | — |
| Total economic interest expense (non-GAAP measure) non-GAAP | $641M | the three months ended June 30, 2026 filing | — |
| Total economic interest expense cost of funds (non-GAAP measure) non-GAAP | 2.89% | the three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
REIT - Mortgage — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
AGNCM
this stock
AGNC Investment Corp.
|
$11.18B | -2.0% | — | — | — |
|
NLY
Annaly Capital Management Inc
|
$14.76B | -16.1% | — | 13.1 | 3.3% |
|
RITM
Rithm Capital Corp.
|
$5.19B | -15.3% | -6.7% | 14.8 | 5.9% |
|
STWD
Starwood Property Trust, Inc.
|
$4.39B | -33.1% | -5.3% | — | 6.1% |
|
DX
Dynex Capital Inc
|
$2.77B | -23.8% | — | — | 6.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 29, 2026
- This year
- 18
AGNC reported third-quarter comprehensive loss of $1.28 per diluted share and -12.7% economic return on tangible common equity. Separately, S&P MidCap 400 inclusion enabled a 97.6 million-share issuance for $992 million net proceeds amid elevated trading liquidity.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| AGNCM | +0.0% | -2.2% | -3.6% | +0.0% | -2.0% |
| SPY | -2.7% | -5.6% | -0.5% | -2.7% | +7.8% |
| vs SPY | +2.7% | +3.3% | -3.1% | +2.7% | -9.9% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.