$AGNC · AGNC Investment Corp.

AGNC reported Q3 2026 comprehensive loss of $(1.28) per share, comprised of $(1.17) net loss and $(0.11) OCI loss. Tangible net book value fell $1.45 per share, or 16.9%, to $7.13 from $8.58 at June 30, 2026. Economic return on tangible common equity was -12.7% for the quarter, consisting of $0.36 dividends declared and the $1.45 book value decline. Net spread and dollar roll income was $0.37 per share, excluding $0.05 per share of "catch-up" premium amortization benefit. The company issued 97.6 million shares through ATM offerings for net proceeds of $992 million at a premium to tangible book value.

Extended-hours last trade $8.41, down 0.32% vs regular close of $8.72 and down 0.38% vs price-at-filing. The after-hours decline extends a 3.21% regular-session drop, reflecting investor concern over the sharp book-value erosion and negative economic return driven by Agency MBS underperformance in Q3.

Mortgage REIT bellwether AGNC suffered its worst quarterly book value decline in recent history as Agency MBS underperformed all other fixed income sectors amid Treasury volatility.

Agency MBS was the worst-performing sector of the Bloomberg U.S. Aggregate Bond Index during Q3 2026 as fixed income investor sentiment turned bearish, interest rates increased sharply, and volatility spiked. Mortgage REITs with high Agency MBS exposure faced pronounced weakness as Treasury market instability drove spread widening.

Continued interest rate volatility and Treasury market instability could drive further Agency MBS spread widening and book value declines. Leverage of 7.9x tangible net book value amplifies downside risk if mortgage spreads widen further or prepayment speeds accelerate unexpectedly.