AGNC Q3 2026: $1.40B Loss, Book Value −16.9% to $7.13

AGNC Investment Corp (NASDAQ: AGNC), the Agency mortgage REIT, reported a third-quarter 2026 net loss of $1,357 million, or $(1.17) per share — against income of $0.72 a year ago. The mechanics are pure mREIT duration: $5,015 million of unrealized losses on securities measured at fair value through net income as rates spiked, partly offset by $3,301 million of derivative gains, for a net mark-to-market hit of about $1.7 billion. Comprehensive loss to common shareholders was $(1,542) million, or $(1.28) per share, and tangible net book value per share plunged 16.9% in the quarter to $7.13 — down 19.7% from $8.88 at year-end. The operating story held: net interest income nearly tripled year over year to $402 million, and net spread plus dollar-roll income of $0.37 per share covered the $0.36 dividend, helped by $153 million of swap periodic income and $28 million of TBA dollar-roll income.

The balance sheet kept growing through the pain: Agency securities up 13% year-to-date to $91.4 billion, funded by repurchase agreements up 13% to $96.7 billion, with the share count up 14% to 1,261.8 million on continued at-the-market issuance. Derivative assets swelled to $851 million from $169 million at year-end as the swap book moved deep in the money, and restricted cash rose to $1,765 million on margin. The VIE agency and debt lines ran to nil as those vehicles wound down. Preferred stock held at $1,968 million, and the $0.36 quarterly dividend — $1.44 annualized, unchanged since 2021 — was declared again.

The Headline Numbers​

The $444 million of spread income reconciles from the $(1,542) million comprehensive loss by stripping all realized and unrealized marks — the $5,015 million unrealized loss, the $3,301 million derivative gain, the $140 million AFS unrealized loss — then adding back the $153 million of swap periodic income that GAAP buries in derivative marks. It is the number the dividend is managed against, and it covered the payout with $0.01 to spare.

Five years in the ledger: the rate cycle, unhedged and hedged​

The ledger runs FY2021–FY2025 plus this quarter. Net interest income traces the hiking cycle — $1,286 million, $965 million, $(246) million, $18 million, $675 million — while consolidated net income reads $749 million, $(1,190) million, $155 million, $863 million, $1,670 million. Two artifacts reward a look: FY2022's $1,190 million loss packs $2,916 million of realized sale losses plus $3,795 million of unrealized losses against $4,630 million of derivative gains, and FY2025's $1,670 million profit flips the pattern with $2,733 million of unrealized gains. The Agency book compounded from $52.4 billion to $81.0 billion, repo from $47.4 billion to $85.3 billion, and the share count from 522 million to 1,108 million — the ATM machine funding every dip. The retained deficit deepened every year but one, from $(5,214) million to $(8,524) million, because dividends keep exceeding GAAP income. Every annual income statement and balance sheet, plus this quarter's 8-K statements, is modeled as examinable Beancount below.

Sources​

• Q3 2026 results (Form 8-K, October 19, 2026)
• Form 10-K for fiscal year 2025
• Form 10-K for fiscal year 2024