AGNC Investment Corp. Announces Third Quarter 2026 Financial Results

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“Fixed income markets experienced significant pressure in the third quarter, particularly in the final weeks of September, as fixed income investor sentiment turned decidedly bearish, interest rates increased sharply, and interest rate volatility spiked”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“The instability in the Treasury market drove pronounced weakness in the Agency MBS market, and, as a result, Agency MBS was the worst performing sector of the Bloomberg U.S. Aggregate Bond Index during the quarter. Consistent with this material underperformance of our underlying asset class, AGNC's economic return on tangible common equity in the third quarter was -12.7%.”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“Despite the challenging macroeconomic environment, there are a number of reasons for optimism with respect to the outlook for Agency MBS once volatility in the Treasury market subsides.”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“First, the return profile of Agency MBS is more attractive at current valuation levels, as mortgage spreads to benchmark rates are approaching the upper end of their multi-year trading range.”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“Second, the fundamentals for Agency MBS are more favorable today than they were at the start of the third quarter.”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“At current rate levels, most of the duration extension for the mortgage universe has already occurred, while prepayment risk has declined as a result of the increase in rates and the resulting reduction in the share of mortgages with a meaningful incentive to refinance.”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“Third, supply-demand technicals remain in balance as mortgage originations remain low at these elevated rate levels and demand has been resilient.”

Peter Federico, President, Chief Executive Officer and Chief Investment Officer of AGNC Investment Corp.

“Together, these factors support a constructive outlook for Agency MBS performance.”

Bernice Bell, Executive Vice President and Chief Financial Officer of AGNC Investment Corp.

“AGNC's -12.7% economic return on tangible common equity in the third quarter consisted of $0.36 of dividends declared per common share and a $1.45 decline in tangible net book value per common share”

Bernice Bell, Executive Vice President and Chief Financial Officer of AGNC Investment Corp.

“AGNC's net spread and dollar roll income per common share was $0.37 for the third quarter, and AGNC concluded the third quarter with tangible net book value 'at risk' leverage of 7.9x and a liquidity position of $6.3 billion of unencumbered cash and Agency MBS, or 57% of our tangible equity at quarter end.”

Bernice Bell, Executive Vice President and Chief Financial Officer of AGNC Investment Corp.

“Finally, AGNC was added to the S&P MidCap 400 Index during the third quarter, an important milestone for the Company and a testament to the scale that AGNC has attained over our 18-year history.”

Bernice Bell, Executive Vice President and Chief Financial Officer of AGNC Investment Corp.

“This announcement and subsequent index rebalancing activity drove elevated trading volumes in AGNC's common stock, and we took advantage of this outsized liquidity to issue $992 million of common stock through our ATM offering program at a significant premium to tangible net book value per common share.”