AGNC AGNC (AGNC) Q3 FY26 earnings call
AGNC faced significant pressure in Q3 FY26 due to broad fixed income market weakness, leading to a negative 12.7% economic return and a $1.45 decline in tangible net book value per share. Despite these headwinds, the company maintained a strong capital position, growing its asset portfolio by $2.5 billion and leveraging its S&P MidCap 400 inclusion to raise $992 million through its ATM program. Management anticipates an 18% to 20% expected return on equity for new investments, signaling optimism for future performance once market volatility subsides.
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AGNC operating KPIs by quarter
| KPI | Jun 2026 Q2 FY26 | This call Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|
| Leverage ratio | 7.4 xBoth ending and average leverage were unchanged at 7.4x tangible equity for the quarter.Source: earnings call transcript | 7.9 xEven with this growth, leverage increased only modestly to 7.9x tangible equity at quarter end from 7.4x as of Q2.Source: earnings call transcript | +6.8% |
| Duration gap | 0.7 yearsLastly, we ended the quarter with a duration gap of 0.7 years, unchanged from the prior quarter.Source: earnings call transcript | 0.8 yearsThrough these actions, our duration gap at quarter end was little changed at 0.8 years.Source: earnings call transcript | +14.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.