AGNC Q3 核心 EPS 符合预期但净利息收入大逊预期， tangible BV 单季缩水 17% 至 $7.13，经济回报 -12.7%

AGNC Investment ( AGNC ) Q3 earnings met the average analyst estimate, but its net interest income growth for the quarter fell short of the consensus estimate as volatility in the decline in fixed-income markets in late September dinged its results. Q3 net spread and dollar roll income per share of $0.37 , in line with the average analyst estimate, fell from $0.40 in Q2 and $0.35 in last year’s Q3. The current quarter excludes $ 0.05 per share of estimated “catch-up” premium amortization due to its change in projected constant prepayment rate (“CPR”) estimates. With fixed-income investor sentiment turning bearish toward the end of Q3, interest rate volatility jumped, making the environment more challenging for AGNC ( AGNC ). "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," said President, CEO, and Chief Investment Officer Peter Federico. "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%." AGNC ( AGNC ) stock slipped 0.8% in after-hours trading. The tangible net book value of $7.13 per common share at Sept. 30, 2026, dropped from $8.58 at June 30, 2026. Economic return on tangible common equity declined to -12.7% from 6.7% in the previous quarter. Q3 2026 economic return comprises $0.36 dividends per common share and a $1.45 decrease in tangible net book value per common share. Q3 net interest income was $402M, missing the S&P CapIQ consensus of $465M and up from $305M in Q2 and $148M in Q3 2025. The investment portfolio totaled $94.4B as of Sept. 30, 2026, vs. $97.2B as of June 30, 2026. The REIT’s annualized net interest spread, including the TBA position and interest rate swaps excluding “catch-up” premium amortization, was 1.86% vs. 2.00% in Q2. Its fixed-rate agency mortgage-backed securities and TBA securities’ weighted average coupon was 5.13% at Sept. 30, 2026, vs. 5.04% at June 30. AGNC’s ( AGNC ) weighted average actual CPR for Q2 was 9.2% vs. 13.0% in the prior quarter. During the quarter, AGNC ( AGNC ) issued 97.6M common shares through its at-the-market offerings for net proceeds of $992M. Conference call on Oct. 20 at 8:30 AM ET.