Financial snapshot: 2026-06-30. Research reviewed 2026-10-17. The annual earnings comparison is from 2026-10-24. The business and balance-sheet figures below relate to the reporting period shown.
The income-producing business
AGNC's spread-income measure brings together investment interest, dollar roll income and the periodic payments on its interest-rate swaps, after financing costs. Operating expenses and preferred dividends are also deducted before arriving at the earnings available to common shareholders.
This is a more useful starting point for the dividend than mortgage interest alone, because it accounts for the costs and claims that come before the common payment. It is still a selective measure: some investment and hedge results are excluded, so it should be read alongside changes in capital rather than treated as the whole return.
AGNC Investment Corp.: financial statements and portfolio disclosures
What the mortgage portfolio actually holds
AGNC's investment portfolio, including TBA mortgage positions, stood at $97.2 billion on June 30, 2026. It also increased the share of fixed-rate holdings selected for favorable prepayment characteristics to 79%, from 77% at the end of March.
That shift matters because AGNC is choosing mortgage pools for how their repayments are expected to behave, not just for their headline interest rate. A larger portfolio is useful context, but the more meaningful test for the dividend is whether those investments improve earnings for each share.
AGNC Investment Corp.: financial statements and portfolio disclosures
The funding behind the assets
At 2026-06-30, AGNC Investment Corp. reported $121.760 billion of total assets and $109.217 billion of total liabilities.
Liabilities represented 89.7% of reported assets. This broad balance-sheet measure includes more than borrowing and must not be read as a debt-to-equity ratio. Funding costs and asset losses can both reduce the earnings available to shareholders.
AGNC June 30, 2026 portfolio: Agency securities, TBA positions and financing
Financing and the earnings spread
AGNC attributed the second-quarter decline in spread income mainly to lower asset yields following portfolio changes. Financing costs eased modestly, but that improvement only partly offset the pressure on investment income.
Cheaper financing does not automatically lift earnings when the return on the assets is falling too. For AGNC, the difference left after both sides move is the more useful guide to what each share can earn.
AGNC Investment Corp.: financial statements and portfolio disclosures
The earnings measure behind the dividend discussion
For Q2 2026, AGNC reported non-GAAP net spread and dollar roll income of $0.40 per diluted common share, compared with common dividends of $0.36 per share. That supported the quarter's payment, although the margin was modest.
This shows a useful, but limited, quarterly cushion because the earnings and declared payments cover the same period. The annual dividend assessment remains a separate comparison using the current Fly High figures, rather than an annualized version of this quarter.
AGNC Investment Corp.: financial statements and portfolio disclosures
Interest-rate and yield-curve risk
Falling mortgage rates can encourage faster repayments, leaving AGNC to reinvest the proceeds at lower yields. Rising rates can create the opposite problem: mortgages remain outstanding longer while the cost of financing them increases.
A rate cut is therefore not automatically good news for income, just as a rate increase is not simply an opportunity to earn higher yields. The effect depends on how mortgage repayments, reinvestment opportunities and financing costs change together.
AGNC Investment Corp.: financial statements and portfolio disclosures
Mortgage-spread and tangible-net-book-value risk
AGNC's interest-rate hedges are not generally designed to offset changes in the extra yield mortgage investors demand over benchmark rates. If that mortgage spread widens, asset values and tangible book value can fall despite the hedges.
This is a different issue from whether the portfolio earns enough interest to support the dividend. Because AGNC uses leverage, preserving capital also depends on how mortgage prices move relative to its hedges; a covered payment does not settle that question.
AGNC Investment Corp.: financial statements and portfolio disclosures
The next declared common payment
On September 9, AGNC declared its regular $0.12 monthly common dividend for September 2026, payable October 9 to holders of record September 30.
This is a declared common-share payment with its own dates. Preferred-share dividends and an assumed annual payment schedule are separate.
AGNC September 2026 common dividend: October 9 payment
Mortgage assets and prepayments
At June 30, 2026, the investment portfolio including TBA positions was $97.2 billion. Agency mortgage securities and TBAs accounted for $96.5 billion. Specified pools increased to 79% of the fixed-rate portfolio from 77% at March 31; actual constant prepayment rates averaged 13.0% in Q2 versus 13.2% in Q1.
Fly High assessment: The agency-backed exposure and broadly steady actual prepayments do not identify a new material credit-quality problem in this period. Mortgage prices, interest rates and funding remain important risks.
AGNC Investment Corp.: financial statements and portfolio disclosures
Liquidity and margin requirements
AGNC ended Q2 2026 with $7.5 billion of unencumbered cash and Agency mortgage securities, compared with $7.0 billion at March 31. Tangible at-risk leverage remained 7.4 times. The June 30 filing states that all margin requirements were met.
Fly High assessment: The dated liquidity cushion, unchanged quarter-end leverage and margin compliance do not identify a current funding shortfall. Short-term financing still needs renewal, and adverse asset prices can require additional collateral.
AGNC Investment Corp.: financial statements and portfolio disclosures
Capital per share through the first half
Tangible net book value per common share was $8.58 at June 30, 2026 versus $8.88 at December 31, 2025. Q2 alone recovered $0.20 of tangible book value per share and included $0.36 of common dividends.
Fly High assessment: The quarterly recovery is encouraging, but it did not restore the year-end capital per share. Watch whether future earnings and valuation changes preserve capital alongside the dividend; a larger portfolio alone does not answer that question.
AGNC Investment Corp.: financial statements and portfolio disclosures
What would change the earnings picture?
The next useful test is whether spread income per share steadies after the latest decline, while tangible book value holds up alongside the dividend. Changes in asset yields and financing costs should help explain whether any earnings improvement is durable, rather than simply reflecting a larger portfolio.
