AGNC Reports $0.17 Net Loss, 5.6% NAV Drop; Preferreds Yield 8.5%-9%
AGNC posted a $0.17 net loss and $0.18 loss per share, generated $0.42 net spread income, declared a $0.36 dividend, and saw tangible book value fall 5.6% to $8.38. Its $94.7B portfolio carries 7.4x leverage with $7.0B liquidity, while preferreds yield 8.5%-9% backed by $12B equity cushion.
1. First Quarter 2026 Financial Results
AGNC posted a net loss of $0.17 per share ($0.18 comprehensive), generated $0.42 net spread and dollar roll income, declared a $0.36 dividend, and saw tangible net book value decrease 5.6% to $8.38. The company held a $94.7 billion portfolio, maintained 7.4x tangible net book value leverage, held $7.0 billion of unencumbered liquidity and raised $401 million through ATM equity offerings.
2. Preferred Share Yield and Risk Profile
AGNC’s preferred shares offer yields of 8.5%-9%, underpinned by stronger net interest income and tighter RMBS spreads. A $12 billion common equity cushion and robust cash flows enhance dividend safety, positioning these preferreds among the lowest-risk mREIT options.