AGNC Investment (AGNC)


Market Price (9/8/2026): $10.77 | Market Cap: $12.5 BilSector: Financials | Industry: Mortgage REITs

AGNC Investment (AGNC)


Market Price (9/8/2026): $10.77
Market Cap: $12.5 Bil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 33%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 7.2%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 384%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include Global Financial Markets Evolution. Themes include Mortgage Market Dynamics, Securitized Real Estate Investment, and Financial Market Volatility & Hedging.

Trading close to highs
Dist 52W High is -4.7%, Dist 3Y High is -4.7%

Weak multi-year price returns
3Y Excs Rtn is -3.0%

Key risks
AGNC key risks include [1] its business model's high sensitivity to interest rate and spread fluctuations, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 33%, Dividend Yield is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 28%, FCF Yield is 7.2%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 384%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%
3 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27%
4 Low stock price volatility
Vol 12M is 20%
5 Megatrend and thematic drivers
Megatrends include Global Financial Markets Evolution. Themes include Mortgage Market Dynamics, Securitized Real Estate Investment, and Financial Market Volatility & Hedging.
6 Trading close to highs
Dist 52W High is -4.7%, Dist 3Y High is -4.7%
7 Weak multi-year price returns
3Y Excs Rtn is -3.0%
8 Key risks
AGNC key risks include [1] its business model's high sensitivity to interest rate and spread fluctuations, Show more.

AGNC in ETFs

Weight = AGNC's share of each fund

VTI0.02%
ITOT0.02%
IWB0.02%
VB0.15%
IYR0.91%
NUSC0.90%
VBR0.26%
ESML0.23%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

AGNC Investment (AGNC) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance Exceeded Expectations.

AGNC Investment Corp. reported robust financial results for its fiscal second quarter ended June 30, 2026, on July 20, 2026. The company posted earnings per share (EPS) of $0.40, surpassing analysts' consensus estimate of $0.38 by 5.26%. This positive earnings surprise was accompanied by a 2.4% increase in tangible net book value per common share, rising to $8.58 as of June 30, 2026, from $8.38 as of March 31, 2026. Furthermore, the company achieved a 6.7% economic return on tangible common equity for the quarter and recorded a significant net gain of $379 million, or $0.33 per common share, in "other gain (loss), net," marking a substantial turnaround from a net loss of $(433) million in the prior quarter.

2. Consistent and Attractive Monthly Dividend Payouts Sustained Investor Confidence.

Throughout the period, AGNC consistently declared a monthly cash dividend of $0.12 per common share for June, July, and August 2026, payable in July, August, and September 2026, respectively. This stable and high dividend yield, which was noted to be nearly 13% for the July 2026 dividend, attracted income-focused investors and provided a steady stream of returns, contributing positively to investor sentiment and the stock's performance.

Show more
Updated on 9/1/2026

AGNC Investment (AGNC) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q2 2026 Financial Performance Exceeded Expectations.

AGNC Investment Corp. reported robust financial results for its fiscal second quarter ended June 30, 2026, on July 20, 2026. The company posted earnings per share (EPS) of $0.40, surpassing analysts' consensus estimate of $0.38 by 5.26%. This positive earnings surprise was accompanied by a 2.4% increase in tangible net book value per common share, rising to $8.58 as of June 30, 2026, from $8.38 as of March 31, 2026. Furthermore, the company achieved a 6.7% economic return on tangible common equity for the quarter and recorded a significant net gain of $379 million, or $0.33 per common share, in "other gain (loss), net," marking a substantial turnaround from a net loss of $(433) million in the prior quarter.

2. Consistent and Attractive Monthly Dividend Payouts Sustained Investor Confidence.

Throughout the period, AGNC consistently declared a monthly cash dividend of $0.12 per common share for June, July, and August 2026, payable in July, August, and September 2026, respectively. This stable and high dividend yield, which was noted to be nearly 13% for the July 2026 dividend, attracted income-focused investors and provided a steady stream of returns, contributing positively to investor sentiment and the stock's performance.

3. Improving Macroeconomic Outlook and Favorable Analyst Revisions Boosted Sentiment.

The broader macroeconomic environment became more favorable during the period, with expectations that inflation had likely peaked in the first half of 2026 and would begin to decline in the second half, partly due to easing geopolitical tensions and stabilizing energy supply routes. This improved outlook for a more stable interest rate environment is generally beneficial for mortgage REITs. Complementing this, analyst sentiment shifted positively, with Weiss Ratings upgrading AGNC to a "buy (b-)" rating on August 17, 2026. Additionally, JPMorgan Chase & Co. reiterated a "neutral" rating and increased its target price for AGNC to $11.50 from $11.00 on July 17, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 5.7% change in AGNC stock from 5/31/2026 to 9/7/2026 was primarily driven by a 49.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269072026Change
Stock Price ($)10.0710.655.7%
Change Contribution By: 
Total Revenues ($ Mil)1,6052,40149.6%
Net Income Margin (%)91.7%94.4%2.9%
P/E Multiple7.75.4-29.2%
Shares Outstanding (Mil)1,1231,158-3.0%
Cumulative Contribution5.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/7/2026
ReturnCorrelation
AGNC5.7% 
Market (SPY)1.8%38.7%
Sector (XLF)12.6%42.5%

Fundamental Drivers

The 1.7% change in AGNC stock from 2/28/2026 to 9/7/2026 was primarily driven by a 33.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820269072026Change
Stock Price ($)10.4810.651.7%
Change Contribution By: 
Total Revenues ($ Mil)1,7972,40133.6%
Net Income Margin (%)92.9%94.4%1.6%
P/E Multiple6.85.4-20.4%
Shares Outstanding (Mil)1,0901,158-5.8%
Cumulative Contribution1.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/7/2026
ReturnCorrelation
AGNC1.7% 
Market (SPY)12.6%56.8%
Sector (XLF)13.6%46.7%

Fundamental Drivers

The 24.9% change in AGNC stock from 8/31/2025 to 9/7/2026 was primarily driven by a 384.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120259072026Change
Stock Price ($)8.5210.6524.9%
Change Contribution By: 
Total Revenues ($ Mil)4962,401384.1%
Net Income Margin (%)76.2%94.4%23.8%
P/E Multiple22.95.4-76.3%
Shares Outstanding (Mil)1,0171,158-12.1%
Cumulative Contribution24.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/7/2026
ReturnCorrelation
AGNC24.9% 
Market (SPY)20.4%43.8%
Sector (XLF)8.9%35.2%

Fundamental Drivers

The 66.9% change in AGNC stock from 8/31/2023 to 9/7/2026 was primarily driven by a 2123.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239072026Change
Stock Price ($)6.3810.6566.9%
Change Contribution By: 
Total Revenues ($ Mil)1082,4012123.1%
Net Income Margin (%)27.8%94.4%239.8%
P/E Multiple127.45.4-95.7%
Shares Outstanding (Mil)5991,158-48.3%
Cumulative Contribution66.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/7/2026
ReturnCorrelation
AGNC66.9% 
Market (SPY)77.1%50.7%
Sector (XLF)76.6%46.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AGNC Return5%-22%10%9%35%9%45%
Peers Return21%-17%23%-1%20%-2%44%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
AGNC Win Rate58%42%42%67%83%44% 
Peers Win Rate57%52%55%57%57%49% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
AGNC Max Drawdown-18%-48%-37%-11%-21%-19% 
Peers Max Drawdown-15%-35%-27%-15%-18%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, STWD, BXMT, RITM, ARI. See AGNC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)

How Low Can It Go

EventAGNCS&P 500
2025 US Tariff Shock
  % Loss-20.5%-18.8%
  % Gain to Breakeven25.9%23.1%
  Time to Breakeven132 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-30.4%-9.5%
  % Gain to Breakeven43.6%10.5%
  Time to Breakeven50 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.8%-6.7%
  % Gain to Breakeven26.2%7.1%
  Time to Breakeven215 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-47.8%-24.5%
  % Gain to Breakeven91.5%32.4%
  Time to Breakeven709 days427 days
2020 COVID-19 Crash
  % Loss-51.3%-33.7%
  % Gain to Breakeven105.5%50.9%
  Time to Breakeven391 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-15.0%-12.2%
  % Gain to Breakeven17.6%13.9%
  Time to Breakeven56 days62 days

Compare to NLY, STWD, BXMT, RITM, ARI

In The Past

AGNC Investment's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAGNCS&P 500
2025 US Tariff Shock
  % Loss-20.5%-18.8%
  % Gain to Breakeven25.9%23.1%
  Time to Breakeven132 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-30.4%-9.5%
  % Gain to Breakeven43.6%10.5%
  Time to Breakeven50 days24 days
2023 SVB Regional Banking Crisis
  % Loss-20.8%-6.7%
  % Gain to Breakeven26.2%7.1%
  Time to Breakeven215 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-47.8%-24.5%
  % Gain to Breakeven91.5%32.4%
  Time to Breakeven709 days427 days
2020 COVID-19 Crash
  % Loss-51.3%-33.7%
  % Gain to Breakeven105.5%50.9%
  Time to Breakeven391 days140 days
2013 Taper Tantrum
  % Loss-36.7%-0.2%
  % Gain to Breakeven58.1%0.2%
  Time to Breakeven1209 days1 days
2008-2009 Global Financial Crisis
  % Loss-26.5%-53.4%
  % Gain to Breakeven36.0%114.4%
  Time to Breakeven60 days1085 days

Compare to NLY, STWD, BXMT, RITM, ARI

In The Past

AGNC Investment's stock fell -20.5% during the 2025 US Tariff Shock. Such a loss loss requires a 25.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About AGNC Investment (AGNC)

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AGNC Investment Corp. (AGNC) operates as a real estate investment trust (REIT) primarily focused on the U.S. mortgage market. The company specializes in investing in residential mortgage-backed securities (RMBS), which include both pass-through securities and collateralized mortgage obligations. A key characteristic of AGNC's investments is their security: the principal and interest payments for these securities are guaranteed by agencies of the U.S. government or government-sponsored enterprises, such as Fannie Mae or Freddie Mac.

AGNC funds its substantial portfolio of mortgage-backed securities primarily through collateralized borrowings, structured as repurchase agreements. As a REIT, AGNC is legally structured to pass through most of its earnings directly to shareholders. This means the company avoids federal corporate income taxes by distributing at least 90% of its taxable income, making it a distinct investment vehicle often attractive to those seeking regular income from the mortgage sector.

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AI Analysis | Feedback

Here are 1-2 brief analogies to describe AGNC Investment:

  • It's like a real estate investment trust (REIT) that invests in mortgages, similar to how Simon Property Group invests in malls, but AGNC buys government-guaranteed mortgage bonds instead of physical properties.
  • Imagine the part of a large bank, like JPMorgan Chase, that manages its portfolio of mortgage securities, but AGNC does this exclusively for government-backed mortgages, using significant borrowed money.

AI Analysis | Feedback

  • Investment in Residential Mortgage Pass-Through Securities: The company acquires securities representing ownership in pools of residential mortgage loans, with principal and interest payments guaranteed by government-sponsored enterprises or agencies.
  • Investment in Collateralized Mortgage Obligations (CMOs): AGNC invests in debt obligations backed by pools of mortgages, structured to provide various payment streams, and guaranteed by government-sponsored enterprises or agencies.

AI Analysis | Feedback

Major Customers of AGNC Investment (AGNC)

AGNC Investment Corp. operates as a mortgage real estate investment trust (mREIT). Its core business model involves investing in residential mortgage-backed securities (MBS) and generating income from the net interest margin between its investment portfolio and its funding costs.

Due to this investment-centric business model, AGNC does not have traditional "customers" who purchase products or services from the company in the way a typical manufacturing or service-oriented business would. Its revenue is derived primarily from the interest payments on the mortgage-backed securities it holds.

These principal and interest payments are guaranteed by U.S. government-sponsored enterprises (GSEs) such as Fannie Mae (OTCMKTS: FNMA) and Freddie Mac (OTCMKTS: FMCC), or by U.S. government agencies like Ginnie Mae. While these entities are crucial to AGNC's revenue stream by guaranteeing the payments, they are not customers purchasing a service or product from AGNC. Rather, they are guarantors of the financial assets AGNC holds.

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  • Federal National Mortgage Association (FNMA)
  • Federal Home Loan Mortgage Corporation (FMCC)
  • Government National Mortgage Association

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Peter J. Federico, President and Chief Executive Officer

Peter J. Federico has served as a Director and Chief Executive Officer of AGNC Investment Corp. since July 2021, and as President since March 2018. He also assumed the role of Chief Investment Officer in March 2025. Prior to his CEO appointment, he held various leadership positions at AGNC, including Chief Operating Officer from 2018 to 2021, Executive Vice President and Chief Financial Officer from 2016 to 2018, and Senior Vice President and Chief Risk Officer from 2011 to 2016. Before joining AGNC Investment Corp., Mr. Federico spent over two decades at Freddie Mac, where he served as Executive Vice President and Treasurer from 2010 to 2011, overseeing a $1.2 trillion interest-rate derivatives portfolio and debt issuance programs. He also held roles as Senior Vice President, Asset & Liability Management at Freddie Mac. Additionally, he was President & Chief Operating Officer for MTGE Investment Corp. and held positions at The Freddie Mac Foundation, Inc.

Bernice E. Bell, Executive Vice President and Chief Financial Officer

Bernice E. Bell has been Executive Vice President of AGNC Investment Corp. since January 2022 and Chief Financial Officer since March 2018. She also serves as Chief Financial Officer & Vice President of American Capital AGNC Management LLC. Her tenure at AGNC includes roles as Senior Vice President from 2016 to 2022, Chief Accounting Officer from 2016 to 2018, Vice President from 2011 to 2016, and Controller from 2008 to 2015. Before AGNC, Ms. Bell served as Vice President and Controller of American Capital, Ltd. from 2003 to 2009. She was also Vice President and Controller for privately-held telecommunications and software development companies from 1998 to 2003 and worked at Price Waterhouse, LLP from 1994 to 1998. She is a Certified Public Accountant.

Gary D. Kain, Executive Chair

Gary D. Kain has served as the Executive Chair of AGNC Investment Corp.'s Board of Directors since July 2021 and has been a Director since March 2016. Previously, he held the titles of Chief Executive Officer from 2016 to 2021 and Chief Investment Officer from 2009 to 2021. He also served as President from 2011 to 2018. Prior to joining AGNC Investment Corp., Mr. Kain held senior mortgage investment leadership positions at Freddie Mac, including Senior Vice President of Investments & Capital Markets from 2008 to 2009, and Senior Vice President of Mortgage Investments & Structuring from 2005 to 2008, where he managed mortgage investment activities for a $700 billion retained portfolio. He was an early investment lead at AGNC when it was formed by American Capital Ltd. in 2008. He also served as Director, CEO, President, and CIO of MTGE Investment Corp.

Christopher J. Kuehl, Executive Vice President and Chief Investment Officer

Christopher J. Kuehl serves as Executive Vice President and Chief Investment Officer of AGNC Investment Corp., a role he assumed in July 2021. He joined AGNC in August 2010 and previously served as Executive Vice President – Agency Portfolio Investments since November 2016, and as Senior Vice President from 2012 to 2016. Mr. Kuehl has extensive experience investing in mortgage-backed securities and has worked alongside Peter Federico and Gary Kain at AGNC for over 12 years.

Kenneth L. Pollack, Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary

Kenneth L. Pollack holds the titles of Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary at AGNC Investment Corp. He joined American Capital in 2004 as Vice President and Associate General Counsel. Before his time at American Capital, Mr. Pollack was a member of the Corporate & Securities and Real Estate practice groups at Arnold & Porter LLP. His practice there focused on public and private mergers and acquisitions, buyouts, private equity, and secured lending transactions across various business sectors. He also provided counsel on corporate governance issues and regulatory compliance matters.

AI Analysis | Feedback

The key risks to AGNC Investment Corp. (AGNC) primarily stem from its business model as a mortgage real estate investment trust (mREIT), which involves investing in mortgage-backed securities (MBS) using significant leverage.

  1. Interest Rate Risk: AGNC's profitability is highly sensitive to changes in interest rates. As an mREIT, the company borrows funds short-term (primarily through repurchase agreements) and invests in longer-term residential mortgage pass-through securities and collateralized mortgage obligations. Rising interest rates can lead to increased funding costs and a decrease in the value of its existing fixed-rate MBS portfolio, which can squeeze profit margins and erode book value. Conversely, while falling rates can reduce borrowing costs, they also introduce prepayment risk. Interest rate volatility itself can negatively impact the company's performance.
  2. Leverage Risk: AGNC employs substantial leverage to enhance its returns, with its "at-risk" leverage ratio often being significant (e.g., 7.5x tangible net book value as of Q3 2025). While leverage can amplify gains when market conditions are favorable, it also magnifies losses during periods of adverse market movements, particularly those driven by interest rate fluctuations. This amplified exposure can lead to increased volatility in the company's book value and potential reductions in dividend payments.
  3. MBS Spread Volatility (including Prepayment and Extension Risk): AGNC's business is exposed to fluctuations in the spreads between the yields on its mortgage-backed securities and its funding costs. This encompasses two related risks:
    • Prepayment Risk: When interest rates decline, homeowners are more likely to refinance their mortgages, leading to earlier-than-anticipated principal payments on AGNC's MBS. This forces the company to reinvest the returned capital at potentially lower prevailing interest rates, thereby reducing its overall portfolio yield.
    • Extension Risk: Conversely, if interest rates rise, homeowners may delay refinancing, causing the average life of AGNC's MBS to extend. This can lock the company into lower-yielding assets for a longer duration, potentially missing opportunities to invest in new, higher-yielding securities.
    These risks directly impact the valuation of AGNC's MBS portfolio and its ability to generate consistent returns.

AI Analysis | Feedback

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AI Analysis | Feedback

The addressable market for AGNC Investment Corp.'s main products and services, which consist of residential mortgage pass-through securities and collateralized mortgage obligations guaranteed by United States government-sponsored enterprises or government agencies (known as Agency MBS), is estimated to be approximately USD 13.85 trillion in the U.S..

The overall Mortgage-Backed Securities (MBS) market in the United States is estimated at USD 15.55 trillion in 2025. Within this, the non-agency Residential Mortgage-Backed Securities (RMBS) market, which does not carry a government guarantee, has over USD 1.7 trillion in outstanding securities. By subtracting the non-agency portion from the total MBS market, the addressable market for Agency MBS is determined for the U.S. region.

AI Analysis | Feedback

AGNC Investment Corp. (AGNC) is anticipated to drive future revenue growth over the next 2-3 years through a combination of favorable macroeconomic conditions and strategic operational initiatives. The company's focus as a real estate investment trust (REIT) specializing in Agency Mortgage-Backed Securities (MBS) means its performance is closely tied to interest rate environments and effective portfolio management.

  1. Favorable Interest Rate Environment and Yield Curve Normalization: A significant driver of revenue growth for AGNC is the expectation of a more favorable interest rate environment, characterized by potential federal fund rate cuts and a normalizing or positively sloped yield curve. This shift is expected to reduce AGNC's borrowing costs, which are primarily structured as repurchase agreements, thereby improving its net interest margin (NIM) and overall profitability. Analysts and company executives have indicated that the Federal Reserve's pivot to a more accommodative monetary policy, including anticipated rate cuts in 2025 and 2026, will create beneficial conditions for high-quality fixed-income instruments like Agency MBS.
  2. Stable and Attractive Agency MBS Spreads: The core of AGNC's profitability lies in the spread between the yields on its Agency MBS assets and its funding costs. The company's future revenue growth is highly dependent on these spreads remaining stable and attractive. Management commentary frequently highlights that a consistent and favorable trading range for Agency MBS spreads to benchmark rates is crucial for generating strong economic returns. While some volatility may occur, the outlook points towards spreads remaining in a range that offers appealing levered returns for Agency REITs.
  3. Growth of Investment Portfolio through Opportunistic Capital Raises: AGNC has a demonstrated strategy of opportunistic capital raises, primarily through at-the-market (ATM) equity offerings. These capital infusions provide the company with the necessary funds to expand its investment portfolio by purchasing new Agency MBS. A larger asset base directly translates to increased potential for interest income, which is a primary component of AGNC's revenue. For instance, in Q3 2024, AGNC added about $5 billion in Agency MBS, growing its portfolio to $72.1 billion, and continued significant capital raising in Q4 2024 and Q1 2025.
  4. Active Portfolio Management and Strategic Asset Allocation: AGNC's proactive and dynamic approach to managing its investment portfolio, including strategic asset allocation, is expected to enhance revenue. This involves optimizing existing holdings, rotating towards higher-coupon securities, and carefully managing prepayment risk to stabilize cash flows and enhance net interest income. The company's strategy includes increasing exposure to higher-coupon securities to provide greater stability in cash flows, especially during periods of fluctuating interest rates.

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Share Repurchases

  • AGNC Investment Corp.'s board of directors authorized a new share repurchase program of up to $1 billion in October 2024, set to continue through December 31, 2026.
  • As of September 30, 2025, the full $1 billion authorization for share repurchases remained available.
  • Management's strategy is to repurchase shares only when they trade below the tangible net book value.

Share Issuance

  • For the full year 2025, AGNC issued 208.2 million shares of common equity through at-the-market (ATM) offerings, resulting in net proceeds of $2.0 billion.
  • In 2025, the company also issued $345 million of 8.75% Series H Fixed-Rate preferred equity.
  • During the third quarter of 2025, AGNC issued 31.0 million shares of common equity through ATM offerings, generating net proceeds of $309 million.

Outbound Investments

  • AGNC's core business involves investing in residential mortgage pass-through securities and collateralized mortgage obligations, primarily Agency mortgage-backed securities (MBS).
  • As of December 31, 2025, the company's investment portfolio totaled $94.8 billion, predominantly consisting of Agency MBS and TBA (to-be-announced) securities.

Peer Outperformance in Mortgage REITs

AGNC has outperformed 88% of its 32 Mortgage REITs peers over 5Y. Mortgage REITs ranks 16th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Mortgage REITs constituents that AGNC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
86%
of 36 industry peers · 17.6% return
3Y
94%
of 35 industry peers · 70.7% return
5Y
88%
of 32 industry peers · 34.4% return
No Mortgage REITs peer with a comparable growth profile has beaten AGNC by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is AGNC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 9.8%133.2%146.5% IBKR 503% · SNEX 243% · HOOD 205%
Reinsurance 6 22.3%79.1%126.4% SPNT 167% · RGA 140% · MTG 130%
Diversified Banks 13 35.0%137.5%114.2% CM 159% · JPM 156% · RY 147%
Life & Health Insurance 20 17.1%58.5%100.6% JXN 511% · UNM 327% · FG 229%
Multi-Sector Holdings 6 4.2%43.1%80.4% JONE 361% · JEF 84% · BRK-B 81%
Regional Banks 265 27.6%88.1%69.5% GCBC 376% · ESQ 349% · VBNK 328%
Property & Casualty Insurance 42 11.5%75.5%68.2% ASIC 2739900% · HRTG 422% · UVE 303%
Multi-line Insurance 9 13.4%87.8%56.7% GNW 184% · L 101% · SLF 94%
Consumer Finance 30 10.1%90.6%37.6% ENVA 609% · EZPW 406% · FCFS 168%
Financial Exchanges & Data 15 -0.2%22.4%32.4% VIRT 222% · CBOE 155% · CME 79%
Insurance Brokers 16 -11.4%2.0%26.3% LIFE 652% · AJG 91% · ARX 89%
Asset Management & Custody Banks 82 -9.8%21.6%22.8% WT 344% · VCTR 295% · SII 294%
Diversified Financial Services 4 -0.5%7.9%16.0% FRHC 165% · EQH 97% · TMS -65%
Commercial & Residential Mortgage Finance 12 -39.6%30.5%8.2% FNMA 514% · FMCC 497% · ESNT 66%
Specialized Finance 3 15.7%48.8%-7.0% EFC 37% · CACC -7% · HASI -16%
Mortgage REITs ← 33 -10.9%11.0%-11.5% NREF 59% · RITM 53% · DX 41%
Diversified Capital Markets 21 -20.0%-0.7%-42.3% BTCS 629% · OPY 209% · LPLA 151%
Transaction & Payment Processing Services 15 3.6%0.7%-42.9% V 70% · MA 70% · CPAY 58%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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Peer Comparisons

Peers to compare with:

Financials

AGNCNLYSTWDBXMTRITMARIMedian
NameAGNC Inv.Annaly C.Starwood.Blacksto.Rithm Ca.Apollo C. 
Mkt Price10.6522.8116.0814.2010.086.8812.43
Mkt Cap12.316.95.92.45.60.95.8
Rev LTM2,4013,1728126093,336-851,606
Op Inc LTM-------
FCF LTM886-314481353-1,88621187
FCF 3Y Avg4201,265531367-1,29256394
CFO LTM8868861,091353-1,88186620
CFO 3Y Avg4202,157752367-1,247168394

Growth & Margins

AGNCNLYSTWDBXMTRITMARIMedian
NameAGNC Inv.Annaly C.Starwood.Blacksto.Rithm Ca.Apollo C. 
Rev Chg LTM384.1%238.3%1.8%25.7%19.4%-154.5%22.5%
Rev Chg 3Y Avg252.2%231.2%-10.0%-2.6%14.7%-67.0%6.1%
Rev Chg Q710.7%705.6%-5.7%18.1%8.5%-551.4%13.3%
QoQ Delta Rev Chg LTM49.6%32.7%-1.2%4.1%2.0%-132.4%3.1%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM36.9%27.9%134.4%57.9%-56.4%-36.9%
CFO/Rev 3Y Avg37.7%-89.9%65.6%-43.5%-51.7%
FCF/Rev LTM36.9%-9.9%59.3%57.9%-56.5%-36.9%
FCF/Rev 3Y Avg37.7%-62.8%65.6%-45.3%-50.3%

Valuation

AGNCNLYSTWDBXMTRITMARIMedian
NameAGNC Inv.Annaly C.Starwood.Blacksto.Rithm Ca.Apollo C. 
Mkt Cap12.316.95.92.45.60.95.8
P/S5.15.37.33.91.7-5.1
P/Op Inc-------
P/EBIT-------
P/E5.45.725.9155.412.16.89.5
P/CFO13.919.05.46.8-3.010.48.6
Total Yield32.6%30.0%15.7%13.9%20.2%30.3%25.1%
Dividend Yield14.2%12.4%11.9%13.3%12.0%15.6%12.9%
FCF Yield 3Y Avg3.6%13.4%8.5%12.0%-24.4%4.1%6.3%
D/E0.02.32.46.66.40.42.3
Net D/E-0.02.22.36.45.3-1.02.3

Returns

AGNCNLYSTWDBXMTRITMARIMedian
NameAGNC Inv.Annaly C.Starwood.Blacksto.Rithm Ca.Apollo C. 
1M Rtn-0.7%-1.0%-2.2%0.4%-1.1%1.8%-0.8%
3M Rtn8.9%12.5%-1.7%-19.0%14.6%-2.6%3.6%
6M Rtn8.1%9.9%-4.9%-22.3%8.1%3.2%5.6%
12M Rtn17.6%17.7%-13.1%-21.7%-11.9%3.5%-4.2%
3Y Rtn70.7%71.7%5.7%-15.0%32.1%35.0%33.5%
1M Excs Rtn1.4%0.5%0.8%2.5%1.3%2.7%1.3%
3M Excs Rtn3.7%6.6%-7.5%-25.0%8.9%-8.4%-1.9%
6M Excs Rtn-7.4%-5.7%-19.7%-36.6%-4.3%-11.5%-9.5%
12M Excs Rtn0.8%0.6%-31.3%-39.3%-30.2%-14.3%-22.3%
3Y Excs Rtn-3.0%-2.4%-64.6%-82.2%-40.6%-39.5%-40.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment1,797973251-1,116837
Total1,797973251-1,116837


Price Behavior

Price Behavior
Market Price$10.65 
Market Cap ($ Bil)12.3 
First Trading Date05/15/2008 
Distance from 52W High-4.7% 
   50 Days200 Days
DMA Price$10.72$10.19
DMA Trendupup
Distance from DMA-0.6%4.5%
 3M1YR
Volatility20.0%20.2%
Downside Capture55.9964.46
Upside Capture84.6469.52
Correlation (SPY)36.6%43.5%
AGNC Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.380.660.550.920.700.75
Up Beta0.03-0.420.130.740.680.58
Down Beta0.961.150.691.180.780.84
Up Capture53%93%75%78%65%60%
Bmk +ve Days10213268138427
Stock +ve Days7183158126393
Down Capture45%102%53%101%68%93%
Bmk -ve Days11213259113324
Stock -ve Days12223065115329

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AGNC
AGNC19.6%20.2%0.77-
Sector ETF (XLF)8.8%14.6%0.3535.0%
Equity (SPY)19.7%12.8%1.1343.4%
Gold (GLD)24.6%29.2%0.7533.7%
Commodities (DBC)43.8%20.3%1.67-18.0%
Real Estate (VNQ)9.1%13.6%0.3947.5%
Bitcoin (BTCUSD)-28.1%43.8%-0.6320.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AGNC
AGNC5.4%25.8%0.19-
Sector ETF (XLF)10.1%18.4%0.4150.2%
Equity (SPY)12.8%17.2%0.5754.6%
Gold (GLD)19.1%18.8%0.8218.0%
Commodities (DBC)10.7%19.5%0.438.3%
Real Estate (VNQ)1.7%18.9%-0.0160.7%
Bitcoin (BTCUSD)10.2%52.6%0.3821.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AGNC
AGNC6.4%25.5%0.26-
Sector ETF (XLF)13.6%22.1%0.5649.8%
Equity (SPY)15.3%17.9%0.7251.7%
Gold (GLD)12.4%16.3%0.6218.6%
Commodities (DBC)7.9%18.1%0.3516.7%
Real Estate (VNQ)4.8%20.7%0.1957.6%
Bitcoin (BTCUSD)63.7%66.2%1.0316.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity105.3 Mil
Short Interest: % Change Since 73120265.2%
Average Daily Volume17.3 Mil
Days-to-Cover Short Interest6.1 days
Basic Shares Quantity1,157.6 Mil
Short % of Basic Shares9.1%

Earnings Returns History

Updated 8/20/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/20/2026-1.3%-2.6%1.1%
4/20/20261.3%3.1%-4.9%
1/26/20263.1%-4.4%-3.4%
10/20/2025-0.5%2.0%1.3%
7/21/20251.5%4.9%5.4%
4/21/20253.6%10.5%14.1%
1/27/20250.8%2.9%8.6%
10/21/2024-3.6%-7.1%-5.7%
...
SUMMARY STATS   
# Positive161514
# Negative8910
Median Positive1.7%3.1%8.1%
Median Negative-1.3%-2.6%-5.0%
Max Positive7.1%20.2%30.7%
Max Negative-3.6%-7.1%-10.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/20/2026-1.3%-2.6%1.1%
4/20/20261.3%3.1%-4.9%
1/26/20263.1%-4.4%-3.4%
10/20/2025-0.5%2.0%1.3%
7/21/20251.5%4.9%5.4%
4/21/20253.6%10.5%14.1%
1/27/20250.8%2.9%8.6%
10/21/2024-3.6%-7.1%-5.7%
7/22/20240.7%-1.5%-0.1%
4/22/20241.8%1.7%8.8%
1/22/20240.5%2.3%-1.1%
10/30/20236.3%20.2%30.7%
7/24/20231.4%0.5%-6.7%
4/24/2023-3.0%-3.6%-9.2%
1/30/20232.8%2.0%-5.1%
10/24/20223.8%9.5%26.6%
7/25/2022-1.2%4.3%1.4%
5/2/20227.1%9.5%9.7%
1/31/2022-1.4%-3.8%-10.6%
10/25/2021-0.2%-1.5%-2.4%
7/26/20210.0%-1.0%2.2%
4/26/20212.2%4.3%7.5%
1/25/2021-0.6%-1.5%2.8%
10/26/20201.1%0.1%12.4%
SUMMARY STATS   
# Positive161514
# Negative8910
Median Positive1.7%3.1%8.1%
Median Negative-1.3%-2.6%-5.0%
Max Positive7.1%20.2%30.7%
Max Negative-3.6%-7.1%-10.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/04/202610-Q
12/31/202502/23/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/21/202510-K
09/30/202411/01/202410-Q
06/30/202408/05/202410-Q
03/31/202405/07/202410-Q
12/31/202302/22/202410-K
09/30/202311/06/202310-Q
06/30/202308/03/202310-Q
03/31/202305/08/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/04/202610-Q
12/31/202502/23/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/21/202510-K
09/30/202411/01/202410-Q
06/30/202408/05/202410-Q
03/31/202405/07/202410-Q
12/31/202302/22/202410-K
09/30/202311/06/202310-Q
06/30/202308/03/202310-Q
03/31/202305/08/202310-Q
12/31/202202/27/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/09/202210-Q
12/31/202102/23/202210-K
09/30/202111/05/202110-Q
06/30/202108/05/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/05/202010-Q
06/30/202008/07/202010-Q
03/31/202005/11/202010-Q
12/31/201902/25/202010-K
09/30/201911/05/201910-Q

Insider Activity

Updated 8/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bell, BerniceEVP, CFODirectSell821202611.0715,000166,0004,367,343Form
2Bell, BerniceEVP, CFODirectSell730202611.005,00055,0004,476,422Form
3Bell, BerniceEVP, CFODirectSell514202610.7910,000107,9204,387,601Form
4Blank, Donna DirectSell507202610.7822,000237,0501,039,476Form
5Mullings, Paul E DirectSell505202610.746,80073,0321,609,776Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bell, BerniceEVP, CFODirectSell821202611.0715,000166,0004,367,343Form
2Bell, BerniceEVP, CFODirectSell730202611.005,00055,0004,476,422Form
3Bell, BerniceEVP, CFODirectSell514202610.7910,000107,9204,387,601Form
4Blank, Donna DirectSell507202610.7822,000237,0501,039,476Form
5Mullings, Paul E DirectSell505202610.746,80073,0321,609,776Form
6Federico, Peter JDirector, President, CEO, CIODirectSell428202611.0864,412713,62121,350,151Form
7Federico, Peter JDirector, President, CEO, CIODirectSell428202611.0364,411710,38921,964,197Form
8Federico, Peter JDirector, President, CEO, CIODirectSell428202610.9164,411702,59522,425,821Form
9Bell, BerniceEVP, CFODirectSell219202611.3615,000170,4004,172,869Form
10Bell, BerniceEVP, CFODirectSell219202611.2935,397399,6364,316,506Form
11Kain, Gary DDirector, Executive ChairDirectSell130202611.91700,0008,336,30026,069,886Form
12Bell, BerniceEVP, CFODirectSell130202612.1425,000303,5005,969,582Form
13Pollack, Kenneth LEVP and General CounselDirectSell130202612.1150,000605,5006,688,317Form
14Bell, BerniceEVP, CFODirectSell1110202510.3210,000103,2003,505,903Form
15Bell, BerniceEVP, CFODirectSell1110202510.2110,000102,1503,572,383Form
16Federico, Peter JDirector, Pres., CEO and CIODirectSell1028202510.3045,798471,60915,565,882Form
17Federico, Peter JDirector, Pres., CEO and CIODirectSell1028202510.2745,798470,20815,989,835Form
18Federico, Peter JDirector, Pres., CEO and CIODirectSell1028202510.1645,797465,16016,283,691Form
19Bell, BerniceEVP, CFODirectSell81220259.4631,500297,9903,350,697Form

Investor Activity (13F)

Updated Sep 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
King Street Capital Management, L.P.$6.2 Mil1.9%11TRIM -81.1%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
King Street Capital Management, L.P.$6.2 Mil1.9%11TRIM -81.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
King Street Capital Management, L.P.$6.2 Mil1.9%11TRIM -81.1%13F
Core Cache Last Updated: 9/7/2026