AGNC Investment Corp. (AGNC)

Price$10.65Cached quoteAs of 2026-09-06 00:53 UTC

AI: Fair-priced

Price checkThe shares look fairly priced: rich versus assets, but supported by unusually high current income.

At the observed market price, AGNC trades at about 1.27 times its June tangible net book value of $8.58 per share, so investors are paying roughly 27% above the reported common net assets excluding goodwill. The offset is income: the $0.12 monthly dividend annualizes to about a 13% yield, and first-half net spread and dollar roll income—a company measure of mortgage income after funding costs and related forward trades—totaled $0.82 per share versus $0.72 of dividends. That supports the payout today, but the premium assumes book value and spread income remain reasonably stable.

Big pictureIncome has improved, but profits and asset values still swing sharply when mortgage markets move.

The supplied history shows severe cyclicality: net income went from a $1.19 billion loss in 2022 to $155 million in 2023, $863 million in 2024, and $1.67 billion in 2025. In 2026, AGNC then lost $148 million in the first quarter and earned $654 million in the second. Operating cash flow was $653 million in 2025 against $1.60 billion of dividends. For a mortgage investment company, that cash measure is imperfect because buying, selling, hedging, and financing securities dominate cash movements; book value and spread income are more informative.

Business strengthGovernment-backed mortgages limit credit losses, while heavy borrowing makes book value vulnerable to market swings.

Most of AGNC’s portfolio is Agency mortgage-backed securities, whose principal and interest are guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, so borrower defaults are not the main danger. The risk comes from leverage and funding: June assets were $121.8 billion versus $109.2 billion of liabilities, and leverage was 7.4 times tangible equity. AGNC also held $7.5 billion of unencumbered cash and Agency securities, equal to 62% of tangible equity, giving it meaningful liquidity to meet demands for extra collateral or reposition the portfolio.

What could change the storyLower funding costs could lift returns, while wider mortgage spreads could quickly erase book value.

The bull case is cheaper funding without a comparable fall in mortgage yields. In the second quarter, average asset yield was 4.89%, hedged funding cost was 2.89%, leaving a 2.00% net interest spread. The bear case is mortgage spreads widening—the yield gap between these mortgages and benchmark rates—which AGNC estimates would cut tangible book value about 12.2% if that gap widened by 0.25 percentage point. Capital allocation matters too: shares outstanding rose roughly 30% from year-end 2024 to June 2026, while first-half 2026 issuance averaged $10.47 net per share, above reported book values and therefore potentially accretive.

AI: News

Second-quarter reboundSecond-quarter results restored some book value and beat expected recurring income, strengthening near-term dividend confidence.

On July 20, AGNC reported $0.52 of comprehensive income per common share, meaning total accounting income including certain market-value changes, and tangible net book value rose 2.4% to $8.58. Economic return, which combines dividends with the book-value change, was 6.7%. Net spread and dollar roll income was $0.40 per share versus a $0.38 analyst consensus cited by Investing.com and $0.36 of quarterly dividends. Shares rose about 0.4% after hours, consistent with a positive initial reaction but not proof of causation.

New share-sale programA new two-billion-dollar share program gives AGNC growth capital but increases dilution risk for existing owners.

On May 28, AGNC authorized up to $2 billion of common-stock sales through an at-the-market program, meaning shares can be sold gradually into public trading. By June 30, $2.0 billion remained available under that new program. AGNC had already issued 54.2 million shares during the first half for $568 million of net proceeds, averaging $10.47 per share. Issuing above tangible book value can increase book value per existing share; heavy issuance near or below book value would weaken that benefit.

First-quarter book-value dropFirst-quarter mortgage-market stress cut book value sharply even though recurring income still covered the dividend.

On April 20, AGNC reported a 5.6% quarterly fall in tangible net book value, from $8.88 to $8.38, and a $0.18 comprehensive loss per share. At the same time, net spread and dollar roll income was $0.42 per share against $0.36 of dividends. The mismatch matters: income can look healthy while market-value losses reduce shareholder capital. AGNC said wider mortgage spreads drove the book-value decline; a later recovery partly reversed it, underscoring how quickly this leveraged portfolio can move.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2014	2013	2012	2011	2010	2009
Revenue	$1.80B	$973.0M	$251.0M	−$1.12B	—	—	$771.0M	$229.0M	$844.0M	−$92.0M	$1.44B	$1.44B	$850.0M	$307.0M	$130.1M
Operating expenses	$127.0M	$110.0M	$96.0M	$74.0M	$88.0M	$93.0M	$83.0M	$100.0M	$73.0M	$141.0M	$168.0M	$144.0M	$74.0M	$19.0M	$11.1M
Net income	$1.67B	$863.0M	$155.0M	−$1.19B	$749.0M	−$266.0M	$688.0M	$129.0M	$771.0M	−$233.0M	$1.26B	$1.28B	$770.0M	$288.0M	$118.6M
Net profit margin	92.93%	88.69%	61.75%	—	—	—	89.23%	56.33%	91.35%	—	87.43%	88.68%	90.59%	93.81%	91.18%
Basic EPSper basic share	$1.48	$0.93	$0.05	-$2.41	$1.23	-$0.66	$1.16	$0.21	$2.04	-$0.72	$3.28	$4.17	$5.02	$7.89	$6.78
Diluted EPSper diluted share	$1.47	$0.93	$0.05	-$2.41	$1.22	-$0.66	$1.16	$0.21	$2.04	-$0.72	$3.28	$4.17	$5.02	$7.89	$6.78

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)34$16.88M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 12, 2026Form 4	Bell BerniceEVP, CFO	SellCommon Stock	10.0K	$10.79	$107.9K	406.6K
May 6, 2026Form 4	BLANK DONNADirector	SellCommon Stock, par value $0.01 per share	22.0K	$10.78	$237.2K	96.5K
May 4, 2026Form 4	Mullings Paul EDirector	SellCommon Stock, par value $0.01 per share	6.8K	$10.74	$73.0K	149.9K
Apr 28, 2026Form 4 · 10b5-1	Federico Peter JDirector, President, CEO, CIO	SellCommon Stock	64.4K	$11.08	$713.7K	1.93M
Apr 27, 2026Form 4 · 10b5-1	Federico Peter JDirector, President, CEO, CIO	SellCommon Stock	64.4K	$11.03	$710.5K	1.99M

Review ownership filings at SEC.gov ↗

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AGNC Investment Corp. (AGNC)

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