AGNCN

EX-99.1

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EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 20, 2026

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS

Bethesda, MD - July 20, 2026 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2026.

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

•$0.52 comprehensive income per common share, comprised of:

◦$0.52 net income per common share

◦$(0.01) other comprehensive loss (“OCI”) per common share on investments marked-to-market through OCI

•$0.40 net spread and dollar roll income per common share1

◦Excludes less than $(0.01) per common share of estimated “catch-up” premium amortization cost due to change in projected constant prepayment rate (“CPR”) estimates

•$8.58 tangible net book value per common share as of June 30, 2026

◦Increased $0.20 per common share, or 2.4%, from $8.38 per common share as of March 31, 2026

•$0.36 dividends declared per common share for the second quarter

•6.7% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.20 increase in tangible net book value per common share

OTHER SECOND QUARTER HIGHLIGHTS

•$97.2 billion investment portfolio as of June 30, 2026, comprised of:

◦$86.8 billion Agency mortgage-backed securities (“Agency MBS”)

◦$9.7 billion net forward purchases/(sales) of Agency MBS in the “to-be-announced” market (“TBA securities”)

◦$0.7 billion credit risk transfer (“CRT”) and non-Agency securities and other mortgage credit investments

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July 20, 2026

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•7.4x tangible net book value “at risk” leverage as of June 30, 2026

◦7.4x average tangible net book value “at risk” leverage for the quarter

•Unencumbered cash and Agency MBS totaled $7.5 billion as of June 30, 2026

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 62% of the Company’s tangible equity as of June 30, 2026

•8.6% average projected portfolio life CPR as of June 30, 2026

◦13.0% actual portfolio CPR for the quarter

•2.00% annualized net interest spread for the quarter2

•Issued 16.2 million shares of common equity through At-the-Market (“ATM”) Offerings for net proceeds of $167 million

1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company’s annualized net interest spread.

MANAGEMENT REMARKS

“The investment environment in the second quarter continued to be challenging, as escalating rhetoric and hostilities between the United States and Iran largely dictated financial market performance,” said Peter Federico, the Company’s President, Chief Executive Officer and Chief Investment Officer. “Elevated energy prices and supply chain disruptions were the dominant macroeconomic concerns, particularly in April and May when maritime traffic through the Strait of Hormuz was severely constrained. These concerns caused Treasury yields to increase, the yield curve to flatten, and the market’s monetary policy expectations to pivot from rate cuts to rate hikes.

“Despite the volatile macroeconomic backdrop, AGNC delivered a strong economic return of 6.7% for the second quarter. Elevated mortgage rates caused a reduction in projected Agency MBS supply, while demand remained strong, creating a positive technical backdrop that supported Agency MBS performance and drove spreads to benchmark rates tighter. Although mortgage spreads have declined from recent peak levels, they remain elevated by historical standards. Agency MBS also offer compelling value relative to other fixed income alternatives, particularly corporate bonds, which are at or near historically tight spreads to U.S. Treasuries despite record issuance and rising credit concerns. Together, these favorable dynamics should be supportive of Agency MBS performance over the near to intermediate term and position AGNC to continue to deliver strong risk-adjusted returns for our stockholders.”

“AGNC’s 6.7% economic return on tangible common equity in the second quarter was comprised of $0.36 of dividends per common share and a $0.20 increase in tangible net book value per common share,” said Bernice Bell, the Company’s Executive Vice President and Chief Financial Officer. “Additionally, AGNC generated a 12.3% unannualized total stock return in the second quarter, with dividends reinvested, despite the significant volatility experienced by financial markets. AGNC’s net spread and dollar roll income per common share was $0.40 for the second quarter, a modest decrease of $0.02 per common share from the prior quarter. Finally,

EX-99.1

2 agnc8kexhibit99133126.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 20, 2026

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS

Bethesda, MD - April 20, 2026 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2026.

FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

•$(0.18) comprehensive loss per common share, comprised of:

◦$(0.17) net loss per common share

◦$(0.01) other comprehensive loss (“OCI”) per common share on investments marked-to-market through OCI

•$0.42 net spread and dollar roll income per common share1

◦Excludes less than $0.01 per common share of estimated “catch-up” premium amortization benefit due to change in projected constant prepayment rate (“CPR”) estimates

•$8.38 tangible net book value per common share as of March 31, 2026

◦Decreased $(0.50) per common share, or -5.6%, from $8.88 per common share as of December 31, 2025

•$0.36 dividends declared per common share for the first quarter

•-1.6% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.50) decrease in tangible net book value per common share

OTHER FIRST QUARTER HIGHLIGHTS

•$94.7 billion investment portfolio as of March 31, 2026, comprised of:

◦$84.4 billion Agency mortgage-backed securities (“Agency MBS”)

◦$9.5 billion net forward purchases/(sales) of Agency MBS in the “to-be-announced” market (“TBA securities”)

◦$0.7 billion credit risk transfer (“CRT”) and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

April 20, 2026

Page 2

•7.4x tangible net book value “at risk” leverage as of March 31, 2026

◦7.4x average tangible net book value “at risk” leverage for the quarter

•Unencumbered cash and Agency MBS totaled $7.0 billion as of March 31, 2026

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 60% of the Company’s tangible equity as of March 31, 2026

•10.3% average projected portfolio life CPR as of March 31, 2026

◦13.2% actual portfolio CPR for the quarter

•2.06% annualized net interest spread for the quarter2

•Issued 38.0 million shares of common equity through At-the-Market (“ATM”) Offerings for net proceeds of $401 million

1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company’s annualized net interest spread.

MANAGEMENT REMARKS

“Agency MBS performance in the first quarter was driven by two divergent macroeconomic themes,” said Peter Federico, the Company’s President, Chief Executive Officer and Chief Investment Officer. “In January and February, the Administration’s focus on reducing interest rate volatility, maintaining mortgage spread stability, and improving housing affordability drove strong performance across the broader fixed income complex and Agency MBS specifically. This favorable investment environment was, however, quickly eclipsed in March by the war in Iran and the potential for more widespread conflict in the Middle East. The associated increase in volatility and negative shift in investor sentiment caused Agency MBS spreads to benchmark rates to widen, and, as a result, AGNC’s economic return on tangible common equity in the first quarter was negative 1.6%. Despite the quarter-over-quarter spread widening, Agency MBS generated a positive excess return to both US Treasuries and investment grade corporate bonds in the first quarter, again demonstrating the diversification benefit of this high credit quality, fixed income asset class.

“We continue to believe that many of the factors we cited at the beginning of the year remain positive catalysts for Agency MBS performance. First, mortgage spreads to benchmark rates widened significantly in March and provide investors with compelling value on both an absolute and relative basis at these levels. Second, supply-demand technicals have improved as a result of higher mortgage rates, increased bond fund inflows, and proposed regulatory capital changes. Third, the higher rate environment also increases the likelihood of actions by the administration to stabilize or reduce mortgage spreads as a means to mitigate housing affordability issues. Finally, although interest rate volatility has increased and the path of future Federal Reserve monetary policy actions has become a bit more uncertain, we believe that, with some form of resolution or easing of tensions in the Middle East, these factors could quickly revert to positive catalysts for Agency MBS. As a result, our longer-term outlook for Agency MBS remains constructive, de

EX-99.1

2 agnc8kexhibit991123125.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 26, 2026

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTS

Bethesda, MD - January 26, 2026 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended December 31, 2025.

FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS

•$0.89 comprehensive income per common share, comprised of:

◦$0.83 net income per common share

◦$0.06 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.35 net spread and dollar roll income per common share1

◦Excludes $(0.01) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates

•$8.88 tangible net book value per common share as of December 31, 2025

◦Increased $0.60 per common share, or 7.2%, from $8.28 per common share as of September 30, 2025

•$0.36 dividends declared per common share for the fourth quarter

•11.6% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.60 increase in tangible net book value per common share

OTHER FOURTH QUARTER HIGHLIGHTS

•$94.8 billion investment portfolio as of December 31, 2025, comprised of:

◦$81.1 billion Agency mortgage-backed securities ("Agency MBS")

◦$13.0 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$0.7 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

January 26, 2026

Page 2

•7.2x tangible net book value "at risk" leverage as of December 31, 2025

◦7.4x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $7.6 billion as of December 31, 2025

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 64% of the Company's tangible equity as of December 31, 2025

•9.6% average projected portfolio life CPR as of December 31, 2025

◦9.7% actual portfolio CPR for the quarter

•1.81% annualized net interest spread for the quarter2

•Capital markets activity

◦Issued 34.9 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $356 million

2025 FULL YEAR HIGHLIGHTS

•$1.74 comprehensive income per common share, comprised of:

◦$1.47 net income per common share

◦$0.27 OCI per common share

•$1.50 net spread and dollar roll income per common share1

◦Excludes $(0.01) per common share of estimated "catch-up" premium amortization cost

•$1.44 in dividends declared per common share

•22.7% economic return on tangible common equity for the year, comprised of:

◦$1.44 dividends per common share

◦$0.47 increase in tangible net book value per common share, or 5.6%, from $8.41 per common share as of December 31, 2024

•34.8% total stock return3

•Capital markets activity

◦Issued 208.2 million shares of common equity through ATM Offerings for net proceeds of $2.0 billion

◦Issued $345 million of 8.75% Series H Fixed-Rate preferred equity

1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

3.Includes dividend reinvestments. Source Bloomberg

MANAGEMENT REMARKS

"The fourth quarter of 2025 capped an exceptional year for AGNC shareholders," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "For the year, AGNC generated an impressive economic return on tangible common equity of 22.7%. Even more noteworthy, AGNC's total stock return in 2025 was 34.8% with dividends reinvested, nearly double the performance of the S&P 500 Index. This performance, on both a relative and absolute basis, demonstrates the value of AGNC's actively managed portfolio of Agency MBS and associated hedges.

"Agency MBS was the best performing domestic fixed income asset class in the fourth quarter and produced a total return for the year of 8.6%, the best full-year return for Agency MBS since 2002. This strong performance was driven by a confluence of several factors. The Federal

AGNC Investment Corp.

January 26, 2026

Page 3

Reserve shifted monetary policy toward lower short-term rates and greater accommodation, and interest rate volatility declined. In addition, uncertainty and potential risks associated with GSE reform were reduced as Administration officials communicated a framework focused on maintaining mortgage market stability and improving housing affordability. Collectively, these and other facto

EX-99.1

2 agnc8kexhibit99193025.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 20, 2025

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS

Bethesda, MD - October 20, 2025 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended September 30, 2025.

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

•$0.78 comprehensive income per common share, comprised of:

◦$0.72 net income per common share

◦$0.06 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.35 net spread and dollar roll income per common share1

◦Excludes $(0.01) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates

•$8.28 tangible net book value per common share as of September 30, 2025

◦Increased $0.47 per common share, or 6.0%, from $7.81 per common share as of June 30, 2025

•$0.36 dividends declared per common share for the third quarter

•10.6% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.47 increase in tangible net book value per common share

OTHER THIRD QUARTER HIGHLIGHTS

•$90.8 billion investment portfolio as of September 30, 2025, comprised of:

◦$76.3 billion Agency MBS

◦$13.8 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$0.7 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

October 20, 2025

Page 2

•7.6x tangible net book value "at risk" leverage as of September 30, 2025

◦7.5x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $7.2 billion as of September 30, 2025

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 66% of the Company's tangible equity as of September 30, 2025

•8.6% average projected portfolio life CPR as of September 30, 2025

◦8.3% actual portfolio CPR for the quarter

•1.78% annualized net interest spread for the quarter2

•Capital markets activity

◦Issued 31.0 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $309 million

◦Issued $345 million of 8.75% Series H Fixed-Rate preferred equity

1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

MANAGEMENT REMARKS

"In the third quarter, the Federal Reserve's pivot to a less restrictive monetary policy stance and the easing of fiscal policy concerns drove robust financial market performance and a significant improvement in investor sentiment," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "Agency mortgage-backed securities were one of the best performing fixed income asset classes during the quarter and have now outperformed U.S. Treasuries for five consecutive months for the first time since 2013. In this beneficial investment environment, AGNC generated a very strong economic return on tangible common equity of 10.6% in the third quarter.

"Looking ahead, several macroeconomic dynamics continue to support our constructive outlook for Agency MBS. A favorable range for mortgage spreads to benchmark rates has emerged over the last four years. The supply of Agency MBS remains very manageable, and demand appears poised to grow. The financing market for Agency MBS remains solid, despite material U.S. Treasury issuance and the Federal Reserve's balance sheet runoff. Finally, GSE reform discussions are trending in a positive direction and continue to emphasize mortgage market stability. As the largest levered Agency MBS-focused investment vehicle, AGNC is well-positioned to generate attractive risk-adjusted returns in this evolving investment environment."

"AGNC's 10.6% economic return on tangible common equity in the third quarter was comprised of $0.36 of dividends per common share and a $0.47 increase in tangible net book value per common share, driven by tighter mortgage spreads to benchmark rates quarter-over-quarter," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "AGNC's net spread and dollar roll income per common share was $0.35 for the third quarter. During the quarter, AGNC raised $345 million of Series H Preferred Stock, the largest mortgage REIT preferred stock offering since 2021, and issued over $300 million of common stock at a significant premium to our tangible book value per share. Finally,

EX-99.1

2 agnc8kexhibit99163025.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 21, 2025

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS

Bethesda, MD - July 21, 2025 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2025.

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

•$(0.13) comprehensive loss per common share, comprised of:

◦$(0.17) net loss per common share

◦$0.05 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.38 net spread and dollar roll income per common share1

◦Excludes $0.01 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$7.81 tangible net book value per common share as of June 30, 2025

◦Decreased $(0.44) per common share, or -5.3%, from $8.25 per common share as of March 31, 2025

•$0.36 dividends declared per common share for the second quarter

•-1.0% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.44) decrease in tangible net book value per common share

OTHER SECOND QUARTER HIGHLIGHTS

•$82.3 billion investment portfolio as of June 30, 2025, comprised of:

◦$73.3 billion Agency MBS

◦$8.3 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$0.7 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

July 21, 2025

Page 2

•7.6x tangible net book value "at risk" leverage as of June 30, 2025

◦7.5x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $6.4 billion as of June 30, 2025

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 65% of the Company's tangible equity as of June 30, 2025

•7.8% average projected portfolio life CPR as of June 30, 2025

◦8.7% actual portfolio CPR for the quarter

•2.01% annualized net interest spread for the quarter2

•Issued 92.6 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $799 million

1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

MANAGEMENT REMARKS

"Following the administration's 'Liberation Day' tariff announcement in early April, financial markets repriced significantly to reflect greater governmental policy risk and its potentially adverse impact on the economy and monetary policy. Interest rate volatility also increased notably, and investor sentiment turned sharply negative," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "Although most asset class valuations retraced the April losses and ultimately increased quarter-over-quarter, Agency MBS were an exception, as spreads to benchmark rates widened moderately during the second quarter. As a result of this underperformance, AGNC's economic return for the second quarter was -1.0%.

"Looking ahead, we continue to have a favorable outlook for levered and hedged Agency MBS investments. Mortgage spreads to benchmark rates remain elevated by historical standards and range-bound, an extremely favorable return environment. Supply dynamics remain in balance with demand, and bank participation in the Agency MBS markets appears poised to increase following the adoption of anticipated regulatory changes. Finally, and perhaps most importantly, the administration has reiterated its intent to preserve Agency MBS' pristine credit profile and to maintain or reduce current mortgage spreads to benchmark rates. Collectively, we believe these dynamics provide a very positive backdrop for AGNC's investment activities."

"AGNC's -1.0% economic return on tangible common equity in the second quarter was comprised of $0.36 of dividends per common share and a $(0.44) decline in tangible net book value per common share, driven by moderately wider mortgage spreads to benchmark rates," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "AGNC's net spread and dollar roll income was $0.38 per common share for the second quarter. As a result of our risk management positioning and ample liquidity at the end of the first quarter, AGNC was able to navigate the substantial financial market volatility in April with our portfolio intact, and we opportunistically added assets at attractive levels using accretive capital raised through our At-the-Market pro

EX-99.1

2 agnc8kexhibit99133125.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 21, 2025

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FIRST QUARTER 2025 FINANCIAL RESULTS

Bethesda, MD - April 21, 2025 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2025.

FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

•$0.12 comprehensive income per common share, comprised of:

◦$0.02 net income per common share

◦$0.10 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.44 net spread and dollar roll income per common share1

◦Excludes less than $(0.01) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates

•$8.25 tangible net book value per common share as of March 31, 2025

◦Decreased $(0.16) per common share, or -1.9%, from $8.41 per common share as of December 31, 2024

•$0.36 dividends declared per common share for the first quarter

•2.4% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.16) decrease in tangible net book value per common share

OTHER FIRST QUARTER HIGHLIGHTS

•$78.9 billion investment portfolio as of March 31, 2025, comprised of:

◦$70.5 billion Agency MBS

◦$7.5 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$0.9 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

April 21, 2025

Page 2

•7.5x tangible net book value "at risk" leverage as of March 31, 2025

◦7.3x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $6.0 billion as of March 31, 2025

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 63% of the Company's tangible equity as of March 31, 2025

•8.3% average projected portfolio life CPR as of March 31, 2025

◦7.0% actual portfolio CPR for the quarter

•2.12% annualized net interest spread for the quarter2

•Issued 49.7 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $509 million

1.Represents a non-GAAP measure. Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

MANAGEMENT REMARKS

"In the first quarter, the prospect that potential governmental policy actions could adversely impact economic growth and accelerate inflationary pressures caused investor sentiment to turn decidedly more cautious," said Peter Federico, the Company's President, Chief Executive Officer and Chief Investment Officer. "These concerns, in turn, initially drove a flight to high quality assets – U.S. Treasuries, Agency mortgage-backed securities ('Agency MBS') and cash – from higher risk assets such as equities and corporate debt. Against this backdrop, AGNC generated a favorable economic return of 2.4% in the first quarter. Despite broader equity market declines, AGNC’s total stock return with dividends reinvested for the quarter was 7.8%.

"Following the April tariff announcement, financial market volatility increased substantially, and Agency MBS spreads to benchmark rates widened. With our conservative leverage profile and ample liquidity at quarter end, AGNC was well-positioned for this instability. Although the widening of Agency MBS spreads drove a modest decline in our tangible book value, our anticipated portfolio returns have increased commensurately with today’s wider spread environment. Moreover, at current valuation levels, we believe Agency MBS offer investors a compelling return opportunity on both a levered and unlevered basis."

"AGNC’s 2.4% economic return on tangible common equity in the first quarter was comprised of $0.36 of dividends per common share and a modest $(0.16) decline in tangible net book value per common share resulting from the moderate increase in mortgage spreads to benchmark rates quarter-over-quarter," said Bernice Bell, the Company’s Executive Vice President and Chief Financial Officer. "AGNC's $0.44 per common share of net spread and dollar roll income increased from $0.37 per common share in the prior quarter. Finally, AGNC concluded the first quarter with tangible 'at risk' leverage of 7.5x and a substantial liquidity position of $6.0 billion of unencumbered cash and Agency MBS, which constituted 63% of our tangible equity at quarter end."

TANGIBLE NET BOOK VALUE PER COMMON SHARE

As of March 31, 2025, the Company's tangible net book value per common share w

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 10, 2025

AGNC INVESTMENT CORP.

(Exact name of registrant as specified in its charter)

Delaware001-3405726-1701984

(State or Other Jurisdiction of Incorporation or Organization)(Commission File Number)(I.R.S. Employer Identification No.)

7373 Wisconsin Avenue, 22nd Floor

Bethesda, Maryland 20814

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(301) 968-9300

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered

Common Stock, par value $0.01 per shareAGNCThe Nasdaq Global Select Market

Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCNThe Nasdaq Global Select Market

Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCMThe Nasdaq Global Select Market

Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCOThe Nasdaq Global Select Market

Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCPThe Nasdaq Global Select Market

Depositary shares of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred StockAGNCLThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     o

Item 2.02 Results of Operations and Financial Condition

On April 10, 2025, AGNC Investment Corp. issued a press release announcing its preliminary estimates of financial results for the quarter ended March 31, 2025. The text of the aforementioned press release is included as exhibit 99.1 to this Form 8-K. The press release included the following financial estimates for the quarter:

•Estimated total comprehensive income for the first quarter of 2025 of $0.12 per share of common stock;

•Estimated tangible net book value of $8.25 per share of common stock as of March 31, 2025;

•Estimated investment portfolio fair value of approximately $78.9 billion fair value as of March 31, 2025, which includes approximately $7.5 billion of To-Be-Announced ("TBA") Agency MBS and $0.9 billion of credit risk transfer and non-Agency securities and other mortgage credit investments;

•Estimated tangible net book value “at risk” leverage ratio of approximately 7.5x as of March 31, 2025. "At risk" leverage is calculated as the sum of repurchase agreements used to fund the Company’s investment portfolio ("Investment Securities Repo"), net

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 27, 2025

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FOURTH QUARTER 2024 FINANCIAL RESULTS

Bethesda, MD - January 27, 2025 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended December 31, 2024.

FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

•$(0.11) comprehensive loss per common share, comprised of:

◦$0.10 net income per common share

◦$(0.20) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.37 net spread and dollar roll income per common share1

◦Excludes $0.06 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$8.41 tangible net book value per common share as of December 31, 2024

◦Decreased $(0.41) per common share, or -4.6%, from $8.82 per common share as of September 30, 2024

•$0.36 dividends declared per common share for the fourth quarter

•-0.6% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.41) decrease in tangible net book value per common share

OTHER FOURTH QUARTER HIGHLIGHTS

•$73.3 billion investment portfolio as of December 31, 2024, comprised of:

◦$65.5 billion Agency MBS

◦$6.9 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$0.9 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

January 27, 2025

Page 2

•7.2x tangible net book value "at risk" leverage as of December 31, 2024

◦7.2x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $6.1 billion as of December 31, 2024

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 66% of the Company's tangible equity as of December 31, 2024

•7.7% average projected portfolio life CPR as of December 31, 2024

◦9.6% actual portfolio CPR for the quarter

•1.91% annualized net interest spread for the quarter2

•Issued 53.2 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $511 million

2024 FULL YEAR HIGHLIGHTS

•$0.84 comprehensive income per common share, comprised of:

◦$0.93 net income per common share

◦$(0.09) OCI per common share

•$1.88 net spread and dollar roll income per common share1

◦Includes $0.03 per common share of dollar roll income

◦Excludes $0.06 per common share of estimated "catch-up" premium amortization benefit

•$1.44 in dividends declared per common share

•13.2% economic return on tangible common equity for the year, comprised of:

◦$1.44 dividends per common share

◦$(0.29) decrease in tangible net book value per common share, or -3.3%, from $8.70 per common share as of December 31, 2023

•8.9% total stock return3

•Issued 202.1 million shares of common equity through ATM Offerings for net proceeds of $2.0 billion

1.Represents a non-GAAP measure. Prior to the fourth quarter 2023, this measure was referred to as "net spread and dollar roll income, excluding 'catch-up' premium amortization cost/benefit, per common share." Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

3.Includes dividend reinvestments. Source Bloomberg

MANAGEMENT REMARKS

"Entering 2025, we continue to have a very positive outlook for Agency MBS, supported by the increasingly favorable environment that emerged in 2024" said Peter Federico, the Company's President and Chief Executive Officer. "The Federal Reserve finally shifted its restrictive monetary policy stance and began the process of returning short term rates to a neutral level. With declining inflationary pressures and accommodative monetary policy, interest rate volatility eased during the year, and the yield curve steepened after being inverted for the second longest episode on record. In addition, with primary mortgages rates again near 7%, the supply of Agency MBS should continue to be limited and reasonably well-aligned with investor demand. Lastly, and perhaps most importantly to our business, Agency MBS spreads to benchmark rates remain in a well-defined range and offer levered and unlevered investors very attractive return opportunities.

AGNC Investment Corp.

January 27, 2025

Page 3

"Against this improved investment backdrop, AGNC generated a positive economic return of 13.2% in 2024, driven by our compelling monthly dividend. Our 2024 performance provides investors a good example of A

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 21, 2024

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS

Bethesda, MD - October 21, 2024 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended September 30, 2024.

THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS

•$0.63 comprehensive income per common share, comprised of:

◦$0.39 net income per common share

◦$0.24 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.43 net spread and dollar roll income per common share1

◦Excludes $(0.03) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates

•$8.82 tangible net book value per common share as of September 30, 2024

◦Increased $0.42 per common share, or 5.0%, from $8.40 per common share as of June 30, 2024

•$0.36 dividends declared per common share for the third quarter

•9.3% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.42 increase in tangible net book value per common share

OTHER THIRD QUARTER HIGHLIGHTS

•$73.1 billion investment portfolio as of September 30, 2024, comprised of:

◦$68.0 billion Agency MBS

◦$4.1 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$1.0 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

October 21, 2024

Page 2

•7.2x tangible net book value "at risk" leverage as of September 30, 2024

◦7.2x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $6.2 billion as of September 30, 2024

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 68% of the Company's tangible equity as of September 30, 2024

•13.2% average projected portfolio life CPR as of September 30, 2024

◦7.3% actual portfolio CPR for the quarter

•2.21% annualized net interest spread for the quarter2

•Issued 78.1 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $781 million

1.Represents a non-GAAP measure. Prior to the fourth quarter 2023, this measure was referred to as "net spread and dollar roll income, excluding 'catch-up' premium amortization cost/benefit, per common share." Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

MANAGEMENT REMARKS

"AGNC generated a very strong economic return of 9.3% in the third quarter, driven by significant book value growth and our compelling monthly dividend, which has remained stable at $0.12 per common share for 55 consecutive months" said Peter Federico, the Company's President and Chief Executive Officer. "As a levered and hedged investor in Agency MBS, AGNC's return opportunities are most favorable when Agency MBS spreads to benchmark rates are wide and stable and interest rates and monetary policy are less volatile. Our year-to-date performance – a 13.8% unannualized economic return – reflects both the benefits of our active portfolio management and the increasingly positive macroeconomic conditions.

"The long-awaited monetary policy pivot by the Fed occurred at its September meeting with an initial 50 basis point rate cut. Consistent with historical experience, the Fed is expected to return the federal funds rate to a neutral level over the next 12 to 24 months, which would typically be accompanied by a steepening of the yield curve and growing demand for high quality fixed income instruments such as Agency MBS. Although the path of financial markets is never perfectly linear and periods of volatility are inevitable, the outlook for Agency MBS today is decidedly better than it was in 2022 and 2023 as a result of the positive direction of the broader economy, the accommodative Fed monetary policy stance, and the stability of Agency MBS spreads at these historically favorable levels."

"AGNC's 9.3% economic return on tangible common equity in the third quarter was comprised of $0.36 of dividends per common share and a $0.42 increase in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "During the third quarter, we issued $781 million in common stock through our ATM program at a considerable premium to our tangible net book value, providing substantial accretion for our stockholders and new capital to fund investments in Agency

EX-99.1

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 22, 2024

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS

Bethesda, MD - July 22, 2024 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2024.

SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS

•$(0.13) comprehensive loss per common share, comprised of:

◦$(0.11) net loss per common share

◦$(0.02) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.53 net spread and dollar roll income per common share1

◦Excludes $0.02 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$8.40 tangible net book value per common share as of June 30, 2024

◦Decreased $(0.44) per common share, or -5.0%, from $8.84 per common share as of March 31, 2024

•$0.36 dividends declared per common share for the second quarter

•-0.9% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.44) decrease in tangible net book value per common share

OTHER SECOND QUARTER HIGHLIGHTS

•$66.0 billion investment portfolio as of June 30, 2024, comprised of:

◦$59.7 billion Agency MBS

◦$5.3 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$1.0 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

July 22, 2024

Page 2

•7.4x tangible net book value "at risk" leverage as of June 30, 2024

◦7.2x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $5.3 billion as of June 30, 2024

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 65% of the Company's tangible equity as of June 30, 2024

•9.2% average projected portfolio life CPR as of June 30, 2024

◦7.1% actual portfolio CPR for the quarter

•2.69% annualized net interest spread for the quarter2

•Issued 45.8 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $434 million

1.Represents a non-GAAP measure. Prior to the fourth quarter 2023, this measure was referred to as "net spread and dollar roll income, excluding 'catch-up' premium amortization cost/benefit, per common share." Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information regarding the Company's annualized net interest spread.

MANAGEMENT REMARKS

"The strong fixed income sector momentum that began in the fourth quarter of 2023 abated in the second quarter, as the Federal Reserve (the Fed) and market participants analyzed economic data for indications that the economy was slowing and inflation moderating" said Peter Federico, the Company's President and Chief Executive Officer. "In aggregate, consumer spending and confidence weakened, the labor market moved into better balance, and, most importantly, inflation measures resumed a downward trajectory toward the Fed's long run target. Despite the softening in these economic measures throughout the quarter, the Fed remained steadfast in its hawkish monetary policy stance. As a result, intra-quarter volatility increased, interest rates edged higher, and Agency MBS spreads to benchmark rates widened.

"Nevertheless, the longer-term outlook for Agency MBS remains very favorable and continues to provide reason for optimism. Agency MBS spreads have continued to trade in a range that is conducive to favorable long-term risk-adjusted returns for levered investors such as AGNC. At these levels, Agency MBS provide meaningful incremental yield relative to both U.S. Treasuries and investment grade corporate debt, which we anticipate will continue to drive demand for Agency MBS. Given persistent housing affordability challenges and historically slow prepayment speeds, the net supply of Agency MBS over the intermediate term will likely remain below previous projections. In light of the favorable supply-demand dynamic for Agency MBS and improving monetary policy outlook, we continue to be very optimistic about both the current returns and future prospects for our business."

"AGNC generated an economic return on tangible common equity of -0.9% during the quarter, comprised of $0.36 of dividends per common share and a $(0.44) decline in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "For the quarter, AGNC generated $0.53 per common share of net spread and dollar roll in

EX-99.1

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 22, 2024

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS

Bethesda, MD - April 22, 2024 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2024.

FIRST QUARTER 2024 FINANCIAL HIGHLIGHTS

•$0.48 comprehensive income per common share, comprised of:

◦$0.59 net income per common share

◦$(0.11) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.58 net spread and dollar roll income per common share1

◦Excludes $0.01 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$8.84 tangible net book value per common share as of March 31, 2024

◦Increased $0.14 per common share, or 1.6%, from $8.70 per common share as of December 31, 2023

•$0.36 dividends declared per common share for the first quarter

•5.7% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.14 increase in tangible net book value per common share

OTHER FIRST QUARTER HIGHLIGHTS

•$63.3 billion investment portfolio as of March 31, 2024, comprised of:

◦$53.7 billion Agency MBS

◦$8.4 billion net forward purchases/(sales) of Agency MBS in the "to-be-announced" market ("TBA securities")

◦$1.1 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

AGNC Investment Corp.

April 22, 2024

Page 2

•7.1x tangible net book value "at risk" leverage as of March 31, 2024

◦7.0x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $5.4 billion as of March 31, 2024

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 67% of the Company's tangible equity as of March 31, 2024

•10.4% average projected portfolio life CPR as of March 31, 2024

◦5.7% actual portfolio CPR for the quarter

•2.98% annualized net interest spread for the quarter2

•Issued 25.1 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $241 million

1.Represents a non-GAAP measure. Prior to the fourth quarter 2023, this measure was referred to as "net spread and dollar roll income, excluding 'catch-up' premium amortization cost/benefit, per common share." Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and Use of Non-GAAP Financial Information included in this release for additional information.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information.

MANAGEMENT REMARKS

"AGNC generated an economic return of 5.7% in the first quarter of 2024, as the favorable macroeconomic environment for fixed income investors that began in late 2023 persisted throughout the first quarter of 2024" said Peter Federico, the Company's President and Chief Executive Officer. "Particularly beneficial for Agency mortgage-backed securities ('Agency MBS') investors in the first quarter, interest rate volatility declined meaningfully, Agency MBS spreads remained relatively stable, and the Federal Reserve indicated that short term rates had likely reached their pinnacle for this monetary policy cycle. Additionally, the Federal Reserve noted that a reduction in the pace of its balance sheet runoff would commence fairly soon, signaling that the quantitative tightening process was reaching its conclusion.

"Although the first quarter unfolded largely as expected and in a positive way, the start of the second quarter has illustrated that challenges remain. In April, interest rates and interest rate volatility increased meaningfully as the timing and magnitude of rate cuts in 2024 became increasingly more uncertain and as the conflict in the Middle East escalated. Despite this recent volatility, the underlying fundamentals for Agency MBS continue to give us reason for optimism. As a highly liquid, levered Agency MBS-focused investment vehicle, AGNC is well positioned to benefit from these favorable investment dynamics as they evolve over time."

"AGNC's strong 5.7% economic return on tangible common equity was comprised of $0.36 of dividends per common share and a $0.14 increase in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "For the quarter, AGNC generated $0.58 per common share of net spread and dollar roll income, excluding 'catch-up' premium amortization. Our leverage increased modestly to 7.1x at the end of Q1, compared to 7.0x at the end of Q4, and we continued to maintain an extremely strong liquidity position, finishing the quarter with $5.4 billion of unencumbered cash and Agency MBS, or 67% o

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 22, 2024

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FOURTH QUARTER 2023 FINANCIAL RESULTS

Bethesda, MD - January 22, 2024 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended December 31, 2023.

FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS

•$1.00 comprehensive income per common share, comprised of:

◦$0.57 net income per common share

◦$0.43 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.60 net spread and dollar roll income per common share1

◦Includes $0.01 per common share of dollar roll income associated with the Company's $5.0 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $0.05 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$8.70 tangible net book value per common share as of December 31, 2023

◦Increased $0.62 per common share, or 7.7%, from $8.08 per common share as of September 30, 2023

•$0.36 dividends declared per common share for the fourth quarter

•12.1% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.62 increase in tangible net book value per common share

AGNC Investment Corp.

January 22, 2024

Page 2

OTHER FOURTH QUARTER HIGHLIGHTS

•$60.2 billion investment portfolio as of December 31, 2023, comprised of:

◦$53.8 billion Agency MBS

◦$5.4 billion net TBA mortgage position

◦$1.1 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

•7.0x tangible net book value "at risk" leverage as of December 31, 2023

◦7.4x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $5.1 billion as of December 31, 2023

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 66% of the Company's tangible equity as of December 31, 2023

•11.4% average projected portfolio life CPR as of December 31, 2023

◦6.2% actual portfolio CPR for the quarter

•3.08% annualized net interest spread2

•Issued 46.3 million shares of common equity through At-the-Market ("ATM") Offerings for net proceeds of $376 million

2023 FULL YEAR HIGHLIGHTS

•$0.30 comprehensive income per common share, comprised of:

◦$0.05 net income per common share

◦$0.25 OCI per common share

•$2.61 net spread and dollar roll income per common share1

◦Includes $0.05 per common share of dollar roll income

◦Excludes $0.01 per common share of estimated "catch-up" premium amortization benefit

•$1.44 in dividends declared per common share

•3.0% economic return on tangible common equity for the year, comprised of:

◦$1.44 dividends per common share

◦$(1.14) decrease in tangible net book value per common share, or -11.6%, from $9.84 per common share as of December 31, 2022

•10.0% total stock return3

•Issued 118.8 million shares of common equity through ATM Offerings for net proceeds of $1.1 billion

1.Represents a non-GAAP measure. Prior to the fourth quarter 2023, this measure was referred to as "net spread and dollar roll income, excluding 'catch-up' premium amortization cost/benefit, per common share." Please refer to the Reconciliation of GAAP Comprehensive Income (Loss) to Net Spread and Dollar Roll Income and additional information regarding the use of non-GAAP financial information included in this release.

2.Please refer to Net Interest Spread Components by Funding Source included in this release for additional information.

3.Includes dividend reinvestments. Source: Bloomberg

MANAGEMENT REMARKS

"The fourth quarter of 2023 illustrated the importance of our active portfolio management strategy, as AGNC generated a very favorable 12.1% economic return despite significant intra-quarter volatility," said Peter Federico, the Company's President and Chief Executive Officer. "Over the last two years, the Federal Reserve has engineered one of the most aggressive tightening campaigns ever experienced, increasing the Federal Funds rate by 5.25% while simultaneously reducing its balance sheet by $1.3 trillion. Despite this challenging fixed income environment,

AGNC Investment Corp.

January 22, 2024

Page 3

AGNC generated a positive economic return of 3.0% in 2023, produced a total stock return of 10.0%, and, importantly, provided shareholders with a stable and compelling monthly dividend.

"As a levered Agency MBS investor, the two primary drivers of our performance are changes in Agency MBS spreads and interest rate volatility. Over the past two years, as the Federal Reserve aggressively tightened monetary policy, Agency MBS spreads widened by more than 100 basis points, and interest rates and interest rate vola

EX-99.1

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 30, 2023

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS

Bethesda, MD - October 30, 2023 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended September 30, 2023.

THIRD QUARTER 2023 FINANCIAL HIGHLIGHTS

•$(1.02) comprehensive loss per common share, comprised of:

◦$(0.68) net loss per common share

◦$(0.34) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.65 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization benefit 1

◦Includes less than $0.01 per common share of dollar roll income associated with the Company's $7.3 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $0.05 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$8.08 tangible net book value per common share as of September 30, 2023

◦Decreased $(1.31) per common share, or -14.0%, from $9.39 per common share as of June 30, 2023

•$0.36 dividends declared per common share for the third quarter

•-10.1% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(1.31) decrease in tangible net book value per common share

AGNC Investment Corp.

October 30, 2023

Page 2

OTHER THIRD QUARTER HIGHLIGHTS

•$59.3 billion investment portfolio as of September 30, 2023, comprised of:

◦$55.9 billion Agency MBS

◦$2.4 billion net TBA mortgage position

◦$1.1 billion credit risk transfer ("CRT") and non-Agency securities and other mortgage credit investments

•7.9x tangible net book value "at risk" leverage as of September 30, 2023

◦7.5x average tangible net book value "at risk" leverage for the quarter

•Unencumbered cash and Agency MBS totaled $3.6 billion as of September 30, 2023

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 52% of the Company's tangible equity as of September 30, 2023

•8.3% average projected portfolio life CPR as of September 30, 2023

◦7.1% actual portfolio CPR for the quarter

•3.03% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization benefit

◦Excludes 20 bps of "catch-up" premium amortization benefit due to change in projected CPR estimates

•Capital markets activity

◦Issued 44.7 million common shares through At-the-Market ("ATM") Offerings at an average offering price of $9.67 per share, net of offering costs, or $432 million

1.Represents a non-GAAP measure. Please refer to a reconciliation to the most comparable GAAP measure and additional information regarding the use of non-GAAP financial information later in this release.

MANAGEMENT REMARKS

"A complex set of domestic and global factors, including heightened geopolitical risks, Treasury supply concerns, and an approaching inflection point in the Federal Reserve's monetary policy, drove the significant volatility and underperformance in the Treasury and other fixed income markets," said Peter Federico, the Company's President and Chief Executive Officer. "In environments in which Treasury securities experience considerable price instability and the market struggles to find a new equilibrium, Agency MBS typically underperform, which was indeed the case in the third quarter. As challenging as this period has been for all bond market participants, the current opportunity for both levered and unlevered investments in Agency MBS remains historically attractive on both an absolute and relative basis. Once the uncertainties associated with the current market environment subside, we believe that a durable and attractive investment environment will emerge."

"In the third quarter, AGNC generated $0.65 per common share of net spread and dollar roll income, excluding 'catch-up' premium amortization," said Bernice Bell, the Company's Executive Vice President and Chief Financial Officer. "AGNC's economic return for the quarter was -10.1%, comprised of $0.36 of dividends per common share and a $(1.31) decline in tangible net book value per common share as a result of the significant mortgage spread widening during the quarter. Despite the decline in book value, AGNC's "at risk" leverage as of September 30, 2023 was 7.9x, and AGNC's liquidity throughout the quarter remained in line with typical operating parameters. During the quarter, AGNC also raised over $430 million through accretive equity raises under its at-the-market offering program."

AGNC Investment Corp.

October 30, 2023

Page 3

TANGIBLE NET BOOK VALUE PER COMMON SHARE

As of September 30, 2023, the Company's tangible net book value per common share w

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 23, 2023

CONTACT:

Investor Relations - (301) 968-9300

AGNC Investment Corp. Announces Preliminary Estimates for Third Quarter 2023

Bethesda, MD – October 23, 2023 – AGNC Investment Corp. (Nasdaq: AGNC) (“AGNC” or the “Company”) announced preliminary estimates for certain financial measures for the third quarter 2023:

•As of September 30, 2023, AGNC's tangible net book value was estimated to be $8.08 per share of common stock;

•For the third quarter 2023, AGNC's total comprehensive loss was estimated to be $(1.02) per common share;

•For the third quarter 2023, AGNC's net spread and dollar roll income (a non-GAAP financial measure) was estimated to be $0.65 per common share, excluding $0.05 per common share of estimated "catch-up" premium amortization benefit;1

•As of September 30, 2023, AGNC's total investment portfolio was approximately $59.3 billion, which includes approximately $2.4 billion of To-Be-Announced ("TBA") Agency MBS and $1.1 billion of credit risk transfer and non-Agency securities;

•As of September 30, 2023, AGNC's tangible net book value “at risk” leverage ratio was approximately 7.9x;2

•For the third quarter, AGNC's estimated economic return on tangible common equity was (10.1)%, comprised of $0.36 dividends per share of common stock declared during the third quarter and an estimated $(1.31) decrease in tangible net book value per common share;

•As of September 30, 2023, AGNC had approximately $3.6 billion of cash and unencumbered Agency MBS, which represented approximately 52% of the Company's tangible equity as of September 30, 2023;

•As of September 30, 2023, AGNC’s hedge portfolio covered approximately 116% of the Company’s funding liabilities,3 and its duration gap4 was approximately 0.2 years; and

•During the third quarter, the Company issued 44.7 million shares of common stock through “at the market” offerings at an average offering price of $9.67 per share, net of offering costs, or $432 million.

In light of recent market volatility, the Company also provided an update regarding its estimated tangible net book value per common share and its “at risk” leverage ratio. The Company estimated that its tangible net book value per common share as of October 20, 2023 was between $6.80 and $7.00 per common share, or between $6.68 and $6.88 per common share after deduction for the Company's common dividend previously declared for the month of October 2023, which has a record date of October 31, 2023 and payment date of November 9, 2023. The Company estimated that its “at risk” leverage ratio as of October 20, 2023 was approximately 8.2x.2

The Company will report full financial results for the third quarter of 2023 on October 30, 2023, as previously announced. The financial estimates for the third quarter provided above reflect the views and assumptions of the Company's management based on information currently available to them in connection with the preparation of the Company's financial statements as of and for such period. Management has not yet completed procedures to verify the completeness and accuracy of this information, which could result in material adjustments when reflected in the Company’s actual reported financial results. The Company's tangible net book value per common share and "at risk" leverage ratio as of October 20, 2023 reflect the views and assumptions of management based on information currently available to them, including information derived from third-party pricing services, which has not been verified for completeness or accuracy. Furthermore, the financial estimates presented above are unaudited and have not been verified or reviewed by any third party, including the Company's independent auditors. Estimates are subject to inherent uncertainties, and investors should not place undue reliance on them. The Company undertakes no obligation to update or revise these estimates.

THIRD QUARTER STOCKHOLDER CALL AND WEBCAST

AGNC will report third quarter 2023 earnings after market close on October 30, 2023. AGNC will hold a stockholder call and audio webcast on October 31, 2023 at 8:30 am ET. Interested persons who do not plan on asking a question and have internet access are encouraged to utilize the free webcast at www.AGNC.com. Those who plan on participating in the Q&A or do not have internet available may access the call by dialing (877) 300-5922 (U.S. domestic) or (412) 902-6621 (international). A slide presentation will accompany the call and will be available at www.AGNC.com.

An archived audio of the stockholder call combined with the slide presentation will be available on the AGNC website after the call on October 31, 2023. In addition, there will be a phone recording available one hour after the call on October 31, 2023 through November 7, 2023. Those who are interested in hearing the recording of the presentation, can access it by dialing (877)

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EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 24, 2023

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS

Bethesda, MD - July 24, 2023 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2023.

SECOND QUARTER 2023 FINANCIAL HIGHLIGHTS

•$0.32 comprehensive income per common share, comprised of:

◦$0.43 net income per common share

◦$(0.11) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.67 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization benefit 1

◦Includes $0.01 per common share of dollar roll income associated with the Company's $10.0 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $0.02 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$9.39 tangible net book value per common share as of June 30, 2023

◦Decreased $(0.02) per common share, or -0.2%, from $9.41 per common share as of March 31, 2023

•$0.36 dividends declared per common share for the second quarter

•3.6% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.02) decrease in tangible net book value per common share

AGNC Investment Corp.

July 24, 2023

Page 2

OTHER SECOND QUARTER HIGHLIGHTS

•$58.0 billion investment portfolio as of June 30, 2023, comprised of:

◦$46.7 billion Agency MBS

◦$10.2 billion net TBA mortgage position

◦$1.1 billion credit risk transfer ("CRT") and non-Agency securities

•7.2x tangible net book value "at risk" leverage as of June 30, 2023

◦7.2x average tangible net book value "at risk" leverage for the quarter

•Cash and unencumbered Agency MBS totaled $4.3 billion as of June 30, 2023

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 58% of the Company's tangible equity as of June 30, 2023

•9.8% average projected portfolio life CPR as of June 30, 2023

◦6.6% actual portfolio CPR for the quarter

•3.26% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization benefit

◦Excludes 7 bps of "catch-up" premium amortization benefit due to change in projected CPR estimates

•Capital markets activity

◦Issued 10.7 million common shares through At-the-Market ("ATM") Offerings at an average offering price of $9.86 per share, net of offering costs, or $106 million

1.Represents a non-GAAP measure. Please refer to a reconciliation to the most comparable GAAP measure and additional information regarding the use of non-GAAP financial information later in this release.

MANAGEMENT REMARKS

"Market conditions in the second quarter provided further support of our favorable investment outlook for Agency MBS," said Peter Federico, the Company's President and Chief Executive Officer. "Over the last two years, the U.S. Treasury and Agency MBS markets have undergone a dramatic repricing as the Federal Reserve pivoted from an ultra-accommodative monetary policy in response to the pandemic's impact on the U.S. economy to its restrictive stance today to combat elevated inflation. We believe that this transition is largely complete and that we are at the forefront of one of the most constructive investment environments in our 15 year history, driven by historically attractive asset valuations, strong funding markets, and gradually improving hedging conditions as the Fed's tightening campaign concludes.

"AGNC provides investors the opportunity to access this fundamental fixed income asset class in a highly efficient way and to a portfolio that is fully marked-to-market. At current valuation levels, we believe our portfolio can generate robust risk-adjusted returns for stockholders on a go forward basis either through strong earnings if mortgage spreads remain at these levels or a combination of earnings and net book value appreciation to the extent that mortgage spreads tighten from these historically wide levels. Agency MBS also provide investors a compelling alternative to U.S Treasuries and investment grade corporate debt. While short term deviations from this promising path are possible, we remain confident in AGNC's long term prospects and are excited about the next phase of this investment cycle."

"In the second quarter, AGNC generated a 3.6% economic return on tangible common equity, comprised of $0.36 of dividends per common share and a modest $(0.02) decline in tangible net book value per common share," said Bernice Bell, the Company's Executive Vice President and

AGNC Investment Corp.

July 24, 2023

Page 3

Chief Financial Officer. "AGNC's net spread and dollar roll income, excludin

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EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 24, 2023

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FIRST QUARTER 2023 FINANCIAL RESULTS

Bethesda, MD - April 24, 2023 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended March 31, 2023.

FIRST QUARTER 2023 FINANCIAL HIGHLIGHTS

•$(0.07) comprehensive loss per common share, comprised of:

◦$(0.31) net loss per common share

◦$0.25 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.70 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization cost 1

◦Includes $0.03 per common share of dollar roll income associated with the Company's $18.0 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $(0.12) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates

•$9.41 tangible net book value per common share as of March 31, 2023

◦Decreased $(0.43) per common share, or -4.4%, from $9.84 per common share as of December 31, 2022

•$0.36 dividends declared per common share for the first quarter

•-0.7% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(0.43) decrease in tangible net book value per common share

AGNC Investment Corp.

April 24, 2023

Page 2

OTHER FIRST QUARTER HIGHLIGHTS

•$56.8 billion investment portfolio as of March 31, 2023, comprised of:

◦$45.1 billion Agency MBS

◦$10.4 billion net TBA mortgage position

◦$1.3 billion credit risk transfer ("CRT") and non-Agency securities

•7.2x tangible net book value "at risk" leverage as of March 31, 2023

◦7.7x average tangible net book value "at risk" leverage for the quarter

•Cash and unencumbered Agency MBS totaled $4.1 billion as of March 31, 2023

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 57% of the Company's tangible equity as of March 31, 2023

•10.0% average projected portfolio life CPR as of March 31, 2023

◦5.2% actual portfolio CPR for the quarter

•2.88% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization cost

◦Excludes -42 bps of "catch-up" premium amortization cost due to change in projected CPR estimates

•Capital markets activity

◦Issued 17.1 million common shares through At-the-Market ("ATM") Offerings at an average offering price of $9.95 per share, net of offering costs, or $171 million 2

1.Represents a non-GAAP measure. Please refer to a reconciliation to the most comparable GAAP measure and additional information regarding the use of non-GAAP financial information later in this release.

2.Issued amounts reflect ATM offerings that settled during Q1 2023. Amounts exclude the issuance of 3.2 million shares, or $31 million, of ATM offerings during Q1 2023 that settled in Q2 2023.

MANAGEMENT REMARKS

"Agency MBS performed well through the first half of the first quarter," said Peter Federico, the Company's President and Chief Executive Officer. "This performance was a continuation of the positive momentum that began last November and drove a meaningful improvement in our tangible net book value through mid-February. These favorable conditions, however, gave way to a more challenging investment environment in the second half of the quarter characterized by regional banking system instability, elevated interest rate volatility, and an increasingly uncertain macroeconomic outlook. Against this backdrop, Agency MBS underperformed swap and Treasury hedges in March, resulting in a slightly negative economic return for the quarter. As we mentioned last quarter, the path to stability is often not linear, and the first quarter is a good reminder of that fact.

"Despite the volatility that we experienced in March, our outlook for Agency MBS continues to be very positive. A key element of this optimism is our belief that Agency MBS spreads to Treasury and swap rates will remain meaningfully wider than historical averages, providing a durable opportunity to generate highly attractive returns while maintaining our conservative risk position. For much of the last 15 years, we have competed for investment assets with the world's largest and most price insensitive buyer of Agency MBS, the Federal Reserve. As the Fed, and now banks, gradually reposition their balance sheets, we find ourselves in a favorable position as one of the few permanent capital vehicles dedicated to Agency MBS assets at a time when valuations are historically attractive and appear poised to remain that way for some time. As a result, we

AGNC Investment Corp.

April 24, 2023

Page 3

believe AGNC is well-positioned for this favorable investmen

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EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 30, 2023

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES FOURTH QUARTER 2022 FINANCIAL RESULTS

Bethesda, MD - January 30, 2023 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended December 31, 2022.

FOURTH QUARTER 2022 FINANCIAL HIGHLIGHTS

•$1.17 comprehensive income per common share, comprised of:

◦$0.93 net income per common share

◦$0.24 other comprehensive income ("OCI") per common share on investments marked-to-market through OCI

•$0.74 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization cost 1

◦Includes $0.11 per common share of dollar roll income associated with the Company's $19.0 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $(0.01) per common share of estimated "catch-up" premium amortization cost due to change in projected constant prepayment rate ("CPR") estimates

•$9.84 tangible net book value per common share as of December 31, 2022

◦Increased $0.76 per common share, or 8.4%, from $9.08 per common share as of September 30, 2022

•$0.36 dividends declared per common share for the fourth quarter

•12.3% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $0.76 increase in tangible net book value per common share

AGNC Investment Corp.

January 30, 2023

Page 2

OTHER FOURTH QUARTER HIGHLIGHTS

•$59.5 billion investment portfolio as of December 31, 2022, comprised of:

◦$39.5 billion Agency MBS

◦$18.6 billion net TBA mortgage position

◦$1.4 billion credit risk transfer ("CRT") and non-Agency securities

•7.4x tangible net book value "at risk" leverage as of December 31, 2022

◦7.8x average tangible net book value "at risk" leverage for the quarter

•Cash and unencumbered Agency MBS totaled $4.3 billion as of December 31, 2022

◦Excludes unencumbered CRT and non-Agency securities

◦Represents 59% of the Company’s tangible equity as of December 31, 2022

•7.4% average projected portfolio life CPR as of December 31, 2022

◦6.8% actual portfolio CPR for the quarter

•2.74% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization cost

◦Excludes -3 bps of "catch-up" premium amortization cost due to change in projected CPR estimates

•Capital markets activity

◦Issued 23.3 million common shares through At-the-Market ("ATM") Offerings at an average offering price of $8.02 per share, net of offering costs, or $187 million

2022 FULL YEAR HIGHLIGHTS

•$(4.22) comprehensive loss per common share, comprised of:

◦$(2.41) net loss per common share

◦$(1.81) OCI per common share

•$3.11 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization benefit 1

◦Includes $0.96 per common share of dollar roll income

◦Excludes $0.44 per common share of estimated "catch-up" premium amortization benefit

•$1.44 in dividends declared per common share

•-28.4% economic return on tangible common equity for the year, comprised of:

◦$1.44 dividends per common share

◦$(5.91) decrease in tangible net book value per common share, or -37.5%, from $15.75 per common share as of December 31, 2021

•-21.7% total stock return 2

•Capital markets activity

◦Repurchased 4.7 million common shares, at an average repurchase price of $10.78 per share, net of costs, or $51 million

◦Issued 56.0 million common shares, through ATM Offerings at an average offering price of $9.39 per share, net of costs, or $526 million

◦Issued $150 million of 7.75% Series G Fixed-Rate Reset preferred equity

1.Represents a non-GAAP measure. Please refer to a reconciliation to the most comparable GAAP measure and additional information regarding the use of non-GAAP financial information later in this release.

2.Includes dividend reinvestments. Source: Bloomberg

AGNC Investment Corp.

January 30, 2023

Page 3

MANAGEMENT REMARKS

"The fourth quarter of 2022 provided reason for optimism that a very constructive and durable investment environment is emerging for Agency MBS," said Peter Federico, the Company's President and Chief Executive Officer. "Fixed income markets stabilized over the quarter, and investor sentiment improved as volatility and monetary policy uncertainty began to subside. Against this backdrop, Agency MBS spreads to benchmark rates tightened from historically wide levels, driving the meaningful improvement in our tangible net book value per common share during the quarter, both of which continued into January. While Agency MBS as an asset class posted its worst annual performance on record in 2022, adverse market episodes in the past have often preceded AGNC's most favorable investment environments

EX-99.1

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EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 24, 2022

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS

Bethesda, MD - October 24, 2022 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended September 30, 2022.

THIRD QUARTER 2022 FINANCIAL HIGHLIGHTS

•$(2.01) comprehensive loss per common share, comprised of:

◦$(1.31) net loss per common share

◦$(0.70) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.84 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization benefit 1

◦Includes $0.23 per common share of dollar roll income associated with the Company's $20.3 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $0.03 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$9.08 tangible net book value per common share as of September 30, 2022

◦Decreased $(2.35) per common share, or -20.6%, from $11.43 per common share as of June 30, 2022

•$0.36 dividends declared per common share for the third quarter

•-17.4% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(2.35) decrease in tangible net book value per common share

AGNC Investment Corp.

October 24, 2022

Page 2

OTHER THIRD QUARTER HIGHLIGHTS

•$61.5 billion investment portfolio as of September 30, 2022, comprised of:

◦$41.9 billion Agency MBS

◦$17.9 billion net TBA mortgage position

◦$1.7 billion credit risk transfer ("CRT") and non-Agency securities

•8.7x tangible net book value "at risk" leverage as of September 30, 2022

◦8.1x average tangible net book value "at risk" leverage for the quarter

•Cash and unencumbered Agency MBS totaled $3.6 billion as of September 30, 2022

◦Includes $0.8 billion at the Company’s captive broker-dealer, Bethesda Securities

◦Excludes unencumbered CRT and non-Agency securities

◦Represented approximately 54% of the Company’s tangible equity as of September 30, 2022, largely unchanged from June 30, 2022.

•7.0% average projected portfolio life CPR as of September 30, 2022

◦9.2% actual portfolio CPR for the quarter

•2.81% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization benefit

◦Excludes 10 bps of "catch-up" premium amortization benefit due to change in projected CPR estimates

•Capital markets activity

◦Issued 28.6 million common shares through ATM Offerings at an average offering price of $10.10 per share, net of offering costs, or $289 million

◦Issued $150 million of 7.75% Series G Fixed-Rate Reset preferred equity

1.Represents a non-GAAP measure. Please refer to a reconciliation to the most comparable GAAP measure and additional information regarding the use of non-GAAP financial information later in this release.

MANAGEMENT REMARKS

"Broad-based weakness in the financial markets, and fixed income markets in particular, continued in the third quarter of 2022 as global macroeconomic and monetary policy uncertainty intensified," said Peter Federico, the Company’s President and Chief Executive Officer. "During these types of financial market downturns, especially those in which bond market liquidity is limited, U.S. Treasury and Agency mortgage-backed securities often initially experience more adverse valuation impacts, as these instruments are easiest for investors, including bond funds managing redemption activity, to convert to cash. This dynamic contributed to the underperformance of Agency MBS in the third quarter. As a result, mortgage spreads to benchmark interest rates increased to levels only experienced during the height of the Great Financial Crisis in 2008 and for just a few days in March 2020 as the Covid-19 pandemic threatened the financial markets.

"As we have noted in prior quarters, wider spreads, while negative for our book value in the short run, also provide correspondingly higher projected returns on a go-forward basis for our portfolio. At current valuation levels, Agency MBS are as attractive as they have been in AGNC’s nearly fifteen-year history. So, as difficult as this year has been, it is important not to lose sight of the unique opportunity that we believe is on the other side of this significant repricing event."

AGNC Investment Corp.

October 24, 2022

Page 3

"AGNC continued to prioritize risk management in light of substantially elevated volatility and materially diminished liquidity across all fixed income markets in the third quarter," said Bernice Bell, the Company’s Executive Vice President and Chief Financial Officer. "AGNC maintained an average 'at risk'

EX-99.1

2 agnc8kexhibit991101122.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 10, 2022

CONTACT:

Investor Relations - (301) 968-9300

AGNC Investment Corp. Declares Monthly Common Stock Dividend of $0.12 per Common Share for October 2022 and Announces Preliminary Estimates for Third Quarter 2022

Bethesda, MD – October 10, 2022 – AGNC Investment Corp. (Nasdaq: AGNC) (“AGNC” or the “Company”) announced today that its Board of Directors has declared a cash dividend of $0.12 per share of common stock for October 2022. The dividend is payable on November 9, 2022 to common stockholders of record as of October 31, 2022.

In light of recent market volatility, the Company also announced preliminary estimates for certain financial measures for the third quarter 2022:

•As of September 30, 2022, AGNC’s tangible net book value per common share was estimated to be between $9.06 and $9.10 per share, after deductions for common and preferred stock dividends declared through September 30, 2022.

•For the quarter ended September 30, 2022, AGNC’s comprehensive loss per common share was estimated to be between $1.99 and $2.03 per share.

•For the quarter ended September 30, 2022, AGNC’s net spread and dollar roll income (a non-GAAP financial measure) was estimated to be between $0.82 and $0.86 per common share, excluding approximately $0.03 per common share of estimated "catch-up" premium amortization benefit.1

•As of September 30, 2022, AGNC had approximately $3.6 billion of cash and unencumbered Agency MBS, which includes approximately $0.8 billion at the Company’s captive broker-dealer Bethesda Securities and excludes unencumbered CRT and non-Agency securities. Cash and unencumbered Agency MBS represented approximately 54% of the Company’s tangible equity as of September 30, 2022, largely unchanged from June 30, 2022.

•For the quarter ended September 30, 2022, AGNC’s average “at risk” leverage was approximately 8.1x. As of September 30, 2022, the Company’s “at risk” leverage was approximately 8.7x.2

•As of September 30, 2022, AGNC's total investment portfolio was approximately $61.5 billion, which includes approximately $17.9 billion of To-Be-Announced ("TBA") Agency MBS and approximately $1.7 billion of credit risk transfer and non-Agency securities.

•As of September 30, 2022, AGNC’s hedge portfolio covered approximately 118% of the Company’s funding liabilities,3 and its duration gap4 was approximately one year.

The Company will report full financial results for the third quarter of 2022 on October 24, 2022, as previously announced. The financial estimates provided above reflect the views and assumptions of Company management based on information currently available to them in connection with the preparation of the Company's financial statements as of and for the quarter ended September 30, 2022. Management has not yet completed procedures to verify the completeness and accuracy of this information, which could result in material adjustments when reflected in the Company’s actual reported financial results. Furthermore, this information is unaudited and has not been verified or reviewed by any third party, including the Company's independent auditors. Estimates are subject to inherent uncertainties, and investors should not place undue reliance on them. The Company undertakes no obligation to update or revise these estimates.

THIRD QUARTER STOCKHOLDER CALL AND WEBCAST

AGNC will report third quarter 2022 earnings after market close on October 24, 2022. AGNC will hold a stockholder call and audio webcast on October 25, 2022 at 8:30 am ET. Interested persons who do not plan on asking a question and have internet access are encouraged to utilize the free webcast at www.AGNC.com. Those who plan on participating in the Q&A or do not have internet available may access the call by dialing (877) 300-5922 (U.S. domestic) or (412) 902-6621 (international). A slide presentation will accompany the call and will be available at www.AGNC.com.

An archived audio of the stockholder call combined with the slide presentation will be available on the AGNC website after the call on October 25, 2022. In addition, there will be a phone recording available one hour after the call on October 25, 2022 through November 1, 2022. Those who are interested in hearing the recording of the presentation, can access it by dialing (877) 344-7529 (U.S. domestic) or (412) 317-0088 (international), passcode 8033374.

For further information or questions, please contact Investor Relations at (301) 968-9300 or IR@AGNC.com.

ABOUT AGNC INVESTMENT CORP.

AGNC Investment Corp. is an internally-managed real estate investment trust that invests primarily in residential mortgage-backed securities for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise or a U.S. Government agency. For further information, please refer to www.AGNC.com.

FORWARD-LOOKING STATEMENTS

This press release contai

EX-99.1

2 agnc8kexhibit99163022.htm

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Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

July 25, 2022

CONTACT:

Investors - (301) 968-9300

Media - (301) 968-9303

AGNC INVESTMENT CORP.

ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS

Bethesda, MD - July 25, 2022 - AGNC Investment Corp. (“AGNC” or the “Company”) (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2022.

SECOND QUARTER 2022 FINANCIAL HIGHLIGHTS

•$(1.34) comprehensive loss per common share, comprised of:

◦$(0.87) net loss per common share

◦$(0.47) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI

•$0.83 net spread and dollar roll income per common share, excluding estimated "catch-up" premium amortization benefit 1

◦Includes $0.35 per common share of dollar roll income associated with the Company's $19.7 billion average net long position in Agency mortgage-backed securities ("MBS") in the "to-be-announced" ("TBA") market

◦Excludes $0.13 per common share of estimated "catch-up" premium amortization benefit due to change in projected constant prepayment rate ("CPR") estimates

•$11.43 tangible net book value per common share as of June 30, 2022

◦Decreased $(1.69) per common share, or -12.9%, from $13.12 per common share as of March 31, 2022

•$0.36 dividends declared per common share for the second quarter

•-10.1% economic return on tangible common equity for the quarter

◦Comprised of $0.36 dividends per common share and $(1.69) decrease in tangible net book value per common share

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OTHER SECOND QUARTER HIGHLIGHTS

•$61.3 billion investment portfolio as of June 30, 2022, comprised of:

◦$43.6 billion Agency MBS

◦$15.9 billion net TBA mortgage position

◦$1.8 billion credit risk transfer ("CRT") and non-Agency securities

•7.4x tangible net book value "at risk" leverage as of June 30, 2022

◦7.8x average tangible net book value "at risk" leverage for the quarter

•Cash and unencumbered Agency MBS totaled approximately $2.8 billion as of June 30, 2022

◦Excludes unencumbered CRT and non-Agency securities and assets held at the Company's broker-dealer subsidiary, Bethesda Securities

•7.2% average projected portfolio life CPR as of June 30, 2022

◦12.4% actual portfolio CPR for the quarter

•2.70% annualized net interest spread and TBA dollar roll income for the quarter, excluding estimated "catch-up" premium amortization benefit

◦Excludes 37 bps of "catch-up" premium amortization benefit due to change in projected CPR estimates

•Capital markets activity

◦Issued 4.1 million common shares through ATM Offerings at an average offering price of $12.19 per share, net of costs, or $50 million

◦Repurchased 4.7 million common shares at an average repurchase price of $10.78 per share, net of costs, or $51 million

1.Represents a non-GAAP measure. Please refer to a reconciliation to the most applicable GAAP measure and additional information regarding the use of non-GAAP financial information later in this release.

MANAGEMENT REMARKS

"Financial markets remained under significant pressure in the second quarter as the Federal Reserve indicated a more aggressive path of monetary policy tightening," said Peter Federico, the Company's President and Chief Executive Officer. "The expectation of materially higher short-term rates drove significant interest rate volatility and increased the probability of a recession. This challenging monetary policy and macro-economic environment led to broad-based financial market weakness during the second quarter. Agency MBS were no exception, as the spread between Agency MBS and swap and Treasury rates widened meaningfully in April and again in June.

"Looking ahead, while the near-term outlook continues to be uncertain, the longer-term outlook for Agency MBS has improved substantially. At current valuation levels, Agency MBS are extremely attractive relative to historical levels. The Federal Reserve has begun to reduce its portfolio organically, but that runoff will occur at a slower pace than previously anticipated as a result of reduced prepayments. Finally, and perhaps most importantly, the net supply of Agency MBS is now expected to be meaningfully lower than prior expectations.

"These positive developments provide reason for optimism that this period of weakness in the Agency MBS market is nearing its end. The favorable returns associated with Agency MBS in this wider spread regime and an improving technical outlook for mortgage supply and demand should provide a supportive backdrop for Agency MBS investors. Moreover, in this compelling

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investment environment, we believe AGNC is well-positioned to generate strong risk-adjusted returns for our stockholders."

"As a result of the challenging market conditions during the quarter, AGNC continued to maintain a defensive position, highlighted by lower leverage and our low interest