AGNC Investment Corp. Depositary Shares Each Representing a 1/1000th Interest in a Share of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock (AGNCL)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at AGNCL as a cumulative preferred claim on AGNC, not as common stock. AGNC invests in agency residential mortgage securities, so credit risk is largely government-backed, but the parent runs a leveraged mortgage REIT. At $25.00 on 2026-10-13, the 7.75% Series G preferred yields 7.76%, essentially its coupon, so it trades near par. That is fair-looking income, not a bargain. The parent's earnings are volatile. In fiscal Q1 2026, the quarter ended 2026-03-31, net income was -$148.0M and diluted EPS -$0.17. In fiscal Q2 2026, the quarter ended 2026-06-30, net income was $654.0M and diluted EPS $0.52. Fiscal Q3 2025, the quarter ended 2025-09-30, produced net income of $806.0M and EPS $0.72, while fiscal Q2 2025, the quarter ended 2025-06-30, lost $140.0M, or $0.17 per diluted share. Full-year figures show FY2025 net income of $1.7B and EPS $1.47, FY2024 net income of $863.0M and EPS $0.93, and FY2023 net income of $155.0M and EPS $0.05. So profits exist, but consistency is poor. FairStock's P/B of 2.75 and ROE of 19.80% suggest the common equity is not cheap on book and returns are high but unstable. A D/E of 7.17 is heavy leverage, and a Piotroski F-Score of 4/9 is weak. For a preferred, the key is whether the common equity cushion and portfolio can cover the cumulative dividend. The data does not give CET1, NIM, or combined ratio, so I cannot judge bank-style safety. The preferred ranks above common, which helps, but at par I see fair compensation for real rate, prepayment, and leverage risk.

In plain English: AGNC invests in U.S. housing mortgage securities that are guaranteed by government agencies. The business uses a lot of borrowed money, so profits swing between gains and losses even though it has been profitable over the last few years. The preferred shares pay a 7.75% dividend and trade at $25.00, close to their stated par value, so the price looks fair relative to the income rather than obviously cheap or expensive.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer