Is AGNC Investment Worth Buying Today? The Answer May Surprise You.

Company Overview - AGNC Investment operates as a mortgage real estate investment trust (REIT), purchasing pooled mortgages that are converted into bond-like securities, which is a more complex model compared to traditional property-owning REITs [2][4] Dividend and Stock Performance - AGNC Investment boasts a high dividend yield of over 15%, but the company has experienced a steady downtrend in its dividend over the past decade, which has also affected its stock price [5][14] - The tangible net book value per share of AGNC Investment was reported at $8.25 at the end of Q1 2025, down from $13.12 at the end of Q1 2022, indicating significant fluctuations in its portfolio value [8] - The stock price often trades above the tangible net book value per share, with a 52-week high of $10.85, despite the tangible net book value not exceeding $8.84 in the last four quarters [9][10] Investment Strategy - Investors should be cautious about paying more than the tangible net book value per share unless they anticipate a significant increase in that value; buying below this figure may present a better investment opportunity [12] - The focus of AGNC Investment is on total return rather than just income, with dividends being a component of total return that assumes reinvestment [14][15]