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                           August 2, 2022

       Bernice E. Bell
       Chief Financial Officer
       AGNC Investment Corp.
       2 Bethesda Metro Center, 12th Floor
       Bethesda, Maryland 20814

                                                        Re: AGNC Investment
Corp.
                                                            Form 10-K for
fiscal year ended December 31, 2021
                                                            Filed February 23,
2022
                                                            File No. 001-34057

       Dear Ms. Bell:

               We have reviewed your June 27, 2022 response to our comment
letter and have the
       following comment. In our comment, we may ask you to provide us with
information so we may
       better understand your disclosure.

              Please respond to this comment within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comment applies to your facts and circumstances, please tell us why in
your response.

              After reviewing your response to this comment, we may have
additional
       comments. Unless we note otherwise, our references to prior comments are
to comments in our
       June 14, 2022 letter.

       Response Letter dated June 27, 2022

       Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
       Results of Operations
       Non-GAAP Financial Measures
       Net Spread and Dollar Roll Income, page 37

   1.                                                   We note your response
to our prior comment providing your belief that GAAP Net
                                                        income (loss) has very
little comparability or correlation to your non-GAAP financial
                                                        measure Net spread and
dollar roll income, and further-adjusted non-GAAP measures.
                                                        However we continue to
believe the inclusion of total operating expense as a component
                                                        of these non-GAAP
financial measures, and your presentation of these non-GAAP
                                                        measures on a per
common share basis, illustrate these non-GAAP measures depict your
                                                        performance for which
net income taken from your statement of comprehensive
 Bernice E. Bell
AGNC Investment Corp.
August 2, 2022
Page 2
         income would appear to be the most directly comparable GAAP measure.
In future
         periodic filings, please provide a reconciliation commencing with Net
income (loss) as the
         most directly comparable GAAP measure when presenting these non-GAAP
financial
         measures.
       You may contact William Demarest, Staff Accountant at 202-551-3432 or
Mark
Rakip, Staff Accountant at 202-551-3573 if you have any questions.



FirstName LastNameBernice E. Bell                            Sincerely,
Comapany NameAGNC Investment Corp.
                                                             Division of
Corporation Finance
August 2, 2022 Page 2                                        Office of Real
Estate & Construction
FirstName LastName