United States securities and exchange commission logo 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