AGNC Investment (NASDAQ:AGNC) had a rough third quarter. Interest rates surged, causing fixed-income investors to turn very bearish. As a result, the mortgage REIT posted a negative 12.7% economic return during the period, while its spread income declined for the third straight quarter. However, it wasn't all bad news. The company did capitalize on an opportunity to raise nearly $1 billion in equity capital at a significant premium to its book value. Meanwhile, returns on Agency MBS (its investment focus) remain strong. Here's a closer look at the quarter and whether the mortgage REIT is a buy after its earnings report.
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