This trend continued during the third quarter of 2015. While AGNC's net long TBA MBS position slightly increased to $7.1 billion as of 9/30/2015, the company's average on-balance sheet regular MBS portfolio decreased from $53.7 billion during the second quarter of 2015 to just $46.6 billion during the third quarter of 2015. When calculated, AGNC increased the company's net long TBA MBS position by only $0.2 billion while decreasing its average on-balance sheet regular MBS portfolio by ($7.1) billion during the third quarter of 2015. Therefore, AGNC's quarterly ERTI figure had another notable decrease for the third quarter of 2015. Put other way, a decrease in AGNC's average leverage during the quarter negatively impacted quarterly ERTI. Since AGNC had quarterly common stock dividend distributions of ($208) million for the third quarter of 2015, this calculates to an overpayment of ($149) million and a payout ratio of 353%. Simply put, this was a material quarterly overpayment.