AGNC Investment Corp. (AGNC): Business Model Canvas

Tauchen Sie ein in die komplizierte Welt von AGNC Investment Corp., einem führenden Unternehmen im Bereich Mortgage Real Estate Investment Trust (mREIT), das sich meisterhaft durch die komplexe Landschaft der durch Agenturen hypothekenbesicherten Wertpapiere bewegt. Mit einem strategischen Ansatz, der anspruchsvolle Finanztechnik, robustes Risikomanagement und ein überzeugendes Wertversprechen für einkommensorientierte Anleger miteinander verbindet, verwandelt AGNC den scheinbar banalen Bereich der Hypothekeninvestitionen in eine dynamische Finanzmöglichkeit. Entdecken Sie, wie dieses innovative Unternehmen sein einzigartiges Geschäftsmodell nutzt, um beständige Dividenden zu generieren, komplizierte Marktrisiken zu bewältigen und durch eine fachmännisch ausgearbeitete Anlagestrategie einen Mehrwert für die Aktionäre zu schaffen, der es auf dem wettbewerbsintensiven Finanzmarkt hervorhebt.

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Wichtige Partnerschaften

Hypothekengeber und Originatoren

AGNC arbeitet mit mehreren Hypothekengebern und Originatoren zusammen, um hypothekenbesicherte Wertpapiere von Agenturen zu erwerben. Im vierten Quartal 2023 belief sich das gesamte Anlageportfolio von AGNC auf 74,4 Milliarden US-Dollar und bestand hauptsächlich aus mit Hypotheken besicherten Wertpapieren (Agency Residential Mortgage-Backed Securities, RMBS) von Agenturen.

Top-Hypothekengeber	Kollaborationsvolumen
Wells Fargo	12,3 Milliarden US-Dollar
JPMorgan Chase	9,7 Milliarden US-Dollar
Bank of America	8,5 Milliarden US-Dollar

Investmentbanken und Finanzinstitute

AGNC unterhält strategische Partnerschaften mit großen Investmentbanken für Kapitalmarktaktivitäten und Wertpapiertransaktionen.

• Goldman Sachs – Primärer Kapitalmarktpartner
• Morgan Stanley – Wertpapierhandelspartner
• Citigroup – Zusammenarbeit bei Finanzierung und Risikomanagement

Von der Regierung geförderte Unternehmen

AGNC konzentriert sich hauptsächlich auf hypothekenbesicherte Wertpapiere von Agenturen, die von folgenden Unternehmen ausgegeben werden:

GSE	Wertpapiervolumen	Prozentsatz des Portfolios
Fannie Mae	42,6 Milliarden US-Dollar	57.2%
Freddie Mac	31,8 Milliarden US-Dollar	42.8%

Institutionelle Anleger und Kapitalmarktteilnehmer

AGNC arbeitet mit zahlreichen institutionellen Anlegern zusammen, um seine Hypothekeninvestitionsstrategie zu unterstützen.

• BlackRock – Großer institutioneller Investor
• Vanguard Group – Bedeutender Aktionär
• State Street Corporation – Investmentpartner

Hypothekendienstleister

AGNC arbeitet mit Hypothekendienstleistern zusammen, um sein Portfolio an hypothekenbesicherten Wertpapieren zu verwalten.

Wartungsunternehmen	Wert des betreuten Portfolios
Ocwen Financial	15,2 Milliarden US-Dollar
Mr. Cooper Group	11,7 Milliarden US-Dollar
Nationstar-Hypothek	9,5 Milliarden US-Dollar

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Hauptaktivitäten

Anlage und Handel mit hypothekenbesicherten Wertpapieren

Ab dem vierten Quartal 2023 unterhielt AGNC Investment Corp. eine Anlageportfolio im Wert von 74,6 Milliarden US-Dollar besteht hauptsächlich aus Agency Mortgage Backed Securities (MBS). Die Portfolioaufteilung umfasst:

Sicherheitstyp	Prozentsatz
30-jähriger Agentur-MBS mit festem Zinssatz	62.3%
15-jähriger Festpreis-Agentur-MBS	22.7%
ARM und andere Agentur-MBS	15.0%

Portfoliomanagement und Risikobewertung

AGNC setzt ausgefeilte Risikomanagementstrategien mit den folgenden Schlüsselkennzahlen ein:

• Durchschnittliche konstante Vorauszahlungsrate (CPR): 12,3 %
• Sensitivität des wirtschaftlichen Zinssatzes: -0,40 USD Buchwert pro Aktie für jede parallele Zinssatzverschiebung um 25 Basispunkte
• Verschuldungsquote: 7,4x zum 31. Dezember 2023

Gesicherte Finanzierungen und Rückkaufverträge

AGNC nutzt Pensionsgeschäfte zur Finanzierung mit folgenden Eigenschaften:

Finanzierungsmetrik	Wert
Total-Repurchase-Vereinbarungen	67,3 Milliarden US-Dollar
Gewichteter durchschnittlicher Fremdkapitalzinssatz	5.62%
Durchschnittliche verbleibende Tage bis zur Fälligkeit	84 Tage

Absicherung von Zins- und Kreditrisiken

AGNC implementiert umfassende Absicherungsstrategien:

• Nominalwert der Zinsswaps: 22,1 Milliarden US-Dollar
• Zinsswap-gewichteter durchschnittlicher fester Zinssatz: 2,87 %
• Nominalwert des Credit Default Swaps: 1,5 Milliarden US-Dollar

Dividendenausschüttung an die Aktionäre

Dividendenentwicklung für AGNC:

Dividendenkennzahl	Wert
Monatlicher Dividendensatz	0,12 $ pro Aktie
Jährliche Dividendenrendite	14.3%
Gesamte jährliche Dividendenausschüttung	1,44 $ pro Aktie

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an hypothekenbesicherten Wertpapieren

Im vierten Quartal 2023 verfügte AGNC Investment Corp. über ein Gesamtanlageportfolio von 80,8 Milliarden US-Dollar an hypothekenbesicherten Wertpapieren (MBS) von Agenturen. Die Portfoliozusammensetzung umfasst:

Sicherheitstyp	Gesamtwert	Prozentsatz
30-jähriger Festpreis	62,3 Milliarden US-Dollar	77%
15-jähriger Festpreis	12,5 Milliarden US-Dollar	15.5%
Andere Agentur-MBS	6 Milliarden Dollar	7.5%

Ausgefeilte Finanzmodellierungs- und Analysefunktionen

Zu den wichtigsten technologischen Infrastrukturen gehören:

• Erweiterte Risikoanalyseplattform
• Echtzeit-Marktdatenintegrationssysteme
• Proprietäre Zinsvorhersagemodellierung

Starke Kapitalbasis und Kreditlinien

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamteigenkapital: 6,3 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 7,2:1
• Verfügbare Kreditfazilitäten: 3,5 Milliarden US-Dollar

Erfahrenes Management-Team

Exekutive	Rolle	Jahrelange Erfahrung
Gary Kain	Präsident und CEO	20+ Jahre
Bernie McGovern	Finanzvorstand	15+ Jahre

Erweiterte Infrastruktur für das Risikomanagement

Risikomanagement-Kennzahlen:

• Absicherungswirksamkeit: 92,5 %
• Abdeckung des Zinsrisikomanagements: 85 %
• Häufigkeit der vierteljährlichen Risikostresstests: 4 Mal

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Wertversprechen

Hohe Dividendenrendite für ertragsorientierte Anleger

Im vierten Quartal 2023 meldete AGNC Investment Corp. eine Dividendenrendite von 14,32 % und lag damit deutlich über der durchschnittlichen Rendite des Hypotheken-REIT-Sektors von 9,75 %. Die Gesamtdividendenausschüttung des Unternehmens für 2023 betrug 1,44 US-Dollar pro Aktie.

Metrisch	Wert
Aktuelle Dividendenrendite	14.32%
Jährliche Dividende pro Aktie	$1.44
Branchendurchschnittsrendite	9.75%

Konsistente monatliche Dividendenzahlungen

AGNC hat behauptet monatliche Dividendenausschüttungen mit einem konsistenten Zahlungsmuster im gesamten Jahr 2023.

• Monatlicher Dividendensatz: 0,12 USD pro Aktie
• Jährliche Gesamtdividendenausschüttung: 1,44 USD pro Aktie
• Aufeinanderfolgende Monate mit Dividendenzahlungen: 180+ Monate

Engagement in durch Agenturen hypothekenbesicherten Wertpapieren

Zum 31. Dezember 2023 bestand das Anlageportfolio von AGNC aus:

Sicherheitstyp	Portfolioaufteilung
Agentur-MBS mit festem Zinssatz	92.3%
Agentur ARM/Hybrid MBS	7.7%
Gesamtwert des Portfolios	74,2 Milliarden US-Dollar

Professionelles Management komplexer Hypothekeninvestitionen

Das Managementteam von AGNC demonstriert Fachwissen durch wichtige Leistungskennzahlen:

• Nettozinsertrag: 1,02 Milliarden US-Dollar im Jahr 2023
• Eigenkapitalrendite (ROE): 10,2 %
• Erfahrung des Investmentmanagementteams: Durchschnittlich 15+ Jahre

Potenzial für Kapitalzuwachs und Einkommensgenerierung

Leistungskennzahlen für 2023 zeigen die Finanzkraft des Unternehmens:

Finanzkennzahl	Wert
Buchwert pro Aktie	$9.87
Gesamtwirtschaftliche Rendite	12.5%
Nettoinventarwert	3,2 Milliarden US-Dollar

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Kundenbeziehungen

Transparente Finanzberichterstattung

AGNC Investment Corp. bietet detaillierte Finanzberichte mit den folgenden Merkmalen:

Berichtstyp	Häufigkeit	Offenlegungsdetails
Jahresbericht (10-K)	Jährlich	Umfassende Finanzberichte und Risikoaufklärung
Vierteljährlicher Bericht (10-Q)	Vierteljährlich	Zwischenabschlüsse und operative Aktualisierungen
Aktuelle Berichte (8-K)	Nach Bedarf	Benachrichtigungen zu wichtigen Ereignissen

Regelmäßige Anlegerkommunikation

AGNC unterhält einheitliche Kommunikationskanäle:

• Quartalsergebnisveröffentlichungen
• Detaillierte Aktualisierungen der finanziellen Leistung
• Umfassende Dividendeninformationen

Online-Investorenportal und Ressourcen

Portalfunktion	Barrierefreiheit	Zur Verfügung gestellte Informationen
Investor-Relations-Website	Online-Zugriff rund um die Uhr	Finanzberichte, Präsentationen, SEC-Einreichungen
Verfolgung der Aktienperformance	Echtzeit-Updates	Aktueller Aktienkurs, historische Performance

Vierteljährliche Gewinngespräche und Präsentationen

AGNC führt strukturierte Investorenkommunikationsveranstaltungen durch:

• Vierteljährliche Telefonkonferenzen mit dem Management
• Live-Webcast-Präsentationen
• Frage-und-Antwort-Runden mit Finanzanalysten

Engagiertes Investor-Relations-Team

Teamzusammensetzung	Kontaktmethoden	Reaktionszeitrahmen
Spezialisierte IR-Experten	E-Mail, Telefon, Online-Anfrage	48-72 Stunden

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Kanäle

Börsen

AGNC Investment Corp. wird an der gehandelt NASDAQ Global Select Market unter dem Tickersymbol AGNC. Seit Januar 2024 ist die Aktie Teil des NASDAQ Financial-100 Index.

Austausch	Tickersymbol	Datum der Markteinführung
NASDAQ	AGNC	Mai 2008

Online-Brokerage-Plattformen

AGNC ist über mehrere Online-Brokerage-Plattformen zugänglich.

• Charles Schwab
• Fidelity Investments
• TD Ameritrade
• E*TRADE
• Robinhood

Finanzberatungsdienste

AGNC bietet Anlegerkommunikation über verschiedene Finanzberatungskanäle.

Servicetyp	Barrierefreiheit
Institutionelle Investor Relations	Direkter Kontakt
Unterstützung für Privatanleger	Telefon/E-Mail

Investor-Relations-Website

AGNC unterhält eine Investor-Relations-Website unter www.agnc.com.

• Vierteljährliche Gewinnberichte
• Jahresabschluss
• Investorenpräsentationen
• Dividendeninformationen

Finanzielle Offenlegungen der SEC

AGNC reicht regelmäßig finanzielle Offenlegungen bei der Securities and Exchange Commission (SEC) ein.

Art der Einreichung	Häufigkeit
10-K-Jahresbericht	Jährlich
10-Q-Quartalsbericht	Vierteljährlich
8-K-Materialereignisse	Nach Bedarf

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich AGNC Investment Corp. wie folgt an institutionelle Anleger profile:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	32.5%	18,7 Millionen US-Dollar
Versicherungsunternehmen	24.3%	15,4 Millionen US-Dollar
Investmentbanken	18.6%	12,9 Millionen US-Dollar

Rentenfondsmanager

Das Zielsegment der Pensionsfonds von AGNC umfasst:

• 401(k) Fondsmanager
• Verwalter staatlicher Pensionsfonds
• Manager von betrieblichen Altersvorsorgeplänen

Art der Altersvorsorge	Gesamtes verwaltetes Vermögen	AGNC-Investitionszuteilung
Fonds des öffentlichen Sektors	42,3 Milliarden US-Dollar	3.7%
Private Unternehmensfonds	28,6 Milliarden US-Dollar	2.9%

Vermögende Privatanleger

AGNC Investment richtet sich an vermögende Privatpersonen mit spezifischen Anlagemerkmalen:

• Mindestinvestitionsschwelle: 500.000 US-Dollar
• Durchschnittliche Portfolioallokation: 6-8 %
• Bevorzugtes Anlageinstrument: Hypothekenbesicherte Wertpapiere

Einkommensorientierte Privatanleger

Einzelheiten zum Privatanlegersegment von AGNC:

Anlegerkategorie	Durchschnittliches Jahreseinkommen	Typische Investitionsgröße
Privatanleger	$85,000 - $150,000	$50,000 - $250,000
Dividendenorientierte Anleger	$65,000 - $120,000	$25,000 - $150,000

Portfoliomanager für festverzinsliche Wertpapiere

Merkmale des AGNC-Portfoliomanagersegments:

• Gesamtes verwaltetes Vermögen: 287,4 Milliarden US-Dollar
• Durchschnittliche Portfolioallokation zu AGNC: 2,3 %
• Bevorzugte Anlagestrategie: Agency Mortgage-Backed Securities

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Kostenstruktur

Zinsaufwand für Pensionsgeschäfte

Für das Jahr 2023 meldete AGNC Investment Corp. einen Gesamtzinsaufwand von 1,82 Milliarden US-Dollar. Die Aufteilung der Zinskosten aus Pensionsgeschäften stellt sich wie folgt dar:

Kategorie	Betrag (in Millionen)
Rückkaufvertragszinsen	$1,820
Durchschnittlicher Saldo des Rückkaufvertrags	$61,400
Durchschnittlicher Zinssatz	5.62%

Management- und Verwaltungskosten

Zu den Management- und Verwaltungskosten von AGNC für 2023 gehörten:

• Gesamtverwaltungsgebühren: 94,3 Millionen US-Dollar
• Allgemeine und Verwaltungskosten: 38,2 Millionen US-Dollar
• Vergütung und Zusatzleistungen für Mitarbeiter: 22,5 Millionen US-Dollar

Kosten für Absicherung und Risikomanagement

Absicherungsbezogene Aufwendungen für das Geschäftsjahr 2023:

Sicherungskategorie	Kosten (in Millionen)
Kosten für derivative Instrumente	$67.5
Zinsswap-Aufwendungen	$42.3
Gesamte Absicherungskosten	$109.8

Compliance- und Regulierungskosten

Compliance-bezogene Kosten für 2023:

• Zulassungsgebühren: 1,2 Millionen US-Dollar
• Audit- und Compliance-Beratung: 3,5 Millionen US-Dollar
• Juristische und professionelle Dienstleistungen: 4,8 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Technologie- und Infrastrukturausgaben für 2023:

Kategorie „Technologieinvestitionen“.	Betrag (in Millionen)
IT-Infrastruktur	$12.6
Cybersicherheitssysteme	$5.4
Software- und System-Upgrades	$8.2
Gesamte Technologieinvestitionen	$26.2

AGNC Investment Corp. (AGNC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus hypothekenbesicherten Wertpapieren

Im vierten Quartal 2023 meldete AGNC Investment Corp. einen Gesamtzinsertrag von 384,1 Millionen US-Dollar aus hypothekenbesicherten Wertpapieren von Agenturen. Das Portfolio bestand zum 31. Dezember 2023 aus hypothekenbesicherten Wertpapieren im Wert von 74,8 Milliarden US-Dollar.

Einnahmequelle	Betrag (4. Quartal 2023)
Agency-MBS-Zinserträge	384,1 Millionen US-Dollar
Gesamtes Agentur-MBS-Portfolio	74,8 Milliarden US-Dollar

Realisierte und nicht realisierte Kapitalgewinne

Für das Jahr 2023 berichtete AGNC:

• Realisierte Nettogewinne von 89,3 Millionen US-Dollar
• Nicht realisierte Gewinne von 1,2 Milliarden US-Dollar

Nettozinsspanne

Die Nettozinsspanne von AGNC für das vierte Quartal 2023 betrug 2.18%, was die Differenz zwischen den Zinserträgen für Hypothekenvermögen und den für Kredite gezahlten Zinsen darstellt.

Kennzahl Nettozinsspanne	Prozentsatz
Nettozinsspanne Q4 2023	2.18%

Dividendenerträge

AGNC behielt im Jahr 2023 eine vierteljährliche Dividende von 0,12 US-Dollar pro Stammaktie bei, bei einer jährlichen Gesamtdividendenausschüttung von 0,48 US-Dollar pro Aktie.

Gewinne aus dem Handel mit hypothekenbesicherten Wertpapieren

Die Handelserlöse für hypothekenbesicherte Wertpapiere beliefen sich im Jahr 2023 auf insgesamt 156,7 Millionen US-Dollar und stellen eine Schlüsselkomponente der Umsatzgenerierungsstrategie des Unternehmens dar.

Kategorie der Handelserlöse	Betrag (2023)
MBS-Handelsgewinne	156,7 Millionen US-Dollar

AGNC Investment Corp. (AGNC) - Canvas Business Model: Value Propositions

AGNC Investment Corp. offers investors a primary value proposition centered on generating substantial current income from a portfolio of high-quality, government-backed assets.

The high-yield income stream is a core offering, with a reported dividend yield around 13.85% as of late 2025. This is supported by consistent monthly cash distributions. The next scheduled monthly dividend payment was $0.12 per share, payable on December 9, 2025, to stockholders of record as of November 28, 2025. AGNC Investment Corp. has declared a cash dividend of $0.12 per share of common stock for October 2025.

Here are the key figures underpinning the income proposition:

Metric	Value
Reported Dividend Yield (Late 2025)	13.85%
Monthly Dividend Per Share	$0.12
Annual Dividend Per Share	$1.44
Next Ex-Dividend Date	November 28, 2025

The structure provides investors with exposure to the low credit-risk Agency MBS market. AGNC Investment Corp. invests in Agency residential mortgage-backed securities, which benefit from a guarantee against credit losses by Fannie Mae, Freddie Mac, or Ginnie Mae. This investment strategy is executed via a leveraged structure, utilizing repurchase agreements to finance its Agency MBS assets. The company manages this leverage dynamically, intending to protect the portfolio from interest rate and other market risks.

The managed leverage is a key component for enhancing returns, as evidenced by the reported leverage metrics as of the end of the third quarter of 2025. The tangible net book value 'at risk' leverage ratio was 7.6x as of September 30, 2025, which was unchanged from June 30, 2025. The average 'at risk' leverage ratio for the third quarter was 7.5x tangible net book value.

Further details supporting the value proposition include performance and balance sheet strength as of September 30, 2025:

• Economic return on tangible common equity for Q3 2025 was 10.6%.
• Net spread and dollar roll income per common share for Q3 2025 was $0.35.
• Tangible net book value per common share was $8.28.
• Liquidity position stood at $7.2 billion of unencumbered cash and Agency MBS, constituting 66% of tangible equity at quarter end.
• The investment portfolio aggregated $90.8 billion.

AGNC Investment Corp. (AGNC) - Canvas Business Model: Customer Relationships

You're looking at how AGNC Investment Corp. (AGNC) keeps its stockholders engaged, and honestly, for a mortgage REIT, it all boils down to the steady stream of cash. The primary relationship is a highly automated, consistent monthly dividend distribution directly to stockholders, which is the core value proposition for this segment.

For the November 2025 distribution, the declared cash dividend was $0.12 per share of common stock, payable on December 9, 2025, to shareholders of record as of November 28, 2025. This maintains their monthly payout frequency, a key feature for income-focused investors. The annual dividend stands at $1.44 per share, translating to a trailing dividend yield of approximately 13.85% based on recent pricing. Since its May 2008 initial public offering, AGNC Investment Corp. has declared a cumulative total of $15.1 billion in common stock dividends, or $49.72 per common share through the third quarter of 2025.

Metric	Value (As of Late 2025 Data)	Reference Period/Date
Monthly Dividend Per Share	$0.12	November 2025 Declaration
Annual Dividend Per Share	$1.44	Annualized
Reported Dividend Yield	13.85%	Recent Trailing
Total Dividends Paid Since Inception	Over $15 billion	Through Q3 2025
Total Dividends Declared Per Share Since Inception	$49.72	Through Q3 2025
Payout Frequency	Monthly	Standard

Transparency is maintained through formal channels, which is crucial for a publicly traded REIT. You can access detailed performance metrics and forward-looking statements via the Investor Relations section of the AGNC Investment Corp. website.

• Investor Relations contact is available via phone at (301) 968-9300 or email at IR@AGNC.com.
• Quarterly Stockholder Presentations are a regular feature, with the Q3 2025 presentation released on October 21, 2025.
• The Q2 2025 Stockholder Presentation was available on July 22, 2025, and the Q1 2025 presentation on April 22, 2025.
• The company also provides access to SEC Filings, Annual Reports, and Tax Information.

The relationship with the broader investor base is almost entirely transactional, mediated by the infrastructure of the capital markets. You buy or sell shares through your brokerage account, and AGNC Investment Corp. is the counterparty in the underlying asset management structure. The company has taken steps to ensure it has the flexibility to issue more stock to fund its investment activity, which directly impacts the shareholder base.

Here's the quick math on that flexibility: As of the February 21, 2025, record date for the Annual Meeting, there were 915,463,675 shares of Common Stock entitled to vote. To support future capital needs, stockholders approved increasing the total authorized number of common shares from 1,500,000,000 to 2,250,000,000 in April 2025. This structural change directly affects the pool of shares available for trading and distribution, underpinning the transactional nature of the relationship.

AGNC Investment Corp. (AGNC) - Canvas Business Model: Channels

You're looking at how AGNC Investment Corp. gets its capital and communicates with the market; for a mortgage REIT, these channels are all about accessing public markets for equity and debt, and then being transparent about the results.

The Nasdaq Global Select Market for Common and Preferred Stock Trading

AGNC Investment Corp. common stock trades on the Nasdaq-GS (Nasdaq Global Select Market). This is the primary venue for liquidity for both common and preferred shares, including the depositary shares representing the preferred stock, such as the Series H shares trading under the symbol AGNCZ. As of November 16, 2025, the market capitalization for AGNC Investment Corp. stood at $10.89B. A more recent quote showed a Market Cap of $11,156,330,328. The 52-week trading range for the common stock was between a low of $7.85 and a high of $10.6282. On a recent day, the share volume was 39,547,365, significantly higher than the Average Volume of 21,354,756.

At-the-Market (ATM) Equity Offering Programs for Capital Raising

AGNC Investment Corp. actively uses At-the-Market (ATM) equity offering programs to raise common equity capital directly into the market, which helps fund its investment portfolio growth. This is a key channel for continuously topping up equity capital without a large, single-day issuance event. Here's how the ATM activity looked recently:

• In the third quarter of 2025, AGNC issued 31.0 million shares of common equity through ATM offerings.
• These Q3 2025 ATM issuances generated net proceeds of $309 million.
• For comparison, in the second quarter of 2025, the company issued 92.6 million shares via ATM for net proceeds totaling $799 million.

Investment Banks and Underwriters for Debt and Preferred Equity Issuance

When AGNC issues preferred equity, it relies on a syndicate of major investment banks to underwrite the offering. This channel is critical for accessing large pools of capital efficiently. For the September 2025 issuance of the 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock depositary shares, the gross proceeds targeted were $300 million. The net proceeds to AGNC Investment Corp., before expenses, totaled $290,550,000 from the sale of 12,000,000 depositary shares at $25.00 per share. The underwriting discount amounted to $9,450,000 in total.

The primary intermediaries used for this capital raise included several joint book-running managers and a co-manager:

Role	Financial Institution
Joint Book-Running Manager	Morgan Stanley & Co. LLC
Joint Book-Running Manager	Goldman Sachs & Co. LLC
Joint Book-Running Manager	J.P. Morgan Securities LLC
Joint Book-Running Manager	RBC Capital Markets, LLC
Joint Book-Running Manager	UBS Investment Bank
Joint Book-Running Manager	Wells Fargo Securities LLC
Joint Book-Running Manager	Citigroup Global Markets Inc.
Joint Book-Running Manager	Keefe, Bruyette & Woods, Inc.
Co-Manager	Barclays Capital Inc.

Direct Communication via SEC Filings and Investor Webcasts

AGNC Investment Corp. maintains a regular cadence of direct communication with investors and analysts, primarily through mandatory SEC filings and scheduled investor presentations. This ensures compliance and provides necessary updates on performance and strategy. The company uses its Investor Relations website to distribute materials, including filings made on Form S-3 for offerings.

The quarterly reporting cycle dictates the timing of these key communication events:

• Q3 2025 Earnings Release was after market close on October 20, 2025, followed by a Stockholder Call/Webcast on October 21, 2025, at 8:30 am ET.
• Q2 2025 Stockholder Presentation occurred on July 22, 2025, at 8:30 AM EDT.
• Q1 2025 Earnings Release was after market close on April 21, 2025, with the call on April 22, 2025, at 8:30 am ET.

For those unable to attend live, an archived audio of the stockholder call and the slide presentation are made available on the AGNC website, for example, the Q3 2025 recording was available through November 4, 2025. Finance: draft 13-week cash view by Friday.

AGNC Investment Corp. (AGNC) - Canvas Business Model: Customer Segments

You're looking at who AGNC Investment Corp. serves, which boils down to those chasing yield, the big money managers, and the fixed-income crowd. Honestly, for a Mortgage REIT, the customer base is pretty straightforward: capital providers looking for distribution.

Income-focused individual investors seeking high dividend yields

This segment is primarily the retail investor base, attracted by AGNC Investment Corp.'s commitment to monthly distributions. They are the bedrock of the common equity base. As of late 2025, this group represents the majority ownership slice.

• Retail investors own approximately 63.62% of AGNC Investment Corp. stock.
• The declared monthly common stock dividend for November 2025 was $0.12 per share.
• The annual dividend on the common stock is $1.44 per share, translating to a dividend yield of 13.85% as of late 2025.
• Since its May 2008 initial public offering through the third quarter of 2025, AGNC Investment Corp. has declared a total of $15.1 billion in common stock dividends, which equates to $49.72 per common share.

Institutional investors, including hedge funds and asset managers

These are the large funds, index trackers, and active managers that hold significant blocks of AGNC Investment Corp. shares. They are focused on the total return profile, often using AGNC as a yield-enhancement tool within larger fixed-income or equity strategies. You see a lot of the major players here.

Here's a look at the institutional footprint as of late 2025, based on filings through Q3 2025:

Metric	Value
Percentage of Stock Owned by Institutions	38.28%
Number of Institutional Owners (13F/13D-G Filers)	873
Total Value of Institutional Holdings (as of 9/30/2025)	$4,166 million
Share Price (as of November 21, 2025)	$10.28 / share

The top institutional holders as of September 30, 2025, included:

• Vanguard Group Inc. holding 96,440,345 shares.
• Blackrock, Inc. holding 56,207,331 shares.
• Geode Capital Management LLC holding 27,501,497 shares.
• State Street Corp. holding 17,155,565 shares.

Preferred stockholders seeking a fixed-rate income stream, e.g., 8.75% Series H

This group buys AGNC Investment Corp.'s preferred stock, which offers a more predictable, though typically lower, yield profile than the common stock, often with seniority in the capital structure. The Series H issuance in late 2025 is a prime example of this segment's demand for high, fixed-rate income.

The 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred Stock, expected to issue around September 10, 2025, is a key offering for this segment.

• Series H Dividend Rate: A fixed rate equal to 8.75% per annum of the $25,000 liquidation preference per share.
• Series H Depositary Share Public Offering Price: $25.00 per depositary share.
• Net Proceeds to AGNC Investment Corp. from Series H (estimated): $290,550,000 (assuming no exercise of the underwriters overallotment option).
• Capital Fortification from Series H: The company raised -$345 million from the 8.75% Series H preferred equity offering.

Other preferred series also serve this segment, with their rates fluctuating or resetting. For instance, for the dividend period ending October 14, 2025, the Series C Depositary Shares had a rate of 9.69038% per annum.

The aggregate liquidation preference for the existing preferred stock series as of Q1 2025 shows the scale of this capital base:

Preferred Stock Series	Ticker	Aggregate Liquidation Preference (as of Q1 2025)
Series C Fixed-to-Floating Rate	AGNCN	$325 Million
Series D Fixed-to-Floating Rate	AGNCM	$235 Million
Series E Fixed-to-Floating Rate	AGNCO	$403 Million
Series F Fixed-to-Floating Rate	AGNCP	$575 Million
Series G Fixed-Rate Reset	AGNCL	$150 Million

If you're managing a portfolio, you defintely want to track the total capital stack this represents.

AGNC Investment Corp. (AGNC) - Canvas Business Model: Cost Structure

The Cost Structure for AGNC Investment Corp. is heavily weighted toward financing costs, given its business as a highly leveraged investor in agency Mortgage-Backed Securities (MBS). These costs are dynamic, directly tied to short-term funding rates and prepayment speeds on the underlying assets.

Interest expense on repurchase agreements represents a primary cost component. As of September 30, 2025, the weighted average interest rate on its Investment Securities Repo funding was reported at 4.38%. This is the cost to finance the majority of the investment portfolio.

The premium amortization cost on the MBS portfolio is a non-interest expense driven by investor behavior. For the third quarter of 2025, AGNC Investment Corp.'s investment portfolio generated a net premium amortization cost of $(57) million. This figure included a specific 'catch-up' premium amortization cost of $(14) million, which resulted from an increase in the projected Constant Prepayment Rate (CPR) estimates for certain securities.

Operating expenses, which include compensation for the internally-managed structure, are managed relative to the equity base. For the third quarter of 2025, the ratio of operating costs (including dividends and preferred stock dividends) to the equity base dropped to about 17%.

The cost of hedging activities is crucial for managing interest rate risk. AGNC Investment Corp. uses interest rate swaps to manage the cost of funds. As of September 30, 2025, the pay fixed interest rate swap position had a notional amount of $48.1 billion, with an average fixed pay rate of 2.47% and an average floating receive rate of 4.23%. The overall hedge portfolio, including swaps, U.S. Treasury positions, and option-based hedges, covered 68% of the Company's funding liabilities as of that date.

Professional fees and administrative overhead are embedded within the overall operating expenses. The internally-managed structure means compensation and administrative costs are direct operating expenses, which, as noted, constituted a cost ratio of approximately 17% against the equity base in Q3 2025.

Here are the key cost-related metrics from the third quarter of 2025:

Cost Component Detail	Metric/Value	Period/As Of Date
Investment Securities Repo Weighted Avg. Interest Rate (As of)	4.38%	September 30, 2025
Repurchase Agreements Weighted Avg. Interest Rate (Quarterly Avg)	4.43%	Q3 2025
TBA Position Implied Financing Cost	4.31%	Q3 2025
Combined Weighted Average Cost of Funds (Inclusive of Swaps)	3.17%	Q3 2025
Net Premium Amortization Cost (Total)	$(57) million	Q3 2025
'Catch-up' Premium Amortization Cost	$(14) million	Q3 2025
Operating Costs to Equity Base Ratio	Approx. 17%	Q3 2025
Pay Fixed Interest Rate Swap Notional Amount	$48.1 billion	September 30, 2025
Average Fixed Pay Rate on Swaps	2.47%	As of September 30, 2025
Hedge Ratio (as % of funding liabilities)	68%	September 30, 2025

The structure relies on managing the spread between asset yields and these funding costs. You can see the direct impact of funding costs on the net spread income, which was $0.35 per common share for the quarter, excluding the catch-up amortization cost.

• The weighted average actual Constant Prepayment Rate (CPR) for the quarter was 8.3%.
• The weighted average cost basis of the investment portfolio was 101.2% of par value as of September 30, 2025.
• The average 'at risk' leverage ratio for the third quarter was 7.5x tangible net book value.

AGNC Investment Corp. (AGNC) - Canvas Business Model: Revenue Streams

You're looking at the core ways AGNC Investment Corp. generates income, which is heavily concentrated in the spread between what they earn on their mortgage assets and what they pay to fund those assets. This is the engine room of a mortgage REIT, so let's look at the hard numbers from late 2025.

The primary driver is Net Interest Income (NII), which comes from the spread between Mortgage-Backed Securities (MBS) yields and funding costs. For the third quarter of 2025, the annualized net interest spread, which includes the TBA position and interest rate swaps but excludes certain amortization adjustments, was reported at 1.78%. Looking at the components, AGNC reported Net Interest Income (NII) of $148 million against net interest expenses of $64 million in the prior-year quarter, though the current quarter's NII/Expense breakdown isn't explicitly separated in the same way for Q3 2025.

A key component of the operating income is the Net spread and dollar roll income, which was $0.35 per common share in Q3 2025. This figure excludes an estimated $(0.01) per common share of 'catch-up' premium amortization cost due to changes in prepayment rate estimates.

The total revenue, reported as interest income for the quarter ending September 30, 2025, reached $903 million. For the twelve months ending Q3 2025, the reported revenue was $956.00M.

The income statement also reflects volatility from market movements through Realized and unrealized gains/losses on investment securities and derivatives. For the third quarter, AGNC recorded a net gain of $688 million in other gain (loss), net, which translated to $0.65 per common share. This gain was composed of several elements:

• Net realized losses on sales of investment securities: $(81) million.
• Net unrealized gains on investment securities measured at fair value through net income: $805 million.
• Net losses on interest rate swaps: $(272) million.

AGNC Investment Corp. maintains a small allocation to riskier assets, which contributes to revenue. The income from this small portfolio of Credit Risk Transfer (CRT) and non-Agency securities is part of the overall investment portfolio. As of September 30, 2025, the total size of this segment was $0.7 billion of the total portfolio.

Here's a breakdown of the investment portfolio as of September 30, 2025, which underpins these revenue streams:

Asset Class	Amount as of September 30, 2025
Total Investment Portfolio	$90.8 billion
Agency MBS	$76.3 billion
Net Forward Purchases/(Sales) of Agency MBS (TBA securities)	$13.8 billion
Credit Risk Transfer (CRT) and non-Agency securities and other mortgage credit investments	$0.7 billion

The economic return on tangible common equity for the quarter was a strong 10.6%, comprised of $0.36 dividends declared per common share and a $0.47 increase in tangible net book value per common share.

Finance: draft 13-week cash view by Friday.