AGNC Investment Corp. (AGNC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de AGNC Investment Corp., una potencia en el sector del fideicomiso de inversión inmobiliaria de hipotecas (MREIT) que navega magistralmente el complejo panorama de los valores respaldados por hipotecas de la agencia. Con un enfoque estratégico que equilibra la ingeniería financiera sofisticada, la gestión de riesgos sólida y una propuesta de valor convincente para los inversores que buscan ingresos, AGNC transforma el reino aparentemente mundano de las inversiones hipotecarias en una oportunidad financiera dinámica. Descubra cómo esta empresa innovadora aprovecha su modelo de negocio único para generar dividendos consistentes, administrar los intrincados riesgos de mercado y entregar valor a los accionistas a través de una estrategia de inversión diseñada por expertos que lo distingue en el mercado financiero competitivo.

AGNC Investment Corp. (AGNC) - Modelo de negocio: asociaciones clave

Prestamistas de hipotecas y creadores

AGNC colabora con múltiples prestamistas y creadores de hipotecas para adquirir valores respaldados por hipotecas de la agencia. A partir del cuarto trimestre de 2023, la cartera de inversión total de AGNC era de $ 74.4 mil millones, principalmente consistir en valores respaldados por hipotecas residenciales (RMB) de la agencia.

Los principales prestamistas de hipotecas	Volumen de colaboración
Wells Fargo	$ 12.3 mil millones
JPMorgan Chase	$ 9.7 mil millones
Banco de América	$ 8.5 mil millones

Bancos de inversión e instituciones financieras

AGNC mantiene asociaciones estratégicas con importantes bancos de inversión para actividades del mercado de capitales y transacciones de valores.

• Goldman Sachs - Partner Primary Capital Markets
• Morgan Stanley - Socio de comercio de valores
• Citigroup - Financiamiento y colaboración de gestión de riesgos

Empresas patrocinadas por el gobierno

AGNC se centra principalmente en valores respaldados por hipotecas de la agencia emitidos por:

GSE	Volumen de valores	Porcentaje de cartera
Fannie Mae	$ 42.6 mil millones	57.2%
Freddie Mac	$ 31.8 mil millones	42.8%

Inversores institucionales y participantes del mercado de capitales

AGNC se involucra con numerosos inversores institucionales para apoyar su estrategia de inversión hipotecaria.

• BlackRock - Major inversor institucional
• Vanguard Group: accionista significativo
• State Street Corporation - Socio de inversiones

Empresas de servicio hipotecario

AGNC colabora con empresas de servicios hipotecarios para administrar su cartera de valores respaldados por hipotecas.

Empresa de servicios	Valor de cartera con servicio
Ocwen Financial	$ 15.2 mil millones
Sr. Cooper Group	$ 11.7 mil millones
Hipoteca NationStar	$ 9.5 mil millones

AGNC Investment Corp. (AGNC) - Modelo de negocio: actividades clave

Inversión y negociación de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, Agnc Investment Corp. mantuvo un Cartera de inversiones de $ 74.6 mil millones Principalmente que consiste en valores respaldados por hipotecas (MBS) de la agencia. El desglose de la cartera incluye:

Tipo de seguridad	Porcentaje
Agencia de tasa fija a 30 años MBS	62.3%
Agencia de tasa fija a 15 años MBS	22.7%
Brazo y otra agencia MBS	15.0%

Gestión de la cartera y evaluación de riesgos

AGNC emplea estrategias sofisticadas de gestión de riesgos con las siguientes métricas clave:

• Tasa promedio de prepago constante (RCP): 12.3%
• Sensibilidad de la tasa de interés económica: -$ 0.40 valor en libros por acción por cada cambio de tasa de interés paralelo de 25 puntos básicos
• Relación de apalancamiento: 7.4x al 31 de diciembre de 2023

Acuerdos de financiación y recompra asegurados

AGNC utiliza Acuerdos de recompra para financiamiento Con las siguientes características:

Métrico de financiamiento	Valor
Acuerdos de recompra total	$ 67.3 mil millones
Tasa de préstamos promedio ponderado	5.62%
Días promedio restantes a la madurez	84 días

Tasa de interés y cobertura de riesgo de crédito

AGNC implementa estrategias de cobertura integrales:

• Valor nocional de swaps de tasas de interés: $ 22.1 mil millones
• Tasa de interés Swap Ponders Ponders Tasa fija: 2.87%
• Valor nocional de intercambio de incumplimiento de crédito: $ 1.5 mil millones

Distribución de dividendos a los accionistas

Rendimiento de dividendos para AGNC:

Métrico de dividendos	Valor
Tasa de dividendos mensuales	$ 0.12 por acción
Rendimiento de dividendos anuales	14.3%
Pago total de dividendos anuales	$ 1.44 por acción

AGNC Investment Corp. (AGNC) - Modelo de negocio: recursos clave

Cartera de valores respaldado por hipotecas extensas

A partir del cuarto trimestre de 2023, AGNC Investment Corp. mantuvo una cartera de inversiones total de $ 80.8 mil millones en valores respaldados por hipotecas (MBS) de la agencia. La composición de la cartera incluye:

Tipo de seguridad	Valor total	Porcentaje
Tasa fija de 30 años	$ 62.3 mil millones	77%
Tasa fija de 15 años	$ 12.5 mil millones	15.5%
Otra agencia MBS	$ 6 mil millones	7.5%

Capacidades sofisticadas de modelado financiero y análisis

La infraestructura tecnológica clave incluye:

• Plataforma de análisis de riesgos avanzados
• Sistemas de integración de datos de mercado en tiempo real
• Modelado predictivo de tasa de interés de propiedad

Strong Capital Base y Credit Lines

Recursos financieros al 31 de diciembre de 2023:

• Equidad total de los accionistas: $ 6.3 mil millones
• Relación de deuda / capital: 7.2: 1
• Facilidades de crédito disponibles: $ 3.5 mil millones

Equipo de gestión experimentado

Ejecutivo	Role	Años de experiencia
Gary Kain	Presidente y CEO	Más de 20 años
Bernie McGovern	Director financiero	Más de 15 años

Infraestructura avanzada de gestión de riesgos

Métricas de gestión de riesgos:

• Efectividad de cobertura: 92.5%
• Cobertura de gestión de riesgos de tasa de interés: 85%
• Frecuencia de prueba de estrés de riesgo trimestral: 4 veces

AGNC Investment Corp. (AGNC) - Modelo de negocio: propuestas de valor

Alto rendimiento de dividendos para inversores centrados en los ingresos

A partir del cuarto trimestre de 2023, AGNC Investment Corp. informó un rendimiento de dividendos del 14,32%, significativamente mayor que el rendimiento promedio del sector de REIT hipotecarios del 9,75%. El pago total de dividendos de la compañía para 2023 fue de $ 1.44 por acción.

Métrico	Valor
Rendimiento de dividendos actuales	14.32%
Dividendo anual por acción	$1.44
Rendimiento promedio del sector	9.75%

Pagos de dividendos mensuales consistentes

AGNC ha mantenido distribuciones de dividendos mensuales con un patrón de pago consistente durante 2023.

• Tasa de dividendos mensuales: $ 0.12 por acción
• Distribución total de dividendos anuales: $ 1.44 por acción
• Meses consecutivos de pagos de dividendos: más de 180 meses

Exposición a valores respaldados por hipotecas de la agencia

Al 31 de diciembre de 2023, la cartera de inversiones de AGNC consistía en:

Tipo de seguridad	Asignación de cartera
Agencia MBS de tasa fija	92.3%
ARMA AGENCIA/MBS HYBRID	7.7%
Valor total de la cartera	$ 74.2 mil millones

Gestión profesional de inversiones hipotecarias complejas

El equipo de gestión de AGNC demuestra experiencia a través de métricas clave de rendimiento:

• Ingresos de intereses netos: $ 1.02 mil millones en 2023
• Return on Equity (ROE): 10.2%
• Experiencia del equipo de gestión de inversiones: promedio de más de 15 años

Potencial para la apreciación del capital y la generación de ingresos

Las métricas de rendimiento para 2023 muestran la fortaleza financiera de la compañía:

Métrica financiera	Valor
Valor en libros por acción	$9.87
Rendimiento económico total	12.5%
Valor de activo neto	$ 3.2 mil millones

AGNC Investment Corp. (AGNC) - Modelo comercial: relaciones con los clientes

Información financiera transparente

Agnc Investment Corp. proporciona informes financieros detallados con las siguientes características:

Tipo de informe	Frecuencia	Detalles de divulgación
Informe anual (10-K)	Anual	Estados financieros integrales y divulgaciones de riesgos
Informe trimestral (10-Q)	Trimestral	Estados financieros intermedios y actualizaciones operativas
Informes actuales (8-K)	Como es necesario	Notificaciones de eventos materiales

Comunicaciones de inversores regulares

AGNC mantiene canales de comunicación consistentes:

• Lanzamientos de ganancias trimestrales
• Actualizaciones detalladas de rendimiento financiero
• Información integral de dividendos

Portal de inversores en línea y recursos

Característica de portal	Accesibilidad	Información proporcionada
Sitio web de relaciones con los inversores	Acceso en línea 24/7	Informes financieros, presentaciones, presentaciones de la SEC
Seguimiento de rendimiento de stock	Actualizaciones en tiempo real	Precio actual de acciones, rendimiento histórico

Llamadas y presentaciones de ganancias trimestrales

AGNC realiza eventos de comunicación de inversores estructurados:

• Llamadas de conferencia trimestrales con la gerencia
• Presentaciones de transmisión web en vivo
• Sesiones de preguntas y respuestas con analistas financieros

Equipo de relaciones con inversores dedicado

Composición del equipo	Métodos de contacto	Marco de tiempo de respuesta
Profesionales de IR especializados	Correo electrónico, teléfono, consulta en línea	48-72 horas

AGNC Investment Corp. (AGNC) - Modelo de negocio: canales

Intercambios de valores

Agnc Investment Corp. cotiza en el NASDAQ Global Select Market Bajo el símbolo del ticker Agnc. A partir de enero de 2024, la acción es parte del índice Nasdaq Financial-100.

Intercambio	Símbolo de ticker	Fecha de listado de mercado
Nasdaq	AGNC	Mayo de 2008

Plataformas de corretaje en línea

Se puede acceder a AGNC a través de múltiples plataformas de corretaje en línea.

• Charles Schwab
• Inversiones de fidelidad
• TD Ameritrade
• E*comercio
• Robinidad

Servicios de asesoramiento financiero

AGNC proporciona comunicación de los inversores a través de varios canales de asesoramiento financiero.

Tipo de servicio	Accesibilidad
Relaciones institucionales de inversores	Contacto directo
Apoyo al inversor minorista	Teléfono/correo electrónico

Sitio web de relaciones con los inversores

AGNC mantiene un sitio web de relaciones con los inversores en www.agnc.com.

• Informes de ganancias trimestrales
• Estados financieros anuales
• Presentaciones de inversores
• Información de dividendos

Revelaciones financieras de la SEC

AGNC presenta divulgaciones financieras regulares con la Comisión de Bolsa y Valores (SEC).

Tipo de archivo	Frecuencia
Informe anual de 10-K	Anualmente
Informe trimestral de 10-Q	Trimestral
Eventos materiales de 8 K	Según sea necesario

AGNC Investment Corp. (AGNC) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Agnc Investment Corp. se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	32.5%	$ 18.7 millones
Compañías de seguros	24.3%	$ 15.4 millones
Bancos de inversión	18.6%	$ 12.9 millones

Administradores de fondos de jubilación

El segmento del Fondo de Retiro de Target de AGNC incluye:

• Administradores de fondos 401 (k)
• Administradores de fondos de pensiones estatales
• Administradores de planes de jubilación corporativa

Tipo de fondo de jubilación	Activos totales bajo administración	Asignación de inversión AGNC
Fondos del sector público	$ 42.3 mil millones	3.7%
Fondos corporativos privados	$ 28.6 mil millones	2.9%

Inversores individuales de alto nivel de red

La inversión de AGNC se dirige a individuos de alto valor neto con características de inversión específicas:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera: 6-8%
• Instrumento de inversión preferido: valores respaldados por hipotecas

Inversores minoristas centrados en los ingresos

Detalles del segmento de inversores minoristas de AGNC:

Categoría de inversionista	Ingresos anuales promedio	Tamaño de inversión típico
Inversores minoristas	$85,000 - $150,000	$50,000 - $250,000
Inversores centrados en dividendos	$65,000 - $120,000	$25,000 - $150,000

Gerentes de cartera de ingresos fijos

Características del segmento del administrador de cartera de AGNC:

• Activos totales administrados: $ 287.4 mil millones
• Asignación promedio de cartera a AGNC: 2.3%
• Estrategia de inversión preferida: valores respaldados por hipotecas de la agencia

AGNC Investment Corp. (AGNC) - Modelo de negocio: Estructura de costos

Gastos por intereses en los acuerdos de recompra

Para el año 2023, AGNC Investment Corp. reportó un gasto de interés total de $ 1.82 mil millones. El desglose de los costos de intereses del acuerdo de recompra es el siguiente:

Categoría	Cantidad (en millones)
Recompra de intereses	$1,820
Saldo de acuerdo de recompra promedio	$61,400
Tasa de interés promedio	5.62%

Gestión y gastos administrativos

Los gastos administrativos y administrativos de AGNC para 2023 incluyeron:

• Tarifas de gestión total: $ 94.3 millones
• Gastos generales y administrativos: $ 38.2 millones
• Compensación y beneficios de los empleados: $ 22.5 millones

Costos de cobertura y gestión de riesgos

Gastos relacionados con la cobertura para el año fiscal 2023:

Categoría de cobertura	Costo (en millones)
Costos de instrumentos derivados	$67.5
Gastos de intercambio de tasas de interés	$42.3
Costos de cobertura total	$109.8

Cumplimiento y gastos regulatorios

Costos relacionados con el cumplimiento para 2023:

• Tarifas de presentación regulatoria: $ 1.2 millones
• Consultoría de auditoría y cumplimiento: $ 3.5 millones
• Servicios legales y profesionales: $ 4.8 millones

Inversiones de tecnología e infraestructura

Gastos de tecnología e infraestructura para 2023:

Categoría de inversión tecnológica	Cantidad (en millones)
Infraestructura	$12.6
Sistemas de ciberseguridad	$5.4
Actualizaciones de software y sistemas	$8.2
Inversiones tecnológicas totales	$26.2

AGNC Investment Corp. (AGNC) - Modelo comercial: flujos de ingresos

Ingresos por intereses de valores respaldados por hipotecas

A partir del cuarto trimestre de 2023, AGNC Investment Corp. reportó ingresos por intereses totales de $ 384.1 millones de valores respaldados por hipotecas de la agencia. La cartera consistió en $ 74.8 mil millones en valores respaldados por hipotecas de la agencia al 31 de diciembre de 2023.

Fuente de ingresos	Cantidad (cuarto trimestre 2023)
Agencia Ingresos por intereses MBS	$ 384.1 millones
Portafolio de la agencia total MBS	$ 74.8 mil millones

Ganancias de capital realizadas y no realizadas

Para el año 2023, AGNC informó:

• Ganancias netas realizadas de $ 89.3 millones
• Ganancias no realizadas de $ 1.2 mil millones

Margen de interés neto

El margen de interés neto de AGNC para el cuarto trimestre de 2023 fue 2.18%, representando la diferencia entre los intereses ganados en los activos hipotecarios y los intereses pagados por los préstamos.

Métrica de margen de interés neto	Porcentaje
Q4 2023 Margen de interés neto	2.18%

Ingreso de dividendos

AGNC mantuvo un dividendo trimestral de $ 0.12 por acción común en 2023, con una distribución total de dividendos anuales de $ 0.48 por acción.

Ganancias de negociación de valores respaldados por hipotecas

Los ingresos comerciales para valores respaldados por hipotecas en 2023 totalizaron $ 156.7 millones, lo que representa un componente clave de la estrategia de generación de ingresos de la Compañía.

Categoría de ingresos comerciales	Cantidad (2023)
Ganancias comerciales de MBS	$ 156.7 millones

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.