AGNC Investment Corp. (AGNC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe d'AGNC Investment Corp., une centrale dans le secteur de la fiducie d'investissement immobilier hypothécaire (MREIT) qui navigue magistralement dans le paysage complexe des titres adossés à des hypothèques d'agence. Avec une approche stratégique qui équilibre l'ingénierie financière sophistiquée, une gestion des risques robuste et une proposition de valeur convaincante pour les investisseurs en quête de revenu, AGNC transforme le domaine apparemment banal des investissements hypothécaires en une opportunité financière dynamique. Découvrez comment cette entreprise innovante tire parti de son modèle commercial unique pour générer des dividendes cohérents, gérer les risques complexes du marché et offrir de la valeur aux actionnaires grâce à une stratégie d'investissement conçue de manière experte qui le distingue sur le marché financier concurrentiel.

AGNC Investment Corp. (AGNC) - Modèle commercial: partenariats clés

Prêteurs hypothécaires et initiateurs

L'AGNC collabore avec plusieurs prêteurs hypothécaires et initiateurs pour acquérir des titres adossés à des créances hypothécaires. Au quatrième trimestre 2023, le portefeuille total d'investissement d'AGNC était de 74,4 milliards de dollars, principalement composé de titres adossés à des créances hypothécaires (RMB).

Prêteurs hypothécaires supérieurs	Volume de collaboration
Wells Fargo	12,3 milliards de dollars
JPMorgan Chase	9,7 milliards de dollars
Banque d'Amérique	8,5 milliards de dollars

Banques d'investissement et institutions financières

AGNC maintient des partenariats stratégiques avec les principales banques d'investissement pour les activités du marché du capital et les transactions en valeurs mobilières.

• Goldman Sachs - partenaire des marchés des capitaux primaires
• Morgan Stanley - partenaire de trading des valeurs mobilières
• Citigroup - Collaboration de financement et de gestion des risques

Entreprises parrainées par le gouvernement

AGNC se concentre principalement sur les titres adossés à des hypothèques d'agence émis par:

GSE	Volume de valeurs mobilières	Pourcentage de portefeuille
Fannie Mae	42,6 milliards de dollars	57.2%
Freddie Mac	31,8 milliards de dollars	42.8%

Investisseurs institutionnels et participants au marché du capital

AGNC s'engage avec de nombreux investisseurs institutionnels pour soutenir sa stratégie d'investissement hypothécaire.

• BlackRock - Investisseur institutionnel majeur
• Vanguard Group - Actionnaire important
• State Street Corporation - partenaire d'investissement

Sociétés de service hypothécaire

AGNC collabore avec les sociétés de service hypothécaire pour gérer son portefeuille de titres adossés à des créances hypothécaires.

Entreprise de service	Valeur de portefeuille avec services
Ocwen Financial	15,2 milliards de dollars
Monsieur Cooper Group	11,7 milliards de dollars
Hypothèque nationale	9,5 milliards de dollars

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: activités clés

Investissement et trading en valeurs mobilières adossées aux hypothèques

Depuis le quatrième trimestre 2023, AGNC Investment Corp. Portfolio d'investissement de 74,6 milliards de dollars Composé principalement en titres adossés à des créances hypothécaires (MBS). La ventilation du portefeuille comprend:

Type de sécurité	Pourcentage
Agence à taux fixe de 30 ans MBS	62.3%
Agence à taux fixe de 15 ans MBS	22.7%
ARM et autre agence MBS	15.0%

Gestion du portefeuille et évaluation des risques

AGNC utilise des stratégies de gestion des risques sophistiquées avec les mesures clés suivantes:

• Taux de prépaiement constant moyen (RCR): 12,3%
• Sensibilité au taux d'intérêt économique: - 0,40 $ Valeur comptable par action pour chaque 25 points de base de taux d'intérêt parallèle
• Ratio de levier: 7,4x au 31 décembre 2023

Accords de financement et de rachat garantis

AGNC utilise Rachat des accords de financement avec les caractéristiques suivantes:

Financement de la métrique	Valeur
Accords totaux de rachat	67,3 milliards de dollars
Taux d'emprunt moyen pondéré	5.62%
Les jours restants moyens à maturité	84 jours

Taux d'intérêt et risque de crédit couverture

AGNC met en œuvre des stratégies de couverture complètes:

• Valeur notionnelle des échanges de taux d'intérêt: 22,1 milliards de dollars
• Taux d'intérêt Swap Pondées moyens FIXE TAUX: 2,87%
• CRÉDIT SWAP VALEUR NORIONALE: 1,5 milliard de dollars

Distribution des dividendes aux actionnaires

Performance de dividendes pour AGNC:

Métrique du dividende	Valeur
Taux de dividende mensuel	0,12 $ par action
Rendement annuel sur le dividende	14.3%
Paiement annuel du dividende annuel	1,44 $ par action

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: Ressources clés

Portefeuille de valeurs mobilières adaptés aux hypothèques

Au quatrième trimestre 2023, AGNC Investment Corp. a maintenu un portefeuille d'investissement total de 80,8 milliards de dollars en titres adossés à des créances hypothécaires (MBS). La composition du portefeuille comprend:

Type de sécurité	Valeur totale	Pourcentage
Taux fixe de 30 ans	62,3 milliards de dollars	77%
Taux fixe de 15 ans	12,5 milliards de dollars	15.5%
Autre agence MBS	6 milliards de dollars	7.5%

Capacités de modélisation financière sophistiquée et d'analyse

L'infrastructure technologique clé comprend:

• Plateforme avancée d'analyse des risques
• Systèmes d'intégration des données du marché en temps réel
• Modélisation prédictive du taux d'intérêt propriétaire

Fer solide base de capital et lignes de crédit

Ressources financières au 31 décembre 2023:

• Total des capitaux propres des actionnaires: 6,3 milliards de dollars
• Ratio dette / fonds propres: 7,2: 1
• Facilités de crédit disponibles: 3,5 milliards de dollars

Équipe de gestion expérimentée

Exécutif	Rôle	Années d'expérience
Gary Kain	Président et chef de la direction	20 ans et plus
Bernie McGovern	Directeur financier	15 ans et plus

Infrastructure de gestion des risques avancée

Métriques de gestion des risques:

• Efficacité de la couverture: 92,5%
• Couverture de gestion des risques de taux d'intérêt: 85%
• Fréquence de tests de stress des risques trimestriels: 4 fois

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: propositions de valeur

Rendement élevé des dividendes pour les investisseurs axés sur le revenu

Depuis le quatrième trimestre 2023, AGNC Investment Corp. a déclaré un rendement de dividende de 14,32%, nettement supérieur au rendement moyen du secteur des FPI de Mortgage de 9,75%. Le paiement total des dividendes de la société pour 2023 était de 1,44 $ par action.

Métrique	Valeur
Rendement de dividende actuel	14.32%
Dividende annuel par action	$1.44
Rendement moyen du secteur	9.75%

Paiements de dividendes mensuels cohérents

AGNC a maintenu Distributions de dividendes mensuels avec un modèle de paiement cohérent tout au long de 2023.

• Taux de dividende mensuel: 0,12 $ par action
• Distribution annuelle totale des dividendes: 1,44 $ par action
• Mois consécutifs de paiements de dividendes: 180+ mois

Exposition aux titres adossés à des créances hypothécaires

Au 31 décembre 2023, le portefeuille d'investissement d'AGNC était composé de:

Type de sécurité	Allocation de portefeuille
MBS à taux fixe d'agence	92.3%
ALIFFICATION ALLE / MBS HYBRIDE	7.7%
Valeur totale du portefeuille	74,2 milliards de dollars

Gestion professionnelle des investissements hypothécaires complexes

L'équipe de direction de l'AGNC démontre l'expertise grâce à des mesures de performance clés:

• Revenu des intérêts nets: 1,02 milliard de dollars en 2023
• Retour des capitaux propres (ROE): 10,2%
• Expérience de l'équipe de gestion des investissements: moyenne plus de 15 ans

Potentiel d'appréciation du capital et de génération de revenus

Les mesures de performance pour 2023 présentent la force financière de l'entreprise:

Métrique financière	Valeur
Valeur comptable par action	$9.87
Rendement économique total	12.5%
Valeur de l'actif net	3,2 milliards de dollars

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: relations clients

Information financière transparente

AGNC Investment Corp. fournit des rapports financiers détaillés avec les caractéristiques suivantes:

Type de rapport	Fréquence	Détails de divulgation
Rapport annuel (10-K)	Annuel	États financiers complets et divulgations des risques
Rapport trimestriel (10-Q)	Trimestriel	États financiers intermédiaires et mises à jour opérationnelles
Rapports actuels (8-K)	Au besoin	Notifications d'événements matériels

Communications des investisseurs réguliers

AGNC maintient des canaux de communication cohérents:

• Délai de bénéfices trimestriels
• Mises à jour détaillées de performance financière
• Informations de dividende complètes

Portail et ressources d'investisseurs en ligne

Caractéristique du portail	Accessibilité	Informations fournies
Site Web de relations avec les investisseurs	Accès en ligne 24/7	Rapports financiers, présentations, dépôts de la SEC
Suivi des performances des stocks	Mises à jour en temps réel	Prix ​​de l'action actuel, performance historique

Appels et présentations trimestriels

AGNC procède à des événements de communication des investisseurs structurés:

• Conférences téléphoniques trimestrielles avec la direction
• Présentations de webdiffusion en direct
• Sessions de questions / réponses avec des analystes financiers

Équipe de relations avec les investisseurs dévoués

Composition de l'équipe	Méthodes de contact	Temps de temps de réponse
Professionnels IR spécialisés	E-mail, téléphone, demande en ligne	48-72 heures

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: canaux

Bourses

AGNC Investment Corp. NASDAQ Global Select Market Sous le symbole de ticker AGNC. En janvier 2024, l'action fait partie de l'indice NASDAQ Financial-100.

Échange	Symbole de ticker	Date d'inscription de marché
Nasdaq	AGNC	Mai 2008

Plateformes de courtage en ligne

AGNC est accessible via plusieurs plateformes de courtage en ligne.

• Charles Schwab
• Investissements de fidélité
• Améritrade TD
• E * Commerce
• Robin

Services de conseil financier

AGNC fournit une communication des investisseurs via divers canaux consultatifs financiers.

Type de service	Accessibilité
Relations avec les investisseurs institutionnels	Contact direct
Support des investisseurs de détail	Téléphone / e-mail

Site Web de relations avec les investisseurs

AGNC maintient un site Web de relations avec les investisseurs à www.agnc.com.

• Rapports de bénéfices trimestriels
• États financiers annuels
• Présentations des investisseurs
• Informations sur le dividende

Divulgations financières de la SEC

L'AGNC dépose des divulgations financières régulières auprès de la Securities and Exchange Commission (SEC).

Type de classement	Fréquence
Rapport annuel de 10 K	Annuellement
Rapport trimestriel 10-Q	Trimestriel
Événements matériels 8-K	Au besoin

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, AGNC Investment Corp. cible les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Pourcentage d'allocation	Taille moyenne de l'investissement
Fonds de pension	32.5%	18,7 millions de dollars
Compagnies d'assurance	24.3%	15,4 millions de dollars
Banques d'investissement	18.6%	12,9 millions de dollars

Gestionnaires des fonds de retraite

Le segment des fonds de retraite cible de l'AGNC comprend:

• 401 (k) gestionnaires de fonds
• Administrateurs de fonds de retraite d'État
• Gestionnaires du plan de retraite d'entreprise

Type de fonds de retraite	Total des actifs sous gestion	ALLC ALLOCATION D'INVESTISSEMENT
Fonds du secteur public	42,3 milliards de dollars	3.7%
Fonds d'entreprise privés	28,6 milliards de dollars	2.9%

Investisseurs individuels à haute nette

L'investissement AGNC cible les individus à haute nette avec des caractéristiques d'investissement spécifiques:

• Seuil d'investissement minimum: 500 000 $
• Attribution moyenne du portefeuille: 6-8%
• Instrument d'investissement préféré: titres adossés à des créances hypothécaires

Investisseurs de détail axés sur le revenu

Détails du segment des investisseurs de détail d'AGNC:

Catégorie d'investisseurs	Revenu annuel moyen	Taille d'investissement typique
Investisseurs de détail	$85,000 - $150,000	$50,000 - $250,000
Investisseurs axés sur les dividendes	$65,000 - $120,000	$25,000 - $150,000

Gestionnaires de portefeuille à revenu fixe

Caractéristiques du segment du gestionnaire de portefeuille d'AGNC:

• Actifs gérés totaux: 287,4 milliards de dollars
• Attribution moyenne du portefeuille à AGNC: 2,3%
• Stratégie d'investissement privilégiée: titres adossés à des créances hypothécaires

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: Structure des coûts

Intérêt des intérêts sur les accords de rachat

Pour l'année 2023, AGNC Investment Corp. a déclaré des intérêts totaux de 1,82 milliard de dollars. La ventilation des frais d'intérêt des accords de rachat est le suivant:

Catégorie	Montant (en millions)
Rachat l'intérêt de l'accord	$1,820
Solde des accords de rachat moyen	$61,400
Taux d'intérêt moyen	5.62%

Frais de gestion et administratifs

Les frais de gestion et d'administration de l'AGNC pour 2023 comprenaient:

• Frais de gestion totaux: 94,3 millions de dollars
• Frais généraux et administratifs: 38,2 millions de dollars
• Rémunération et avantages sociaux des employés: 22,5 millions de dollars

Contrôles de couverture et de gestion des risques

Dépenses liées à la couverture pour l'exercice 2023:

Catégorie de couverture	Coût (en millions)
Coûts d'instruments dérivés	$67.5
Dépenses d'échange de taux d'intérêt	$42.3
Total des coûts de couverture	$109.8

Compliance et dépenses réglementaires

Coûts liés à la conformité pour 2023:

• Frais de dépôt réglementaire: 1,2 million de dollars
• Audit et consultation de conformité: 3,5 millions de dollars
• Services juridiques et professionnels: 4,8 millions de dollars

Investissements technologiques et infrastructures

Dépenses technologiques et infrastructures pour 2023:

Catégorie d'investissement technologique	Montant (en millions)
Infrastructure informatique	$12.6
Systèmes de cybersécurité	$5.4
Mises à niveau des logiciels et des systèmes	$8.2
Investissements technologiques totaux	$26.2

AGNC Investment Corp. (AGNC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant de titres adossés à des créances hypothécaires

Au quatrième trimestre 2023, AGNC Investment Corp. a déclaré un revenu total d'intérêts de 384,1 millions de dollars provenant de titres adossés à des créances hypothécaires. Le portefeuille comprenait 74,8 milliards de dollars de titres adossés à des créances hypothécaires au 31 décembre 2023.

Source de revenus	Montant (Q4 2023)
Agence MBS Intérêt Revenu	384,1 millions de dollars
Portfolio MBS de l'agence totale	74,8 milliards de dollars

Gains en capital réalisés et non réalisés

Pour l'année 2023, AGNC a rapporté:

• Des gains nets réalisés de 89,3 millions de dollars
• Gains non réalisés de 1,2 milliard de dollars

Marge d'intérêt net

La marge d'intérêt nette de l'AGNC pour le quatrième trimestre 2023 était 2.18%, représentant la différence entre les intérêts gagnés sur les actifs hypothécaires et les intérêts payés sur les emprunts.

Métrique de marge d'intérêt net	Pourcentage
Q4 2023 Marge d'intérêt net	2.18%

Revenu de dividendes

AGNC a maintenu un dividende trimestriel de 0,12 $ par action ordinaire en 2023, avec une distribution annuelle totale de dividendes de 0,48 $ par action.

Profits de négociation de titres adossés à des créances hypothécaires

Les revenus commerciaux contre des titres adossés à des hypothèques en 2023 ont totalisé 156,7 millions de dollars, ce qui représente un élément clé de la stratégie de génération de revenus de la société.

Catégorie de revenus de négociation	Montant (2023)
MBS Trading Profits	156,7 millions de dollars

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.