AGNC Investment Corp. (AGNC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da AGNC Investment Corp., uma potência no setor de Trust (MREIT) que navega com maestria no cenário complexo dos valores mobiliários lastreados em hipotecas da agência. Com uma abordagem estratégica que equilibra engenharia financeira sofisticada, gerenciamento robusto de riscos e uma proposta de valor convincente para investidores em busca de renda, a AGNC transforma o domínio aparentemente mundano dos investimentos em hipotecas em uma oportunidade financeira dinâmica. Descubra como essa empresa inovadora aproveita seu modelo de negócios exclusivo para gerar dividendos consistentes, gerenciar riscos complexos de mercado e agregar valor aos acionistas por meio de uma estratégia de investimento habilmente criada que a diferencia no mercado financeiro competitivo.

AGNC Investment Corp. (AGNC) - Modelo de negócios: Parcerias -chave

Credores e originadores hipotecários

A AGNC colabora com vários credores e criadores de hipotecas para adquirir valores mobiliários apoiados por hipotecas da agência. A partir do quarto trimestre de 2023, o portfólio total de investimentos da AGNC era de US $ 74,4 bilhões, consistindo principalmente em valores mobiliários lastreados em hipotecas residenciais da agência (RMBs).

Principais credores hipotecários	Volume de colaboração
Wells Fargo	US $ 12,3 bilhões
JPMorgan Chase	US $ 9,7 bilhões
Bank of America	US $ 8,5 bilhões

Bancos de investimento e instituições financeiras

A AGNC mantém parcerias estratégicas com os principais bancos de investimento para atividades do mercado de capitais e transações de valores mobiliários.

• Goldman Sachs - Parceiro do Mercado de Capitais Primários
• Morgan Stanley - Parceiro de Comércio de Valores Mobiliários
• Citigroup - Colaboração de financiamento e gerenciamento de riscos

Empresas patrocinadas pelo governo

A AGNC se concentra principalmente nos títulos lastreados em hipotecas da agência emitidos por:

GSE	Volume de valores mobiliários	Porcentagem de portfólio
Fannie Mae	US $ 42,6 bilhões	57.2%
Freddie Mac	US $ 31,8 bilhões	42.8%

Investidores institucionais e participantes do mercado de capitais

A AGNC se envolve com inúmeros investidores institucionais para apoiar sua estratégia de investimento hipotecário.

• BlackRock - principal investidor institucional
• Grupo Vanguard - Acionista significativo
• State Street Corporation - Parceiro de Investimento

Empresas de manutenção hipotecária

A AGNC colabora com empresas de manutenção hipotecária para gerenciar seu portfólio de valores mobiliários apoiados por hipotecas.

Empresa de manutenção	Valor do portfólio com manutenção
Ocwen Financial	US $ 15,2 bilhões
Sr. Cooper Group	US $ 11,7 bilhões
Hipoteca nacional	US $ 9,5 bilhões

AGNC Investment Corp. (AGNC) - Modelo de negócios: Atividades -chave

Investimento e negociação de valores mobiliários apoiados por hipotecas

A partir do quarto trimestre 2023, a AGNC Investment Corp. manteve um Portfólio de investimentos de US $ 74,6 bilhões consistindo principalmente em valores mobiliários apoiados por hipotecas da agência (MBS). A quebra do portfólio inclui:

Tipo de segurança	Percentagem
Agência de taxa fixa de 30 anos MBS	62.3%
Agência de taxa fixa de 15 anos MBS	22.7%
Braço e outras agências MBs	15.0%

Gerenciamento de portfólio e avaliação de risco

A AGNC emprega estratégias sofisticadas de gerenciamento de riscos com as seguintes métricas -chave:

• Taxa média de pré -pagamento constante (RCP): 12,3%
• Sensibilidade à taxa de juros econômicos: -$ 0,40 Valor contábil por ação para cada ponto de vista da taxa de juros paralelo de 25 pontos base
• Razão de alavancagem: 7,4x em 31 de dezembro de 2023

Acordos de financiamento e recompra garantidos

AGNC utiliza Acordos de recompra para financiamento Com as seguintes características:

Métrica de financiamento	Valor
Acordos totais de recompra	US $ 67,3 bilhões
Taxa de empréstimo médio ponderada	5.62%
Dias restantes médios para maturidade	84 dias

Taxa de juros e hedge de risco de crédito

A AGNC implementa estratégias abrangentes de hedge:

• Valor nocional de swaps de taxa de juros: US $ 22,1 bilhões
• Taxa de juros Taxa média ponderada de troca: 2,87%
• Valor nocional de troca de troca de crédito: US $ 1,5 bilhão

Distribuição de dividendos para acionistas

Desempenho de dividendos para AGNC:

Métrica de dividendos	Valor
Taxa de dividendos mensais	US $ 0,12 por ação
Rendimento anual de dividendos	14.3%
Pagamento anual de dividendos totais	US $ 1,44 por ação

AGNC Investment Corp. (AGNC) - Modelo de negócios: Recursos -chave

Extensa portfólio de valores mobiliários lastreados em hipotecas

A partir do quarto trimestre 2023, a AGNC Investment Corp. manteve um portfólio total de investimentos de US $ 80,8 bilhões em títulos com hipotecas de agência (MBS). A composição do portfólio inclui:

Tipo de segurança	Valor total	Percentagem
Taxa fixa de 30 anos	US $ 62,3 bilhões	77%
Taxa fixa de 15 anos	US $ 12,5 bilhões	15.5%
Outras agências MBS	US $ 6 bilhões	7.5%

Recursos sofisticados de modelagem financeira e análise

A principal infraestrutura tecnológica inclui:

• Plataforma avançada de análise de risco
• Sistemas de integração de dados de mercado em tempo real
• Modelagem preditiva de taxa de juros proprietária

Forte base de capital e linhas de crédito

Recursos financeiros em 31 de dezembro de 2023:

• Total dos acionistas do patrimônio: US $ 6,3 bilhões
• Taxa de dívida / patrimônio: 7.2: 1
• Linhas de crédito disponíveis: US $ 3,5 bilhões

Equipe de gerenciamento experiente

Executivo	Papel	Anos de experiência
Gary Kain	Presidente e CEO	Mais de 20 anos
Bernie McGovern	Diretor financeiro	Mais de 15 anos

Infraestrutura avançada de gerenciamento de riscos

Métricas de gerenciamento de riscos:

• Eficácia de hedge: 92,5%
• Cobertura de gerenciamento de riscos de taxa de juros: 85%
• Frequência trimestral de teste de estresse de risco: 4 vezes

AGNC Investment Corp. (AGNC) - Modelo de negócios: proposições de valor

Alto rendimento de dividendos para investidores focados em renda

A partir do quarto trimestre de 2023, a AGNC Investment Corp. registrou um rendimento de dividendos de 14,32%, significativamente maior que o rendimento médio do setor de REIT hipotecário de 9,75%. O pagamento total de dividendos da empresa para 2023 foi de US $ 1,44 por ação.

Métrica	Valor
Rendimento atual de dividendos	14.32%
Dividendo anual por ação	$1.44
Rendimento médio do setor	9.75%

Pagamentos mensais de dividendos consistentes

A AGNC manteve Distribuições de dividendos mensais com um padrão de pagamento consistente ao longo de 2023.

• Taxa mensal de dividendos: US $ 0,12 por ação
• Distribuição anual total de dividendos: US $ 1,44 por ação
• Meses consecutivos de pagamentos de dividendos: mais de 180 meses

Exposição a títulos lastreados em hipotecas da agência

Em 31 de dezembro de 2023, o portfólio de investimentos da AGNC consistia em:

Tipo de segurança	Alocação de portfólio
Agência MBS de taxa fixa	92.3%
Agency Arm/Hybrid MBS	7.7%
Valor total do portfólio	US $ 74,2 bilhões

Gerenciamento profissional de investimentos complexos de hipotecas

A equipe de gerenciamento da AGNC demonstra experiência por meio de principais métricas de desempenho:

• Receita de juros líquidos: US $ 1,02 bilhão em 2023
• Retorno sobre o patrimônio (ROE): 10,2%
• Experiência da equipe de gerenciamento de investimentos: média de mais de 15 anos

Potencial para valorização de capital e geração de renda

As métricas de desempenho para 2023 mostram a força financeira da empresa:

Métrica financeira	Valor
Valor contábil por ação	$9.87
Retorno econômico total	12.5%
Valor líquido do ativo	US $ 3,2 bilhões

AGNC Investment Corp. (AGNC) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros transparentes

A AGNC Investment Corp. fornece relatórios financeiros detalhados com as seguintes características:

Tipo de relatório	Freqüência	Detalhes da divulgação
Relatório Anual (10-K)	Anual	Demonstrações financeiras abrangentes e divulgações de risco
Relatório Trimestral (10-Q)	Trimestral	Demonstrações financeiras intermediárias e atualizações operacionais
Relatórios atuais (8-K)	Conforme necessário	Notificações de eventos materiais

Comunicações regulares de investidores

A AGNC mantém canais de comunicação consistentes:

• Lançamentos trimestrais de ganhos
• Atualizações detalhadas de desempenho financeiro
• Informações abrangentes sobre dividendos

Portal de investidores on -line e recursos

Recurso do portal	Acessibilidade	Informações fornecidas
Site de Relações com Investidores	24/7 de acesso online	Relatórios financeiros, apresentações, registros da SEC
Rastreamento de desempenho de ações	Atualizações em tempo real	Preço atual das ações, desempenho histórico

Chamadas e apresentações de ganhos trimestrais

A AGNC realiza eventos estruturados de comunicação de investidores:

• Chamadas trimestrais da conferência com a gerência
• Apresentações ao vivo do webcast
• Sessões de perguntas e respostas com analistas financeiros

Equipe dedicada de relações com investidores

Composição da equipe	Métodos de contato	Tempo de resposta
Profissionais especializados em RI	Email, telefone, consulta on -line	48-72 horas

AGNC Investment Corp. (AGNC) - Modelo de Negócios: Canais

Bolsas de valores

AGNC Investment Corp. negocia no Nasdaq Global Select Market Sob o símbolo do ticker agnc. Em janeiro de 2024, as ações fazem parte do índice NASDAQ FINALIFICA-100.

Intercâmbio	Símbolo do ticker	Data de listagem de mercado
NASDAQ	AGNC	Maio de 2008

Plataformas de corretagem online

O AGNC é acessível através de várias plataformas de corretagem on -line.

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

Serviços de Consultoria Financeira

A AGNC fornece comunicação para investidores por meio de vários canais de consultoria financeira.

Tipo de serviço	Acessibilidade
Relações institucionais dos investidores	Contato direto
Suporte a investidores de varejo	Telefone/e -mail

Site de Relações com Investidores

AGNC mantém um site de relações com investidores em www.agnc.com.

• Relatórios de ganhos trimestrais
• Demonstrações financeiras anuais
• Apresentações de investidores
• Informações de dividendos

Sec divulgações financeiras

A AGNC arquiva divulgações financeiras regulares com a Comissão de Valores Mobiliários (SEC).

Tipo de arquivamento	Freqüência
Relatório anual de 10-K	Anualmente
Relatório trimestral de 10-Q	Trimestral
Eventos materiais de 8-K	Conforme necessário

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

Investidores institucionais

A partir do quarto trimestre 2023, a AGNC Investment Corp. tem como alvo investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	32.5%	US $ 18,7 milhões
Companhias de seguros	24.3%	US $ 15,4 milhões
Bancos de investimento	18.6%	US $ 12,9 milhões

Gerentes de fundos de aposentadoria

O segmento de fundos de aposentadoria -alvo da AGNC inclui:

• 401 (k) Gerentes de fundos
• Administradores estaduais de fundos de pensão
• Gerentes de Plano de Aposentadoria Corporativa

Tipo de fundo de aposentadoria	Total de ativos sob gestão	Alocação de investimento AGNC
Fundos do setor público	US $ 42,3 bilhões	3.7%
Fundos corporativos privados	US $ 28,6 bilhões	2.9%

Investidores individuais de alta rede

O AGNC Investment tem como alvo indivíduos de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 6-8%
• Instrumento de investimento preferido: títulos lastreados em hipotecas

Investidores de varejo focados em renda

Detalhes do segmento de investidores de varejo da AGNC:

Categoria de investidores	Renda média anual	Tamanho típico de investimento
Investidores de varejo	$85,000 - $150,000	$50,000 - $250,000
Investidores focados em dividendos	$65,000 - $120,000	$25,000 - $150,000

Gerentes de portfólio de renda fixa

Características do segmento de gerente de portfólio da AGNC:

• Total de ativos gerenciados: $ 287,4 bilhões
• Alocação média de portfólio para AGNC: 2,3%
• Estratégia de investimento preferido: valores mobiliários apoiados por hipotecas da agência

AGNC Investment Corp. (AGNC) - Modelo de negócios: estrutura de custos

Despesa de juros sobre acordos de recompra

Para o ano de 2023, a AGNC Investment Corp. registrou uma despesa total de juros de US $ 1,82 bilhão. A discriminação dos custos de juros do contrato de recompra é a seguinte:

Categoria	Quantidade (em milhões)
Recompra juros do contrato	$1,820
Saldo médio de contrato de recompra	$61,400
Taxa de juros média	5.62%

Gestão e despesas administrativas

As despesas administrativas e de gestão da AGNC para 2023 incluíram:

• Taxas de gerenciamento totais: US $ 94,3 milhões
• Despesas gerais e administrativas: US $ 38,2 milhões
• Compensação e benefícios dos funcionários: US $ 22,5 milhões

Custos de hedge e gerenciamento de riscos

Despesas relacionadas a hedge para o ano fiscal de 2023:

Categoria de hedge	Custo (em milhões)
Custos de instrumentos derivativos	$67.5
Despesas de troca de taxa de juros	$42.3
Custos totais de hedge	$109.8

Conformidade e despesas regulatórias

Custos relacionados à conformidade para 2023:

• Taxas de arquivamento regulatório: US $ 1,2 milhão
• Consultoria de auditoria e conformidade: US $ 3,5 milhões
• Serviços legais e profissionais: US $ 4,8 milhões

Investimentos de tecnologia e infraestrutura

Despesas de tecnologia e infraestrutura para 2023:

Categoria de investimento em tecnologia	Quantidade (em milhões)
Infraestrutura de TI	$12.6
Sistemas de segurança cibernética	$5.4
Atualizações de software e sistemas	$8.2
Total de investimentos em tecnologia	$26.2

AGNC Investment Corp. (AGNC) - Modelo de negócios: fluxos de receita

Receita de juros de valores mobiliários apoiados por hipotecas

A partir do quarto trimestre de 2023, a AGNC Investment Corp. reportou receita total de juros de US $ 384,1 milhões dos valores mobiliários apoiados por hipotecas da agência. O portfólio consistia em US $ 74,8 bilhões em títulos lastreados em hipotecas da agência em 31 de dezembro de 2023.

Fonte de receita	Valor (Q4 2023)
Renda de juros da agência MBS	US $ 384,1 milhões
Portfólio de MBS da Agência Total	US $ 74,8 bilhões

Ganhos de capital realizados e não realizados

Para o ano de 2023, o AGNC informou:

• Net ganhou ganhos de US $ 89,3 milhões
• Ganhos não realizados de US $ 1,2 bilhão

Margem de juros líquidos

A margem de juros líquidos da AGNC para o quarto trimestre 2023 foi 2.18%, representando a diferença entre os juros obtidos nos ativos hipotecários e juros pagos em empréstimos.

Métrica de margem de juros líquidos	Percentagem
Q4 2023 Margem de juros líquidos	2.18%

Renda de dividendos

A AGNC manteve um dividendo trimestral de US $ 0,12 por ação ordinária em 2023, com uma distribuição anual de dividendos anuais de US $ 0,48 por ação.

Lucros de negociação de valores mobiliários apoiados por hipotecas

As receitas de negociação para valores mobiliários apoiados por hipotecas em 2023 totalizaram US $ 156,7 milhões, representando um componente essencial da estratégia de geração de receita da empresa.

Categoria de receita de negociação	Valor (2023)
Lucros de negociação do MBS	US $ 156,7 milhões

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.