AGNC Investment Corp.

AGNC does not sell a traditional product to end consumers; its economic “customers” are primarily capital providers—common and preferred stockholders who supply equity capital and expect dividends and total return. On the asset side, AGNC participates in the Agency RMBS and TBA markets, transacting with broker-dealers and other institutional market participants to buy, sell, and finance securities. Its funding counterparties are banks and broker-dealers providing repurchase agreement financing, and clearing infrastructure such as FICC is important to its repo ecosystem. The company’s role in the housing finance system is indirect: by providing private capital to Agency MBS markets, it supports liquidity that ultimately benefits mortgage originators and borrowers through tighter/steadier mortgage spreads.

AGNC emphasizes active, dynamic portfolio management, adjusting asset selection, funding, and hedging as interest rates, prepayment expectations, and Agency RMBS valuations change. A core priority is maintaining portfolio liquidity and resilient financing, including keeping a portion of holdings in securities that trade near TBA values and using repo markets (including central clearing) to support leverage. The company also manages capital opportunistically through equity issuance (including ATM programs) when accretive to tangible net book value, and share repurchases when the stock trades below management’s estimate of tangible net book value. Strategically, AGNC monitors policy developments that affect the Agency market—such as Federal Reserve balance sheet actions and potential GSE reform—because these can shift spreads, funding conditions, and the investable opportunity set.