AGNC Investment

What AGNC Investment does

AGNC Investment Corp. is an internally-managed, publicly-traded mortgage REIT (NASDAQ: AGNC) that operates as the largest pure-play investor in U.S. Agency residential mortgage-backed securities. Founded in May 2008 during the Great Financial Crisis, the company invests in a $94.7 billion portfolio (as of March 31, 2026) composed of 99% Agency MBS — pass-through certificates, collateralized mortgage obligations (CMOs), and to-be-announced (TBA) securities — guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. The company employs a levered strategy (7.4x tangible net book value leverage) to capture the spread between long-duration Agency MBS yields and short-term repurchase agreement funding costs, supplemented by a small allocation to Credit Risk Transfer (CRT) securities and a $64 billion notional interest rate hedge portfolio. AGNC operates a captive FINRA member broker-dealer subsidiary, Bethesda Securities, with direct Fixed Income Clearing Corporation (FICC) access — a structural funding cost advantage available to few competitors. Additionally, the company runs AGNC Ventures (corporate venture capital), launched three proprietary AGNC ICE Current Coupon MBS Indices in October 2025, and offers preferred share series (C through H) yielding 6.125% to 8.75%.

AGNC's economic model is yield-driven: it monetizes the net interest spread on its portfolio (2.06% in Q1 2026) and pays a $0.12 monthly common dividend ($1.44 annualized) producing a 13-14% forward yield — substantially above broader market yields. The company serves three primary stockholder segments: income-focused retail investors (via Direct Stock Purchase and Dividend Reinvestment Plans), institutional investors (via At-the-Market common equity offerings and preferred share series), and ETF holders (15.3% weight in iShares Mortgage Real Estate ETF/REM). Distribution is multi-channel across NASDAQ secondary trading, ATM programs ($2.0B raised in FY2025, $401M in Q1 2026), and preferred share ladders, all under an internally-managed structure that yields an industry-leading 1.19% operating cost ratio (vs. 3.52% Agency mREIT peer average). AGNC has produced an 11.3% annualized total stock return since its May 2008 IPO through March 31, 2026, outperforming Financials, Real Estate, and Mortgage REIT indices, with a 538% cumulative total return and $15B+ in cumulative dividends paid since inception.

Name

AGNC Investment

Legal name

AGNC Investment Corp.

Website

https://agnc.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

AGNC Investment is an internally-managed mortgage REIT (NASDAQ: AGNC) and the largest pure-play investor in U.S. Agency residential mortgage-backed securities. It serves income-focused retail and institutional investors via a $94.7B levered Agency MBS portfolio generating a 13-14% forward dividend yield through monthly distributions.

Ownership category

akta.pro rank

Product category

Mortgage REIT / Agency MBS Investment

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Other Financial Investment Activities (5239)

SIC

Asset-Backed Securities (6189), Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Investment-Grade Corporate Credit (FSAAAHAB)

Keywords

• Mortgage REIT
• Agency MBS investing
• Residential mortgage-backed securities
• Levered fixed income
• Dividend-focused equity

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Net Interest Income from Agency MBS Portfolio: AGNC generates revenue primarily through the spread between the yield on its Agency mortgage-backed securities portfolio and the cost of funding those assets via short-term repurchase agreements. Agency MBS are guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae, substantially eliminating credit risk. The portfolio produces income through monthly principal and interest payments from underlying mortgage pools.
2. Dollar Roll Income: Income generated from TBA (to-be-announced) securities transactions, which involve selling MBS pools for forward settlement. This provides additional income streams and portfolio flexibility beyond traditional buy-and-hold strategies.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

AGNC Investment Corp. is an internally managed mortgage REIT that invests in Agency residential mortgage-backed securities (Agency MBS) — including pass-through certificates, CMOs, and TBA securities — guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. The company funds its $94.7 billion portfolio primarily through short-term repurchase agreements, generating net interest income from the spread between MBS yields and repo costs. AGNC distributes capital to investors through monthly common stock dividends and quarterly preferred share dividends, with a captive FINRA broker-dealer (Bethesda Securities) providing funding-cost advantages.

Product overview

AGNC Investment is a internally managed mortgage REIT (Real Estate Investment Trust) that operates as a single, unified investment platform specializing in Agency residential mortgage-backed securities. The company's core product is its Agency MBS investment portfolio (99% of holdings), which includes pass-through certificates, CMOs, and TBA securities guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. AGNC also offers three proprietary ICE indices for benchmarking Agency MBS performance, a captive broker-dealer subsidiary (Bethesda Securities) for funding advantages, a venture capital platform (AGNC Ventures), preferred share series (C through H), and manages an At-the-Market equity offering program. The company employs levered investment strategies in Agency MBS to generate favorable long-term stockholder returns through substantial monthly dividend income.

Differentiator

Problem solved

Functional benefit

Brands

• Bethesda Securities: Wholly-owned captive FINRA member broker-dealer subsidiary providing direct access to the Fixed Income Clearing Corporation (FICC) and enhanced competitive funding advantages for AGNC's Agency MBS investment activities.
• AGNC Ventures

Products and services

• Agency Mortgage-Backed Securities Investment Portfolio AGNC's primary investment portfolio consisting of Agency residential mortgage-backed securities (Agency MBS) including pass-through certificates, collateralized mortgage obligations (CMOs), and to-be-announced (TBA) securities. As of March 31, 2026, the portfolio comprised 89.1% Agency MBS ($84.4B), 10.0% Net TBA Mortgage Position ($9.5B), and 1.0% Credit Securities ($0.7B). Securities are guaranteed by U.S. government-sponsored enterprises (Fannie Mae, Freddie Mac) or government agencies (Ginnie Mae), substantially eliminating credit risk.
• Preferred Stock Series C through H AGNC's preferred share offerings providing institutional and retail investors with fixed-rate preferred equity options. Series C through H have dividend rates ranging from 6.125% to 8.750% per annum, paid quarterly. AGNCM at 6.125%, AGNCO at 7%, AGNCN at 7%, AGNCP at approximately 9.18%, AGNCL at 8.75%, with Series H at rates published in the September 2025 offering.
• AGNC ICE UMBS 30-Year Current Coupon Index (AGNCU30C) Index tracking performance of 30-year fixed-rate UMBS (Uniform Mortgage-Backed Securities) guaranteed by Fannie Mae and Freddie Mac that are priced closest to par value. Available at indices.ice.com and serves as benchmark reference for the Agency MBS market.
• AGNC ICE UMBS 15-Year Current Coupon Index (AGNCU15C) Index tracking performance of 15-year fixed-rate UMBS guaranteed by Fannie Mae and Freddie Mac that are priced closest to par value. Available at indices.ice.com and serves as benchmark reference for the Agency MBS market.
• AGNC ICE GNMA 30-Year Current Coupon Index (AGNCG30C) Index tracking performance of 30-year fixed-rate Ginnie Mae MBS that are priced closest to par value. Available at indices.ice.com and serves as benchmark reference for the Government National Mortgage Association segment of the Agency MBS market.
• Direct Stock Purchase Plan (DSPP) and Dividend Reinvestment Plan (DRIP) Company-sponsored direct investment programs enabling retail investors to purchase AGNC common stock directly without a broker and reinvest dividends at market prices. These programs serve as both a distribution channel and retention mechanism, providing retail investors with a low-friction way to acquire and compound shares in AGNC.

Quantifiable outcome

• 538% total stock return since May 2008 IPO through March 31, 2026, significantly outperforming S&P 500 Financials, Real Estate, and Mortgage REIT indices
• +6 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Bethesda Securities, LLCcoreOthers · 1 July 2025AGNC's wholly-owned captive broker-dealer subsidiary. A FINRA member broker-dealer with direct access to the Fixed Income Clearing Corporation (FICC). Provides meaningful competitive funding advantages including access to lower wholesale funding rates, reduced collateral requirements, and limited counterparty exposure for repo financing of the Agency MBS portfolio. The company operates Bethesda Securities as a critical component of its funding infrastructure, co-CEO'd by Sean Reid and Tony Becraft.
• Intercontinental Exchange (ICE)coreTechnology or Integration · 1 July 2025AGNC and ICE developed a series of fixed income indices (AGNC ICE UMBS 30-Year Current Coupon Index, AGNC ICE UMBS 15-Year Current Coupon Index, AGNC ICE GNMA 30-Year Current Coupon Index) that track performance of current coupon Agency mortgage-backed securities. These indices provide benchmark reference for the $9 trillion Agency MBS market and enhance AGNC's thought leadership positioning in the Agency MBS space. The indices are available at indices.ice.com and include securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae.

Scale indicators22 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Annaly Capital Management: Annaly is the largest mortgage REIT and AGNC's most direct competitor, similarly focused on Agency MBS with comparable leverage and dividend-yield strategies. Together they comprise roughly 35% of the iShares Mortgage Real Estate ETF (REM), the dominant ETF peer benchmark.
• New York Mortgage Trust: New York Mortgage Trust invests in Agency MBS, residential and commercial credit, and structured products, positioning it as a hybrid competitor to AGNC for income-focused investors seeking leveraged mortgage-related exposure.
• Starwood Property Trust: Starwood Property Trust is a leading mortgage REIT that, while more diversified across commercial and residential mortgage credit, competes for the same yield-seeking investor capital as AGNC and operates a comparable leveraged fixed-income investment model.
• Invesco Mortgage Capital: Invesco Mortgage Capital is a pure-play Agency and credit residential mortgage REIT, operating a virtually identical business model to AGNC with leveraged MBS investments and a high dividend yield targeting the same investor base.
• Chimera Investment Corporation: Chimera is a mortgage REIT investing in Agency MBS, RMBS, and CMBS, operating a similar spread-driven dividend model targeting income investors. It competes directly with AGNC in the Agency MBS subset of its portfolio.
• Two Harbors Investment Corp: Two Harbors is a mortgage REIT investing in Agency MBS, non-Agency securities, and MSR-related assets, competing directly with AGNC for income-focused retail and institutional investors seeking Agency MBS exposure with a leveraged dividend-paying structure.
• PennyMac Mortgage Investment Trust: PennyMac Mortgage Investment Trust is a mortgage REIT with significant Agency MBS exposure alongside credit-sensitive MBS, competing with AGNC for yield-focused investors in the mortgage REIT space with a comparable monthly dividend model.
• MFA Financial: MFA Financial is a mortgage REIT that invests in Agency and non-Agency MBS, directly comparable to AGNC in its use of leverage and monthly dividend structure targeting income-focused retail investors.
• ARMOUR Residential REIT: ARMOUR Residential REIT invests exclusively in Agency MBS backed by Fannie Mae, Freddie Mac, and Ginnie Mae, making it one of the closest pure-play Agency MBS peers to AGNC with similar leverage and dividend strategies.

Broad incumbents

• Blackstone Mortgage Trust: Blackstone Mortgage Trust is a larger, externally-managed commercial mortgage REIT that competes broadly with AGNC for institutional capital seeking yield-oriented mortgage-related exposure, though its focus is senior loans on commercial real estate rather than Agency MBS.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/AGNCInvestment
• LinkedInlinkedin.com/company/agnc-investment-corp

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AGNC Investment