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Here are a couple of brief analogies to describe AGNC Investment:

• It's a Real Estate Investment Trust (REIT) similar to Simon Property Group, but instead of owning physical buildings like malls, AGNC makes money by investing in a leveraged portfolio of government-guaranteed mortgage bonds.

• Think of it as a highly specialized financial firm, somewhat like a bank (e.g., JPMorgan Chase) that profits by borrowing money cheaply and investing it for a higher return, but AGNC deals exclusively in government-backed mortgage securities.

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• Agency Residential Mortgage-Backed Securities (RMBS): These are debt securities representing claims on the cash flows from pools of residential mortgages, with principal and interest guaranteed by U.S. government agencies or government-sponsored enterprises.
• To-Be-Announced (TBA) Securities: These are forward contracts for agency RMBS, allowing AGNC to take positions on mortgage securities that will be delivered at a future date.

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• Federal National Mortgage Association (Fannie Mae) (Symbol: OTCQB: FNMA)
• Federal Home Loan Mortgage Corporation (Freddie Mac) (Symbol: OTCQB: FMCC)

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Peter J. Federico
Director, President and Chief Executive Officer

Mr. Federico has served as a Director and Chief Executive Officer of AGNC Investment Corp. since July 2021 and as President since March 2018. He previously held roles within AGNC as Chief Operating Officer from March 2018 to July 2021, Executive Vice President and Chief Financial Officer from July 2016 to March 2018, and Senior Vice President and Chief Risk Officer from June 2011 until July 2016. Prior to joining AGNC, Mr. Federico served as Executive Vice President and Treasurer of Freddie Mac from October 2010 through May 2011, where he was responsible for managing the company's investment activities, developing risk mitigation strategies, and overseeing Freddie Mac's interest rate derivative portfolio and debt issuance programs. His tenure at Freddie Mac began in 1988, where he also served as Senior Vice President, Asset & Liability Management.

Bernice E. Bell
Executive Vice President and Chief Financial Officer

Ms. Bell has served as Executive Vice President since January 2022 and Chief Financial Officer of AGNC Investment Corp. since March 2018. Her previous roles at AGNC include Senior Vice President from January 2016 to January 2022, Chief Accounting Officer from January 2016 to March 2018, Vice President from April 2011 to January 2016, and Controller from 2008 through December 2015. Before joining AGNC, Ms. Bell was Vice President and Controller of American Capital, Ltd. from July 2003 to December 2009, a company that managed investments in middle market private equity, leveraged finance, and structured products. She also served as Vice President and Controller of privately-held telecommunications and software development companies from July 1998 to June 2003. Ms. Bell began her career at Price Waterhouse, LLP from July 1994 to June 1998.

Gary D. Kain
Executive Chairman

Mr. Kain has served as the Executive Chairman of AGNC Investment Corp.'s Board of Directors since July 2021. He previously held the positions of Chief Executive Officer from March 2016 until July 2021 and Chief Investment Officer from January 2009 until July 2021, and also served as President from April 2011 until March 2018. Prior to joining AGNC, Mr. Kain spent over a decade at Freddie Mac, where his roles included Senior Vice President of Investments and Capital Markets (May 2008 to January 2009), Senior Vice President of Mortgage Investments & Structuring (February 2005 to April 2008), Vice President of Mortgage Portfolio Strategy (2001 to 2005), and head trader in the Securities Sales & Trading Group (1995 to 2001). Mr. Kain also served as a Director, CEO, President, and CIO of MTGE Investment Corporation, a mortgage real estate investment trust, from March 2011 until May 2018.

Kenneth L. Pollack
Executive Vice President, General Counsel, Chief Compliance Officer and Secretary

Mr. Pollack is the Executive Vice President, General Counsel, Chief Compliance Officer and Secretary at AGNC Investment Corp. He joined American Capital in 2004 as Vice President and Associate General Counsel. American Capital Ltd., where he previously worked, engaged in the management of investments in middle market private equity, leveraged finance, and structured products.

Christopher J. Kuehl
Executive Vice President, Head of Investment Research & Strategy

Mr. Kuehl joined AGNC Investment Corp. in August 2010. He has served as Executive Vice President – Agency Portfolio Investments since November 2016. Prior to that, he was a Senior Vice President from March 2012 through October 2016. He was selected to become Chief Investment Officer, effective July 1, 2021.

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1. Interest Rate Risk and Spread Risk: AGNC Investment's business model, which involves borrowing short-term and investing in long-term mortgage-backed securities (MBS), makes it highly susceptible to fluctuations in interest rates. Rising interest rates can lead to increased funding costs and a decrease in the value of existing MBS, thereby squeezing profit margins and impacting book value. Furthermore, the company faces "spread risk," which is the risk that the differential between the market yield on its assets and its interest rate hedges widens, typically leading to a decline in tangible net book value. While AGNC uses hedging instruments, these typically do not protect against spread risk.
2. Leverage Risk: AGNC utilizes significant leverage to finance its investments, which amplifies both potential gains and losses. This reliance on borrowed funds increases exposure to higher borrowing costs and changes in underlying asset values. A highly leveraged position also exposes the company to risks such as margin calls and the potential for forced sales of assets during unfavorable market conditions.
3. Market Volatility and Housing Market Health: The company's performance is significantly influenced by the overall financial markets, economic conditions, and the health of the housing market. Volatility in the mortgage market, changes in the yield curve, and reduced market liquidity can adversely affect asset values and investment performance. A slowdown or downturn in the housing market can negatively impact AGNC's mortgage-backed securities portfolio.

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AGNC Investment (symbol: AGNC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Lower Funding Costs and Federal Reserve Rate Cuts: Anticipated future interest rate cuts by the Federal Reserve are projected to reduce AGNC's funding costs. This is expected to provide a "moderate tailwind to net spread and dollar roll income," directly enhancing the company's profitability and revenue generation.
2. Strategic Shift Towards Higher Return Securities: AGNC has been strategically adjusting its portfolio towards riskier, higher-return asset classes. The "deployment of new capital in Q3 was complete, resulting in a portfolio adjustment towards higher return securities," suggesting a deliberate effort to boost returns and, consequently, revenue.
3. Increased Leverage: The company actively employs leverage on its investment portfolio to amplify potential returns for stockholders. AGNC is "anticipating a gradual tightening of MBS spreads and slightly higher leverage," with management signaling confidence through "increased leverage." This strategic use of leverage is a key mechanism for driving revenue growth.
4. Optimized Market Conditions for Agency Mortgage-Backed Securities (MBS): The company expects "optimized market conditions for agency mortgage-backed securities, supported by governmental focus on mortgage spreads and potential regulatory reforms." A "stabilizing market for Agency mortgage-backed securities and a more predictable interest rate environment" are also expected to contribute to a margin rebound, firming up returns and maintaining attractive yields for AGNC.
5. Deployment of Recently Raised Capital: The "full deployment of recently raised capital" is explicitly identified as a factor expected to provide a "moderate tailwind to net spread and dollar roll income in upcoming quarters." This expansion of their investment base directly contributes to future revenue generation.

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Share Repurchases

• AGNC's board authorized a new plan in October 2024 to repurchase up to $1 billion of common stock through December 31, 2026, replacing a previous authorization.
• In 2022, AGNC's annual share buybacks amounted to $51 million.
• The company's policy is to buy back shares when the repurchase price is lower than the tangible net book value per common share.

Share Issuance

• In Q3 2025, AGNC issued 31.0 million shares of common stock through at-the-market (ATM) offerings for net proceeds of $309 million and $345 million of 8.75% Series H preferred equity.
• During 2024, AGNC issued a total of $2.0 billion in common stock through its ATM program, including $511 million in Q4 2024.
• AGNC priced a public offering of 12 million depositary shares, representing interests in its Series H Preferred Stock, for gross proceeds of $300 million in September 2025.