AGNC Investment Corp. Common Stock

Capital structure and performance · Dividend policy and capital allocation

We intend to pay monthly dividends to our common stockholders in an amount that all or substantially all our taxable income is distributed within the limits prescribed by the Internal Revenue Code. However, we have not established a minimum dividend payment level and the amount of our dividend may fluctuate.

Capital structure and performance · Credit rating and cost of capital

Our borrowing costs are particularly sensitive to changes in short-term interest rates, as well as overall funding availability and market liquidity, whereas the yield on our fixed rate assets is largely influenced by longer-term rates and conditions in the mortgage market.

Credit and liquidity · Credit risk and customer defaults

Investments in credit-oriented securities, such as CRT securities and non-Agency MBS, for which repayment of principal and interest is not guaranteed by a GSE or U.S. Government agency, expose us to the potential risk of loss of principal and/or interest due to delinquency, foreclosure and related losses on the underlying mortgage loans.

Market and investment · Asset valuation and impairment

A decline in the fair value of our assets reduces our total comprehensive income and adversely affects our financial position. We use our investments as collateral for our financing arrangements and certain hedge transactions; consequently, a decline in fair value or perceived market uncertainty about the value of our assets could reduce the amount of our unencumbered assets.

Credit and liquidity · Banking relationships and credit facilities

A variety of factors could prevent us from achieving our intended borrowing and leverage objectives, including: disruptions in the repo market generally or the infrastructure that supports it; higher short-term interest rates; a decline in the market value of our investments available to collateralize borrowings.

Market and investment · Interest rate and yield curve risk

When the differential (or "spread") between the market yield on our assets and our interest rate hedges widens, our tangible net book value will typically decline, a dynamic we refer to as "spread risk." As a levered investor primarily in fixed-rate Agency RMBS, spread risk is an inherent component of our business.

Credit and liquidity · Access to capital and financing

We rely primarily on short-term borrowings to finance our mortgage investments. Consequently, our ability to achieve our investment objectives depends not only on our ability to borrow sufficient amounts on favorable terms, but also on our ability to renew or replace our maturing short-term borrowings on a continuous basis.

Market and investment · Trading and market making activities

We utilize TBA dollar roll transactions as an alternative means of investing in and financing Agency RMBS. These transactions represent a form of off-balance sheet financing, increase our "at risk" leverage, and subject us to margin requirements.

Economic and market conditions · Market volatility and financial crises

Several factors can negatively impact market liquidity, including shifts in macro-economic conditions, market uncertainties, changes in investor sentiment, reduced or negative global money flows into U.S. fixed income markets, and regulatory capital requirements that constrain the market-making or funding capacity of banks and financial institutions.

Geopolitical and trade · Regulatory and policy uncertainty

It is unclear what actions, if any, may be taken, or the form, nature, scope, timing, or the effects of any such actions. Administrative or legislative actions affecting the GSEs or the housing finance system could alter the amount or nature of the credit support provided by the U.S. Treasury to Fannie Mae and Freddie Mac.

Natural and catastrophic events · Natural disasters and extreme weather

Areas affected by these types of events often experience disruptions in travel, transportation and tourism, loss of jobs, a decrease in consumer activity, and a decline in real estate-related investments, and their economies may not recover sufficiently to support income producing real estate at pre-event levels.

Geopolitical and trade · Political instability and government changes

During 2025, the Trump Administration indicated that it was actively considering the capital structure and status of the GSEs, which could include stock offerings, a recapitalization, or a re-listing of their common stock, and expressed a desire to end the conservatorships at some time in the future.

Industry regulation · Regulatory compliance and changes

Administrative or legislative actions affecting the GSEs or the housing finance system could alter the amount or nature of the credit support provided by the U.S. Treasury to Fannie Mae and Freddie Mac, modify their roles in housing finance or otherwise affect the value or relative fungibility of Agency RMBS issued by each GSE.

Tax and financial reporting · Financial reporting and accounting standards

Our investment securities are reported at fair value on our consolidated balance sheet, with changes in fair value reported in net income or other comprehensive income. Therefore, a decline in the fair value of our assets reduces our total comprehensive income and adversely affects our financial position.

Tax and financial reporting · Tax compliance and changes in tax law

Our failure to qualify as a REIT would have adverse tax consequences. We believe we qualify as a REIT for U.S. federal income tax purposes under Sections 856–860 of the Internal Revenue Code of 1986, as amended, and related Treasury Regulations, and we intend to maintain our REIT status.

Human capital and workforce · Key personnel dependence and succession

Our executive officers and other key personnel are critical to our success and the loss of any executive officer or key employee may materially adversely affect our business. We operate in a highly specialized industry and our success is dependent upon the efforts, experience, diligence, skill and network of business contacts of our executive officers and key personnel.

Core operations · Operational disruption and business continuity

These systems may be subject to damage or interruption from, among other things, natural disasters, public health issues such as pandemics or epidemics, terrorist attacks, rogue employees, power loss, telecommunications failures, internet disruptions, and other interruptions beyond our control.

Corporate governance · Internal controls and risk management

Hedging strategies are complex and do not fully protect against adverse changes under all circumstances. Our business model also calls for accepting certain amounts of risk. Consequently, our hedging activities are generally designed to limit interest rate exposure, but not to eliminate it.

Information management · Data quality and integrity

The analytical models and third-party data that we rely on to manage our portfolio and conduct our business objectives may be incorrect, misleading or incomplete. We use analytical models, data and other information to value our assets and assess potential investment opportunities in connection with our risk management and hedging activities.

Digital transformation and innovation · Artificial intelligence and automation

The use of artificial intelligence by us or our third-party vendors could expose us to additional risks. We currently make limited use of AI technologies in our operations; however, we may expand our use of AI over time, and certain third-party service providers on which we rely may also utilize AI in providing services to us. AI technologies are rapidly evolving and may present risks related to data quality or completeness, model accuracy, cybersecurity, bias, explainability, intellectual property, and other operational, legal and business risks.