{"product_id":"agnc-vrio-analysis","title":"AGNC Investment Corp. (AGNC): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlock the secret to AGNC Investment Corp. (AGNC)'s market staying power with this razor-sharp VRIO Analysis. We distill the core of their operations to reveal precisely which assets are Valuable, Rare, Inimitable, and Organized to forge a truly sustainable competitive advantage. Read on to see the definitive summary of their strengths and why they are positioned to win.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 1. Specialization in U.S. Agency RMBS Portfolio Management\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at AGNC Investment Corp.'s core strategy: betting big on U.S. Agency Residential Mortgage-Backed Securities (RMBS). This isn't a small bet; as of September 30, 2025, their total investment portfolio stood at a hefty \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e. That focus on government-guaranteed assets is where the value starts. It definitely keeps credit risk low, which is exactly what investors want when the broader economy feels shaky. That's a solid foundation for any mREIT. \u003c\/p\u003e\n\u003cp\u003eHere’s the quick math on where that \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e was sitting at the end of the third quarter of 2025:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAsset Class\u003c\/th\u003e\n\u003cth\u003eAmount (as of Sep 30, 2025)\u003c\/th\u003e\n\u003cth\u003ePercentage of Total Portfolio\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgency MBS and TBA Securities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$90.1 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e99.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCredit Risk Transfer (CRT) and Non-Agency\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe sheer size of this specialization is what makes it rare, even if the asset class itself isn't unique to AGNC Investment Corp. Many agency mREITs play here, but AGNC Investment Corp.'s scale - managing over \u003cstrong\u003e$90 billion\u003c\/strong\u003e in assets - is a differentiator. Still, competitors can easily pivot and buy similar government-backed securities; it’s not like they’ve patented the mortgage security. \u003c\/p\u003e\n\u003cp\u003eThe organization part is where they earn their keep. They are defintely set up to manage this concentration. Their active policy, which includes adjusting hedges - like dropping the hedge ratio to \u003cstrong\u003e68%\u003c\/strong\u003e of funding liabilities in Q3 2025 - shows they are organized to execute this specific strategy. It’s not just passive holding; it’s active management of interest rate exposure on a massive scale. \u003c\/p\u003e\n\u003cp\u003eWhen you put it all together, the result is a \u003cstrong\u003eTemporary Competitive Advantage\u003c\/strong\u003e. The value is clear, and the organization is there to capture it, but the asset class itself is too accessible for a truly sustained edge. \u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eValue: Yes, due to low credit risk profile.\u003c\/li\u003e\n\u003cli\u003eRarity: Low, but scale is large (\u003cstrong\u003e$90.8B\u003c\/strong\u003e portfolio).\u003c\/li\u003e\n\u003cli\u003eImitability: High, assets are easily purchased by peers.\u003c\/li\u003e\n\u003cli\u003eOrganization: Yes, active management policy in place.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: draft a sensitivity analysis showing the impact of a 50 basis point shift in the 10-year Treasury yield on the Q3 2025 portfolio by Monday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 2. Large-Scale Fixed-Income Asset Base (\u003cstrong\u003e$90.8 billion\u003c\/strong\u003e Portfolio)\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Yes, scale drives economies in financing and transaction costs, and supports higher absolute returns. The investment portfolio reached \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e as of September 30, 2025. This scale facilitates more favorable terms in repurchase agreements and other funding markets, directly impacting the cost of funds.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Yes, only a few peers manage this size of Agency MBS portfolio as of September 2025. The portfolio has demonstrated significant scaling, growing from \u003cstrong\u003e$66.0 billion\u003c\/strong\u003e as of June 30, 2024 to \u003cstrong\u003e$82.3 billion\u003c\/strong\u003e as of June 30, 2025, culminating in the \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e reported for September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e No, building this asset base takes significant capital and time. The deployment of capital to achieve this scale requires substantial equity and access to leveraged financing markets, which is a barrier to rapid replication by smaller entities.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes, the portfolio growth to \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e shows effective deployment. The organization has managed this scale while maintaining significant liquidity, reporting cash of \u003cstrong\u003e$7.2B\u003c\/strong\u003e as of September 30, 2025, and a tangible net book value 'at risk' leverage of \u003cstrong\u003e0.76x\u003c\/strong\u003e at that time.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained Competitive Advantage.\u003c\/p\u003e\n\n\u003cp\u003eThe composition and scale of the portfolio as of September 30, 2025, are detailed below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eAsset Category\u003c\/td\u003e\n\u003ctd\u003eAmount (USD)\u003c\/td\u003e\n\u003ctd\u003ePercentage of Total Portfolio (Approximate)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Investment Portfolio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$90.8 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e100%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgency MBS (Excluding TBA)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$76.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e84.0%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Forward Purchases\/(Sales) of Agency MBS (TBA securities)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$13.8 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e15.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCRT and non-Agency securities and other mortgage credit investments\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eFurther statistical and financial metrics supporting the scale and management of the asset base include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eWeighted average projected CPR for the remaining life of Agency securities held was \u003cstrong\u003e7.7%\u003c\/strong\u003e as of December 31, 2024.\u003c\/li\u003e\n\u003cli\u003eThe weighted average coupon for fixed-rate Agency MBS and TBA securities was \u003cstrong\u003e5.13%\u003c\/strong\u003e as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe weighted average cost basis of the investment portfolio was \u003cstrong\u003e101.5%\u003c\/strong\u003e of par value as of December 31, 2024.\u003c\/li\u003e\n\u003cli\u003eThe Company paid over \u003cstrong\u003e$14 billion\u003c\/strong\u003e of common stock dividends since inception.\u003c\/li\u003e\n\u003cli\u003eThe Company's tangible net book value per common share was \u003cstrong\u003e$8.70\u003c\/strong\u003e as of December 31, 2023.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 3. Sophisticated Interest Rate Hedging Program\n\u003c\/h2\u003e\n\u003cp\u003eThe interest rate hedging program is a core component of AGNC's risk management framework, designed to protect the economic value of its Agency MBS portfolio against adverse interest rate movements.\u003c\/p\u003e\n\n\u003ch\u003eValue\u003c\/h\u003e\n\u003cp\u003eThe hedging program provides significant value by mitigating interest rate risk, which is crucial for protecting book value in volatile markets.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eEconomic return on tangible common equity for Q3 2025 was reported at \u003cstrong\u003e10.6%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eTangible net book value per common share increased by \u003cstrong\u003e$0.47\u003c\/strong\u003e in the third quarter of 2025.\u003c\/li\u003e\n\u003cli\u003eThe company's combined weighted average cost of funds, inclusive of interest rate swaps, was \u003cstrong\u003e3.17%\u003c\/strong\u003e for the third quarter of 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch\u003eRarity\u003c\/h\u003e\n\u003cp\u003eWhile most peers engage in hedging, AGNC's specific active repositioning strategy, demonstrated by significant shifts in hedge coverage, is a key differentiator.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eDate\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eInterest Rate Hedges as % of Funding Liabilities (Excluding Options)\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e77%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Interest Rate Hedges (Including Options) as % of Funding Liabilities\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e68%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Interest Rate Hedges as % of Funding Liabilities\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e89%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003ch\u003eImitability\u003c\/h\u003e\n\u003cp\u003eThe mechanics of using interest rate swaps and derivatives are generally known within the industry, suggesting the structural elements are imitable.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAs of September 30, 2024, the pay fixed interest rate swap position totaled \u003cstrong\u003e$39.1 billion\u003c\/strong\u003e in notional amount.\u003c\/li\u003e\n\u003cli\u003eThe average fixed pay rate on these swaps as of September 30, 2024, was \u003cstrong\u003e1.43%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe average maturity of the pay fixed interest rate swaps as of September 30, 2024, was \u003cstrong\u003e4.5 years\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch\u003eOrganization\u003c\/h\u003e\n\u003cp\u003eAGNC demonstrates organizational capability through its active and timely adjustment of the hedge ratio based on its outlook for interest rates and spreads.\u003c\/p\u003e\n\u003cp\u003eThe organization actively adjusts its hedge ratio, as evidenced by the following shifts:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eHedge coverage was reported at \u003cstrong\u003e91%\u003c\/strong\u003e of investment securities as of March 31, 2025.\u003c\/li\u003e\n\u003cli\u003eThe hedge ratio was reduced to \u003cstrong\u003e68%\u003c\/strong\u003e of funding liabilities as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe tangible net book value 'at risk' leverage ratio was maintained at \u003cstrong\u003e7.6x\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\n\u003cp\u003eTemporary Competitive Advantage.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 4. Strong Liquidity Buffer (\u003cstrong\u003e$7.2 billion\u003c\/strong\u003e Unencumbered Assets)\n\u003c\/h2\u003e\n\u003cp\u003eThis section assesses the VRIO framework components for AGNC Investment Corp.'s strong liquidity buffer, referencing the figure provided in the analysis title, while incorporating the latest reported figures.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eValue\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003e\u003cstrong\u003eYes\u003c\/strong\u003e, this cash and Agency MBS buffer provides flexibility to seize opportunities or manage margin calls. As of June 30, 2025, AGNC concluded the second quarter with a substantial liquidity position of \u003cstrong\u003e$6.4 billion\u003c\/strong\u003e of unencumbered cash and Agency MBS, which constituted \u003cstrong\u003e65%\u003c\/strong\u003e of the Company's tangible equity. This liquidity allowed the company to navigate market volatility in April 2025 and opportunistically add assets.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eRarity\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003e\u003cstrong\u003eYes\u003c\/strong\u003e, having a significant buffer is a key safety net. While the prompt cites \u003cstrong\u003e$7.2 billion\u003c\/strong\u003e, the most recent reported figure as of June 30, 2025, was \u003cstrong\u003e$6.4 billion\u003c\/strong\u003e of unencumbered cash and Agency MBS. This compares to \u003cstrong\u003e$6.1 billion\u003c\/strong\u003e as of December 31, 2024, and \u003cstrong\u003e$6.0 billion\u003c\/strong\u003e as of March 31, 2025.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eImitability\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003e\u003cstrong\u003eNo\u003c\/strong\u003e, it is built over time through retained earnings or equity raises. The ability to raise capital accretively through At-the-Market (ATM) offerings supports this buffer; for example, \u003cstrong\u003e53.2 million\u003c\/strong\u003e shares were issued in Q4 2024 for net proceeds of \u003cstrong\u003e$511 million\u003c\/strong\u003e. In Q1 2025, \u003cstrong\u003e49.7 million\u003c\/strong\u003e shares were issued for net proceeds of \u003cstrong\u003e$509 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eOrganization\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003e\u003cstrong\u003eYes\u003c\/strong\u003e, management highlights this flexibility as a key strength. The organization is structured to utilize this buffer effectively, maintaining a consistent leverage profile. Tangible 'at risk' leverage was \u003cstrong\u003e7.2x\u003c\/strong\u003e as of December 31, 2024, and increased to approximately \u003cstrong\u003e7.5x\u003c\/strong\u003e as of March 31, 2025.\u003c\/p\u003e\n\n\u003ch\u003e\u003ch\u003eCompetitive Advantage\u003c\/h\u003e\u003c\/h\u003e\n\u003cp\u003e\u003cstrong\u003eSustained Competitive Advantage\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eKey Liquidity and Balance Sheet Metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003cth\u003eCitation Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnencumbered Cash and Agency MBS\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$6.4 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003eLatest reported figure.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnencumbered as % of Tangible Equity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e65%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value per Common Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.25\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eMarch 31, 2025\u003c\/td\u003e\n\u003ctd\u003eEstimated.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value per Common Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.41\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible 'at Risk' Leverage Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.5x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eMarch 31, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eShares Issued via ATM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e53.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ4 2024\u003c\/td\u003e\n\u003ctd\u003eNet proceeds of \u003cstrong\u003e$511 million\u003c\/strong\u003e.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eManagement Commentary on Liquidity Utilization:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe company was able to navigate substantial financial market volatility in April 2025 with its portfolio intact.\u003c\/li\u003e\n\u003cli\u003eOpportunistically added assets at attractive levels using accretive capital raised through the ATM program.\u003c\/li\u003e\n\u003cli\u003eThe liquidity position of \u003cstrong\u003e$6.1 billion\u003c\/strong\u003e as of December 31, 2024, represented \u003cstrong\u003e66%\u003c\/strong\u003e of tangible equity.\u003c\/li\u003e\n\u003cli\u003eTotal dividends declared since inception (May 2008) through Q3 2024: \u003cstrong\u003e$13.7 billion\u003c\/strong\u003e, or \u003cstrong\u003e$48.28\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 5. In-House Fixed-Income Asset Management Expertise\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Yes, proprietary knowledge helps in optimizing asset selection and managing prepayment risk (CPR estimates). The management expertise is directly linked to portfolio performance metrics such as the weighted average projected Constant Prepayment Rate (CPR) for Agency securities, which decreased to \u003cstrong\u003e7.8%\u003c\/strong\u003e as of June 30, 2025, from 8.3% as of March 31, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Yes, deep, specialized, long-tenured expertise in this niche is not common.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e No, it takes years to develop this level of institutional knowledge.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes, the CEO is also the CIO, suggesting direct oversight. Effective March 20, 2025, President and CEO Peter Federico also assumed the role of Chief Investment Officer.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained Competitive Advantage.\u003c\/p\u003e\n\u003cp\u003eThe complexity of the in-house management function is evidenced by the structure and risk management of the investment portfolio, which requires specialized expertise for optimization and risk mitigation.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003cth\u003eSource Reference\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Investment Portfolio Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$82.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAgency MBS and TBA Securities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$81.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWeighted Average Projected CPR (Life)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWeighted Average CPR (Actual)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e8.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSecond Quarter 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value per Common Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$7.81\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eAs of June 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value per Common Share Increase (QoQ)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-5.3%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025 (vs. $8.25 as of March 31, 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe firm's operational structure and historical depth in managing mortgage assets across market cycles underscore this capability.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe team has extensive experience managing mortgage assets across market cycles and has produced an exceptional long-term track record for stockholders.\u003c\/li\u003e\n\u003cli\u003eThe portfolio as of September 30, 2024, included \u003cstrong\u003e$70.5 billion\u003c\/strong\u003e in 30-year fixed-rate MBS (part of the $79.4 billion fixed-rate securities). (Using Q2 2025 data for portfolio composition is more recent, but Q3 2024 data provides more detail on the breakdown).\u003c\/li\u003e\n\u003cli\u003eThe weighted average cost basis of the investment portfolio was \u003cstrong\u003e101.2%\u003c\/strong\u003e of par value as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eAs of September 30, 2024, the company's tangible net book value 'at risk' leverage ratio was \u003cstrong\u003e7.2x\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 6. Captive Broker-Dealer Financing Structure\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Yes, utilizing Bethesda Securities, LLC to fund a significant portion of repurchase agreement needs provides potential for lower funding costs and enhanced counterparty access stability. As of June 30, 2025, 53% of Investment Securities Repo, totaling $34.7 billion, was funded through the captive subsidiary.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Yes, a fully integrated, wholly-owned captive broker-dealer subsidiary like Bethesda Securities, LLC, which functions exclusively for AGNC, is not common among mortgage REITs.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e No, establishing and scaling a regulated broker-dealer subsidiary with FINRA membership and FICC access represents a substantial organizational and regulatory barrier to imitation.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes, the structure is formally integrated into the funding strategy, providing direct access to bilateral and tri-party repo funding, including the General Collateral Finance Repo service.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained Competitive Advantage.\u003c\/p\u003e\n\u003cp\u003eThe reliance on the captive entity for repo financing demonstrates a consistent strategic deployment:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eBethesda Securities, LLC is a wholly-owned subsidiary of AGNC Investment Corp.\u003c\/li\u003e\n\u003cli\u003eIt provides repurchase financing through a matched book of U.S. Agency mortgage-backed securities and clears TBA trades.\u003c\/li\u003e\n\u003cli\u003eAs an eligible institution, BES has direct access to GCF Repo funding offered by the Fixed Income Clearing Corporation (FICC).\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eReporting Date\u003c\/td\u003e\n\u003ctd\u003e% of Investment Securities Repo Funded via Bethesda Securities, LLC\u003c\/td\u003e\n\u003ctd\u003eInvestment Securities Repo Amount Funded via Bethesda Securities, LLC\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e53%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$34.7 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarch 31, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e52%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$32.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSeptember 30, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e52%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$33.0 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJune 30, 2023\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e43%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDecember 31, 2022\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e48%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 7. High Tangible Book Value Performance\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: Yes, a \u003cstrong\u003e6.0%\u003c\/strong\u003e increase in tangible net book value per share to \u003cstrong\u003e$8.28\u003c\/strong\u003e in Q3 2025 signals effective capital preservation and growth. The prior quarter's TNBV per share was \u003cstrong\u003e$7.81\u003c\/strong\u003e, representing an increase of \u003cstrong\u003e$0.47\u003c\/strong\u003e per common share for the quarter.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Yes, outperforming peers in TNBV growth during volatile periods is rare. Agency mortgage-backed securities outperformed U.S. Treasuries for \u003cstrong\u003efive consecutive months\u003c\/strong\u003e, a sequence not seen since \u003cstrong\u003e2013\u003c\/strong\u003e, indicating a rare market condition contributing to performance.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Yes, future performance depends on market conditions, not just the structure. The investment portfolio totaled \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e as of September 30, 2025, up from \u003cstrong\u003e$82.3 billion\u003c\/strong\u003e as of June 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: Yes, the focus on economic return (\u003cstrong\u003e10.6%\u003c\/strong\u003e in Q3) shows management prioritizes this metric. The \u003cstrong\u003e10.6%\u003c\/strong\u003e economic return on tangible common equity in Q3 was comprised of \u003cstrong\u003e$0.36\u003c\/strong\u003e of dividends per common share and a \u003cstrong\u003e$0.47\u003c\/strong\u003e increase in tangible net book value per common share.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary Competitive Advantage.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 Value\u003c\/td\u003e\n\u003ctd\u003ePrior Quarter Value\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.28\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$7.81\u003c\/strong\u003e (June 30, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarterly TNBV Per Share Change\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e+$0.47\u003c\/strong\u003e \/ \u003cstrong\u003e6.0%\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEconomic Return on Tangible Common Equity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e-\u003cstrong\u003e1.0%\u003c\/strong\u003e (Previous Quarter)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividends Declared Per Common Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.36\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value 'At Risk' Leverage\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.6x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e7.5x\u003c\/strong\u003e (Average for Quarter)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Investment Portfolio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$90.8 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$82.3 billion\u003c\/strong\u003e (June 30, 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe company maintained a significant liquidity position:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eUnencumbered cash and Agency MBS totaled \u003cstrong\u003e$7.2 billion\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThis liquidity represented \u003cstrong\u003e66%\u003c\/strong\u003e of tangible equity at quarter end.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe investment portfolio composition included:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$76.3 billion\u003c\/strong\u003e Agency MBS.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$13.8 billion\u003c\/strong\u003e net forward purchases\/(sales) of Agency MBS in the 'to-be-announced' market ('TBA securities').\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$0.7 billion\u003c\/strong\u003e credit risk transfer ('CRT') and non-Agency securities and other mortgage credit investments.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eTotal common stock dividends declared since May 2008 initial public offering through Q3 2025 reached \u003cstrong\u003e$15.1 billion\u003c\/strong\u003e, or \u003cstrong\u003e$49.72\u003c\/strong\u003e per common share.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 8. Proven Access to Diverse Capital Markets\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Yes, the ability to raise capital efficiently, like the \u003cstrong\u003e$300 million\u003c\/strong\u003e preferred stock offering in September 2025 (Series H), fuels portfolio growth and capital base strengthening.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e No, many public REITs can access these markets.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Yes, if a company has a good track record, others can follow.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes, they successfully executed a large preferred offering recently, adding to their capital structure management capabilities.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary Competitive Advantage.\u003c\/p\u003e\n\n\u003cp\u003eThe successful execution of capital raises demonstrates AGNC's ongoing access to diverse funding sources, supporting its substantial investment portfolio.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eAmount\/Value\u003c\/th\u003e\n\u003cth\u003eDate\/Period\u003c\/th\u003e\n\u003cth\u003eSource\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSeries H Preferred Stock Gross Proceeds\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$300,000,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Investment Portfolio Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$90.8 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Outstanding Debt\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$69.3 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Common Stock Dividends Declared (Since IPO)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$15.1 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eThrough Q3 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value per Common Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.28\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eKey financial and statistical data points related to capital structure and market activity include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe September 2025 Series H Preferred Stock carried a fixed dividend rate of \u003cstrong\u003e8.75%\u003c\/strong\u003e per annum.\u003c\/li\u003e\n\u003cli\u003eNet proceeds to the Issuer from the offering, before expenses, were \u003cstrong\u003e$290,550,000\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe investment portfolio as of September 30, 2025, was comprised of \u003cstrong\u003e$76.3 billion\u003c\/strong\u003e in Agency MBS and \u003cstrong\u003e$13.8 billion\u003c\/strong\u003e in net forward purchases\/sales of Agency MBS (TBA securities).\u003c\/li\u003e\n\u003cli\u003eUnencumbered cash and Agency MBS totaled \u003cstrong\u003e$7.2 billion\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe Company issued \u003cstrong\u003e31.0 million\u003c\/strong\u003e shares of common equity during Q3 2025 through capital markets activity.\u003c\/li\u003e\n\u003cli\u003eThe Q2 2025 capital activity included issuing \u003cstrong\u003e92.6 million\u003c\/strong\u003e shares of common stock for net proceeds of nearly \u003cstrong\u003e$800 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eAGNC Investment Corp. (AGNC) - VRIO Analysis: 9. Conservative Leverage Management\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Yes, maintaining a tangible net book value 'at risk' leverage ratio of \u003cstrong\u003e7.6x\u003c\/strong\u003e allows for deployment when spreads widen, unlike highly leveraged peers.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e No, leverage management is standard, but their specific level is a choice.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Yes, competitors can choose to operate at a similar leverage point.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Yes, management explicitly operates at a conservative level in anticipation of opportunities.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary Competitive Advantage.\u003c\/p\u003e\n\u003cp\u003eThe Company's leverage profile as of September 30, 2025, demonstrates this conservative management stance:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue (Q3 2025)\u003c\/td\u003e\n\u003ctd\u003eContext\/Benchmark\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net BV 'At Risk' Leverage\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.6x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExpected range: \u003cstrong\u003esix\u003c\/strong\u003e to \u003cstrong\u003etwelve\u003c\/strong\u003e times tangible stockholders' equity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAverage 'At Risk' Leverage (Q3)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e7.5x\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eUnchanged from prior quarter\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnencumbered Liquidity\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$7.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eRepresents \u003cstrong\u003e66%\u003c\/strong\u003e of Tangible Equity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTangible Net Book Value per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$8.28\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncreased \u003cstrong\u003e6.0%\u003c\/strong\u003e for the quarter\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eAdditional key financial statistics from the third quarter of 2025 include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eInvestment Portfolio Size: \u003cstrong\u003e$90.8 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eEconomic Return on Tangible Common Equity: \u003cstrong\u003e10.6%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eDividends Declared per Common Share: \u003cstrong\u003e$0.36\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNet Spread and Dollar Roll Income per Common Share: \u003cstrong\u003e$0.35\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eAnnualized Net Interest Spread: \u003cstrong\u003e1.78%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eWeighted Average Cost Basis of Investment Portfolio: \u003cstrong\u003e101.2%\u003c\/strong\u003e of par value as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eAverage Projected Portfolio Life CPR: Increased to \u003cstrong\u003e8.6%\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe financing structure showed repo costs decreasing from \u003cstrong\u003e4.49%\u003c\/strong\u003e to \u003cstrong\u003e4.38%\u003c\/strong\u003e quarter-over-quarter, while the average cost of funds increased from \u003cstrong\u003e2.86%\u003c\/strong\u003e to \u003cstrong\u003e3.17%\u003c\/strong\u003e.\u003c\/p\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516106465429,"sku":"agnc-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/agnc-vrio-analysis.png?v=1740142805","url":"https:\/\/dcf-model.com\/fr\/products\/agnc-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}