Know the company
Company overview
AGNC owns a large portfolio of mortgage-backed securities, mainly those backed by U.S. agencies and government-sponsored enterprises. It earns interest on those assets and uses short-term borrowing and hedges to finance and manage the portfolio. What reaches common shareholders depends on the interest left after funding, hedging, operating costs and preferred-share obligations. Agency backing helps with borrower credit risk, but mortgage prices and financing still matter.
- Business
- REIT
- Listing
- AGNC · XNAS
- Reporting period
- 2026-06-30
- Dividend schedule
- Monthly
How the business works
AGNC's capacity to make distributions depends principally on recurring net spread and dollar roll income, available liquidity, taxable income, and access to secured financing. Agency mortgage-backed securities generate interest income; AGNC then subtracts the cost of repurchase-agreement financing, hedges, management expenses, and other claims on earnings. Leverage can enlarge income when asset returns exceed funding and hedging costs, but it can also magnify pressure when borrowing costs rise, mortgage spreads widen, or hedges do not offset portfolio moves as expected.
AGNC Q2 2026 results: spread income, GAAP reconciliation and mortgage portfolio