AGNC Investment

AGNC cannot set the price of its product. Portfolio returns are determined by the asset yield on Agency MBS, implied financing in the TBA market, repo costs, and the effectiveness of hedges.

Q2 2026 average asset yield was 4.89% while the inclusive cost of funds was 2.89%, producing a 2.00% annualized net interest spread; these inputs move with markets rather than management decree. There is no ability to raise prices to offset adverse conditions, only to re‑mix assets, hedges, and leverage.