AGNC Investment

Balance sheet quality benefits from Agency guarantees on principal and interest, but the model uses substantial leverage and short‑dated repo funding. As of June 30, 2026: at‑risk leverage 7.4x, average repo maturity 13 days, combined cost of funds 2.89%, unencumbered cash and Agency MBS $7.5 billion (62% of tangible equity).

Liquidity metrics are solid, yet vulnerability to a funding market shock or abrupt basis widening persists by design. Preferred dividends were $44 million in Q2, and equity issuance via ATM programs remains an important capital tool. Overall resiliency is middle‑of‑the‑pack for mREITs, not “fortress” by quality‑investor standards.