AGNC Investment
21 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Suppliers
Skadden, Arps, Slate, Meagher & Flom LLP
depends onnamed as a riskIf the IRS were to successfully challenge Skadden's opinion, we could be subject to a penalty tax or we could fail to remain qualified as a REIT if a sufficient portion of our assets consists of TBAs or a sufficient portion of our income consists of income or gains from the disposition of TBAs.Risk factors (Item 1A)
Partners and platforms
Fixed Income Clearing Corporation (FICC) GCF Repo service
depends on · a significant portion of our total borrowing capacitynamed as a riskOur ability to access tri-party repo funding through the FICC's GCF Repo service, which represents a significant portion of our total borrowing capacity, and our ability to conduct self-clearing of our investment and funding activity through BES are reliant on BES's ability to continually meet these regulatory and membership requirements.Risk factors (Item 1A)
TBA dollar roll market
depends onnamed as a riskMarket conditions, including changes in the pace or manner of the Fed's runoff of its Agency RMBS portfolio or, if they occur, the Fed's, GSE's or other government-entity purchases or sales of Agency RMBS in the TBA market, may make it uneconomical for us to roll our TBA positions prior to their settlement dates.Risk factors (Item 1A)
Also named by DX
FICC Mortgage-Backed Securities Division (MBSD)
depends onnamed as a riskIncreases in FICC margin requirements would have the effect of reducing our unencumbered assets and could potentially limit our ability to utilize tri-party repo funding through the FICC's GCF Repo service and engage in centrally-cleared TBA transactions through the FICC's MBSD.Risk factors (Item 1A)
Other companies
Fannie Mae
depends onnamed as a riskThe payments of principal and interest we receive on our Agency RMBS are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.Risk factors (Item 1A)
Also named by ABR, BAC, CBRE, DX, FICO, FSUN, JLL, LEN and 7 more
Freddie Mac
depends onnamed as a riskThe payments of principal and interest we receive on our Agency RMBS are guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.Risk factors (Item 1A)
Also named by ABR, BAC, CBRE, DX, FICO, FSUN, LEN, NLY and 5 more
Ginnie Mae
depends onThe guarantees on Agency securities created by Ginnie Mae are explicitly backed by the full faith and credit of the U.S. Government, whereas the guarantees on Agency securities created by Fannie Mae and Freddie Mac are not.Risk factors (Item 1A)
Commodities and inputs
Mortgage spreads
exposed to its price · -24.0%named as a riskTherefore, although we use hedging instruments to attempt to protect against moves in interest rates, our hedges are generally not designed to protect against spread risk, and our tangible net book value could decline if spreads widen.Market risk (Item 7A)
Agency RMBS
concentrated innamed as a riskAs a levered investor primarily in fixed-rate Agency RMBS, spread risk is an inherent component of our business.Risk factors (Item 1A)
Also named by DX
Credit Risk Transfer securities
exposed to its pricenamed as a riskAn investor in CRT securities bears the risk that the borrowers in the reference pool of loans may default on their obligations to make full and timely payments of principal and interest.Risk factors (Item 1A)
Also named by NLY
Regulators
Federal Reserve
approximately $2.1 trillionnamed as a riskA faster-than-expected reduction in the Fed's Agency RMBS holdings could increase market volatility, reduce liquidity, and widen RMBS spreads, which could materially adversely impact our tangible net book value and financial condition.Risk factors (Item 1A)
Also named by AUB, AXP, BAC, CASH, COF, DX, EFSC, EWBC and 24 more
U.S. Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskAdditionally, regulations adopted by the CFTC and regulators of other countries could adversely affect our ability to engage in derivative transactions or impose increased margin requirements and result in additional operational and compliance costs.Risk factors (Item 1A)
Also named by AB, ADM, AMG, BAC, BGC, BMNR, C, CBOE and 35 more
Financial Industry Regulatory Authority (FINRA)
subject tonamed as a riskIf BES were to lose its memberships in FICC and FINRA or its status as a self-clearing registered broker-dealer, we may be unable to find alternative sources of financing on favorable terms and we may experience business interruptions as we attempt to transfer custody and clearing activities to alternative providers that would be harmful to our business.Risk factors (Item 1A)
Also named by AB, ADP, AMG, AMP, BAM, BEN, BR, BWIN and 23 more
Federal Housing Finance Agency (FHFA)
subject tonamed as a riskThe supply of our target assets may be impacted by policies and procedures adopted by the GSEs, their regulator—the Federal Housing Finance Administration ("FHFA")—or other governmental agencies, such as policies impacting origination and pooling practices, as well as by legislative, regulatory or other administrative actions related to the GSEs' government-like status or changes to their federal conservatorships.Risk factors (Item 1A)
Also named by ABR, DHI, DX, ELS, FICO, NLY, RITM, RKT and 1 more
Laws and programs
Investment Company Act of 1940 Section 3(c)(5)(C)
subject to · at least 55% of our assetsnamed as a riskImportantly, if we fail to qualify for this exemption, our ability to use leverage would be substantially reduced and we would be unable to conduct our business as we currently conduct it, which could materially and adversely affect our business.Risk factors (Item 1A)
Internal Revenue Code REIT provisions
subject to · at least 90% of our REIT taxable incomenamed as a riskFailure to qualify as a REIT would have significant consequences.Risk factors (Item 1A)
Also named by NLY
GSE $200 billion Agency MBS purchase initiative
$200 billionnamed as a riskIn January 2026, President Trump announced he had instructed the GSEs to invest $200 billion in Agency RMBS; however, the pace, nature, scope and duration of this initiative are not known.Risk factors (Item 1A)
GSE conservatorship
subject tonamed as a riskActions that terminate the conservatorships without providing sufficiently robust U.S. government support to preserve their government-like status or otherwise retain the functionality, scale, or efficiency of the primary and secondary mortgage markets as they exist today could redefine what constitutes an Agency security.Risk factors (Item 1A)
Also named by ABR
SEC Treasury central clearing mandate
subject tonamed as a riskIn addition, SEC regulations that mandate the central clearing of U.S. Treasury and U.S. Treasury repurchase agreement ("U.S. Treasury Repo") transactions will necessitate significant changes to trading operations and have the potential to adversely impact liquidity, funding and efficiency of these markets.Risk factors (Item 1A)
FDIC and Fed bank capital rule proposals
subject tonamed as a riskIn 2023, the FDIC and Fed proposed revisions to bank capital rules that would have applied risk weights (and costs) to Agency RMBS that, if adopted, might have impacted the source, pricing, volume, financing, and nature of Agency RMBS.Risk factors (Item 1A)
Fannie Mae DUS program
concentrated inOur investments in Agency multifamily securities primarily consist of securities issued under Fannie Mae's Delegated Underwriting and Servicing ("DUS") program, which are generally backed by a single mortgage loan secured by a single property and include lender risk-sharing.Business (Item 1)
Also named by ABR