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AGNC on Nasdaq

AGNC Investment Corp.

Investment company1

In its 2026 annual report the company says: “We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S. We invest primarily in Agency residential mortgage-backed securities on a leveraged basis.”8 It is headquartered in Bethesda, United States.1 Its shares trade on Nasdaq under the symbol AGNC.1

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Last updated Oct 21, 2026.

Overview

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  • TickerAGNC on Nasdaq1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersBethesda, United States1
  • Websiteagnc.com
  • Legal formDelaware corporation1
  • Business address7373 Wisconsin Avenue, 22Nd Floor, Bethesda, Md 208144
  • Filer categoryLarge accelerated filer4
  • LEI5TRACI5HRMELWV32OF393
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 44855413

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We are a leading provider of private capital to the U.S. housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the U.S. We invest primarily in Agency residential mortgage-backed securities ("Agency RMBS") on a leveraged basis. These investments consist of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government-sponsored enterprise, such as the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac," and together with Fannie Mae, the "GSEs"), or by a U.S. Government agency, such as the Government National Mortgage Association ("Ginnie Mae").8 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income910111213$1.7B in 2025+143% since 2019
-$2.0B-$1.0B0$1.0B$2.0B2019: $688.0M$688.0M20192020: -$266.0M-$266.0M20202021: $749.0M$749.0M20212022: -$1.2B-$1.2B20222023: $155.0M$155.0M20232024: $863.0M$863.0M2024+457%2025: $1.7B$1.7B2025+94%

Every line of the income statement as filed: the last 3 fiscal years, latest first.13

Period ending2025-12-312024-12-312023-12-31
Interest Income, Operating$3.5B$2.9B$2.0B
Interest Expense, Operating$2.8B$2.9B$2.3B
Net interest income$675.0M$18.0M-$246.0M
Dividends declared per common share$1.44$1.44$1.44
Net gain (loss) on sale of investment securities-$529.0M-$188.0M-$1.6B
Unrealized gain (loss) on investment securities measured at fair value through net income, net$2.7B-$885.0M$1.7B
(Loss) gain on derivative instruments and other securities, net-$1.1B$2.0B$386.0M
Nonoperating Income (Expense)$1.1B$955.0M$497.0M
Labor and Related Expense$87.0M$74.0M$62.0M
General and administrative expenses$40.0M$36.0M$34.0M
Total expenses$127.0M$110.0M$96.0M
Net income$1.7B$863.0M$155.0M
Dividend on preferred stock$161.0M$132.0M$123.0M
Net income available to common stockholders$1.5B$731.0M$32.0M
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax$268.0M-$74.0M$155.0M
Comprehensive income$1.9B$789.0M$310.0M
Comprehensive income available to common stockholders$1.8B$657.0M$187.0M
Weighted average number of common shares outstanding - basic1.0B shares783.4M shares618.4M shares
Weighted average number of common shares outstanding - diluted1.0B shares786.0M shares619.6M shares
Earnings Per Share, Basic$1.48$0.93$0.05
Net income per common share - diluted$1.47$0.93$0.05

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Corporate structure

AGNC Investment Corp. sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of AGNC Investment Corp.

  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on AGNC Investment Corp., latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on AGNC Investment Corp., latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • BlackRock Filed SC 13G on AGNC Investment Corp., latest Nov 12, 2024 (7 filings since Feb 3, 2022)
  • AGNC Investment Corp. Bethesda, Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What AGNC Investment Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$450.0M13 Dec 31, 2025$505.0M13 Dec 31, 2024−10.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$526.0M13 Dec 31, 2025$526.0M12 Dec 31, 20240%

Leadership

Who has led AGNC Investment Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Malon Wilkus2008–2013
  2. Gary D. Kain2016–2021
  3. Peter J. Federico2022–now

Chair

  1. Gary D. Kain2021–now

President

  1. Malon Wilkus2008
  2. Gary D. Kain2012–2016
  3. Peter J. Federico2018–now

Chief financial officer

  1. Peter J. Federico2016–2018
  2. Bernice Bell2018–now

Chief operating officer

  1. Peter J. Federico2018–2021
2010201520202025
Board members and other officers (25)

Subsidiaries and ownership

Subsidiaries (GLEIF)

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Former names

  • American Capital Agency CorpFeb 11, 2008 to Sep 13, 20164

Timeline

  1. Sep 11, 20268-K Executive or director change48
  2. Jul 20, 20268-K Results of operations49
  3. May 29, 20268-K Other events50
  4. Apr 20, 20268-K Results of operations51
  5. Apr 17, 20268-K Shareholder vote52
  6. Jan 26, 20268-K Results of operations53
  7. Jan 14, 20268-K Executive or director change54
  8. Dec 15, 20258-K Executive or director change55
  9. Oct 20, 20258-K Results of operations56
  10. Sep 10, 20258-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events57
  11. Sep 5, 20258-K Other events58
  12. Jul 21, 20258-K Results of operations59
  13. Jan 21, 2022New chief executive Peter J. Federico becomes CEO17
  14. Jul 7, 2016New chief executive Gary D. Kain becomes CEO18
  15. May 14, 2008New chief executive Malon Wilkus becomes CEO19
  16. Jan 7, 2008Founded AGNC Investment Corp. is founded3

Calendar

Coming up

  1. Oct 30, 2026Dividend Ex-dividend; $0.12 a share; paid 2026-11-10.60

When it reported results

  1. Jul 20, 2026Reported quarterly or annual results49
  2. Apr 20, 2026Reported quarterly or annual results51
  3. Jan 26, 2026Reported quarterly or annual results53
  4. Oct 20, 2025Reported quarterly or annual results56
  5. Jul 21, 2025Reported quarterly or annual results59
  6. Apr 21, 2025Reported quarterly or annual results61
  7. Apr 10, 2025Reported quarterly or annual results62
  8. Jan 27, 2025Reported quarterly or annual results63

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

377 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 199 insider forms, 12 large holders, 99 other. The latest 20:

  1. Sep 11, 20268-K EDGAR
  2. Aug 21, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  3. Aug 19, 2026144 EDGAR
  4. Jul 31, 202610-Q EDGAR
  5. Jul 30, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  6. Jul 28, 2026144 EDGAR
  7. Jul 20, 20268-K EDGAR
  8. May 29, 20268-K EDGAR
  9. May 29, 2026424B5 EDGAR
  10. May 14, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  11. May 12, 2026144 EDGAR
  12. May 7, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  13. May 6, 2026144 EDGAR
  14. May 5, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  15. May 4, 2026144 EDGAR
  16. May 4, 202610-Q EDGAR
  17. Apr 29, 2026SCHEDULE 13G EDGAR
  18. Apr 28, 2026144 EDGAR
  19. Apr 28, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. Apr 27, 2026144 EDGAR

The 377 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

61 open-market trades by officers, directors and large owners since October 2021: 2 buys and 59 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 19, 2026Bell BerniceEVP, CFOSale15,000$11.07$166.0KForm 4
Jul 28, 2026Bell BerniceEVP, CFOSale5,000$11.00$55.0KForm 4
May 12, 2026Bell BerniceEVP, CFOSale10,000$10.79$107.9KForm 4
May 6, 2026BLANK DONNADirectorSale22,000$10.78$237.2KForm 4
May 4, 2026Mullings Paul EDirectorSale6,800$10.74$73.0KForm 4
Apr 28, 2026Federico Peter JDirector, President, CEO, CIOSale64,412$11.08$713.7KForm 4
Apr 27, 2026Federico Peter JDirector, President, CEO, CIOSale64,411$11.03$710.5KForm 4
Apr 24, 2026Federico Peter JDirector, President, CEO, CIOSale64,411$10.91$702.7KForm 4
Feb 19, 2026Bell BerniceEVP, CFOSale15,000$11.36$170.4KForm 4
Feb 17, 2026Bell BerniceEVP, CFOSale35,397$11.29$399.6KForm 4
Jan 29, 2026Kain Gary DDirector, Executive ChairSale700,000$11.91$8.3MForm 4
Jan 28, 2026Bell BerniceEVP, CFOSale25,000$12.14$303.5KForm 4
Jan 28, 2026Pollack Kenneth L.EVP and General CounselSale50,000$12.11$605.5KForm 4
Nov 10, 2025Bell BerniceEVP, CFOSale10,000$10.32$103.2KForm 4
Nov 6, 2025Bell BerniceEVP, CFOSale10,000$10.22$102.2KForm 4
Oct 28, 2025Federico Peter JDirector, President, CEO, CIOSale45,798$10.30$471.7KForm 4
Oct 27, 2025Federico Peter JDirector, President, CEO, CIOSale45,798$10.27$470.3KForm 4
Oct 24, 2025Federico Peter JDirector, President, CEO, CIOSale45,797$10.16$465.3KForm 4
Aug 8, 2025Bell BerniceEVP, CFOSale31,500$9.46$298.0KForm 4
Jul 28, 2025FISK JOHN DDirectorSale20,278$9.65$195.7KForm 4

All 61 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Peter J. FedericoPresident, Chief Executive Officer, and Chief Investment Officer$900.0K$14.2M67
2025Christopher J. Kuehl2 Senior Vice President, Head of Investment Research and Strategy$900.0K$5.8M67
2025Gary D. KainExecutive Chair$500.0K$5.6M67
2025Bernice E. BellExecutive Vice President and Chief Financial Officer$750.0K$5.3M67
2025Sean P. ReidExecutive Vice President, Strategy and Corporate Development$750.0K$4.4M67
2025Kenneth L. PollackExecutive Vice President, General Counsel, Chief Compliance Officer, and Secretary$650.0K$3.8M67
2024Peter J. FedericoPresident, Chief Executive Officer, and Chief Investment Officer$900.0K$13.1M67
2024Gary D. KainExecutive Chair$500.0K$10.5M67
2024Christopher J. Kuehl2 Senior Vice President, Head of Investment Research and Strategy$900.0K$7.2M67
2024Bernice E. BellExecutive Vice President and Chief Financial Officer$750.0K$4.6M67
2024Kenneth L. PollackExecutive Vice President, General Counsel, Chief Compliance Officer, and Secretary$650.0K$3.5M67
2024Sean P. ReidExecutive Vice President, Strategy and Corporate Development$650.0K$3.5M67
2023Peter J. FedericoPresident, Chief Executive Officer, and Chief Investment Officer$900.0K$12.3M67
2023Gary D. KainExecutive Chair$500.0K$9.8M67
2023Christopher J. Kuehl2 Senior Vice President, Head of Investment Research and Strategy$900.0K$6.8M67
2023Bernice E. BellExecutive Vice President and Chief Financial Officer$750.0K$4.4M67
2023Kenneth L. PollackExecutive Vice President, General Counsel, Chief Compliance Officer, and Secretary$650.0K$3.3M67
2023Sean P. ReidExecutive Vice President, Strategy and Corporate Development$650.0K$3.3M67

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.64,594,088$704.1M0.0%+4,174,076
Vanguard Capital Management LLC51,588,727$562.3M0.0%+2,186,686
Vanguard Portfolio Management LLC46,120,221$502.7M0.0%+1,218,929
UBS Group AG27,313,853$297.7M0.0%+4,220,736
Geode Capital Management, LLC24,487,679$267.0M0.0%+3,594,771
State Street Corp20,640,491$227.5M0.0%+1,571,323
Norges Bank15,473,900$168.7M0.0%New
Equity Investment Corp9,736,044$106.1M2.0%+41,780
Victory Capital Management Inc8,777,731$95.7M0.1%+1,307,341
Charles Schwab Investment Management Inc8,146,540$88.8M0.0%+430,798
Northern Trust Corp7,506,435$81.8M0.0%+431,650
Vanguard Fiduciary Trust Co7,253,754$79.1M0.0%+385,993
Morgan Stanley7,176,369$78.2M0.0%−95,427
Bank Of America Corp /de/7,110,171$77.5M0.0%−1,548,139
Vaughan Nelson Investment Management, L.P.6,048,882$65.9M0.6%New
LPL Financial LLC5,999,787$65.4M0.0%+247,787
Goldman Sachs Group Inc5,729,786$62.5M0.0%+3,599,852
Van Eck Associates Corp5,190,499$56.6M0.0%+763,109
Jane Street Group, LLC3,993,493$43.5M0.0%+3,959,982
Qube Research & Technologies Ltd3,760,710$41.0M0.0%−4,024,820
Bank of New York Mellon Corp3,686,395$40.2M0.0%+128,229
Davidson Investment Advisors3,371,067$36.7M1.5%−652,822
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC3,348,893$36.5M0.0%+103,455
Focus Partners Wealth3,343,851$36.5M0.0%+367,378
Advisors Capital Management, LLC3,249,628$35.4M0.4%+148,542

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 10, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+101.4%Report
Mar 1, 2023Daniel S. GoldmanDemocratic, HousePartial sale$1,001 - $15,000+113.2%Report
Nov 8, 2022Christopher L. Jacobs, HouseBuy$1,001 - $15,000−100.2%Report
Oct 7, 2022Christopher L. Jacobs, HouseSale$1,001 - $15,000+101.9%Report
Jun 21, 2022Christopher L. Jacobs, HouseBuy$1,001 - $15,000−124.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How AGNC Investment Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAGNC Investment Corp.2
  • CIK0001423689
  • Employer ID (EIN)26-17019848
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company8
  • Incorporated inDelaware8
  • Fiscal year endsDecember 312
  • Industry code (SIC)6798 Real Estate Investment Trusts2
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance2
  • Business address7373 Wisconsin Avenue, 22Nd Floor, Bethesda, MD 208142
  • Phone301 968 93002
  • Shares outstanding1,185,481,447 as of Jul 30, 202615
  • Public float$8.6B as of Jun 30, 20258
  • AuditorErnst & Young LLP, Tysons, Virginia PCAOB ID 42; it also attests to the company’s internal control over financial reporting8
  • On EDGAR sinceFeb 11, 20082
  • Filings1,089 in all: 4 (444), 8-K (182), 144 (59), 424B5 (58), 10-Q (55), DEFA14A (34), SC 13G/A (31), 3 (28)2
    All 44 form types

    DEF 14A (19), 10-K (18), UPLOAD (17), FWP (15), SC 13G (11), 4/A (9), 8-A12B (9), ARS (9), CORRESP (9), PRE 14A (9), 13F-NT (8), S-3ASR (8), S-11/A (6), CERT (5), CERTNAS (5), S-3/A (5), 10-K/A (4), 8-K/A (3), EFFECT (3), S-8 (3), 10-Q/A (2), 25-NSE (2), 3/A (2), 424B2 (2), 424B3 (2), S-3 (2), SC 13D (2), 424B4 (1), 424B7 (1), 424B8 (1), S-11 (1), S-3D (1), S-3MEF (1), SC 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 23, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Mar 6, 2026
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareAGNCThe Nasdaq Global Select Market
Depositary shares of 7.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCNThe Nasdaq Global Select Market
Depositary shares of 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCMThe Nasdaq Global Select Market
Depositary shares of 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCOThe Nasdaq Global Select Market
Depositary shares of 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred StockAGNCPThe Nasdaq Global Select Market
Depositary shares of 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred StockAGNCLThe Nasdaq Global Select Market
Depositary shares of 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred StockAGNCZThe Nasdaq Global Select Market

From the cover page of the 10-K filed Feb 23, 2026 (Section 12(b) of the Exchange Act).8

Risk factors and legal proceedings

The risks AGNC Investment Corp. names in Item 1A of its 10-K filed Feb 23, 2026: 45 risks under these headings, as written.8

  • Risks Related to Our Investment and Portfolio Management Activities
  • Spread risk is inherent to our business as a levered investor in Agency RMBS.
  • Interest rate and spread volatility represent significant risks to our business, potentially affecting our liquidity, increasing our costs, and impacting our ability to manage risks effectively.
  • The participation of the Fed and other government-related entities in the Agency mortgage market could have an adverse effect on our Agency RMBS investments.
  • Our active portfolio management strategy may expose us to greater losses and lower returns than compared to passive strategies.
  • A decline in the fair value of our assets may adversely affect our financial condition and make it costlier to finance our assets.
  • Changes in prepayment rates may adversely affect the return on our investments.
  • Prepayment rates are difficult to predict, and market conditions and other factors impacting mortgage origination channels may disrupt the historical correlation between interest rate changes and prepayment trends.
  • The analytical models and third-party data that we rely on to manage our portfolio and conduct our business objectives may be incorrect, misleading or incomplete.
  • The fair value of our investments may not be readily determinable or may be materially different from the value that we ultimately realize upon their disposal.
  • The mortgage loans referenced by our CRT securities or that underlie our non-Agency securities may be or could become subject to delinquency or foreclosure, which could result in investment losses.
  • Private mortgage insurance may not cover losses on loans referenced by our CRT securities and underlying our non-Agency RMBS.
The other 34 risks
  • Changes in credit spreads may adversely affect our profitability.
  • We may be unable to acquire desirable investments due to competition, a reduction in the supply of new production Agency RMBS having the specific attributes we seek, and other factors.
  • We may change our targeted investments, investment guidelines and other operational policies without stockholder consent.
  • Risks Related to Our Financing and Hedging Activities
  • Our strategy involves the use of significant leverage, which increases the risk that we may incur substantial losses.
  • We may be unable to procure or renew funding on favorable terms, or at all.
  • Our borrowing costs may increase at a faster pace than the yield on our investments.
  • It may be uneconomical to roll our TBA dollar roll transactions, which could require us to take physical delivery of the underlying securities and fund our obligations with cash or other financing sources.
  • Our funding and derivative agreements subject us to margin calls that could result in defaults and force us to sell assets under adverse market conditions or through foreclosure.
  • Changes to FICC margin requirements could limit our ability to enter tri-party repo transactions with the FICC's GCF Repo service and TBA transactions with the FICC's MBSD
  • Our repurchase agreements and agreements governing certain derivative instruments may contain financial and non-financial covenants subjecting us to the risk of default.
  • Our rights under repurchase and derivative agreements in the event of bankruptcy or insolvency may be limited.
  • Our funding and derivative agreement counterparties may not fulfill their obligations to us when due.
  • Our hedging strategies may be ineffective.
  • Risks Related to Our Business Operations
  • Our executive officers and other key personnel are critical to our success and the loss of any executive officer or key employee may materially adversely affect our business.
  • We are highly dependent on information systems and third-party service providers to conduct our operations, and system failures, cybersecurity incidents or failure of our providers to fulfill their obligations to us could significantly disrupt our ability to operate our business.
  • The use of artificial intelligence by us or our third-party vendors could expose us to additional risks.
  • Risks Related to Our Taxation as a REIT
  • Our failure to qualify as a REIT would have adverse tax consequences.
  • REIT distribution requirements could adversely affect our ability to execute our business plan.
  • We may choose to pay dividends in our own stock, in which case stockholders may be required to pay income taxes in excess of cash dividends received.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Complying with REIT requirements may cause us to liquidate or forgo attractive investment opportunities.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Uncertainty exists with respect to the treatment of our TBAs for purposes of the REIT asset and income tests.
  • Qualifying as a REIT involves highly technical and complex provisions of the Internal Revenue Code.
  • The tax on prohibited transactions could limit our ability to engage in certain transactions.
  • Distributions to tax-exempt investors may be classified as unrelated business taxable income.
  • Legislative and Regulatory Risks
  • Federal housing finance reform and potential changes to the Federal conservatorship of Fannie Mae and Freddie Mac or to laws or regulations affecting the relationship between the GSEs and the U.S. Government may adversely affect our business.
  • Actions of the U.S. Government, including the U.S. Congress, Fed, U.S. Treasury, FHFA and other governmental and regulatory bodies may adversely affect our business.
  • Failure to satisfy regulatory requirements of our captive broker-dealer subsidiary could result in our inability to access tri-party repo funding through the FICC's GCF Repo service and could be harmful to our business operations.
  • Loss of our exemption from regulation pursuant to the Investment Company Act would adversely affect us.
  • New legislation or administrative or judicial action could make it more difficult or impossible for us to remain qualified as a REIT or it could otherwise adversely affect REITs and their stockholders.
  • Risks Related to Our Common Stock
  • The market price and trading volume of our common stock may be volatile.
  • We have not established a minimum dividend payment level and may be unable to pay dividends in the future.
  • Our certificate of incorporation generally does not permit ownership of more than 9.8% of our common or capital stock and attempts to acquire amounts above this limit will be ineffective unless an exemption is granted by our Board of Directors.

Legal proceedings

Neither we, nor any of our consolidated subsidiaries, are currently subject to any material litigation nor, to our knowledge, is any material litigation threatened against us or any consolidated subsidiary, other than routine litigation and administrative proceedings arising in the ordinary course of business. Such proceedings are not expected to have a material adverse effect on the business, financial conditions, or results of our operations.

The opening of Item 3, Legal Proceedings.8

Sources

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