Our funding agreements require us to fully collateralize our obligations under the agreements based upon our counterparties' collateral requirements and their determination of the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, credit quality and liquidity conditions within the investment banking, mortgage finance and real estate industries. Our derivative contracts similarly require us to fully collateralize our obligations under such agreements, which will vary over time based on similar factors as well as our counterparties' determination of the value of the derivative contract. We are typically required to post initial margin upon execution of derivative transactions, such as under our interest rate swap agreements and TBA contracts, and subsequently post or receive variation margin based on daily fluctuations in fair value. Our brokerage and custody agreements and the clearing organizations utilized by our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC, also require that we post minimum daily clearing deposits. If we breach our collateral requirements, we will be required to fully settle our obligations under the agreements, which could include a forced liquidation of our pledged collateral.

Our counterparties also apply a "haircut" to our pledged collateral, which means our collateral is valued at slightly less than market value and limits the amount we can borrow against our securities. This haircut reflects the underlying risk of the specific collateral and protects our counterparty against a change in its value. Our agreements do not specify the haircut; rather, haircuts are determined on an individual transaction basis. Consequently, our funding agreements and derivative contracts expose us to credit risk relating to potential losses that could be recognized if our counterparties fail to perform their obligations under such agreements. We minimize this risk by limiting our counterparties to major financial institutions with acceptable credit ratings or to registered clearinghouses and U.S. government agencies, and we monitor our positions with individual counterparties. In the event of a default by a counterparty, we may have difficulty obtaining our assets pledged as collateral to

such counterparty and may not receive payments as and when due to us under the terms of our derivative agreements. In the case of centrally cleared instruments, we could be exposed to credit risk if the central clearing agency or a clearing member defaults on its respective obligation to perform under the contract. However, we believe that the risk is minimal due to the clearing exchanges' initial and daily mark-to-market margin requirements, clearinghouse guarantee funds and other resources that are available in the event of a clearing member default.

As of March 31, 2025, our maximum amount at risk with any counterparty related to our repurchase agreements, excluding the Fixed Income Clearing Corporation, was less than 2% of our tangible stockholders' equity (or the excess/shortfall of the value of collateral pledged/received over our repurchase agreement liabilities/reverse repurchase agreement receivables). As of March 31, 2025, 8% of our tangible stockholder's equity was at risk with the Fixed Income Clearing Corporation.

The following tables summarize our assets pledged as collateral under our funding, derivative and brokerage and clearing agreements by type, including securities pledged related to securities sold but not yet settled, as of March 31, 2025 and December 31, 2024 (in millions):


	March 31, 2025
Assets Pledged to Counterparties 1	Repurchase Agreements 2		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	64,116	$	95	$	100	$	64,311
CRT - fair value	595		—		—		595
Non-Agency - fair value	173		—		—		173
U.S. Treasury securities - fair value	2,866		—		403		3,269
Accrued interest on pledged securities	296		—		9		305
Restricted cash	383		—		880		1,263
Total	$	68,429	$	95	$	1,392	$	69,916


	December 31, 2024
Assets Pledged to Counterparties 1	Repurchase Agreements 2		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	59,958	$	97	$	27	$	60,082
CRT - fair value	590		—		—		590
Non-Agency - fair value	206		—		—		206
U.S. Treasury securities - fair value	1,414		—		151		1,565
Accrued interest on pledged securities	279		—		1		280
Restricted cash	386		—		880		1,266
Total	$	62,833	$	97	$	1,059	$	63,989

The following table summarizes our securities pledged as collateral under our repurchase agreements by the remaining maturity of our borrowings, including securities pledged related to sold but not yet settled securities, as of March 31, 2025 and December 31, 2024 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4.


	March 31, 2025						December 31, 2024
Securities Pledged by Remaining Maturity of Repurchase Agreements 1	Fair Value of Pledged Securities		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities		Fair Value of Pledged Securities		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities
≤ 1 month	$	56,493	$	57,606	$	253	$	58,180	$	60,506	$	266
> 1 and ≤ 2 months	9,133		9,581		35		3,842		4,227		13
> 2 and ≤ 3 months	252		258		1		146		149		—
> 3 months	1,872		2,037		7		—		—		—
Total	$	67,750	$	69,482	$	296	$	62,168	$	64,882	$	279


	March 31, 2025								December 31, 2024
Assets Pledged to AGNC	Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total		Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total
Agency securities - fair value	$	—	$	—	$	21	$	21	$	—	$	—	$	17	$	17
U.S. Treasury securities - fair value	17,476		—		—		17,476		16,885		—		—		16,885
Cash	—		18		2		20		—		28		38		66
Total	$	17,476	$	18	$	23	$	17,517	$	16,885	$	28	$	55	$	16,968

Certain of our repurchase agreements and derivative transactions are governed by underlying agreements that generally provide for a right of setoff under master netting arrangements (or similar agreements), including in the event of default or in the event of bankruptcy of either party to the transactions. We present our assets and liabilities subject to such arrangements on a gross basis in our consolidated balance sheets. The following tables present information about our assets and liabilities that are subject to master netting arrangements and can potentially be offset on our consolidated balance sheets as of March 31, 2025 and December 31, 2024 (in millions):


	Offsetting of Financial and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Received 2
March 31, 2025
Interest rate swap and swaption agreements, at fair value 1	$	19	$	—	$	19	$	—	$	(17)	$	2
TBA securities, at fair value 1	72		—		72		(28)		(42)		2
Receivable under reverse repurchase agreements	17,604		—		17,604		(12,991)		(4,613)		—
Total	$	17,695	$	—	$	17,695	$	(13,019)	$	(4,672)	$	4

December 31, 2024
Interest rate swap and swaption agreements, at fair value 1	$	61	$	—	$	61	$	—	$	(28)	$	33
TBA securities, at fair value 1	61		—		61		(61)		—		—
Receivable under reverse repurchase agreements	17,137		—		17,137		(11,680)		(5,457)		—
Total	$	17,259	$	—	$	17,259	$	(11,741)	$	(5,485)	$	33


	Offsetting of Financial and Derivative Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheets				Net Amount
							Financial Instruments		Collateral Pledged 2
March 31, 2025
Interest rate swap agreements, at fair value 1	$	3	$	—	$	3	$	—	$	(3)	$	—
TBA securities, at fair value 1	28		—		28		(28)		—		—
Repurchase agreements	66,138		—		66,138		(12,991)		(53,147)		—
Total	$	66,169	$	—	$	66,169	$	(13,019)	$	(53,150)	$	—

December 31, 2024

TBA securities, at fair value 1	$	87	$	—	$	87	$	(61)	$	(26)	$	—
Repurchase agreements	60,798		—		60,798		(11,680)		(49,118)		—
Total	$	60,885	$	—	$	60,885	$	(11,741)	$	(49,144)	$	—