Pledged Assets (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Securities and Cash Pledged as Collateral from Counterparties [Table Text Block]

As of March 31, 2025 and December 31, 2024, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions).


	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

Schedule of Financial Instruments Owned and Pledged as Collateral

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

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1.Includes repledged assets received as collateral from counterparties and securities sold but not yet settled.

2.Includes $33 million and $33 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2025 and December 31, 2024, respectively.

Offsetting Assets and Liabilities

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 Liabilities


	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)	$	—

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1.Reported under derivative assets / liabilities, at fair value in the accompanying consolidated balance sheets. Refer to Note 5 for a reconciliation of derivative assets / liabilities, at fair value to their sub-components.

2.Includes cash and securities pledged / received as collateral, at fair value. Amounts include repledged collateral. Amounts presented are limited to collateral pledged sufficient to reduce the net amount to zero for individual counterparties, as applicable.

Schedules Of Securities Pledged As Collateral Under Repurchase Agreement

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

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1.Includes $33 million and $33 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of March 31, 2025 and December 31, 2024, respectively.