Our funding agreements require us to fully collateralize our obligations based on our counterparties’ collateral requirements and their determination of the fair value of the securities pledged, which fluctuates with changes in interest rates, credit spreads, liquidity, and overall market conditions.

Bilateral funding agreements typically include a “haircut,” or discount applied to the market value of pledged collateral, which reflects the risk characteristics of the underlying securities. Haircuts are determined on a transaction-specific basis and are not contractually fixed under the applicable Master Repurchase Agreement.

Margin requirements for centrally cleared repurchase agreements executed through the Fixed Income Clearing Corporation (“FICC”) are determined in accordance with the FICC’s clearing rules. These include an initial margin requirement, calculated daily using a Value-at-Risk (“VaR”) model, which takes into account any offsetting risk sensitivities of positions such as repos and reverse repos and is intended to protect the FICC against potential future exposure from a member default. The FICC also imposes variation margin based on amounts borrowed plus accrued interest, adjusted daily for fluctuations in collateral value, which is intended to cover our current repo exposure. Initial margin posted to the FICC may also be mutualized, meaning it can be used to absorb losses from the default of another clearing member, subject to applicable caps and withdrawal provisions.

We are also required to post collateral under our derivative agreements. These agreements typically require the posting of initial margin at inception and the daily exchange of variation margin as market values change. Initial margin for derivatives is generally based on counterparty risk models, including VaR-based approaches, and is intended to cover potential future exposure in the event of a default. Variation margin reflects current exposure and serves to settle gains and losses on a daily basis.

Our funding and derivative agreements expose us to credit risk in the event a counterparty fails to perform its obligations. We seek to mitigate this risk by actively monitoring our collateral positions and limiting our counterparties to registered clearinghouses and regulated financial institutions, including banks and broker-dealers (both bank affiliated and independent) with acceptable credit ratings. In the event of a counterparty default, we may experience delays or losses in recovering pledged collateral or receiving payments due. We believe the credit risk associated with centrally cleared transactions is limited by the clearinghouses’ daily margin practices, mutualized loss protections, designations as systemically important financial market utilities, and other risk management safeguards.

As of June 30, 2026, our maximum amount at risk with any counterparty related to our repurchase agreements (i.e., the excess/shortfall of the value of collateral pledged/received over our repurchase agreement liabilities/reverse repurchase agreement receivables), excluding the FICC, was 1% of our tangible stockholders’ equity. As of June 30, 2026, less than 11% of our tangible stockholders’ equity was at risk with the FICC.

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 June 30, 2026 and December 31, 2025 (in millions):


	June 30, 2026
Assets Pledged to Counterparties 1	Repurchase Agreements		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	80,952	$	—	$	10	$	80,962
CRT - fair value	525		—		—		525
Non-Agency - fair value	8		—		—		8
U.S. Treasury securities - fair value	10,725		—		579		11,304
Accrued interest on pledged securities	496		—		7		503
Restricted cash	36		—		1,293		1,329
Total	$	92,742	$	—	$	1,889	$	94,631


	December 31, 2025
Assets Pledged to Counterparties 1	Repurchase Agreements 2		Debt of Consolidated VIEs		Derivative Agreements and Other		Total
Agency RMBS - fair value	$	74,213	$	85	$	115	$	74,413
CRT - fair value	558		—		—		558
Non-Agency - fair value	13		—		—		13
U.S. Treasury securities - fair value	12,636		—		440		13,076
Accrued interest on pledged securities	430		—		4		434
Restricted cash	44		—		1,248		1,292
Total	$	87,894	$	85	$	1,807	$	89,786

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 June 30, 2026 and December 31, 2025 (in millions). For the corresponding borrowings associated with the following amounts and the interest rates thereon, refer to Note 4.


	June 30, 2026						December 31, 2025
Securities Pledged by Remaining Maturity of Repurchase Agreements	Fair Value of Pledged Securities		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities		Fair Value of Pledged Securities 1		Amortized Cost of Pledged Securities		Accrued Interest on Pledged Securities
≤ 1 month	$	86,421	$	87,251	$	473	$	83,600	$	83,502	$	415
> 1 and ≤ 2 months	1,519		1,591		6		3,324		3,435		13
> 2 and ≤ 3 months	4,270		4,382		17		496		503		2
> 3 months	—		—		—		—		—		—
Total	$	92,210	$	93,224	$	496	$	87,420	$	87,440	$	430

As of June 30, 2026 and December 31, 2025, we had assets pledged to us from counterparties as collateral under our reverse repurchase and derivative agreements summarized in the tables below (in millions).


	June 30, 2026								December 31, 2025
Assets Pledged to AGNC	Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total		Reverse Repurchase Agreements		Derivative Agreements		Repurchase Agreements		Total
Agency securities - fair value	$	—	$	—	$	37	$	37	$	—	$	—	$	33	$	33
U.S. Treasury securities - fair value	18,242		—		21		18,263		16,429		—		10		16,439
Cash	—		100		31		131		—		100		19		119
Total	$	18,242	$	100	$	89	$	18,431	$	16,429	$	100	$	62	$	16,591

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 June 30, 2026 and December 31, 2025 (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
June 30, 2026
Interest rate swap and swaption agreements, at fair value 1	$	142	$	—	$	142	$	—	$	(31)	$	111
TBA securities, at fair value 1	76		—		76		(24)		(52)		—
Receivable under reverse repurchase agreements	18,433		—		18,433		(10,702)		(7,731)		—
Total	$	18,651	$	—	$	18,651	$	(10,726)	$	(7,814)	$	111

December 31, 2025
Interest rate swap and swaption agreements, at fair value 1	$	81	$	—	$	81	$	—	$	(24)	$	57
TBA securities, at fair value 1	77		—		77		(6)		(71)		—
Receivable under reverse repurchase agreements	16,615		—		16,615		(12,503)		(4,112)		—
Total	$	16,773	$	—	$	16,773	$	(12,509)	$	(4,207)	$	57


	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
June 30, 2026

TBA securities, at fair value 1	$	24	$	—	$	24	$	(24)	$	—	$	—
Repurchase agreements	89,808		—		89,808		(10,702)		(79,106)		—
Total	$	89,832	$	—	$	89,832	$	(10,726)	$	(79,106)	$	—

December 31, 2025

TBA securities, at fair value 1	$	6	$	—	$	6	$	(6)	$	—	$	—
Repurchase agreements	85,286		—		85,286		(12,503)		(72,783)		—
Total	$	85,292	$	—	$	85,292	$	(12,509)	$	(72,783)	$	—

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.