AGNC Investment Corp. 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (AGNCM)

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https://agnc.com

AGNC Investment Corp. 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock is a hybrid preferred equity security issued by AGNC Investment Corp., a real estate investment trust focused on investing in agency residential mortgage-backed securities. Each depositary share represents a 1/1,000th interest in a share of the underlying preferred stock, which carries a liquidation preference equivalent to $25 per depositary share. The security provides dividends initially at a fixed rate of 6.875% per annum on the liquidation preference. From April 15, 2024, it transitioned to a floating rate equal to the Three-Month CME Term SOFR plus 0.26161% plus 4.332% per annum. Dividends are cumulative, meaning unpaid dividends accrue, and are paid quarterly, offering investors a reliable income stream senior to common stock but subordinate to debt. This redeemable preferred stock plays a key role in AGNC's capital structure, supporting its mortgage investment activities while providing preferred shareholders priority in liquidation distributions. Founded in 2008 and headquartered in Bethesda, Maryland, AGNC utilizes such instruments to attract income-oriented investors in the mortgage REIT sector.