AGNC Investment Corp. 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (AGNCP)

Profile

https://agnc.com

AGNC Investment Corp. 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock is a perpetual preferred equity security issued by AGNC Investment Corp., a real estate investment trust focused on agency residential mortgage-backed securities. Each depositary share represents a 1/1,000th interest in a share of the underlying Series F Preferred Stock, with a liquidation preference equivalent to $25 per depositary share. This hybrid instrument initially provided a fixed dividend rate of 6.125% per annum. Following the fixed period, it transitions to a floating rate calculated as the three-month CME Term SOFR plus 0.26161% plus a 4.697% spread, resetting quarterly. Dividends are cumulative, meaning any unpaid amounts accrue and must be paid before common stock dividends, and are payable quarterly on January 15, April 15, July 15, and October 15. The issuer holds the option to redeem the shares in whole or in part on or after April 15, 2025, at the liquidation preference plus accumulated unpaid dividends. Issued in February 2020, this preferred stock serves as a key component of AGNC's capital structure, providing investors with income-oriented exposure senior to common equity but subordinate to debt in the mortgage REIT sector.