What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-22 · 18 added, 27 removed, 172 unchanged (21% of the section changed)

35 unchanged sentences

Our asset selection process involves assessing relative risk-return profiles against the backdrop of broader market conditions.

Our team of investment professionals seeks to select assets with favorable underlying loan characteristics utilizing sophisticated modeling techniques to analyze each asset’s risk profile and optimize returns over the life of the investment.

Utilizing sophisticated modeling techniques, we identify assets with favorable underlying loan characteristics with the objective of optimizing returns over the life of the investment.

Agency Securities

3 unchanged sentences

In general, mortgage pass-through certificates distribute cash flows from the underlying collateral on a pro rata basis among the security holders.

Security holders also receive guarantor advances of principal and interest for delinquent loans in the mortgage pools.

invest in Agency collateralized mortgage obligations ("CMOs"), which are structured instruments backed by a pool of Agency mortgage-backed securities.

Security holders

also receive guarantor advances of principal and interest for delinquent loans in the mortgage pools.

We may also invest in Agency collateralized mortgage obligations ("CMOs"), which are structured instruments backed by a pool of Agency mortgage-backed securities.

• To-Be-Announced Forward Contracts ("TBAs").

32 unchanged sentences

The discount, or "price drop", is the economic equivalent of interest income on the underlying Agency RMBS, less an implied financing cost, between the current month and forward month settlement dates.

Prior to the forward settlement date, we may choose to roll the position to a later date by entering into an offsetting TBA

position, net settling the paired off positions for cash, and simultaneously entering into a similar TBA contract for a new forward settlement date.

Prior to the forward settlement date, we may choose to roll the position to a later date by entering into an offsetting TBA position, net settling the paired off positions for cash, and simultaneously entering into a similar TBA contract for a new forward settlement date.

Hence the discount or price drop from rolling TBA positions forward is commonly referred to as "TBA dollar roll income." We recognize TBA contracts as derivative instruments on our consolidated financial statements at their net carrying value, which is their fair value less the purchase price to be paid or received under the TBA contract.

11 unchanged sentences

For additional explanation of our market risks please refer to Item 1A.

Quantitative and Qualitative Disclosures about Market Risk and Item 1A.

Risk Factors within this Form 10-K.

Risk Factors and Item 7A.

Quantitative and Qualitative Disclosures about Market Risk within this Form 10-K.

Regulatory Requirements

47 unchanged sentences

Our competitive and comprehensive benefits package is carefully designed to attract and retain talented personnel.

We believe our

low voluntary employee turnover and favorable employee survey results are a testament to the success of our human capital management initiatives.

Employee Turnover Metrics

Year January 1 Terminations 1

New Hires December 31

2023 51 – 2 53

2022 50 -2 3 51

2021 50 -2 2 50

________________________________

Employee t erminations include voluntary and involuntary terminations.

We believe our low voluntary employee turnover, which averaged less than 1 employee per year the past three years, and favorable employee survey results are a testament to the success of our human capital management initiatives.

Employee Communications and Engagement

We recognize the importance of ongoing open communication and engagement with our employees and we greatly value their input.

We regularly engage with our employees in a variety of ways through ongoing direct engagement with each member of our staff, anonymous annual employee surveys and regular town hall meetings.

Our anonymous employee surveys are an important component of our employee engagement that provide a means of assessing job satisfaction, engagement, and specific concerns of our employees.

To enhance the candor and comfort of our employees, we use outside vendors that provide verbatim comments and analysis of engagement levels on an anonymous basis.

In 2023, AGNC was recertified as a Great Place to Work™ in recognition of employee engagement efforts.

The prestigious certification was based entirely on feedback from employees through an extensive anonymous survey about their experiences working at AGNC, during which 96% of our employees said AGNC is a great place to work.

Our Board and management use the results of our surveys and ongoing feedback to implement various ideas and recommendations received from employees.

To foster this, we regularly engage with our employees in a variety of ways through direct interaction with each member of our staff, periodic anonymous employee surveys and regular town hall meetings.

Our anonymous employee surveys provide important information about their job satisfaction, engagement, and specific concerns.

Results consistently reflect high levels of employee satisfaction, including in areas of leadership, benefits, engagement, training, and development.

To encourage candid feedback, we partner with outside vendors who analyze survey results and provide verbatim comments on an anonymous basis.

In recognition of these efforts, AGNC was recertified as a Great Place to Work™ in 2023 based entirely on employee feedback.

In 2024, Fortune named AGNC one of the Best Small Workplaces TM , recognizing our commitment to creating a best-in-class employee experience.

Our Board of Directors (our "Board") and management use survey results and regular direct feedback from employees in making adjustments to our work environment and benefits package.

Workplace Culture and Ethics

7 unchanged sentences

We have a number of policies and programs to further the professional development of our employees.

These include our professional certification and continuing education policy, reimbursement for any supervisor-approved courses for our employees, and memberships to organizations, such as the Mortgage Bankers Association, which includes free access to educational webinars.

These include our professional certification and continuing education policy, reimbursement for any supervisor-approved courses, one-on-one coaching to enhance skills in a number of areas of personal and professional development, and memberships to organizations that provide employees with access to educational webinars.

We also conduct periodic "Lunch and Learn" seminars and offer a formal mentoring program for employees to receive direct one-on-one career guidance and cross-functional experience across various operations.

1 unchanged sentence

These initiatives have advanced unique and professional skill sets throughout the organization.

Diversity and Inclusion

Central to our core values is that every individual deserves respect and equal treatment, regardless of gender, race, ethnicity, age, disability, sexual orientation, gender identity, cultural background or religious belief.

We strive to have a diverse workforce and an inclusive and welcoming work environment that is free from wrongful discrimination.

We have long maintained policies against discrimination and harassment in our workplace, and we periodically conduct workplace trainings and workshops attended by all employees related to these topics, including unconscious bias and anti-harassment training.

We strive to have an inclusive and welcoming work environment that is free from wrongful discrimination.

Although we have a relatively small workforce and low turnover rate, our recruitment and hiring practices attempt to ensure the diversity of applicant pools for posted job openings.

19 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business