What changed in this filing

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Item 1. Financial Statements

2026-05-04 compared with 2025-10-31 · 146 added, 219 removed, 700 unchanged (34% of the section changed)

3 unchanged sentences

(in millions, except per share data)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Agency securities, at fair value (including pledged securities of $ 77,364 and $ 74,149 , respectively)

4 unchanged sentences

Treasury securities, at fair value (including pledged securities of $ 12,313 and $ 13,056 , respectively)

12,582 13,477

Cash and cash equivalents 493 450

4 unchanged sentences

Goodwill 526 526

Other assets (including pledged securities of $ 74 and $0, respectively)

Other assets 477 607

Total assets $ 118,897 $ 115,077

8 unchanged sentences

Stockholders’ equity:

Preferred Stock - aggregate liquidation preference of $ 2,033 and $ 1,688 , respectively

Preferred Stock - aggregate liquidation preference of $ 2,033

Common stock - $ 0.01 par value;

2,250 and 1,500 shares authorized, respectively;

1,072.7 and 897.4 shares issued and outstanding, respectively

2,250 shares authorized, 1,147.8 and 1,107.6 shares issued and outstanding, respectively

Additional paid-in capital 19,656 19,261

7 unchanged sentences

(in millions, except per share data)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Interest income:

1 unchanged sentence

Interest expense 731 687

Net interest income (expense) 148 ( 64 ) 469 ( 97 )

Net interest income

Other gain (loss), net:

Gain (loss) on sale of investment securities, net 74 ( 245 )

Unrealized gain on investment securities measured at fair value through net income, net 805 1,742 2,258 1,010

Unrealized gain (loss) on investment securities measured at fair value through net income, net ( 889 ) 1,183

Gain (loss) on derivative instruments and other investments, net 382 ( 1,019 )

Total other gain, net:

Total other loss, net:

( 433 ) ( 81 )

2 unchanged sentences

Total operating expense 34 28

Net income 806 346 716 741

Net income (loss) ( 148 ) 50

Dividends on preferred stock 44 35

Net income available to common stockholders $ 764 $ 313 $ 601 $ 645

Net income $ 806 $ 346 $ 716 $ 741

Unrealized gain on investment securities measured at fair value through other comprehensive income, net 61 200 202 105

Comprehensive income 867 546 918 846

Net income (loss) available (attributable) to common stockholders $ ( 192 ) $ 15

Net income (loss) $ ( 148 ) $ 50

Unrealized gain (loss) on investment securities measured at fair value through other comprehensive income (loss), net ( 8 ) 93

Comprehensive income (loss) ( 156 ) 143

Dividends on preferred stock

Comprehensive income available to common stockholders $ 825 $ 513 $ 803 $ 750

Comprehensive income (loss) available (attributable) to common stockholders $ ( 200 ) $ 108

Weighted average number of common shares outstanding - basic

2 unchanged sentences

1,122.6 921.9

Net income per common share - basic $ 0.73 $ 0.39 $ 0.60 $ 0.86

Net income per common share - diluted $ 0.72 $ 0.39 $ 0.60 $ 0.86

Net income (loss) per common share - basic $ ( 0.17 ) $ 0.02

Net income (loss) per common share - diluted $ ( 0.17 ) $ 0.02

Dividends declared per common share $ 0.36 $ 0.36

9 unchanged sentences

Shares Amount

Balance, June 30, 2024 $ 1,634 766.1 $ 8 $ 15,960 $ ( 8,338 ) $ ( 612 ) $ 8,652

— — — — 346 — 346

Other comprehensive income:

Unrealized gain on available-for-sale securities, net

— — — — — 200 200

Stock-based compensation, net — — — 5 — — 5

Issuance of common stock — 78.1 — 781 — — 781

Preferred dividends declared — — — — ( 33 ) — ( 33 )

Common dividends declared — — — — ( 295 ) — ( 295 )

Balance, September 30, 2024 $ 1,634 844.2 $ 8 $ 16,746 $ ( 8,320 ) $ ( 412 ) $ 9,656

Balance, June 30, 2025 $ 1,634 1,041.7 $ 10 $ 18,575 $ ( 9,422 ) $ ( 450 ) $ 10,347

— — — — 806 — 806

Other comprehensive income:

Unrealized gain on available-for-sale securities, net

— — — — — 61 61

Stock-based compensation, net — — — 9 — — 9

Issuance of preferred stock 334 — — — — — 334

Issuance of common stock — 31.0 1 308 — — 309

Preferred dividends declared — — — — ( 42 ) — ( 42 )

Common dividends declared — — — — ( 380 ) — ( 380 )

Balance, September 30, 2025 $ 1,968 1,072.7 $ 11 $ 18,892 $ ( 9,038 ) $ ( 389 ) $ 11,444

Balance, December 31, 2024 $ 1,634 897.4 $ 9 $ 17,264 $ ( 8,554 ) $ ( 591 ) $ 9,762

6 unchanged sentences

Common dividends declared — — — — ( 333 ) — ( 333 )

Balance, September 30, 2024 $ 1,634 844.2 $ 8 $ 16,746 $ ( 8,320 ) $ ( 412 ) $ 9,656

Balance, March 31, 2025 $ 1,634 949.0 $ 9 $ 17,769 $ ( 8,872 ) $ ( 498 ) $ 10,042

Balance, December 31, 2025 $ 1,968 1,107.6 $ 11 $ 19,261 $ ( 8,524 ) $ ( 323 ) $ 12,393

Net income — — — — 716 — 716

Other comprehensive income:

Unrealized gain on available-for-sale securities, net — — — — — 202 202

Net loss — — — — ( 148 ) — ( 148 )

Other comprehensive loss:

Unrealized loss on available-for-sale securities, net — — — — — ( 8 ) ( 8 )

Stock-based compensation, net — 2.2 — ( 6 ) — — ( 6 )

Issuance of preferred stock 334 — — — — — 334

Issuance of common stock — 38.0 — 401 — — 401

1 unchanged sentence

Common dividends declared — — — — ( 407 ) — ( 407 )

Balance, September 30, 2025 $ 1,968 1,072.7 $ 11 $ 18,892 $ ( 9,038 ) $ ( 389 ) $ 11,444

Balance, March 31, 2026 $ 1,968 1,147.8 $ 11 $ 19,656 $ ( 9,123 ) $ ( 331 ) $ 12,181

See accompanying notes to consolidated financial statements.

2 unchanged sentences

(in millions)

Nine Months Ended

September 30,

Three Months Ended

Operating activities:

Net income $ 716 $ 741

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Net income (loss) $ ( 148 ) $ 50

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of premiums and discounts on mortgage-backed securities, net 52 39

Stock-based compensation, net ( 6 ) ( 4 )

Loss on sale of investment securities, net 503 100

Unrealized gain on investment securities measured at fair value through net income, net ( 2,258 ) ( 1,010 )

(Gain) loss on sale of investment securities, net ( 74 ) 245

Unrealized (gain) loss on investment securities measured at fair value through net income, net 889 ( 1,183 )

(Gain) loss on derivative instruments and other securities, net ( 382 ) 1,019

(Increase) decrease in other assets 23 ( 17 )

Increase (decrease) in other liabilities 85 ( 697 )

Increase in other liabilities 33 43

Net cash provided by operating activities 387 192

11 unchanged sentences

Net payments on reverse repurchase agreements ( 868 ) ( 261 )

Net payments on derivative instruments ( 707 ) ( 461 )

Net proceeds from (payments on) derivative instruments 660 ( 582 )

Net cash used in investing activities ( 1,995 ) ( 5,727 )

3 unchanged sentences

Payments on debt of consolidated variable interest entities ( 57 ) ( 4 )

Net proceeds from preferred stock issuance 334 —

Net proceeds from common stock issuances 401 509

19 unchanged sentences

Government agency.

We also invest in other types of mortgage and mortgage-related securities, such as credit risk transfer ("CRT") securities and non-Agency residential and commercial mortgage-backed securities ("non-Agency RMBS" and "CMBS," respectively), where repayment of principal and interest is not guaranteed by a GSE or U.S.

We also invest in Agency multifamily mortgage-backed securities (“Agency multifamily MBS”) that are similarly guaranteed by the GSEs and in other types of mortgage and mortgage-related securities, such as credit risk transfer (“CRT”) securities and non-Agency residential and commercial mortgage-backed securities (“non-Agency RMBS” and “CMBS,” respectively), where repayment of principal and interest is not guaranteed by a GSE or U.S.

Government agency, and other assets related to the housing, mortgage or real estate markets.

18 unchanged sentences

Agency RMBS consist of residential mortgage pass-through securities and collateralized mortgage obligations (“CMOs”) guaranteed by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the “GSEs”) or the Government National Mortgage Association (“Ginnie Mae”).

CRT securities are risk sharing instruments issued by the GSEs, and similarly structured transactions issued by third-party market participants, that synthetically transfer a portion of the risk associated with credit losses within pools of conventional residential and multi-family mortgage loans from the GSEs and/or third parties to private investors.

Unlike Agency RMBS, full repayment of the original principal balance of CRT securities is not guaranteed by a GSE or U.S.

Agency multifamily MBS consist of securities backed by one or more mortgage loans secured by one or more multifamily properties that are similarly guaranteed by a GSE.

Our investments in Agency multifamily MBS primarily consist of securities issued under Fannie Mae’s Delegated Underwriting and Servicing (“DUS”) program, which are generally backed by a single mortgage loan secured by a single property and include lender risk-sharing.

CRT securities are risk sharing instruments issued by the GSEs, and similarly structured transactions issued by third-party market participants, that synthetically transfer a portion of the risk associated with credit losses within pools of conventional residential and multifamily mortgage loans from the GSEs and/or third parties to private investors.

Unlike Agency RMBS and Agency multifamily MBS, full repayment of the original principal balance of CRT securities is not guaranteed by a GSE or U.S.

Government agency;

rather, "credit risk transfer" is achieved by writing down the outstanding principal balance of the CRT securities if credit losses on a

related pool of loans exceed certain thresholds.

rather, “credit risk transfer” is achieved by writing down the outstanding principal balance of the CRT securities if credit losses on a related pool of loans exceed certain thresholds.

By reducing the principal amount that they are obligated to repay to holders of CRT securities, the GSEs and/or other third parties offset credit losses on the related loans.

11 unchanged sentences

however, if the fair value of a security declines below its amortized cost and we determine that it is more likely than not that we will incur a realized loss on the security when we sell the asset, we will recognize the difference between the amortized cost and the fair value in net income as a component of other gain (loss).

We did not recognize any loss on available for sale securities through net income that we held as of September 30, 2025 because, as of such date, we neither intended to sell any securities in an unrealized loss position nor was it more likely than not that we would be required to sell such securities before recovery of their amortized cost basis.

We did not recognize any loss on available for sale securities through net income that we held as of March 31, 2026 because, as of such date, we neither intended to sell any securities in an unrealized loss position nor was it more likely than not that we would be required to sell such securities before recovery of their amortized cost basis.

Since all of our available-for-sale designated securities consist of Agency RMBS, we do not have an allowance for credit losses.

11 unchanged sentences

Our initial cash flow estimates for these investments are based on our observations of current information and events and include assumptions related to interest rates, prepayment rates, collateral call provisions, and the impact of default and severity rates on the timing and amount of credit losses.

On at least a quarterly basis, we review the estimated cash flows and make appropriate adjustments based on inputs and analysis received from external sources, internal models, and our judgment regarding such inputs and other

Any resulting changes in effective yield are recognized prospectively based on the current amortized cost of the investment adjusted for credit impairments, if any.

34 unchanged sentences

The clearing exchange requires that we post an “initial margin” amount determined by the exchange.

The initial margin amount is intended to be set at a level sufficient to protect the exchange from the interest rate swap's maximum estimated single-day price movement and is subject to adjustment based on changes in market volatility and other factors.

The initial margin amount is intended to be set at a level sufficient to protect the exchange

from the interest rate swap’s maximum estimated single-day price movement and is subject to adjustment based on changes in market volatility and other factors.

We also exchange daily settlements of “variation margin” based upon changes in fair value, as measured by the exchange.

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The availability of observable inputs can be affected by a wide variety of factors, including the type of instrument, whether the instrument is new and not yet established in the marketplace and other characteristics particular to the instrument.

We typically obtain price estimates from multiple third-

party pricing sources, such as pricing services and dealers, or, if applicable, from the registered clearing exchange.

We typically obtain price estimates from multiple third-party pricing sources, such as pricing services and dealers, or, if applicable, from the registered clearing exchange.

We make inquiries of third-party pricing sources to understand the significant inputs and assumptions they used to determine their prices and that they are derived from orderly transactions, particularly during periods of elevated market turbulence and reduced market liquidity.

19 unchanged sentences

Investment Securities

As of September 30, 2025 and December 31, 2024, our investment portfolio consisted of $76.9 billion and $66.3 billion investment securities, at fair value, respectively, $ 13.8 billion and $ 6.9 billion net TBA securities, at fair value, respectively, and other mortgage credit investments of $ 69 million and $ 64 million, respectively, which we account for under the equity method of accounting.

Our TBA position is reported at its net carrying value totaling $ 36 million and $( 26 ) million as of September 30, 2025 and December 31, 2024, respectively, in derivative assets / (liabilities) on our accompanying consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, our investment portfolio consisted of $85.1 billion and $81.7 billion investment securities, at fair value, respectively, $ 9.5 billion and $ 13.0 billion net TBA securities, at fair value, respectively, and other mortgage credit investments of $ 69 million and $ 70 million, respectively, which we account for under the equity method of accounting.

Our TBA position is reported at its net carrying value totaling $( 194 ) million and $ 71 million as of March 31, 2026 and December 31, 2025, respectively, in derivative assets / (liabilities) on our accompanying consolidated

balance sheets.

The net carrying value of our TBA position represents the difference between the fair value of the underlying security and the cost basis or the forward price to be paid or received for the underlying security.

As of September 30, 2025 and December 31, 2024, our investment securities had a net unamortized premium balance of $ 0.9 billion and $ 1.0 billion, respectively.

The following tables summarize our investment securities as of September 30, 2025 and December 31, 2024, excluding TBA securities and other mortgage credit investments (dollars in millions).

As of March 31, 2026 and December 31, 2025, our investment securities had a net unamortized premium balance of $ 1.2 billion and $ 1.0 billion, respectively.

The following tables summarize our investment securities as of March 31, 2026 and December 31, 2025, excluding TBA securities and other mortgage credit investments (dollars in millions).

Details of our TBA securities are included in Note 5.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Investment Securities Amortized

11 unchanged sentences

Total investment securities $ 86,058 $ 85,064 $ 81,817 $ 81,719

September 30, 2025

March 31, 2026

December 31, 2025

28 unchanged sentences

________________________________

Non-Agency amounts exclude other mortgage credit investments of $ 69 million and $ 64 million as of September 30, 2025 and December 31, 2024, respectively.

Non-Agency amounts exclude other mortgage credit investments of $ 69 million and $ 70 million as of March 31, 2026 and December 31, 2025, respectively.

Par value excludes interest-only securities.

As of September 30, 2025 and December 31, 2024, Agency RMBS interest-only securities had a par value of $ 3,581 million and $ 307 million, respectively, and non-Agency interest-only securities had a par value of $ 16 million and $ 93 million, respectively.

As of March 31, 2026 and December 31, 2025, Agency RMBS interest-only securities had a par value of $ 4,793 million and $ 4,475 million, respectively, and non-Agency interest-only securities had a par value of $ 16 million and $ 16 million, respectively.

The following table presents the Company’s Agency RMBS portfolio by issuing GSE or U.S.

Government agency at fair value as of September 30, 2025 and December 31, 2024 (in millions):

Investment Type September 30,

Government agency at fair value as of March 31, 2026 and December 31, 2025 (in millions):

Investment Type March 31, 2026

December 31, 2025

Fannie Mae $ 45,175 $ 43,148

2 unchanged sentences

Total $ 84,447 $ 81,088

As of September 30, 2025 and December 31, 2024, our investments in CRT and non-Agency securities had the following credit ratings (in millions):

September 30, 2025 December 31, 2024

As of March 31, 2026 and December 31, 2025, our investments in CRT and non-Agency securities had the following credit ratings (in millions):

March 31, 2026 December 31, 2025

CRT and Non-Agency Security Credit Ratings 1

10 unchanged sentences

Represents the lowest of Standard and Poor’s (“S&P”), Moody’s, Fitch, DBRS, Kroll Bond Rating Agency (“KBRA”) and Morningstar credit ratings, stated in terms of the S&P equivalent rating as of each date.

RMBS excludes other mortgage credit investments of $ 69 million and $ 64 million as of September 30, 2025 and December 31, 2024, respectively.

Our CRT securities primarily reference the performance of single- and multi-family mortgage loans underlying Agency RMBS and CMBS issued by Fannie Mae or Freddie Mac, which are subject to the respective agency’s underwriting standards.

RMBS excludes other mortgage credit investments of $ 69 million and $ 70 million as of March 31, 2026 and December 31, 2025, respectively.

Our CRT securities primarily reference the performance of single-family and multifamily mortgage loans underlying Agency RMBS and CMBS issued by Fannie Mae or Freddie Mac, which are subject to the respective agency’s underwriting standards.

The remainder of our CRT holdings reference single-family loans originated and issued by third-party market participants and may not be subject to the same standards.

2 unchanged sentences

The actual maturities of our credit-oriented investments are primarily impacted by their contractual lives and default and loss recovery rates.

As of September 30, 2025 and December 31, 2024, the weighted average expected constant prepayment rate ("CPR") over the remaining life of our Agency and high credit quality non-Agency RMBS investment portfolio was 8.6 % and 7.7 %, respectively.

As of March 31, 2026 and December 31, 2025, the weighted average expected constant prepayment rate (“CPR”) over the remaining life of our Agency and high credit quality non-Agency RMBS investment portfolio was 10.3 % and 9.6 %, respectively.

Our estimates can differ materially for different securities and thus our individual holdings have a wide range of projected CPRs.

The following table summarizes our investments as of September 30, 2025 and December 31, 2024 according to their estimated weighted average life classification (dollars in millions):

September 30, 2025 December 31, 2024

The following table summarizes our investments as of March 31, 2026 and December 31, 2025 according to their estimated weighted average life classification (dollars in millions):

March 31, 2026 December 31, 2025

Estimated Weighted Average Life of Investment Securities 1

11 unchanged sentences

________________________________

Table excludes other mortgage credit investments of $ 69 million and $ 64 million as of September 30, 2025 and December 31, 2024, respectively.

The following table presents the gross unrealized loss and fair values of securities classified as available-for-sale by length of time that such securities have been in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024 (in millions):

Table excludes other mortgage credit investments of $ 69 million and $ 70 million as of March 31, 2026 and December 31, 2025, respectively.

The following table presents the gross unrealized loss and fair values of securities classified as available-for-sale by length of time that such securities have been in a continuous unrealized loss position as of March 31, 2026 and December 31, 2025 (in millions):

Unrealized Loss Position For

4 unchanged sentences

Value Unrealized

September 30, 2025

March 31, 2026

$ — $ — $ 3,173 $ ( 331 ) $ 3,173 $ ( 331 )

2 unchanged sentences

Gains and Losses on Sale of Investment Securities

The following table is a summary of our net gain (loss) from the sale of investment securities for the three and nine months ended September 30, 2025 and 2024 by investment classification of accounting (in millions):

Three Months Ended September 30,

Investment Securities Available-for-Sale

Securities 2,3

Fair Value Option Securities Total Available-for-Sale

Securities 2,3

Fair Value Option Securities Total

Investment securities sold, at cost $ — $ ( 8,055 ) $ ( 8,055 ) $ — $ ( 4,805 ) $ ( 4,805 )

Proceeds from investment securities sold 1

— 7,974 7,974 — 4,911 4,911

Net gain (loss) on sale of investment securities $ — $ ( 81 ) $ ( 81 ) $ — $ 106 $ 106

Gross gain on sale of investment securities $ — $ 66 $ 66 $ — $ 106 $ 106

Gross loss on sale of investment securities — ( 147 ) ( 147 ) — — —

Net gain (loss) on sale of investment securities $ — $ ( 81 ) $ ( 81 ) $ — $ 106 $ 106

Nine Months Ended September 30,

The following table is a summary of our net gain (loss) from the sale of investment securities for the three months ended March 31, 2026 and 2025 by investment classification of accounting (in millions):

Three Months Ended March 31,

Investment Securities Available-for-Sale

13 unchanged sentences

See Note 9 for a summary of changes in accumulated OCI.

During the nine months ended September 30, 2025 and 2024, we received principal repayments on available-for-sale securities of $ 408 million and $ 882 million, respectively.

During the three months ended March 31, 2026 and 2025, we received principal repayments on available-for-sale securities of $ 108 million and $ 134 million, respectively.

Repurchase Agreements and Reverse Repurchase Agreements

3 unchanged sentences

If the fair value of our pledged securities declines, lenders will typically require us to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements, referred to as “margin calls.” Similarly, if the fair value of our pledged securities increases, lenders may release collateral back to us.

As of September 30, 2025, we had met all margin call requirements.

As of March 31, 2026, we had met all margin call requirements.

For additional information regarding our pledged assets, please refer to Note 6.

As of September 30, 2025 and December 31, 2024, we had $ 74.2 billion and $ 60.8 billion, respectively, of repurchase agreements outstanding used to fund our investment portfolio and temporary holdings of U.S.

As of March 31, 2026 and December 31, 2025, we had $ 87.6 billion and $ 85.3 billion, respectively, of repurchase agreements outstanding used to fund our investment portfolio and temporary holdings of U.S.

Treasury securities.

The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis or subject to a tri-

party repo agreement.

The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of September 30, 2025 and December 31, 2024 (dollars in millions):

September 30, 2025 December 31, 2024

The terms and conditions of our repurchase agreements are typically negotiated on a transaction-by-transaction basis or subject to a tri-party repo agreement.

The following table summarizes our borrowings under repurchase agreements by their remaining maturities as of March 31, 2026 and December 31, 2025 (dollars in millions):

March 31, 2026 December 31, 2025

Remaining Maturity Repurchase Agreements Weighted

10 unchanged sentences

Total $ 87,616 3.76 % 18 $ 85,286 3.97 % 11

As of September 30, 2025 and December 31, 2024, $ 29.5 billion and $ 25.4 billion, respectively, of our investment securities repurchase agreements and $ 1.5 billion and $ 1.4 billion, respectively, of our U.S.

As of March 31, 2026 and December 31, 2025, $ 28.0 billion and $ 27.5 billion, respectively, of our investment securities repurchase agreements and $ 11.2 billion and $ 10.9 billion, respectively, of our U.S.

Treasury repurchase agreements had an overnight maturity of one business day and none of our repurchase agreements were due on demand.

As of September 30, 2025, we had $ 19.3 billion of forward commitments to enter into repurchase agreements with a weighted average forward start date of 1 day and a weighted average interest rate of 4.26 %.

As of March 31, 2026, we had $ 39.5 billion of forward commitments to enter into repurchase agreements with a weighted average forward start date of 2 days and a weighted average interest rate of 3.71 %.

As of December 31, 2025, we had $ 24.7 billion of forward commitments to enter into repurchase agreements, with a weighted average forward start date of 2 days and a weighted average interest rate of 3.81 %.

As of September 30, 2025 and December 31, 2024, 45 % and 50 %, respectively, of our repurchase agreement funding was sourced through our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC ("BES").

Amounts sourced through BES include funding from the General Collateral Finance Repo service ("GCF Repo") offered by the Fixed Income Clearing Corporation ("FICC"), which totaled 44 % and 47 % of our repurchase agreement funding outstanding as of September 30, 2025 and December 31, 2024, respectively.

As of March 31, 2026 and December 31, 2025, 55 % and 57 %, respectively, of our repurchase agreement funding was sourced through our wholly-owned captive broker-dealer subsidiary, Bethesda Securities, LLC (“BES”).

Amounts sourced through BES include funding from the General Collateral Finance Repo service (“GCF Repo”) offered by the Fixed Income Clearing Corporation (“FICC”), which totaled 43 % and 44 % of our repurchase agreement funding outstanding as of March 31, 2026 and December 31, 2025, respectively.

Reverse Repurchase Agreements

As of September 30, 2025 and December 31, 2024, we had $21.4 billion and $17.1 billion, respectively, of reverse repurchase agreements outstanding used primarily to borrow securities to cover short sales of U.S.

As of March 31, 2026 and December 31, 2025, we had $17.6 billion and $16.6 billion, respectively, of reverse repurchase agreements outstanding used primarily to borrow securities to cover short sales of U.S.

Treasury securities, for which we had associated obligations to return borrowed securities at fair value of $17.0 billion and $16.5 billion, respectively.

As of September 30, 2025 and December 31, 2024, $ 4.6 billion and $ 3.9 billion, respectively, of our reverse repurchase agreements were with the FICC sourced through BES.

As of March 31, 2026 and December 31, 2025, $ 5.2 billion, respectively, of our reverse repurchase agreements were with the FICC sourced through BES.

Derivative and Other Hedging Instruments

5 unchanged sentences

Derivative and Other Hedging Instrument Assets (Liabilities), at Fair Value

The table below summarizes fair value information about our derivative and other hedging instrument assets/(liabilities) as of September 30, 2025 and December 31, 2024 (in millions):

Derivative and Other Hedging Instruments Balance Sheet Location September 30,

The table below summarizes fair value information about our derivative and other hedging instrument assets/(liabilities) as of March 31, 2026 and December 31, 2025 (in millions):

Derivative and Other Hedging Instruments Balance Sheet Location March 31,

Interest rate swaps 1

2 unchanged sentences

TBA and forward settling non-Agency securities Derivative assets, at fair value 53 77

Treasury futures - long Derivative assets, at fair value — 3

Treasury futures - short Derivative assets, at fair value 107 8

SOFR futures contracts - long Derivative assets, at fair value 6 —

Total derivative assets, at fair value

2 unchanged sentences

TBA and forward settling non-Agency securities Derivative liabilities, at fair value ( 247 ) ( 6 )

Treasury futures - short Derivative liabilities, at fair value ( 34 ) —

SOFR futures contracts - long Derivative liabilities, at fair value — ( 7 )

Treasury futures - long Derivative liabilities, at fair value ( 193 ) —

Total derivative liabilities, at fair value

6 unchanged sentences

________________________________

As of September 30, 2025 and December 31, 2024, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value (see Note 2) was a net asset (liability) of $ 0.7 billion and $ 2.3 billion, respectively.

The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of September 30, 2025 and December 31, 2024 (dollars in millions):

Pay Fixed / Receive Variable Interest Rate Swaps September 30, 2025

As of March 31, 2026 and December 31, 2025, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value (see Note 2) was a net asset (liability) of $ 1.7 billion and $ 1.3 billion, respectively.

The following tables summarize certain characteristics of our derivative and other hedging instruments outstanding as of March 31, 2026 and December 31, 2025 (dollars in millions):

Pay Fixed / Receive Variable Interest Rate Swaps March 31, 2026

December 31, 2025

10 unchanged sentences

> 7 to ≤ 10 years 12,261 3.48 % 3.68 % 8.7 13,961 3.43 % 3.87 % 8.6

> 10 years 1,500 3.67 % 4.24 % 10.0 — — % — % 0.0

Total $ 76,502 2.67 % 3.68 % 4.1 $ 64,632 2.57 % 3.86 % 4.7

________________________________

As of September 30, 2025, 93 % and 7 % of notional amount receive index references SOFR and OIS, respectively.

As of March 31, 2026, 95 % and 5 % of notional amount receive index references SOFR and OIS, respectively.

As of December 31, 2025, 95 % and 5 % of notional amount receive index references SOFR and OIS, respectively.

Payer Swaptions Option Underlying Payer Swap

Expiration Date Cost Basis Fair Value Average

Months to Option

Expiration Date Notional

Amount Average Fixed Pay

September 30, 2025 ≤ 1 year $ — $ — — $ — — % 0.0

December 31, 2024 ≤ 1 year $ 23 $ 38 5 $ 2,000 4.16 % 10.0

________________________________

Receive index references SOFR.

Receiver Swaptions Option Underlying Receiver Swap

4 unchanged sentences

Amount Average Fixed Receive

September 30, 2025 ≤ 1 year $ 70 $ 56 12 $ 7,000 3.04 % 9.2

March 31, 2026 ≤ 1 year $ 70 $ 18 6 $ 7,000 3.04 % 9.2

December 31, 2025 ≤ 1 year $ 70 $ 24 9 $ 7,000 3.04 % 9.2

2 unchanged sentences

Treasury Securities 1

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Years to Maturity Face Amount Long/(Short) Cost Basis Fair Value Face Amount Long/(Short) Cost Basis Fair Value

3 unchanged sentences

> 10 years ( 2,162 ) ( 2,209 ) ( 2,144 ) ( 2,162 ) ( 2,210 ) ( 2,175 )

Treasury securities $ ( 14,818 ) $ ( 14,706 ) $ ( 14,875 ) $ ( 16,207 ) $ ( 15,882 ) $ ( 15,101 )

Treasury securities, net $ ( 4,476 ) $ ( 4,521 ) $ ( 4,450 ) $ ( 2,920 ) $ ( 2,913 ) $ ( 2,975 )

________________________________

As of September 30, 2025 and December 31, 2024, short U.S.

As of March 31, 2026 and December 31, 2025, short U.S.

Treasury securities totaling $( 17.0 ) billion and $( 16.5 ) billion, at fair value, respectively, had a weighted average yield of 4.20 % and 4.21 %, respectively.

As of September 30, 2025 and December 31, 2024, long U.S.

As of March 31, 2026 and December 31, 2025, long U.S.

Treasury securities totaling $ 12.6 billion and $ 13.5 billion, at fair value, respectively, had a weighted average yield of 3.71 % and 3.67 %, respectively.

Treasury Futures September 30, 2025 December 31, 2024

Treasury Futures 1

March 31, 2026 December 31, 2025

Years to Maturity Notional

3 unchanged sentences

Value Net Carrying Value 2

≤ 5 years $ 5,099 $ 5,391 $ 5,344 $ ( 47 ) $ — $ — $ — $ —

> 5 year ≤ 7 years 7,356 8,314 8,168 ( 146 ) 4,606 5,175 5,178 3

1 unchanged sentence

> 10 years ( 3,210 ) ( 3,762 ) ( 3,655 ) 107 ( 3,210 ) ( 3,718 ) ( 3,710 ) 8

Treasury futures $ ( 1,597 ) $ ( 1,819 ) $ ( 1,853 ) $ ( 34 ) $ ( 4,373 ) $ ( 4,969 ) $ ( 4,886 ) $ 83

Treasury futures, net $ 9,245 $ 9,943 $ 9,857 $ ( 86 ) $ 1,396 $ 1,457 $ 1,468 $ 11

________________________________

As of March 31, 2026 and December 31, 2025, short U.S.

Treasury futures totaled $( 3.7 ) billion and $( 3.7 ) billion, at fair value, respectively.

As of March 31, 2026 and December 31, 2025, long U.S.

Treasury futures totaled $ 13.5 billion and $5.2 billion, at fair value, respectively.

Net carrying value represents the difference between the fair market value and the cost basis (or the forward price to be paid/(received) for the underlying U.S.

1 unchanged sentence

Treasury futures contract as of period-end and is reported in derivative assets/(liabilities), at fair value in our consolidated balance sheets.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

TBA Securities by Coupon Notional

5 unchanged sentences

3.5% $ 250 $ 243 $ 240 $ ( 3 ) $ — $ — $ — $ —

4.0% 250 247 244 ( 3 ) — — — —

≥ 4.5% 123 125 125 — 148 151 151 —

Total 15-Year TBA securities 623 615 609 ( 6 ) 148 151 151 —

12 unchanged sentences

Net carrying value represents the difference between the fair market value and the cost basis (or the forward price to be paid/(received) for the underlying Agency security) of the TBA contract as of period-end and is reported in derivative assets/(liabilities), at fair value in our consolidated balance sheets.

As of September 30, 2025 and December 31, 2024, we held SOFR futures contracts with a long notional position of $ 1.2 billion and $ 1.2 billion, respectively, measured on a two-year swap equivalent basis, with a net carrying value of $ 6 million and $( 7 ) million, respectively.

Gain (Loss) From Derivative Instruments and Other Securities, Net

The following table summarizes changes in our derivative and other hedge portfolio and their effect on our consolidated statements of comprehensive income for the three and nine months ended September 30, 2025 and 2024 (in millions):

The following table summarizes changes in our derivative and other hedge portfolio and their effect on our consolidated statements of comprehensive income for the three months ended March 31, 2026 and 2025 (in millions):

Derivative and Other Hedging Instruments Beginning

4 unchanged sentences

on Derivative Instruments and Other Securities, Net 1

Three months ended September 30, 2025:

TBA securities, net $ 8,407 53,321 ( 47,762 ) $ 13,966 $ 150

Interest rate swaps - payer $ 45,096 6,750 ( 3,750 ) $ 48,096 ( 27 )

Payer swaptions $ 2,000 — ( 2,000 ) $ — ( 1 )

Receiver swaptions $ ( 150 ) ( 7,000 ) 150 $ ( 7,000 ) ( 15 )

Treasury securities - short position $ ( 21,396 ) ( 4,543 ) 5,225 $ ( 20,714 ) ( 148 )

Treasury securities - long position $ 3,545 5,780 ( 3,429 ) $ 5,896 15

Treasury futures contracts - short position $ ( 1,964 ) ( 2,255 ) 2,622 $ ( 1,597 ) ( 27 )

Three months ended September 30, 2024:

TBA securities, net $ 5,511 27,804 ( 29,151 ) $ 4,164 $ 98

Interest rate swaps - payer $ 48,696 25 ( 9,575 ) $ 39,146 ( 1,036 )

Credit default swaps - buy protection $ ( 96 ) — — $ ( 96 ) ( 3 )

Receiver Swaptions $ ( 150 ) — — $ ( 150 ) 1

Treasury securities - short position $ ( 13,999 ) ( 3,983 ) 4,759 $ ( 13,223 ) ( 509 )

Treasury securities - long position $ 2,427 4,349 ( 4,248 ) $ 2,528 36

Treasury futures contracts - short position $ ( 41 ) ( 41 ) 41 $ ( 41 ) ( 17 )

Nine months ended September 30, 2025:

Three months ended March 31, 2026:

TBA securities, net $ 13,180 53,417 ( 55,688 ) $ 10,909 $ ( 54 )

Interest rate swaps - payer $ 64,632 50,620 ( 38,750 ) $ 76,502 455

Payer swaptions $ 2,000 1,500 ( 3,500 ) $ — ( 29 )

Receiver swaptions $ ( 7,000 ) — — $ ( 7,000 ) ( 6 )

2 unchanged sentences

Treasury futures contracts - short position $ ( 3,210 ) ( 3,210 ) 3,210 $ ( 3,210 ) 41

Nine months ended September 30, 2024:

Treasury futures contracts - long position $ 4,606 27,919 ( 20,070 ) $ 12,455 ( 165 )

Three months ended March 31, 2025:

TBA securities, net $ 6,955 27,967 ( 27,111 ) $ 7,811 $ 77

Interest rate swaps - payer $ 39,646 8,150 — $ 47,796 ( 569 )

Interest rate swaps - receiver $ ( 1,000 ) — 1,000 $ — ( 9 )

Credit default swaps - buy protection $ ( 96 ) ( 96 ) 96 $ ( 96 ) ( 6 )

Payer swaptions $ 2,000 1,500 ( 1,500 ) $ 2,000 ( 19 )

3 unchanged sentences

Treasury futures contracts - short position $ ( 4,373 ) ( 2,191 ) 4,373 $ ( 2,191 ) ( 100 )

Treasury futures contracts - long position $ — 750 ( 82 ) $ 668 —

________________________________

Amounts exclude other miscellaneous gains and losses and other interest income (expense) recognized in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.

Additionally, as of September 30, 2025 and 2024, we held SOFR futures contracts with a long notional position of $ 1.2 billion and $ 1.0 billion, respectively, measured on a two-year swap equivalent basis.

For the three and nine months ended September 30, 2025, we recognized a gain of $ 8 million and $ 21 million, respectively, and for the three and nine months ended September 30, 2024 we recognized a gain of $ 36 million and $ 23 million, respectively, on our SOFR futures contracts in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.

Additionally, as of March 31, 2025, we held SOFR futures contracts with a long notional position of $ 1.2 billion, measured on a two-year swap equivalent basis.

For the three months ended March 31, 2025, we recognized a gain (loss) of $ 10 million on our SOFR futures contracts in gain (loss) on derivative instruments and other securities, net in our consolidated statements of comprehensive income.

Pledged Assets

11 unchanged sentences

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 limiting our counterparties to regulated financial institutions, registered clearinghouses, and U.S.

government agencies with acceptable credit ratings, and by monitoring exposures to individual counterparties.

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 September 30, 2025, our maximum amount at risk with any counterparty related to our repurchase agreements, excluding the FICC, was less than 2 % of our tangible stockholders' equity (or the excess/shortfall of the value of collateral pledged/received over our repurchase agreement liabilities/reverse repurchase agreement receivables).

As of September 30, 2025, less than 8 % of our tangible stockholders' equity was at risk with the FICC.

As of March 31, 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 less than 2 % of our tangible stockholders’ equity.

As of March 31, 2026, less than 11 % of our tangible stockholders’ equity was at risk with the FICC.

Assets Pledged to Counterparties

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 September 30, 2025 and December 31, 2024 (in millions):

September 30, 2025

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

March 31, 2026

Assets Pledged to Counterparties 1

23 unchanged sentences

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

Includes $ 31 million and $ 33 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of September 30, 2025 and December 31, 2024, respectively.

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 September 30, 2025 and December 31, 2024 (in millions).

Includes $ 30 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of December 31, 2025.

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, 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 .

September 30, 2025 December 31, 2024

Securities Pledged by Remaining Maturity of Repurchase Agreements 1

Fair Value of Pledged Securities Amortized

March 31, 2026 December 31, 2025

Securities Pledged by Remaining Maturity of Repurchase Agreements Fair Value of Pledged Securities Amortized

Pledged Securities Accrued

Securities Fair Value of Pledged Securities Amortized

Securities Fair Value of Pledged Securities 1

Pledged Securities Accrued

5 unchanged sentences

________________________________

Includes $ 31 million and $ 33 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of September 30, 2025 and December 31, 2024, respectively.

Includes $ 30 million of retained interests in our consolidated VIEs pledged as collateral under repurchase agreements as of December 31, 2025.

Assets Pledged from Counterparties

As of September 30, 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).

September 30, 2025 December 31, 2024

As of March 31, 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).

March 31, 2026 December 31, 2025

Assets Pledged to AGNC Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total Reverse Repurchase Agreements Derivative Agreements Repurchase Agreements Total

6 unchanged sentences

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 September 30, 2025 and December 31, 2024 (in millions):

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

Offsetting of Financial and Derivative Assets

2 unchanged sentences

Financial Instruments Collateral Received 2

September 30, 2025

March 31, 2026

Interest rate swap and swaption agreements, at fair value 1

15 unchanged sentences

Financial Instruments Collateral Pledged 2

September 30, 2025

Interest rate swap agreements, at fair value 1

$ 6 $ — $ 6 $ — $ ( 6 ) $ —

March 31, 2026

TBA securities, at fair value 1

14 unchanged sentences

Fair Value Measurements

The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis, as of September 30, 2025 and December 31, 2024, based on their categorization within the valuation hierarchy (in millions).

The following table provides a summary of our assets and liabilities that are measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025, based on their categorization within the valuation hierarchy (in millions).

There were no transfers between valuation hierarchy levels during the periods presented in our accompanying consolidated statements of comprehensive income.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

2 unchanged sentences

Agency securities transferred to consolidated VIEs

— 88 — — 97 —

Credit risk transfer securities

9 unchanged sentences

Treasury futures

107 — — 11 — —

Total $ 12,689 $ 85,135 $ — $ 13,488 $ 81,877 $ —

5 unchanged sentences

Treasury futures 193 — — — — —

SOFR Futures — — — 7 — —

Total $ 17,225 $ 247 $ — $ 16,452 $ 62 $ —

________________________________

As of September 30, 2025 and December 31, 2024, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value was a net asset (liability) of $ 0.7 billion and $ 2.3 billion, respectively, based on "Level 2" inputs.

As of March 31, 2026 and December 31, 2025, the net fair value of our interest rate swaps excluding the recognition of variation margin settlements as a direct reduction of carrying value was a net asset (liability) of $ 1.7 billion and $ 1.3 billion, respectively, based on “Level 2” inputs.

Excluded from the table above are financial instruments reported at cost and other mortgage credit investments reported under the equity method of accounting in our consolidated financial statements.

As of September 30, 2025 and December 31, 2024, the fair value of our repurchase agreements approximated cost, given their short-term nature (less than one year) and the rates on our outstanding repurchase agreements largely corresponded to prevailing rates observed in the repo market.

As of March 31, 2026 and December 31, 2025, the fair value of our repurchase agreements approximated cost, given their short-term nature (less than one year) and the rates on our outstanding repurchase agreements largely corresponded to prevailing rates observed in the repo market.

The fair value of cash and cash equivalents, restricted cash, receivables and other payables were determined to approximate cost as of such dates due to their short duration.

We estimate the fair value of these instruments carried at cost using “Level 1” or “Level 2” inputs.

As of September 30, 2025 and December 31, 2024, the carrying value of other mortgage credit investments reported under the equity method of accounting was $ 69 million and $ 64 million, respectively.

As of March 31, 2026 and December 31, 2025, the carrying value of other mortgage credit investments reported under the equity method of accounting was $ 69 million and $ 70 million, respectively.

Net Income (Loss) Per Common Share

3 unchanged sentences

The following table presents the computations of basic and diluted net income (loss) per common share for the periods indicated (shares and dollars in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Weighted average number of common shares issued and outstanding 1,118.8 916.1

3 unchanged sentences

Weighted average number of common shares outstanding - diluted 1,122.6 921.9

Net income available to common stockholders $ 764 $ 313 $ 601 $ 645

Net income per common share - basic $ 0.73 $ 0.39 $ 0.60 $ 0.86

Net income per common share - diluted $ 0.72 $ 0.39 $ 0.60 $ 0.86

Net income (loss) available (attributable) to common stockholders $ ( 192 ) $ 15

Net income (loss) per common share - basic $ ( 0.17 ) $ 0.02

Net income (loss) per common share - diluted $ ( 0.17 ) $ 0.02

For the three months ended March 31, 2026, 4.7 million of potentially dilutive unvested time and performance based RSUs outstanding were excluded from the computation of diluted net income (loss) per common share because inclusion of such RSUs would have otherwise been anti-dilutive for the period.

Stockholders’ Equity

1 unchanged sentence

We are authorized to designate and issue up to 10.0 million shares of preferred stock in one or more classes or series.

As of September 30, 2025 and December 31, 2024, 13,800 , 10,350 , 16,100 , 23,000 and 6,900 shares of preferred stock were designated as 7.00 % Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.875 % Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.50 % Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.125 % Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock and 7.75 % Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock, respectively, (referred to as "Series C, D, E, F and G Preferred Stock", respectively).

As of September 30, 2025, an additional 13,800 shares were designated as 8.75 % Series H Fixed-Rate Cumulative Redeemable Preferred stock (referred to as "Series H Preferred Stock").

As of September 30, 2025 and December 31, 2024, 13,000 , 9,400 , 16,100 , 23,000 and 6,000 shares of Series C, D, E, F and G Preferred Stock, respectively, were issued and outstanding.

As of September 30, 2025, an additional 13,800 shares of Series H Preferred Stock were issued and outstanding.

As of March 31, 2026 and December 31, 2025, 13,800 , 10,350 , 16,100 , 23,000 , 6,900 and 13,800 shares of preferred stock were designated as 7.00 % Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.875 % Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.50 % Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.125 % Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.75 % Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock and 8.75 % Series H Fixed-Rate Cumulative Redeemable Preferred stock, respectively, (referred to as “Series C, D, E, F, G and H Preferred Stock”, respectively).

As of March 31, 2026 and December 31, 2025, 13,000 , 9,400 , 16,100 , 23,000 , 6,000 and 13,800 shares of Series C, D, E, F, G and H Preferred Stock, respectively, were issued and outstanding.

Each share of preferred stock is represented by 1,000 depositary shares.

5 unchanged sentences

Beginning on each series’ optional redemption date, we may redeem shares at $ 25.00 per depositary share, plus accumulated and unpaid dividends (whether or not declared), exclusively at our option.

The following table includes a summary of preferred stock depositary shares issued and outstanding as of September 30, 2025 (dollars and shares in millions):

The following table includes a summary of preferred stock depositary shares issued and outstanding as of March 31, 2026 (dollars and shares in millions):

Cumulative Redeemable Preferred Stock Issue Date Depositary

15 unchanged sentences

The depositary shares underlying our preferred stock accrue dividends on the $25.00 liquidation preference per depositary share from the issuance date until they are redeemed in accordance with their terms.

The per annum dividend rates for the depositary shares underlying the Series C, D, E and F Preferred Stock represent the rates in effect as of September 30, 2025, and are reset quarterly.

The depositary shares underlying the Series G Preferred Stock accrue dividends at an initial annual fixed rate until the fixed-rate-reset conversion date, after which dividends on these depositary

shares accrue on a fixed-rate-reset basis equal to the conversion rate plus a fixed spread.

The per annum dividend rates for the depositary shares underlying the Series C, D, E and F Preferred Stock represent the rates in effect as of March 31, 2026, and are reset quarterly.

The depositary shares underlying the Series G Preferred Stock accrue dividends at an initial annual fixed rate until the fixed-rate-reset conversion date, after which dividends on these depositary shares accrue on a fixed-rate-reset basis equal to the conversion rate plus a fixed spread.

The depositary shares underlying the Series H Preferred Stock accrue dividends at a fixed rate.

4 unchanged sentences

We are authorized by our Board to enter into agreements with sales agents to publicly offer and sell shares of our common stock in privately negotiated and/or at-the-market transactions from time-to-time up to a maximum aggregate offering price of our common stock.

The following table includes a summary of shares of our common stock issued under the sales agreements during the three and nine months ended September 30, 2025 and 2024 (in millions, except for per share data).

As of September 30, 2025, shares of our common stock with an aggregate offering price of $ 1.0 billion remained authorized for issuance under this program through December 31, 2026.

The following table includes a summary of shares of our common stock issued under the sales agreements during the three months March 31, 2026 and 2025 (in millions, except for per share data).

As of March 31, 2026, shares of our common stock with an aggregate offering price of $ 0.3 billion remained authorized for issuance under this program through December 31, 2026.

ATM Offerings Average Price Received Per Share, Net Shares Net Proceeds

Three months ended:

September 30, 2025

September 30, 2024

Nine months ended:

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Accumulated Other Comprehensive Income (Loss)

The following table summarizes changes to accumulated OCI for the three and nine months ended September 30, 2025 and 2024 (in millions):

The following table summarizes changes to accumulated OCI for the three months ended March 31, 2026 and 2025 (in millions):

Three Months Ended

September 30,

Nine Months Ended

September 30,

Accumulated Other Comprehensive Income (Loss) 2026 2025

1 unchanged sentence

OCI before reclassifications

61 200 188 105

Net (gain) loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net 6 —

12 unchanged sentences

The CODM assesses performance using comprehensive income (loss), as reported on the consolidated statement of comprehensive income (loss).

Comprehensive income (loss) is a key determinant of the Company’s economic return, calculated as the change in tangible stockholders’ equity attributable to common stockholders plus common stock dividends declared, divided by the prior period’s tangible stockholders’ equity attributable to common stockholders, each computed on a per common share basis.

This measure is used to monitor actual results, benchmark performance against peers, and inform

management’s compensation.

Comprehensive income (loss) is a key determinant of the Company’s economic return, calculated as the change in tangible stockholders’ equity attributable to common stockholders plus common stock dividends declared, divided by the prior period’s ending tangible stockholders’ equity attributable to common stockholders, each computed on a per common share basis.

This measure is used to monitor actual results, benchmark performance against peers, and inform management’s compensation.

Additionally, the CODM also evaluates consolidated expense information, including interest expense, compensation and benefits, and other operating expenses, as significant metrics in decision-making.

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-Q

Item 1. Financial Statements