Recommended Free Tools
Evaluate a mortgage REIT (mREIT) as a leveraged mortgage-credit and fixed-income business: identify what it owns and how it funds those assets, then test how market values, financing, and hedges affect book value, leverage, liquidity, and the dividend. A high yield, one coverage ratio, or a hedge percentage cannot establish dividend safety on its own.
1. Identify what the mREIT owns
Start with the portfolio, because agency mortgage-backed securities, non-agency securities, and whole mortgage loans carry different credit exposures.
- Agency mortgage-backed securities: Agency guarantees can reduce specified borrower credit exposure, but do not eliminate market-price, mortgage-spread, prepayment, extension, financing, or liquidity risk.
- Non-agency securities and whole loans: These can add borrower and collateral credit exposure as well as market and financing risks.
Do not assume two mREITs have similar risk just because both invest in mortgages or report high yields. Compare the asset mix alongside funding and hedging disclosures. Dynex’s description of its business and distribution objective appears in its 2025 Form 10-K.
2. Read book value with its date and definition
Record the reporting date and the exact per-share measure. GAAP equity per share, tangible book value per share, and an issuer-adjusted “at risk” measure are not automatically interchangeable. Check the company’s definition and footnotes before comparing its number with another mREIT.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errors#1 Best Overall
- Read Before You Buy — No Video Output: These adapters support charging and USB 2.0 data transfer, but cannot transmit video signals. Except for standard USB webcams (which use USB data only), they are not compatible with HDMI/DisplayPort cables, video-capable USB-C hubs, or docking stations with video output.
- Convert USB-A Ports to USB-C: Designed to connect USB-C earphones, cables, flash drives, card readers, and other USB-C accessories to standard USB-A ports. Plug-and-play with no drivers or software required.
- Aluminum Alloy Housing: Built with a sturdy aluminum alloy shell that aids in heat dissipation and protects against daily wear and scratches. Designed to maintain a stable and secure connection.
- Compact & Travel-Friendly: The ultra-compact design allows the adapter to stay plugged into your device without blocking adjacent ports or adding bulk, reducing wear and tear on your original USB ports.
- 12-Month Warranty: Backed by a 12-month manufacturer warranty for peace of mind. Designed to meet strict quality control standards for reliable everyday performance.
- Trace reported changes across quarters and read management’s explanation of asset and hedge valuations.
- Check whether share issuance, repurchases, portfolio changes, or events after quarter-end affect interpretation.
- Distinguish reported results from modeled estimates. Sensitivities are assumption-dependent, not promises of a future book value.
AGNC provides a dated portfolio measure and its definition on its portfolio page. As of June 30, 2026, it reported 7.4x tangible net book value “at risk” leverage. The numerator includes investment securities repo, other debt, unsettled investment securities payable or receivable, and net TBA and forward-settling non-agency positions at cost; the denominator is stockholders’ equity less goodwill. The definition excludes U.S. Treasury repurchase agreements. This is an issuer-specific measure, not a universal leverage formula.
A share price above or below book value can help frame valuation, but a premium or discount alone does not prove that a stock is mispriced or safe. Portfolio composition, funding, hedges, governance, and the quality and definition of the book-value measure all matter.
3. Reconstruct leverage and funding
Leverage is both a number and a definition. Find the company’s numerator and equity denominator, then reconcile them with the positions and borrowing described in its filing. Depending on the issuer’s formula, the calculation may include repo borrowings, other debt, unsettled securities, TBA positions, or forward-settling investments.
Rank #2
- 5-in-1 USB-C Hub: Experience comprehensive connectivity featuring a Power Delivery input, two USB-A 2.0 ports, a USB-A 3.0 port, and an HDMI port. (Note: The USB-C power delivery input port is only for connecting an external wall charger to power your laptop and cannot power peripheral devices.)
- 90W Pass-Through Charging: Achieve optimal charging with 90W pass-through power to your laptop, supported by a total input of 100W, with the hub reserving 10W for operational efficiency. (Note: Wall charger not included.)
- Quick Data Transfers: Accelerate your productivity with rapid data transfers using a high-speed 5Gbps USB 3.0 port and two 480Mbps USB 2.0 ports.
- 4K HDMI Display: Enhance your visual experience with a hub capable of delivering 4K resolution at 30Hz in both mirror and extend modes. Please note that this hub is compatible with MacBook (macOS 12 and newer), Windows 10 and 11, ChromeOS, and laptops equipped with DP Alt Mode and Power Delivery. Note: This device is not compatible with Linux.
- What You Get: Anker USB-C Hub (5-in-1, 4K HDMI), welcome guide, 18-month warranty, and our friendly customer service.
Repo financing deserves particular attention: it is often short-term relative to the mortgage assets it funds. Refinancing, collateral, and margin needs can therefore create pressure even when a portfolio has positive long-run economics. Review the filing for:
- Repo and other debt, including the company’s treatment of unsettled and forward positions.
- Repo maturity profile and funding counterparties.
- Collateral requirements, cash and other liquidity reserves, and unencumbered assets.
- Disclosures about financing availability and any covenant or liquidity constraints.
Leverage magnifies both equity effects and liquidity demands. There is no universal leverage ceiling established by the cited issuer disclosures; compare formulas and funding structures rather than ranking companies by a headline ratio.
4. Stress the risks that hedges do not remove
Review the issuer’s interest-rate and mortgage-spread shocks, duration gap, hedge ratio, and assumptions. Ask whether a sensitivity assumes a parallel yield-curve move, no portfolio rebalancing, or other simplifications. Consider how prepayments and extensions could change as rates move, and how those changes affect asset values and hedge effectiveness.
Rank #3
- Sleek 7-in-1 USB-C Hub: Features an HDMI port, two USB-A 3.0 ports, and a USB-C data port, each providing 5Gbps transfer speeds. It also includes a USB-C PD input port for charging up to 100W and dual SD and TF card slots, all in a compact design.
- Flawless 4K@60Hz Video with HDMI: Delivers exceptional clarity and smoothness with its 4K@60Hz HDMI port, making it ideal for high-definition presentations and entertainment. (Note: Only the HDMI port supports video projection; the USB-C port is for data transfer only.)
- Double Up on Efficiency: The two USB-A 3.0 ports and a USB-C port support a fast 5Gbps data rate, significantly boosting your transfer speeds and improving productivity.
- Fast and Reliable 85W Charging: Offers high-capacity, speedy charging for laptops up to 85W, so you spend less time tethered to an outlet and more time being productive.
- What You Get: Anker USB-C Hub (7-in-1), welcome guide, 18-month warranty, and our friendly customer service.
AGNC reported an estimated net duration gap of 0.7 years as of June 30, 2026. It describes this as a point-in-time model estimate of asset duration less liability duration, including hedges, and notes that portfolio duration changes with rates. It also reported a 73% hedge ratio on that date, defined as interest-rate swaps, swaptions, and net U.S. Treasury positions divided by repo, other debt, net TBA, and forward-settling securities positions at cost. Neither figure is a guarantee of book-value protection; both are issuer-defined measures at a particular date. See AGNC’s portfolio disclosures.
Interest-rate hedges can reduce selected rate exposures without offsetting every risk. AGNC states in its 2025 Form 10-K: “Our hedging strategies are generally not designed to protect our net book value from spread risk, which as a levered investor in mortgage-backed securities is the inherent risk we take that the spread between the market yield on our investments and the benchmark interest rates linked to our interest rate hedges fluctuates.”
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
For comparisons, use the same reporting date where possible and compare assumptions as well as results. A hedge ratio by itself does not show how an issuer would fare under spread widening, faster or slower prepayments, extension risk, or a funding shock.
Rank #4
- Dual Converters, Infinite Potential：Includes 2× USB C male to USB A female adapters and 2× USB A male to USB C female adapters. Perfect for a wide range of uses—tablets with Bluetooth keyboards, expand USB ports on macbook, and more. Two different converters for all your daily needs
- Next-Level 10Gbps & 3A Charging: No more slow 480Mbps, this usb to usb c adapter has a transfer speed of up to 10Gbps, allowing you to do more transferring in less time. This usb adapter fits both USB A and USB C charger, supporting up to 3A fast charging
- Upgraded Exquisite Craftsmanship: With an aluminum alloy housing and metal connector, the usbc to usb adapter is extremely durable and sturdy. Rigorously tested to withstand more than 10,000 times of plugging and unplugging, ensuring long-lasting performance
- Broad Compatible: The usb c to usb adapter widely supports all USB C/ USB A devices like laptops, tablets, cellphones, car chargers, and phone chargers. Such as compatible with MacBook Pro/Air 2023/2022, Thunderbolt 4/3 Devices,Apple MagSafe Watch 9/8/7/SE/Ultra, iPad Pro 2022/2021, Samsung Galaxy S23/S20/S10, and iPhone 17/16/15 Pro. Plug and play
- Please Note: To reach 10Gbps speed, keep the cable under 3.3 ft. For USB A Male to USB C adapters, try flipping the USB C connector. USB C Male to USB A adapters support bidirectional 10Gbps transfer within 3.3 ft
5. Test whether the dividend is supported
Read the latest earnings release and filing for the company’s preferred earnings measures, net interest income or margin, operating expenses, funding and hedge costs, and declared distributions. Compare the dividend with the measure management emphasizes, but do not treat a single coverage ratio as a universal pass-or-fail test.
Then put earnings in context. Track book value and total return over time: persistent equity erosion alongside a payout can raise sustainability concerns even while the dividend is being declared. Consider cash, unencumbered assets, access to financing, and liquidity constraints as part of the same assessment.
REIT distribution requirements concern taxable income; they do not promise that a particular per-share dividend will remain unchanged. Dynex’s 2025 Form 10-K describes an objective to distribute at least 90% of taxable income. That is a company-specific statement, not a general dividend-safety measure or a promise to maintain its then-current per-share payout; see its filing.
The Tool Desk
Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Best Value
- 5-in-1 Connectivity: Equipped with a 4K HDMI port, a 5 Gbps USB-C data port, two 5 Gbps USB-A ports, and a USB C 100W PD-IN port. Note: The USB C 100W PD-IN port supports only charging and does not support data transfer devices such as headphones or speakers.
- Powerful Pass-Through Charging: Supports up to 85W pass-through charging so you can power up your laptop while you use the hub. Note: Pass-through charging requires a charger (not included). Note: To achieve full power for iPad, we recommend using a 45W wall charger.
- Transfer Files in Seconds: Move files to and from your laptop at speeds of up to 5 Gbps via the USB-C and USB-A data ports. Note: The USB C 5Gbps Data port does not support video output.
- HD Display: Connect to the HDMI port to stream or mirror content to an external monitor in resolutions of up to 4K@30Hz. Note: The USB-C ports do not support video output.
- What You Get: Anker 332 USB-C Hub (5-in-1), welcome guide, our worry-free 18-month warranty, and friendly customer service.
6. Compare mREITs on a like-for-like basis
Use the same reporting date where possible. Differences in definitions or timing can make apparently comparable figures misleading.
| Comparison | What to examine |
|---|---|
| Portfolio | Agency securities, non-agency securities, and whole-loan mix; identify the distinct credit exposures. |
| Book value | Reported and issuer-defined per-share measure, its exact definition, and its recent trend. |
| Leverage and funding | Leverage formula, repo and other financing, maturities, counterparties, collateral, and liquidity. |
| Risk sensitivity | Interest-rate and spread shocks, prepayment and extension exposure, hedge assumptions, and duration measures. |
| Dividend support | Declarations against company-reported earnings measures and costs, together with book-value trend and liquidity. |
7. Keep company figures current
The AGNC figures above are dated June 30, 2026, and the cited annual filings cover the year ended December 31, 2025. For a current evaluation, use the latest quarterly filing, earnings release, and subsequent-event disclosures. Modeled sensitivities depend on assumptions, and actual outcomes can differ materially; no universal leverage limit or dividend-coverage threshold is established by these disclosures.
