Ticker

AGNC Investment Corp's Series H preferred is its only fixed-rate coupon preferred security. AGNCZ currently yields approximately 8.54% and trades at a 2.5% premium to par (~$25.6). The shares are callable from October 2030, while allocating now are entitled to accrued dividends, with the next record date around  1st October 2026.

Some of the highest-yielding dividend stocks on the market carry a hidden cost that erases thousands of dollars every single year, and the bracket you sit in determines just how severe that damage gets.

AGNC Investment Corp. is rated Hold at $10.95 due to a significant premium over its tangible book value of $8.58 per share. Favorable mortgage market dynamics support AGNC's income and dividend, but current valuation leaves little margin for error if spreads widen. AGNC's 13%+ yield is well-covered by net spread and dollar roll income, yet the sustainability depends on stable mortgage spreads and interest rates.

AGNC leverages its ~27% premium to book value via its ATM program, issuing new equity above net asset value, making every new share accretive to existing investors. IVR issued over 36 million shares below book value, permanently diluting book value per share. IVR's eye-popping ~19% yield is largely due to shrinking book value and falling share price; AGNC's ~13% yield is backed by expanding net spread income and a…

At the 24% federal bracket, a $500,000 portfolio built around mortgage REITs, BDCs, and net-lease REITs throws off enough ordinary-income distributions to hand the IRS roughly $13,000 every year in a taxable account.