AGNC Investment Corp. is an internally managed real estate investment trust (REIT) that generates income by investing primarily in Agency residential mortgage-backed securities and financing those positions largely through repurchase agreements while distributing most taxable income as dividends.

# AGNC Investment Corp.

## Overview
AGNC Investment Corp. is a real estate investment trust (REIT) that provides private capital to the U.S. housing market. The firm invests primarily in Agency residential mortgage-backed securities (Agency RMBS) on a leveraged basis and finances those investments largely through collateralized borrowings (repo). AGNC is internally managed, targets attractive long-term stockholder returns with a strong yield component, and is structured to remain exempt from the Investment Company Act of 1940.

## Stock and corporate information
- Common stock: Nasdaq Global Select Market — ticker AGNC  
- Organized: January 7, 2008; commenced operations May 20, 2008 after an initial public offering  
- Employees: 54 full-time employees (as of December 31, 2025)  
- Structure and governance: qualifies as a REIT for U.S. federal income tax purposes and relies on the 3(c)(5)(C) exemption from the Investment Company Act to maintain leverage flexibility; governed by internal guidelines to preserve REIT status and exemption

## How AGNC generates returns
- Primary revenue: interest income on investments, net of borrowing and hedging costs, plus net realized gains and losses on investment and hedging activities  
- Dividend policy: intends to distribute taxable income to meet REIT requirements (generally at least 90%); dividends are paid monthly at management’s discretion based on earnings, liquidity, and regulatory requirements

## Investment strategy and target assets
- Core focus: Agency RMBS, including pass-through securities and collateralized mortgage obligations (CMOs) guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae  
- Related positions: To-Be-Announced (TBA) forward contracts to purchase or sell Agency RMBS; Agency multifamily MBS (including Fannie Mae DUS program with lender risk-sharing)  
- Non-Agency and other holdings: credit risk transfer (CRT) securities; non-Agency RMBS across credit spectrums; commercial mortgage-backed securities (CMBS)  
- Leverage and funding: typical leverage range of approximately 6x to 10x tangible stockholders’ equity, funded primarily through short-term repurchase agreements; diversification of funding counterparties

## Financing, hedging and risk management
- Financing techniques: collateralized repo transactions, TBA dollar rolls (off‑balance sheet financing), and use of a captive broker-dealer for tri‑party repo and central clearing access  
- Hedging: interest rate hedges (swaps and other derivatives) to manage interest rate and funding risks; hedges are adjusted continuously in response to market conditions and do not eliminate all risks, particularly spread risk  
- Key risks: interest rate risk, prepayment and extension risk, spread and credit risk, potential margin calls and liquidity pressures, counterparty failure risk, and changing regulatory margin or central clearing requirements  
- Off-balance sheet considerations: TBA dollar rolls can affect leverage and liquidity; if rolling becomes uneconomical, transactions may settle in cash or result in delivery of the "cheapest to deliver" securities

## Regulatory, tax and structural considerations
- REIT requirements: must satisfy asset and income tests (including the 75% asset test and 75% gross income test) and the distribution requirements (generally 90%) to maintain REIT tax treatment  
- Investment Company Act exemption: compliance with thresholds such as 55% and 80% asset tests is considered in maintaining the 3(c)(5)(C) exemption; structures may include taxable REIT subsidiaries to optimize tax positions  
- Potential tax outcomes: penalties or excise taxes for failing REIT tests and the possibility of corporate taxation if REIT status is lost  
- Policy and regulatory environment: changes in housing finance policy, GSE conservatorship status, or Agency RMBS market liquidity and funding rules could affect funding costs and asset pricing

## People, culture and governance
- Workforce: 54 full-time employees (as of December 31, 2025)  
- Diversity: 39% women; 31% ethnically diverse  
- Recognition: recertified as a Great Place to Work in 2023; named by Fortune in 2024 as one of the Best Small Workplaces  
- Cybersecurity and oversight: risk management program aligned with the NIST Cybersecurity Framework, ongoing third-party risk assessments, and governance and reporting through the Audit Committee

## Market context and current positioning
- Agency RMBS market size: approximately $9 trillion (market reference)  
- Federal Reserve holdings of Agency RMBS: about $2.1 trillion as of December 31, 2025  
- Strategy emphasis: active, dynamic management of investments and hedges to address volatility, liquidity conditions, and regulatory developments, including potential changes to GSE status and housing finance policy

## Subsidiary role
- Bethesda Securities, LLC (BES): a wholly owned broker‑dealer subsidiary that provides access to tri‑party repo, GCF repo via FICC, and central clearing for TBAs; operations depend on compliance with FINRA/FICC requirements

Apple Hospitality REIT, Inc. is a self-advised U.S. real estate investment trust that owns and invests in income-producing lodging properties (primarily operating under Marriott and Hilton brands) across the United States.

# Apple Hospitality REIT, Inc.

## Overview
Apple Hospitality REIT, Inc. is a self-advised real estate investment trust (REIT) that invests in income-producing real estate, primarily in the lodging sector within the United States. The company has elected to be treated as a REIT for U.S. federal income tax purposes.

## Corporate and listing details
- Formed in November 2007 as a Virginia corporation.  
- No foreign operations or assets.  
- Common shares listed on the New York Stock Exchange under the ticker symbol APLE.  
- The company reports a single reportable segment.

## Portfolio (as of December 31, 2025)
- Owned 217 hotels with a total of 29,583 guest rooms.  
- Properties are located in urban, high-end suburban, and developing markets across 37 states and the District of Columbia.  
- Hotels are operated and managed under separate management agreements with one of 16 hotel management companies; none of those management companies are affiliated with the company.

## Brand and operations
- Substantially all hotels operate under Marriott or Hilton brands.

AMC Entertainment Holdings, Inc. is principally engaged in the theatrical exhibition business, owning, operating, or holding interests in movie theatres across the United States and Europe.

# AMC Entertainment Holdings, Inc.

## Business focus
- Principally involved in the theatrical exhibition business.
- Owns, operates, or has interests in theatres located in the United States and Europe.

## Corporate structure and identity
- Holdings, through its direct and indirect subsidiaries, including American Multi-Cinema, Inc. (Multi-Cinema) and its subsidiaries, forms the company referred to as AMC.
- Commonly known as AMC.
- Founded in 1920 in Kansas City, Missouri.
- Holdings was incorporated in Delaware on June 6, 2007.

## Corporate headquarters
- Principal executive offices: One AMC Way, 11500 Ash Street, Leawood, Kansas 66211.

## Liquidity and capital actions (as of December 31, 2025)
- Cash and cash equivalents: approximately $428.5 million as of December 31, 2025.
- Actions in 2025 to improve liquidity and reduce interest expense:
  - Debt buybacks and exchanges for equity to lower future interest expense on fixed-rate debt.
  - Equity issuances to enhance liquidity.

## Financial references
- Refer to Notes 7 (Corporate Borrowings and Finance Lease Liabilities), 8 (Stockholders’ Deficit), and 14 (Subsequent Events) in the Consolidated Financial Statements.

Domino’s Pizza is the world’s largest pizza company, operating an asset-light, technology-driven franchising and supply chain business with over 22,100 stores globally.

# Domino’s Pizza

## Company profile
- Largest pizza company in the world.
- Operates more than 22,100 locations in over 90 markets as of December 28, 2025.
- Stores operate under two service models: delivery and carryout.
- Primarily a franchisor — about 99% of global stores are owned and operated by independent franchisees as of December 28, 2025.
- Brand launched as Domino’s Pizza in 1965; first franchised store opened in 1967. The brand has been active for more than 65 years.
- Focus areas include value, convenience, quality, product innovation, and extensive use of technology to enhance ordering and operations.

## Business model and economics
- Revenue sources: franchise royalties and fees, supply chain revenues from selling to franchisees, and retail sales from Company-owned stores.
- Asset-light model with ongoing cash generation from franchise royalties, supply chain margins, and Company-owned store revenues.
- U.S. and international operations rely on a franchisee network; Company-owned stores are used as test sites, training sites, and promotional venues.
- U.S. stores contribute to national advertising via the DNAF (National Advertising Fund), funded by a typical 6.0% local marketing assessment (subject to incentives).

## Segments and 2025 revenue mix
- U.S. Stores: $1.61 billion in 2025 (32.6% of consolidated revenues).
- International Franchise: $338.7 million in 2025 (6.9% of consolidated revenues).
- Supply Chain: $2.99 billion in 2025 (60.5% of consolidated revenues).
- Total consolidated revenues for 2025 are the sum of the above segment figures (approximately $4.94 billion).

## Store footprint (as of December 28, 2025)
- Global: over 22,100 locations in more than 90 markets.
- U.S. stores: 7,186 total (6,924 franchised; 262 Company-owned).
- International stores: 14,956 franchised stores.
- Franchisee base: 754 independent U.S. franchisees. The average U.S. franchisee operated about 9 stores; the largest U.S. franchisee operated 160 stores.

## Major international markets (by store count, 2025)
- India: 2,396
- United Kingdom: 1,325
- China: 1,321
- Mexico: 990
- Japan: 773
- Turkey: 761
- Australia: 734
- Canada: 650
- South Korea: 488
- France: 437

## U.S. franchise and store details
- U.S. franchise agreements generally grant a 10-year term with renewal options; renewal rate was 99% in 2025.
- U.S. franchise royalties: 5.5% of sales, plus technology fees.
- National DNAF contributions average about 6.0% of store sales (subject to incentives).
- Company-owned U.S. stores (262) are used for testing, training, and promotions.

## Supply chain and manufacturing
- Network includes:
  - 22 regional dough manufacturing and supply chain centers in the U.S.
  - 2 thin crust manufacturing facilities
  - 1 vegetable processing center
  - 5 regional dough manufacturing and supply chain centers in Canada
- The supply chain serves more than 7,800 stores and operates 1,100+ tractors and trailers.
- Profit-sharing: participating franchisees and Company-owned stores receive 50% of pre-tax profit from supply chain center operations.
- Key supplier relationships and contracts:
  - Single major cheese supplier for U.S. operations under a contract from December 2024 through December 2029.
  - Major meat toppings supplier under a renegotiated contract in December 2025, expiring December 2027 with a potential one-year extension.
  - Coca-Cola is the exclusive beverage supplier under a global agreement through 2030 or until a minimum case threshold is met.
  - Global supplier agreement for equipment and supplies; alternative suppliers are available.
- Prices and margins in the supply chain can fluctuate with commodity prices; the company has historically passed changes through to stores.

## Customers and concentration
- No single customer accounted for more than 10% of total consolidated revenues in 2025, 2024, or 2023.
- The largest international master franchisee (Domino’s Pizza Enterprises on the ASX) operated 3,524 stores across 12 markets in 2025, representing about 24% of international stores and 16% of global stores; revenues from this master franchisee represented about 1.4% of consolidated revenues in 2025.

## People and culture
- Total employees: approximately 10,200 across all segments (about 4,000 part-time; 6,200 full-time equivalent).
- Employee distribution by segment:
  - U.S. Company-owned stores and U.S. franchise operations: ~6,000 employees
  - Supply chain operations (U.S. and Canada): ~3,200 employees
  - International franchise segment: ~100 employees
  - Corporate: ~900 employees
- Many U.S. franchisees began as delivery drivers or in-store employees; a number attend Franchise Management School to pursue ownership.

## Purpose, stewardship, and community
- Company values: Do the Right Thing; Put People First; Create Inspired Solutions; Champion our Customers; Grow and Win Together.
- Stewardship pillars:
  - Planet: science-based climate targets, deforestation policy, and a net-zero by 2050 commitment. Near-term targets were approved by SBTi in 2024.
  - People: focus on inclusion, business resource groups (BRGs), and benefits including parental leave, fertility support, retirement plans, and wellness programs.
  - Pizza (safety and transparency): supplier standards, nutrition disclosure, and animal care standards alongside food safety initiatives.
- Philanthropy and community engagement:
  - Partnership with St. Jude Children’s Research Hospital since 2004; 2025 contributions around $19 million and total contributions to date approximately $162 million. The goal is to raise $300 million by 2034.
  - Partners Foundation supports team members in crisis. Multi-year commitments to hunger relief and agricultural education initiatives such as No Kid Hungry and Future Farmers of America.

Medici List

AGNC Investment Corp.

Filed: 2026-02-23

Apple Hospitality REIT, Inc.

Filed: 2026-02-23

AMC ENTERTAINMENT HOLDINGS, INC.

Filed: 2026-02-23

DOMINOS PIZZA INC

Filed: 2026-02-23